Good afternoon, everyone, and welcome. I'm Mohammed Zaheer, Head of Listed Investor Relations at InfraRed. Just a couple of brief housekeeping points from me before we start. The format will be that we expect to run to about two and a half hours, with a break at roughly the halfway point. Everyone speaking will be here till the end and afterwards, so we'll take Q&A at the end all together. The venue have asked me to say that in case of an emergency, there will be an announcement on the PA system, and we need to follow the instructions they give. Finally, you'll find presentations on your seat, and hopefully, you saw the HICL-branded water bottles and have picked one up on your way through. It goes without saying that these bottles operate best with Affinity Water. The session is being recorded and will be available on the website afterwards. With that, I'll hand over to Mike Bane to get proceedings started. Thanks very much, Mo. Good afternoon, ladies and gentlemen. I've got my Affinity bottle. I'm looking forward to using it. On behalf of the board, I'm delighted to welcome you all, both in the room and online, to this capital markets seminar. My board colleagues, Frances Davies, Rita Akushie, Chair of the Audit Committee, and Liz Barber, Chair of our Risk Committee, are sitting down in the second row here. I'm also very pleased to welcome Adam Stephens, Affinity CFO, Robert Sinclair, LSPH CEO, and Nick Clarke, Fortysouth CEO, all the way from New Zealand. Fantastic. Thank you all for being here today, and we look forward to hearing from you later. As HICL marks 20 years since IPO, the first infrastructure investment company on the main market, the board's reminded of how far the company has come and what it's delivered for shareholders. An 8.5% per annum NAV return, nearly GBP 1.50 in dividends, and over GBP 0.60 of NAV growth. Of course, this has all been achieved across a wide range of political and economic conditions, and whilst evolving along with the underlying infrastructure market. The board has now set a clear strategic direction for the next phase of the company's development. It's a higher total return with an attractive and progressive yield and the reliable defensive positioning that investors covet from high-quality infrastructure. This strategy's been informed by extensive engagement with shareholders. Thank you very much to all those who did. The board set the manager a challenge to develop a detailed strategy that meets these objectives and will leave the company best positioned to pursue the significant infrastructure opportunity in front of it. The board firmly believes this is the right strategy. Of course, we wouldn't be presenting it if it wasn't, and we think it'll deliver a compelling total return in an evolving market and a higher risk-free environment. Equally important, we think it's the right strategy to improve the company's share rating from here. I'm now going to hand over to Ed, HICL's lead manager, to take us out through this afternoon's presentation. Ed. Get the clicker working. Thank you, Mike, and good afternoon. A very warm welcome to all of you to this event and to those joining us online as well. It is my pleasure to be leading us out for this capital markets event for HICL, and I'm confident that we've got a very interesting few hours ahead. For those that don't know me, I'm Edward Hunt. I'm the lead manager for HICL Infrastructure. Many of you will know I actually started my journey with HICL back in 2008, when I joined what was then HSBC, now InfraRed, as an analyst in the HICL team. My first job when I arrived was cranking the handle on the discounted cash flow valuations for what was then a relatively humble portfolio of about 20 PPP investments. Fortunately, we've both gone on to do other things since then, but that connection with HICL spans almost two decades of my professional career, and it gives me a rare perspective on HICL's journey. From afar, HICL is a story of resilience and consistency, delivering through bull and bear markets alike. For me, it's a story of steady and deliberate evolution, of adapting alongside the infrastructure market and remaining relevant as it evolves. It's this story of evolution that's been the source of its consistency, of its performance, of its growth over that 20 years since IPO. Let's hang on to that idea because it's a thread that runs through each of today's sessions. Before we get stuck in, let me start with 60 seconds on what HICL is and why it exists. HICL exists to source the highest quality infrastructure investments in private markets and make those accessible to listed market investors in a way that they cannot replicate themselves. Whether it's a tunnel in the Netherlands, electricity transmission in Texas, mobile towers in Auckland, or high-speed rail in Kent, HICL's underlying purpose is the same. We steward, operate, and improve infrastructure assets for the benefit of society and for the benefit of our shareholders. Many of you in this room will have relied on at least one HICL asset just today. We are custodians of things that matter. We take that seriously, and that value translates to our shareholders. Why this capital markets day and why now? Well, at this 20-year mark, it's appropriate to take stock, to look at the strength of our business, the scale of the opportunity, and make adjustments as necessary. In this way, ensure that HICL is fit for purpose for the next 20 years of infrastructure investment rather than the last 20. Today we want to get across four key things that underpin the next phase for HICL. First, a proven active approach that has consistently turned long-term positioning into outperformance. Second, the changes we've made in repositioning the portfolio towards growth, realigning the dividend, strengthening the balance sheet, put HICL in an enviable position to push forward from here. Third, the opportunity that sits in front of infrastructure investors today is greater than at any time in the history of the asset class. It is more capital intensive, it's growthier, and provides significant opportunity for HICL to enhance its portfolio and capture those higher returns on offer. Fourth, delivery of those higher returns with a continued focus on downside protection aligns with investor demand in a higher rate world. We have a credible plan to deliver this, and we'll set this out this afternoon. To continue to tilt HICL towards the market opportunity, towards growth, and towards a 10%+ target return over the medium term. In this way, we expect to not only propel NAV returns for shareholders, but to enhance HICL's equity story and drive the share price forward from here. Presenting that story today, we have a really terrific lineup. From here, we'll start with Gianluca Minella, InfraRed's Head of Research, to talk about the exciting things happening in private infrastructure. Ross Gurney-Read will then take us through HICL's track record of outperformance, how we deliver it, and how we leverage it for this next phase. Mark Tiner will then introduce our three management team execs, Adam Stephens, Nick Clarke, and Robert Sinclair. After a well-earned break, I will then take us through an outline of the strategy from here. Mark will then take us through the execution of that strategy, and then we'll wrap up and turn to Q&A at that point in the afternoon. A really interesting few hours ahead. With that, let me hand over to Gianluca Minella, our Head of Research. Thank you very much, Ed, and good afternoon, everybody. As Ed said, my name is Gianluca Minella. I'm Head of Research at InfraRed Capital Partners, and I joined about two years ago from ADIA, the Abu Dhabi Investment Authority, where I was heading up the portfolio strategy and research team for infrastructure. Today, I would like to discuss how infrastructure is evolving as a market and how core infrastructure is changing as a result. Infrastructure has traditionally been a defensive asset class. We all know it. Valued for essential services, stable cash flows, income. These characteristics remain extremely relevant today. However, the world around us has changed. Think about geopolitical uncertainty, inflation and interest rates that have normalized at higher levels, and economies are becoming dependent on innovation in digital infrastructure, energy security, and electrification. These shifts are changing both the supply for infrastructure assets that we find on the market, but they are also changing the way investors are thinking about infrastructure as an asset class. Over the next few minutes, I would like to go a little bit through a market outlook on this, but there are three key points that I want to make that are very important. Number one, we have entered a higher for longer environment. This is increasing the importance of generating higher returns. We hear it from many institutional investors. Number two, structural growth trends, such as digitalization that we just described, are expanding the investment opportunity set for infrastructure, and the role of the mid-market in infrastructure is becoming very important. We will see this briefly. Third, core infrastructure strategies are evolving to capture that growth. However, while maintaining the defensive characteristics that characterize infrastructure as a whole. It is an exercise of balancing yield with reinvestment at both asset and portfolio level. With that in mind, let us start from the first slide and the geopolitical environment. The investment landscape looks very different today from what we have experienced over the last decade. First, geopolitical uncertainty has risen. Trade relationships, energy, supply chains, and technology ecosystems are becoming reshaped. Governments are focused on digitalization, economic resilience, and energy security. Infrastructure in these sectors has gained increased strategic relevance. Number two, as a result of this geopolitical fragmentation that I have just described, commodity and energy markets remain volatile. We continue to see the influence of supply chain adjustments, which are actually a big opportunity for infrastructure investors, geopolitical tensions, and growing demand for energy and critical resources. As a result, inflation is increasing and has proven to be more persistent and sticky than many thought only a few years ago. Third, interest rates have moved higher as a result of this higher for longer environment. The exceptionally low interest rates that we had observed over the last decade are behind us. Fiscal pressure and inflation and the influence of supply chains are really reshaping the environment for inflation and government bond yields at the long end of the curve, to some extent independently from what we see happening at the short end of the curve. Infrastructure remains highly relevant in this environment. Think about the ability to recover inflation. However, increasingly, investors are looking for more than stability alone, seeking sources of growth that can enhance long-term returns in line with where long-term government bond yields are. This is where the next stage of our analysis begins. The good news is that infrastructure is increasingly driven by structural growth trends that provide an avenue to generate desired returns that investors are seeking. More than GBP 100 trillion, as you can see from the chart on your left, investment is projected globally through 2040, spanning transport, energy, social infrastructure, and other sectors. This investment is not driven simply by maintenance, CapEx, or replacement. Increasingly, infrastructure investment is driven by growth, as we said. Digitalization is one example. AI adoption, cloud computing, and growing data consumption are creating unprecedented demand for data centers. Electrification is another example. As economies seek to digitalize and improve energy security, electricity demand is rising across the spectrum, and this requires networks upgrade and other expansions. What is important and interesting here is the multiplier effect that this creates. Demand in one area creates investment opportunities across the entire infrastructure value chain. A growing digital economy requires data centers. Data centers require electricity. Electricity requires new energy generation, transmission networks, and storage that also supports electrification of heating, transport, and industry. What this means for investors is that the opportunity set is becoming broader and more diverse. Infrastructure today includes many sectors that barely featured in institutional portfolios only a decade ago. While traditional sectors, this is very important, continue to benefit from expansion, especially in the core space. In short, infrastructure is no longer defined solely by stability and income. It is increasingly being supported by powerful structural trends that are creating investment opportunities beyond income into capital appreciation. What about the mid-market? Much of this growth today is captured in the mid-market. The charts that you see in front of you compare the infrastructure market in 2015 with the infrastructure market in 2024. The x-axis describes the average size of transaction. The y-axis describes the number of transactions. The size of the bubble is the size of the transaction volumes that we saw in a certain sector. What we see here is that a decade ago, infrastructure was heavily concentrated in traditional sectors, such as roads or airports. Whereas emerging sectors really represented a very small portion of the overall activity. Now look at the market today. The picture is very different. It has expanded significantly with activity spreading across sectors such as data centers, fiber, and many other areas linked to long-term structural growth trends. By the way, we define the mid-market as equity tickets in the GBP 100 million-GBP 300 million range, which is very important. You see that the center of gravity of the market has shifted to the mid-market. Approximately three-quarters of the transactions are happening in the mid-market, and this is why also on the institutional side, we hear a lot from investors trying to finally access the mid-market to diversify into this. This is important because the mid-market is often where new infrastructure sectors first become institutionalized and where businesses have the opportunity to scale. For investors, the mid-market offers a broader and diversified opportunity set across both established core sectors and emerging sectors. An example of an established core sectors could be roads, rolling stock, or district heating. Emerging themes are ferries, transport electrification, or co-location data centers. As infrastructure continues to evolve, the mid-market is increasingly becoming the place where many of the most attractive opportunities emerge. As I approach the conclusion of my presentation, let me conclude with the key takeaways that I would like to pass to you. As we appreciate from the chart on the left describing the evolution of infrastructure AUM, the center of gravity within infrastructure investing has gradually broadened beyond traditional core assets, reflecting growing demand from strategies that combine income with some growth. Exactly what we discussed before. Driven by the structural tailwinds supporting the expansion of the investable universe. Core infrastructure is not being replaced. We don't see it anywhere. It is evolving, however. The characteristics that have always defined assets in this space remain intact. Essential services, resilient demand, stable cash flows, and income generation. However, the value is created in a different way today. The way we create value is changing. Historically, core infrastructure was mainly associated with mature assets focused on maintenance CapEx and perhaps a little bit of capital appreciation growing with inflation. Today, core infrastructure assets can also provide an opportunity for capacity enhancements underpinned by demand growth. As a result, investors are increasingly combining traditional income characteristics with capital expenditure designed to enhance returns and protect the relevance of the assets. Just let me give you an example. This evolution is particularly visible in the mid-market, where infrastructure businesses are expanding alongside long-term structural trends. Think about how electricity grids require CapEx to accommodate the CapEx super cycle to connect renewables or data centers, for example, and how this may require rebalancing between income and capital appreciation to fully capture this opportunity, but also to remain relevant in the market. If I leave you with three key messages today, these are, first, higher inflation and interest rates have increased the importance on generating stronger real rate returns. Second, powerful structural trends are expanding infrastructure investment across both traditional and emerging sectors. Third, the evolution of core infrastructure strategies provides an opportunity to capture that growth while maintaining resilience and income that remains central to this asset class. To conclude, infrastructure has always reflected the essential needs of the economy. That is a source of its resilience. We all know it. Economies evolve, and as economies evolve, infrastructure is evolving with them in the long term. So are the portfolios designed to capture these opportunities to remain resilient in the long term. Thank you very much, and over to Ross. Thanks very much, Gianluca. A very good afternoon, everyone. Just by way of introduction, my name's Ross Gurney-Read. I'm a director in the fund management team at InfraRed, and I'm responsible for the day-to-day management of HICL's portfolio. See plenty of familiar faces here in the room. It's been great catching up with many of you over the recent results roadshow. Just in terms of my background, I joined InfraRed in 2018. If the start of Ed's journey with HICL involved lots of PPP valuation models, mine involved a lot of time at Affinity Water's head office trying to digest the price review. A bit more on that later. Before that, I was advising the company in a consulting capacity on the acquisition of what was then High Speed 1, which I now sit on the board of. All in all, I've been working for HICL for the best part of a decade. I've been involved firsthand in shaping and delivering the strategy that's got us to where we are today. In this session, I'd like to bring some of this work to life. It sets the foundations for the steady, deliberate progress we'll be exploring later on. Over the past 20 years, we've consistently proved our ability to create value across the full life cycle of an infrastructure asset, and it's this skill set that we'll be drawing on to drive higher returns in the years to come. Let me show you what I mean. I'll start with a slide that should hopefully be familiar to anyone who's made it all the way to page three of the annual report. What you see here is HICL reliably delivering sustained outperformance in all manner of market conditions, be that a financial crisis, a global pandemic, and countless changes in government. What you see is the balance between income and NAV growth has evolved, but the total NAV return of 8.5% has remained consistent over time. That's above the upper target we set at IPO, and it's also above the average discount rate over the 20 years, which is the gross return you would have expected from the portfolio. To have delivered an 8.5% return on a net basis, that shows we've consistently outperformed our base case through an active management approach. The best way of seeing that outperformance is on the next slide. Active management has been responsible for around two-thirds of HICL's total NAV growth since IPO. All other things equal, you'd have expected about GBP 1.56 of return from the portfolio, that's effectively equal to the 7.8% average discount rate on the previous slides, less costs over 20 years. Add in GBP 0.16 of macro outperformance, subtract GBP 1.49 of dividends, and you'd have got to around GBP 1.20. In fact, the number is over GBP 1.60. The difference, which is the GBP 0.40 highlighted there on the slide, is genuine portfolio outperformance delivered through active management. Put differently, if we'd have just delivered the base case, NAV today would have been materially lower. The GBP 0.40 uplift is the product of how we've managed assets over the last two decades, it underpins our belief that we can continue to outperform the base case as the portfolio evolves. Now let's unpack the GBP 0.40. This covers two decades of operations and over 40 results cycles, there's quite a lot of moving parts in here. There are two categories worth distinguishing. Firstly, looking at the large purple segment, nearly GBP 0.11 relates to share issuance and buybacks, and the vast majority of this comes from issuing shares at a premium. I think I speak for everyone in this room when I say we'd love to see a return to accretive share issuance, the market conditions which govern the issuing or indeed the repurchasing of shares are not directly within our control. However, the remaining segments account for most of the total, these elements are at the heart of our remit. This is the one I'd like to focus on for the rest of this section. Here are the four levers that cover the entire lifespan of an infrastructure asset, each one is a distinct source of value creation. Firstly, construct. We build, deliver, de-risk assets, unlocking gradual uplifts in value throughout the process. Secondly, expand. We expand asset bases through capital expenditure and outperforming business plans. Thirdly, operate. Our specialist team maintains a high standard of service delivery, extracting efficiency and protecting against downside. Finally, divest. We execute disciplined disposals, crystallizing value at premium to NAV. What this framework here shows is that HICL is not dependent on any single stage of the value process. We generate outperformance throughout. That breadth is exactly what gives us the confidence in the repeatability and scalability of our approach. What I'll do in the rest of this presentation is take each lever in turn, starting with construct. We have a long-proven track record of developing and de-risking greenfield infrastructure across multiple countries, multiple sectors, multiple market conditions, and that breadth of capability is a genuine differentiator. Since IPO, HICL has successfully delivered 18 construction assets spanning five countries and five sectors, overseeing approximately GBP 6.5 billion in total construction CapEx. Whether it's a motorway in Scotland, a university in France, a prison in the Netherlands, or a primary care center in Ireland, the assets are quite different, but our team has delivered in each case. You can see a total of GBP 0.05 of NAV outperformance as a result. That's just for HICL. Through InfraRed's broader greenfield development focus funds, we've developed over 75 projects. These professionals and that institutional expertise will continue to be available to HICL to support our strategy going forward. Let me bring this to life with a recent example. On this slide, we have the Blankenburg Tunnel, a highly technical project with multiple stakeholders. It's also a critical piece of infrastructure linking Europe's largest port to the rest of the Netherlands and beyond. What makes this technically remarkable is the method of construction. Two enormous prefabricated concrete tunnel sections, each about the length of a football pitch, built in a dry dock, sunk to the bottom of the shipping canal about 30 m, and then welded together by a team of up to 200 divers working simultaneously. That is genuinely an innovative engineering solution. HICL acquired a 70% stake in 2018, so right at the beginning of the construction period. Over the course of six years, we oversaw the end-to-end build-out of the asset alongside our two construction counterparties. It's fair to say the delivery wasn't straightforward. Alongside the technical difficulty, the project faced significant supply chain disruption, first through COVID-19, and then through the war in Ukraine. InfraRed's focus throughout was intensive stakeholder management, working closely with the Dutch state client, the construction contractors, and the local communities to ensure that the project stayed on track. When challenges arose, our construction specialists had the relationships and the expertise to resolve them. The tunnel opened on schedule in 2024, in time, as it happens, for the Tour de France Femmes to pass through, and that was a really special moment for the client. HICL is now receiving availability payments, the construction risk premium has been removed from the valuation, and the asset availability in the first full year was over 98%. Our GBP 54 million equity commitment was due to be executed later this year, and regular distributions from the asset will commence shortly after that. This is just the latest in a long line of construction assets HICL has successfully delivered, and it's the perfect template for how we'll continue to leverage this skill set going forward. Let's turn to another important source of outperformance, expansion. Once an asset's operational, the work has really only just begun. For HICL's growth assets in particular, there is a substantial additional value to be created by deploying incremental capital to expand the scope of what these assets actually do. You can see this in practice across the portfolio right now. 231 new towers deployed at Fortysouth, nearly a million homes passed with fiber by Altitude Infra during our ownership period, and a substantial expansion in transmission capability at TNT. We're already seeing the results, with growth asset EBITDAR increasing by 9% in FY 2026. Crucially, this is not just about deploying capital. It's about having sufficient control of the investment to make the right decisions and having the best people in place to execute them. Creating favorable governance positions and building high-quality management teams are at the heart of what InfraRed does to make expansion possible. Again, these are areas where we've consistently differentiated ourselves. Looking ahead, approximately GBP 600 million of growth CapEx is committed across our assets over the next five years. Expansion's already a meaningful source of value. As the strategy evolves, it's set to become an even more important component of how HICL generates returns, both from this portfolio and from new investments. Let me show you what this looks like in practice with an asset you'll know extremely well. Affinity Water. It's HICL's largest single asset, 13.6% of the portfolio. It's also the largest water-only company in England, serving over 4 million customers in London and the Southeast. I won't dwell on this for too long because you'll hear it directly from Adam shortly. It would be wrong for me not to mention it, given it's probably the asset I've spent more time working on than any other since joining InfraRed. HICL acquired Affinity in 2017, just ahead of what turned to be a particularly challenging regulatory review in PR19, that did hit the valuation. Rather than manage around this, we committed to transforming the business from the bottom up. Oh, two ahead of myself there. Seven new senior management hires, they in turn drove a 19% reduction in leakage, a 9% reduction in gearing, a GBP 2.3 billion investment program for AMP8, a complete repositioning of the business in the PR24 regulatory review. Night and day from where we were. Affinity is now one of the top-performing companies in the water sector, the next five years look really strong. 30% RCV growth forecast for AMP8, alongside a resumption of equity distributions, which happened earlier this year. Despite the early challenges, the holding period multiple is 1.4 x, with an IRR that outperforms the original acquisition case. As I said, Adam will take you through the full story and the future prospects shortly. I hope this gives you a flavor of the kind of transformation that is achievable when you combine active management, the right team, and long-term conviction. We've covered construction and expansion. Let's move on to the third lever, operate. In many ways, strong operational delivery is really at the bedrock of our approach, preserving and creating value from existing assets. For HICL's PPP portfolio, this is primarily about cost discipline and maintaining the highest standards of operational delivery, protecting the downside as much as delivering the upside. Last year, PPP availability across the portfolio stood at above 99%. Legacy defect issues have been resolved over time. As the portfolio has grown, InfraRed's team of specialist asset managers has driven cost and scale efficiencies, which have contributed GBP 0.041 of NAV outperformance since IPO in aggregate. Looking ahead, 18% of the portfolio is due to be handed back over the next 10 years, which in turn will release capital for redeployment into higher growth opportunities. This demonstrates the importance of the work we've done to date on hand back. We saw that pay off during the year with the three assets which went back to the public sector. In some ways, these levers are slightly less visible than construction or expansion, but they are consistently valuable. It's the discipline of running assets well every day, year after year, and ensuring that what we promised investors when we bought these assets is what we deliver. Let me give you a specific example of how this showed up in one of the most extreme stress tests the portfolio's faced. When the COVID-19 pandemic began in early 2020, we had to move quickly across the entire portfolio to assess which assets were exposed, which could be adapted, and how we could continue, importantly, to deliver essential public services. It was really one of the most significant operational stress tests we've faced. On the hospital PPP side, InfraRed worked directly with NHS trust clients to reconfigure wards at speed. 29 new intensive care beds at Pinderfields, six new COVID wards at Brentwood, really just a handful of the dozens of examples of contract variations we undertook. These were not small logistical exercises. They required rapid decision-making and close collaboration with some of HICL's most important public sector counterparts. From a financial perspective, though, it was actually our demand-based assets which bore the brunt of the impact. Over several years, we worked proactively to manage cash flows and maintain the resilience of our portfolio companies through the disruption. The fact that not one of these companies required any additional financial support is testament not only to our active management, but also the inherent strengths of the companies we invest in. Across the big three demand-based assets at the time, revenues in 2023 were already 5% above pre-COVID levels, demonstrating the strategic positioning of these assets and the inherent attractiveness of each business. This is what a resilient, actively managed portfolio looks like under stress, not just surviving a crisis, but using it as an opportunity to strengthen relationships and demonstrate operational capability. Moving on to the final lever, disposals. The ability to sell assets well at the right time and at the right price is just as important a lever for value creation as anything we do on the operational side. Selective disposals are an intrinsic part of our business model and are a true differentiator in our core market. Since IPO, HICL's completed 35 asset sales, generating total proceeds in excess of GBP 1.5 billion and contributing over GBP 0.12 of NAV outperformance. You can see some of the landmark transactions on this slide, but as I've mentioned before, improving the long-term composition of the portfolio is just as important to us as the big premia you see on this slide. Really, that's been a central part of our approach in recent years, most notably with the PPP portfolio disposals, firstly to John Laing and most recently to APG. All of these sales are also the result of active value creation over the asset lifespan, improving the asset, building the track record, and executing the disposal at the point of maximum value. Let me take two large-scale examples to show you that in a bit more detail. Starting with the A63. This is an asset which HICL owned for nine years, but InfraRed has been involved with for over 15. Between 2011 and 2016, InfraRed developed, built, stabilized, refinanced, and successfully exited the project, which gives us a really unique vantage point to acquire a stake for HICL in 2017 as the very first non-PPP investment in the portfolio. Traffic proved to be extremely resilient, and that's even in the face of COVID. As you can see, a steady 1.2% growth per year on average. When you layer in inflation-linked toll increases and some of InfraRed's value enhancement activities, that translated to an over 40% increase in revenues over our holding period. Much like the Northwest Parkway, that put us in a great place to exit the asset to a strategic buyer. We realized a 14% holding period IRR and GBP 0.022 of NAV outperformance for shareholders. Our track record does go beyond just selling toll roads to strategics, as demonstrated by the disposal of QAH a few years ago. This was a slightly more complex story. When Carillion, one of the project's contractors, went into liquidation, InfraRed stepped in to assume those obligations and stabilize the project. We transitioned the facilities management provider, resolving legacy contractual issues and repositioning the asset on a sound operating footing. By the time we sold, the project was performing well and commanded a 38% premium to the NAV, generating GBP 108 million of proceeds, a 9.5% holding period return, and GBP 0.015 of NAV uplift. Both disposals demonstrate the same principle. It's the quality of the asset management and deliberate positioning that creates the conditions for a strong exit. I trust that gives you a sense of the active approach we take and how that approach has driven NAV since IPO for HICL. What does that mean going forward? Over time, on the far left, we've assembled a portfolio of over 100 essential assets, which benefit from coveted core infrastructure characteristics, including long-term cash flow visibility and defensive market positioning. This underpins the steady state return. On top of that, we've delivered and consistently delivered our ability to grow additional value through the four levers I've just recognized. Outperformance through construction, expansion, operation, consistent value realization through disciplined disposal. We've done this repeatedly over two decades in different market conditions. Increasingly, as you see in the third column, the portfolio is positioned to provide a greater degree of NAV growth on top of a steady cash income, all underpinned by construct, expand, operate, divest, working across a broader set of growth opportunities. The strategy we set out today is entirely consistent with our approach to portfolio construction to date and is supported by the undeniable changes we've seen in the infrastructure market more broadly. To bring this section to a close, the evolution we're describing today is not about radical change. It's about a proven model, one that's delivered two decades of outperformance through active asset management across the full asset life cycle. Constructing assets and de-risking them, expanding them, growing earnings, operating them with discipline, divesting selectively at premium. There is genuine scope to do more of each of these things in an evolving infrastructure market as the strategy moves forward. That is what we mean by building on success. I'll hand over to my colleagues to tell you exactly how we mean to do that. Thank you. Thanks, Ross. Good afternoon, everybody. My name is Mark Tiner. I'm the CFO at HICL. Many of you will know me from the results presentation this year and the results roadshow that we undertook shortly afterwards, so I'll keep the formalities brief. I've been at Infra for about 18 months, previous to that, I spent my career at a couple of private equity and infrastructure investment firms. As a relative newcomer to the team, it's been interesting to me how the evolution of HICL's portfolio into yield assets and growth assets is now bearing fruit, really after years of work. This portfolio mix has made HICL particularly interesting and attractive proposition from my perspective. In this next section, we'll take a look at what growth in practice actually means. HICL has always been evolving to anticipate the market. In order to help bring this to life, as you know, we have executives from three of our largest companies, Adam, Nick, and Robert, who have kindly given their time to speak to you. First of all, I'll set the strategic backdrop. The opportunity set that HICL sees is substantially expanded today from that which it faced in 2006. Global infrastructure transaction values have increased by 13% on a CAGR basis over the last 20 years. You can see from the mix that transport and social have increased relatively steadily, but actually it's utilities, and really especially digital, that have dramatically increased both the number of transactions and as part of the overall set. This reflects the macro forces that we've been talking about, demographic change, the interconnectedness of sectors, and the digitalization of the economy. In order to remain relevant, HICL must continue to evolve. Standing still is not a neutral option. We can see this evolution in practice. HICL's portfolio composition has tracked the market shift. As Infra market has evolved, so has HICL across a number of measures as you can see here, geography, sector, and revenue type. The point is that HICL has shown gentle evolution, deliberately calibrated to track the infrastructure market's evolution, which has allowed us to continue delivering returns for shareholders. That word deliberate matters. This is not an accident. You'll be able to see that we have managed the mix of yield and growth assets within HICL over time. A key part of the evolution has been the deliberate introduction of non-PPP assets alongside the traditional yield base. Starting at IPO, HICL had a portfolio of 100% PPP assets. By the time March 2026 came around, the portfolio was about 50% non-PPP. The shift began in 2016 with the purchase of the A63, and the recent sale of that at a 14% IRR, is a strong proof point of the strategy. What HICL has done, as you can see, is not a revolution or a pivot. Instead, it's a disciplined evolution, deliberately undertaken. Why does this repositioning of the portfolio matter so much? Let's have a look at the alternative trajectory that would have resulted from the original portfolio. The message really here is that without any evolution, there is no HICL in 2050. This is the forecast cash flows and NAV trajectory from the PPP-only portfolio in 2016. You can see that the cash generation and the portfolio value decline materially in the 2040s as concessions mature. This is what PPPs do. They return cash, they get handed back. A portfolio of them has a natural endpoint, and the dotted line, which represents the NAV, goes to zero. If HICL wants to continue to grow and continue delivering returns to investors, it must adapt. What happens when HICL did adapt and introduce growth assets into the mix? Well in 2026, the picture shows a very different story. Many of you will recognize this slide from our investor presentation this year, showing the portfolio mix. You can see that the growth assets fundamentally change the long-term trajectory of this business and replace a NAV decline with NAV stability. In the 2026 forecast, the portfolio value is largely maintained to 2050, in contrast to the 2016 forecast. It's really assets like Affinity Water and Fortysouth that are driving this long-term earnings capacity, and these offset the natural PPP runoff over time. The distributions picture is more stable as the growers take up the slack and as the yield of contributions moderate through time. As we've said before, our growers tend to become yielders once their CapEx plans are completed and free cash flow becomes available for distribution. This chart shows the strategic rationale for everything that we have been doing, building a business that continues to exist well into the future and deliver for investors over the very long term. This slide and the one previous to it assume that all cash over and above the dividend is distributed. What happens in a reinvestment scenario? If we consider the potential for reinvestment of surplus cash flow over and above the dividend, you can see that the improvement in the NAV trajectory is material. What are we assuming here? We're assuming that we reinvest surplus cash at about 8.5% total return. That's equivalent to the weighted average discount rate of the current portfolio. This significantly improves the portfolio valuation trajectory to over GBP 4 billion. This is entirely self-sustaining. There is no additional external capital required. This is really what you're seeing, is the power of compounding applied to an infrastructure portfolio. This is an example. We're not committing here to invest everything at 8.5%. What this really is an illustration of what the reinvestment lever could deliver if it was pulled. The message is simple. If we are disciplined about redeploying cash and not necessarily returning it immediately, then more value is created over time. We do need to be patient, and this shows why it is worth it. That's the backdrop. The market has evolved, HICL has evolved, and it has evolved deliberately. We have a reinvestment lever, which we can pull for further upside. How is the evolution that we have done playing out in returns? If you look at our track record through the lens of gross portfolio return, you can see that the growth strategy is delivering. This chart shows gross portfolio returns by year, split by yield contributions in the light color, and growth contributions in the dark color. You can see that year by year, where yield contributions have moderated, growth asset contributions have offset the shortfall. The clearest example is FY 2025, where the yielders face headwinds, the growth portfolio has provided a counterweight and preserved the overall performance. The combined result is a more diversified, resilient return profile. Let's look at some specific metrics of the growth portfolio and what return it has actually produced. Where do we begin? As we said, with the A63, we did 12 further growth assets totaling around GBP 1.5 billion in investment cost. What have these assets been doing? In the last three years, GBP 257 million of growth CapEx deployed in future growth and a very pleasing average EBITDA growth of 10% over the same time horizon. Today, the expected holding period IRR of these businesses has increased nearly 150 basis points, and they stand at a MOIC, multiple on invested capital, of 1.7x. This shows the growth portfolio is already delivering for shareholders. What has that done to portfolio metrics overall? This is just as striking. What you can see here is that each of these key portfolio metrics have improved significantly since integrating the growth portfolio. For example, both increased portfolio life and improved inflation linkage have resulted in an increase in the NAV projection at 2050, as well as the durability and resilience of that NAV. The earnings per share projection, which has risen substantially. We see this and in the form of earnings cover as a good measure of a growing NAV since it shows how amply the dividend is covered. The strategy is visible in return outcomes. The growth portfolio provides a structural offset to PPPs in the form of an extended life of the business, positive NAV to 2050, and stronger and more resilient earnings. On that note, I'm very pleased to hand over to three businesses at the heart of our growth story to really bring it to life. Adam Stephens, the CFO of Affinity Water. Adam joined that business in January 2025, and he oversees Affinity's financial activities. Nick Clarke, the CEO of Fortysouth, who steered that business since the carve-out from Vodafone New Zealand, driving double-digit EBITDA growth. Thirdly, Robert Sinclair, the CEO of London St Pancras High Speed, who is leading that business's key project to onboard a second international operator. Adam. Thank you, Mark. I'm Adam Stephens, CFO of Affinity Water, and I'm pleased to be able to announce our FY 2026 results, which was released this morning. Some of this is very new news indeed. Right. Firstly, just to give you a sense of who and where Affinity are. We are the largest water-only company in the U.K., and it's quite important that you understand therefore that we don't provide any waste treatment services. We cover a crescent, as I like to call it, around the north and west of London, as well as some small parts of Kent and Essex. We have around 4 million customers at the moment, and we produce around 1 billion liters of water a day, sometimes a bit more when we've had recent weather. That makes us a similar size in water treatment terms as someone like Welsh or Anglian. Just to give a sense of our investment fundamentals, as I've just said, we are the largest water-only company, or WOC, which gives us lower regulatory and environmental risk than our water and sewerage company peers. We received a strong final determination, and we largely received all of the TotEx funding we'd asked for, and that provides for a significant investment in our assets with 30% growth in our regulated capital value to GBP 2.6 billion by 2030. We are now consistently delivering upper quartile performance, operational performance, and we know that we have planned TotEx investment during AMP8 to strengthen this position further. We benefit from a very low level of embedded cost of debt, which is driving sector-leading financing outperformance, which I'll cover in more detail later. We have much improved financial resilience going forward with gearing reducing to 69%, and we have sector-leading credit ratings with Moody's only remaining A3 rating in the sector. All of that comes together to provide long-term value growth potential from both capital and income. Turning to some of the financial highlights from FY 2026, I really do think we've turned a corner going into the new AMP. We've delivered revenue growth of 20% to GBP 438 million, which was largely due to the increase in allowed tariffs for AMP8, as well as some higher consumption during the hot weather period we had last year. Good OpEx cost control has meant that increased revenue is translated into higher profit with EBIT growing 127% to GBP 75 million. FY 2026 has been our largest ever capital investment year at GBP 209 million, which is an 11% growth year-on-year, and I'll provide some highlights on that later. Overall, our regulatory return, or RoRE, was up to 13.5%, significant growth from 8.4% average over AMP8, and I'll cover this in a lot more detail later. We have much improved financial resilience, as I've already said, with lower gearing, and that has enabled the resumption of dividends into AMP8, with GBP 34.5 million paid during the year. This slide is trying to give a sense of our operational performance over the last few years. Affinity Water has been on an improvement journey, no doubt, for that three-year period and can now demonstrate a level of consistency. This chart shows the water sector's performance on key water-only measures that we're measured against for the period from 2022 to 2025. Each of the gradients that you can see on the lines highlights each of the quartile boundaries. You can now see that we deliver consistently upper quartile performance across many of these measures and have done for a number of years. In fact, we were the joint number one performer in 2025 across all clean water measures. FY 2026 is plotted on here, but as yet, we don't have a sense of the sector's performance as a whole until annual performance reports are published in a couple of weeks. However, I think it's important to note that while FY 2026 was undoubtedly a very difficult year due to the extended period of hot, dry weather, also a cold snap in January, actually, our performance held up pretty well with just some pressure on measure like mains bursts, which is the fourth one down, due to the particularly dry ground during the summer, causing ground movement, which resulted in a number of burst mains. We were very proud of our water supply interruptions performance, so those burst main repairs did not translate into water outages for customers. Actually, as you can see, we remain industry leading on that measure. We're expecting the sector as a whole's performance to have worsened during that period, but we've managed to maintain our strong performance. That said, there are two measures that we know we need to improve on, those are C-MeX, which is the measure of customer service, and PCC, which is otherwise per capita consumption, how much each household uses. Both of these measures are challenges for the sector as a whole, but for Affinity Water in particular. This slide gives a sense of some of the areas that we are focusing on during the current regulatory period. First of all, our phase 1 of our customer transformation program is now live, that has provided a new website and app, which brings our online customer service platform up to date and in line with customers' expectations. It also enables significantly higher level of interaction with customer smart meter data so that they can understand their water usage. The next phase of this transformation journey is already underway, is a complete billing platform replacement, which will provide significantly improved back office processes and speed up resolution for customers, which we know is the key measure of success to drive C-MeX. We are also undertaking a number of things to drive down per capita consumption, particularly innovative tariff trials. We are the first water company to try a block tariff trial that basically allows for customers to receive a section of free water, a section of water at a low rate, then pricing above that becomes more expensive. It starts to engage customers in ways similar that you would see with nighttime electricity tariffs. Combining that with our smart meters, we know from our trial period will drive customer behavior and per capita consumption down. Being in the southeast, we are also focused on ensuring long-term resilience in the face of changing climate, we have two strategic resource option projects currently underway. The first one is the Grand Union Canal Transfer Scheme, which is using the Grand Union Canal from the Midlands to bring water down into our region and connect up with the north of our patch. That scheme is progressing well and will come into life in 2030s. We also have the longer-term program. We are working with a number of other water companies to build a new reservoir in Oxfordshire, which will bring water to our patch via the River Thames. These resilience schemes ultimately protect the environment and will enable us to reduce our chalk stream abstraction by up to 30 megaliters per day and will enable us to provide significant improvements in river restoration. Moving on to something slightly more techy. Our post financial determination refinancing strategy and significant program of debt investor relations over the last 12 months is paying dividend and has allowed us to lock in our sector-leading credit ratings and reset our market's pricing of our debt. In March 2025, we reaffirmed our credit ratings and were able to refinance an existing bond, which enabled significant market engagement for Affinity Water. As you can see from the start of this chart, I haven't put the labels on here to hide their blushes. As you can see from the start of this chart, we were 55 basis points higher than Severn Trent, who are the purple line, we're the dark blue line, we were 20 basis points higher than Anglian Water. By the end of this chart, you can see a significant improvement in our spread performance, we are now only 20 basis points off Severn Trent, who have the tightest spreads in the sector, we are ahead of both Anglian and Pennon, another of our listed peers. This transaction alone, a single transaction, and the improvement in our spread generated by it, will have saved the business GBP 10 million-GBP 15 million worth of cash interest in this AMP period alone. Overall, you can see our RoRE financing performance, which I'll explain a little more in a second, was 7.2%, which we expect to be sector leading, and it's largely due to our low embedded cost of capital, which will endure for the years to come. Just covering a couple of those of you who watch the sector, there are two macro factors going on at the moment. We are increasingly seeing evidence of climate change here and now, with the hottest May and June days on record both occurring already this year. I've talked about our long-term resilience programs, it's also worth noting we have much improved our operational resilience in recent years, we now plan for hot weather in much the same way that we used to plan for cold snaps, which has resulted in much improved operational performance during these tricky periods. There's also some significant regulatory reform underway following the completion of the Cunliffe review last year. We have supported all of the recommendations of that review, we are actively engaged with transition planning with Defra at the moment. Just a little bit on capital delivery. We were on track with all of our targets for year one, delivering our largest-ever capital year in GBP 209 million, as I previously mentioned. It's really important that we can demonstrate our ability to invest, as this is key to our credibility for future investment plans with the regulator, which will drive future growth. We have undertaken extensive supply chain engagement ahead of the price review process to ensure that we were able to deliver this performance. A couple of highlights on things we've been working on. We have been undertaking our Connect 2050 program, which increases network resilience for our patch and will enable us to move more water from the south of our region, where there is more availability, to the north of our region, where we have less availability. We are well underway with installing 400 smart meter-string for the AMP period, with 120,000 installed in year one. We are currently undertaking 260 km of mains replacements, with 41 km delivered in the first year, which is almost as much as the last five years combined. 685 of those schemes were trenchless replacements, minimizing disruptions for our customers. Finally, turning to talk a little bit about regulatory returns or RoRE. This, in my view, is the measure that brings together all of the value drivers available for regulated water companies. Just to be clear, it doesn't perfectly align with other cash or profit return metrics, but we know that accounting profit measures do not provide a total picture of returns to investors because they miss things like RCV growth. All things being equal, though, improving RoRE will improve overall shareholder returns over time. We know that it's comparable across the sector and across companies, including those such as our listed peers, who tend to lean on this pretty heavily in their presentations. To provide a quick overview of how it works, it's made up of four value drivers. There's the base return that is available to all companies and is set at the start of a price review. You can then drive value through having lower actual financing costs versus the allowed cost of debt. There is the reward or penalties incurred from your performance commitments or ODIs, and then you can outperform your regulatory investment allowances through efficient capital investment. It's worth noting also, Affinity Water generates not insubstantial returns from other areas like property development, surge billing for Thames and Anglian, and also some renewable activities. Actually, on that front, we've made significant progress on property development in the year, having stood up a completely dedicated property development team who've delivered GBP 2 million worth of value in year one and are undertaking a full review of our estate with the hope of delivering a consistent value stream and additional cash generation through into the next AMP period. We've made significant improvements in our internal reporting on RoRE, which allows for a greater focus on driving all of these aspects going forward, which can be seen in our RoRE performance on my last slide. This really does bring it all together in terms of a sense of our performance over the first year of the AMP. Our overall return on RoRE is 13.5%, and we know that that is ahead of two of our listed peers. It's higher than UUs, which was 13%, and it's higher than Pennon's, which is 12.4%, with only Severn Trent outperforming us during the year. Overall, on performance, the adverse element of performance is largely down to C-MeX and PCC, which I flagged earlier and provided the improvements that we are going to make in that space. There is also the possibility, given our view of the sector's performance in the year to date, that it looks like the OAM adjustment mechanism that Ofwat included in the last price review will kick in, which will provide some relief against this performance. On TotEx, this is largely a timing issue at the moment, as we have a policy of taking any OpEx variances against allowances in the year they incur, and we know that our allowances in year one were particularly low and particularly high in the last year of the AMP, and our delivery plan is more flatlined. Overall, we're expecting to deliver TotEx outperformance across the AMP as a whole. On financing, across both the notional financing and gearing structure, we can see that we delivered 7.2%, which I think has outperformed all three of the listeds and is likely to look pretty sector-leading. As I said, most of this comes from our embedded cost of debt, which will persist well beyond the end of this AMP. Finally, our RCV grew by 9.2% during the year, with an element of that being inflation, but also our continued high investment, and this will be supported by growth in the years ahead. With that, I'd like to thank you for our time and hand over. [Non-English content] I'm just saying welcome, welcome again. My name is Nick Clarke. I'm the Chief Executive of Fortysouth. I have sort of 25- 30 years now in wholesale and energy infrastructure, sales, operations, starting here actually in London last millennia, as I start to feel a bit old. I was drawn to Fortysouth. I was the first employee on the carve-out. I've been there since day one. I was drawn to Fortysouth because of our purpose. As a tower company, we own and operate mobile towers in New Zealand. Our purpose is to connect New Zealand's communities, I thought I'd start with a little video just to bring this to life. Connectivity is so important in this world now. It's not a nice-to-have, it's a must-have for all of us. To have that also for our state highway as well as our coastline is fantastic because here in South Taranaki, we've got 160 km of coastline, and a lot of it does not have coverage. This is brilliant. This is what we need. One New Zealand and Spark, who have both now made themselves coverage here in Patea and connected this community. Last year, they said, "Hey, we're going to build this tower," we went on a journey with Fortysouth. We're building towers around the country all the time, the community helped us understand a need here in Patea. With that, we were able to work with the mobile operators and get a tower here right by the road to serve the local community. The site to us is really important largely for our small rural community in Patea based down the road. It's a significant investment in essential infrastructure, I think, for small rural communities. This is game-changing for Patea. It's great. I have just been down the beach, and I made a phone call. Didn't even really think about it, and it worked. It's quite a moment for all of us. I think in years to come, we're going to see the benefit, both socially, for access to services, social services, as I say, and for business and jobs. This is part of the regional growth story. It's things like this that enable us to grow our regional economy. Delighted with having more than one operator on here. We'll hopefully get all three mobile companies on the tower in time and make sure that everybody in this neighborhood can connect with everybody that they love around the world while they're in Patea. Patea is a small town, bottom of the North Island, dairy country. It's where the world's milk, cheese comes from. Interesting for that farm, there's no fences. All the cows wear a necklace, and there's a New Zealand startup called Halter. They're all driven by mobile. When they want to change, there's geo-fencing. The cows get a signal that shocks them, and off they go. There's no fences on that farm at all. All because there's mobile coverage. Patea, as you can see, is a great example of needing to connect communities. We've got 5 million people and a land size the size of Britain. We've got beauty, we've got isolation, but it's our biggest challenge at the same time, right? How do we connect with each other, and how do we connect to the world? It's where our name comes from. Fortysouth refers to the 40th parallel, which runs just through the lower North Island, through Patea, it represents the place where we stand as New Zealanders and connect around the world. It's our towers and our customers' mobile equipment that enable that to happen. While I tell you about what we do for New Zealand and what we do for you as our owners, I'll take the chance to be a slight brand ambassador for Tourism New Zealand. For those of you who have been, hopefully it triggers some memories. If you haven't been, you're very, very welcome. A little bit about us. We were a carve-out from Vodafone New Zealand three and a half years ago, they've since rebranded as One New Zealand. Our network covers 98% of where New Zealanders live, work, and play. We're one of two towercos in New Zealand, we've got four key clients. Our anchor tenant, One New Zealand, are on all our towers. They have a 20-year base contract with subsequent 20-year rights of renewal. We have significant co-location with the other two mobile operators, Spark and 2degrees. Our new customer rolling out this year and next is a government-backed public safety network. All of our revenue is inflation indexed. 99% of it is subject to very long-term contracts. We've grown EBITDA, as we say, 10% year-on-year since we've started. We're 50 staff, with world-class engagement, market-leading safety, we think the most digitally enabled towerco in the world, I'll talk about that a bit later. This has given us a great foundation to go and do the things that really matter to make money for towercos. I'll share some stories with you. At our heart, we're a property company. We own towers that our customers come and put equipment on. When we were spun out, whenever it came to new sites, our customers would identify a need and ask us to build it, we'd have to go and find a lease and do planning, it would take 18-odd months to get a site built. It wasn't a great experience, it wasn't very empowering for us. It was like asking for leads all the time. We've since, in a short time, completely changed that on its head. We now are finding the places where the next sites need to be built, acquiring cheap options on their sites, we've got a menu of sites that we give to our customers that they choose off. This is how we've done it. This is a geospatial tool. That particular bit is in the Eastern North Island. We've overlaid demand for mobile services, population, new housing, industrial traffic movement, with supply of mobile services. We've got our customers' mobile networks, we've crowdsourced data, we get quality of network. We can see supply and demand, we can see future demand coming with houses and buildings, we can see the gaps. This tool, in Rangiora, what we've done here, you can kind of see. This is a reasonably big industrial subdivision that's about to happen. The telcos were never very good at anticipating demand. We can see that's coming. We've gone to the landlord, and we've secured a lease for that particular site. There's kind of a little red circle there, and we're very confident when the build is ready to happen, that we'll get two or three customers on it from day one. We've got effectively a secure option there. We've got these little speedos for our customers' networks. You can see that sort of Spark's got the best signal, 2degrees has got the worst, but they're all pretty poor. With a big subdivision to come, they know that those signal will not be good enough. They will need another site. We've got this land bank, and our plan is effectively to have sites like this around the country that are multi-years worth of build all ready to go that our customers choose from. With one, we've signed up to a 10-year committed build program, we're only four years into that. We've got a long way to go. We've got a high confidence that the options will be taken up, and really good success to date with customers taking the options that we've secured. Which brings us to here. Some might recognize this. This is Hobbiton. This is a real place. It sort of looks computer-generated. That is a real photo of a real place from "The Lord of the Rings." Our analysis showed us that the coverage was terrible here. It gets 600,000 tourists a year go to Hobbiton, take their photo, want to put it on Insta. Couldn't do it very well because the coverage was no good. We said we'd get a site. It was actually quite hard to do because a bunch of things, the land around it's flat. It's all dairy country, and dairy loves flat. Hobbits love to live in a dip. Don't know. Apparently, that's where you live if you're a hobbit. We couldn't put a site up here because the whole world would see it and have it in their photos, there was very few places to get it. We've secured a site and just built it. We turned it on last week, and we showcased it along with 10 other sites that we've just built in the region. On Monday night, U.K. time, we sort of hosted a launch of the Hobbiton site. To kind of give you a sense, we had two MPs, four mayors, and 24 councilors turning up to the turning on of a cell site in a paddock, which I feel like I do New Zealand a disservice when I say that. It's not to say that we're a backwater, just to showcase how important, when you've got national kind of infrastructure like this, how important our services are. Location, location kind of is a big part of our business. When you've got location, the next thing you want is a second tenant. We call that co-location. The second tenant to us is where we make our really significant returns. We recover kind of whack typically on the first. The second tenant pays the same for no more capital. That's where you make real money. Historically, Vodafone, when they owned these towers, they didn't really like co-location. They didn't like the competition being on there. If people would ask to go on their towers, often the engineering folks would say, "Sorry, there isn't strength in the tower," and it wouldn't happen. We saw that when we took the portfolio on, we saw this was happening kind of more, and more, and more, and we realized we were leaking a lot of value through the kind of external engineering practice. Our management team could see this, and we've completely insourced the engineering function, and we have scoured the world. It was quite a job scouring the world for best engineering practice, and it has brought us to here. This is another of our great locations, Wanaka. Wanaka's a world-class ski field in the South Island, beautiful place. We've got a tower there with one on it, but not Spark. Spark, in the one day, were told the tower wasn't strong enough. We kind of knew about that and rang Spark and said, "Hey, do you want to go on the tower? We'll have another look at it." When our engineers take a look at it, they said, "No worries, mate. Come on." That's double the revenue, no more capital. It's a great experience for Spark because they wanted coverage there and weren't able to get it, and it's a great experience obviously for the skiers in Wanaka. We've redesigned our new towers. We typically will build a tower for two or three operators from day one now, whereas typically they weren't built like that before. It costs very little to build for more at the start. Retrofitting can cost more. For an efficient use of capital, we're creating a lot of capacity on our towers for relatively little cost. The big value in that shift is in the tenancy ratio. We inherited a tenancy ratio of 1.26. The sales that we've made in the three and a half years since, not all of which are implemented yet. They're contracted, but still being built, will take our tenancy ratio to 1.4. In Europe, I think the tenancy ratio is about 1.8, so there's tons of room to go. We've got confidence there's a lot of growth to come, and all of that growth really has come from the engineering innovation. Once you've got the best towers and the best locations, you've got the most capacity on them. The other thing you want to succeed as a telco is the best customer experience. Prior to our carve-out, new co-location. Where are we going here? There we go. Prior to our carve-out, new co-location, as we called it, could take six months. If someone wants to go on a tower that existed, they send in saying what they want, how high do they want to go on the tower. The engineers have to go and find paper drawings to and fro. It was six months, and it's still common around three to six months, it's still quite a common experience in telcos around the world, we decided that just wasn't good enough. We've built an experience now where we've taken 6 months and turned it into 15 minutes, and this is how we've done it here. It's completely revolutionized things. We've flown a drone on every tower, and then you take the footage from the drone, and you put it through software, and it renders what we call a digital twin. We've got a guy on the North Island, two young guys, one at North Island, South Island. All they do is they drive the countryside all day, going to the best spots, surfing, doing whatever they do. They've got the best jobs in the world, but they've created this brilliant asset for us. Our customers can come on it like this, and they can drag and drop. See the pink equipment there isn't actually on the tower. You drag and drop that on, you put your antennas where you want them, you put your cabinet on the floor. You can check safety measures, you can check coverage. What else? AI will do engineering for you to tell you if the tower's strong enough. Our asset management will tell you if the lease allows it, if the panning allows it. 15 minutes, you can be highly confident that you know what it'll look like and that it can be done. The power for us is the time and path from lead to cash. Most telcos, lead to cash is a big problem because they get an application, it takes ages to design it, and say yes, and build it. Our lead to cash is all about how quickly our customers can get the equipment and install it. It's a much shorter time. This experience has been brilliant for the government's public safety network. Like most networks, they're behind, getting a lot of pressure from the government to catch up. Life isn't that pleasant in that business at the moment, and they wanted to go quicker, and they wanted to go on our Raglan tower. This is Raglan here. It's a world-class surf beach. It's about an hour west of Hobbiton. I'm sure J.R.R. Tolkien, Mr. Took, when Frodo threw the ring into Mordor, was it? He should have gone surfing for an hour and then gone back to Hobbiton after he was relaxed. The public safety engineers wanted to go on this tower, and sort of flustered. Steve, our sales guy, sat down with them for an hour, showed them how to use the tool. Steve's 67, barely computer literate. He's a sales guy. Got them all set up. We're now double indexing effectively on towers to the government safety network. If they've got a choice between us and the competition, they buy ours, and then they sign up for decades, and you've got long-term index revenue, all because of that tool, and a safer place to live because you've got the public safety network there. With these foundations, we're feeling very confident about the future. I've just come back from a U.S. conference. Americans are always positive, so take that with a dose of salt, but it was an AI kind of tower conference, and you can feel how AI is just getting a momentum for mobile data. Everybody's feeling confident now that data will increase. Coverage and capacity will need to increase, partly through Internet of Things, but probably more broadly just because our phones now are just part of the AI infrastructure. Ericsson's forecasting 14% mobile data growth every year for the next five years. That'll mean we need more towers, and our purpose is to make sure New Zealand can access those world-class services by having the coverage they need. We've got HICL as a fantastic partner as we deliver on this purpose, steward, operate, and improve this portfolio. We've got a strong pipeline in our committed build program. The best towers, the most capacity, with the best customer experience, all turning into long-dated inflation indexed revenue. As you can see from these photos, we get to visit some pretty mean places along the way. We call them mean. I think Bear Grylls calls them epic. [Non-English content] Thank you very much. Thank you, Nick. Actually, like Nick, I'm also a Kiwi, but I've been here for 18 years. My accent hopefully is moderated, and my Māori language skills have definitely declined. Hopefully with that, you'll have a better chance of understanding me. Thank you very much, everyone. It's an absolute pleasure to be here. This is an incredibly exciting time for high-speed rail generally, and London St Pancras High Speed in particular. Never before in our history have we seen this much interest in launching new cross-channel services, and we are working hard with InfraRed to translate that level of interest into train paths on our line just as quickly as we can. Just very briefly, by way of background, I think most of you will be very familiar with London St Pancras High Speed, previously HS1. We own the high-speed line between St Pancras and the Channel Tunnel, and the four stations along the way, including, of course, St Pancras, and all the retail and car parking operations in those stations. We are a 30-year concession granted in 2010, so we expire in 2040. We currently have two operators, Eurostar, of course, and the government-owned Southeastern. We have a monopoly operator on the international side, and on the domestic side, we have a government-owned organization, railway company, which is underpinned and effectively guaranteed by way of train paths by the U.K. government. We have stable cash flows, and we benefit from an A-minus rating from Standard & Poor's. Volumes have rebounded post-COVID, and our passenger volumes are actually above pre-COVID levels. Of course, that's no surprise. Travel, as we know, is underpinned by a very, very strong trend line, particularly here in the U.K., where most people do not see travel as a discretionary item. For us, in our case, that trend line is strengthened by modal shift and the desire for people to actually travel in more sustainable means. Despite that, our line remains 50% empty. We have 50% spare capacity on the high-speed line, and it's actually the growth opportunity and the opportunity that we see to fill that remaining capacity that I actually want to focus on this afternoon. For me, personally, I've been in post just over two years. Prior to that, I was CEO of London City Airport for six years, and prior to that, I was the CEO of Bristol Airport for nine years. Bristol's one of the leading U.K. regional airports and obviously a very competitive airport with Ryanair, easyJet, and others. With that background and experience in the aviation market, I could absolutely see the enormous potential in HS1. However, I also had the view that it required a far more proactive and commercial approach to driving growth, and in particular, driving competition. I am delighted that the board and InfraRed share that vision, and they have been incredibly supportive of our strategy. Let me just give a little bit more background and context. Most of you, I'm sure all of you, will be very familiar with the London aviation market. It is the largest and most competitive market in the world. Six airports, all privately owned, all separately owned. The second largest aviation market in the world is in New York. Three airports, all government-owned or council-owned, serving 150 million passengers. Here in London, there is over 100 airlines serving the market, most of which have operations in two or more airports, and they serve over 400 destinations. 100 airlines, 400 destinations. Of course, many of those are long-haul and some are domestic, but approximately 100 million passengers each year are flying out of London to short-haul European destinations. Clearly, not all of those can be reached by rail, but there is a huge London-to-Europe short-haul market nonetheless. Right in the middle of that market is St Pancras. One international operator, three destinations, and 12 million passengers per annum. Importantly, you can get to us in under 20 minutes from London's official center, with excellent connections on the Underground and the Overground. You compare that to a time of about 60 minutes or so to get to the major London airports. It's expensive to get there, and it's extremely expensive if you want to park your car there. We are operating in the middle of that highly competitive, very significant, very large market, and it is that, in part, which we believe has the potential to see modal shift grow significantly. Forecasts that we commissioned from Steer in 2024 suggest that passenger volumes could triple from now to 2040. The drivers of that will be ones I guess you'll be very familiar with. Of course, sustainability and climate-conscious travelers, both young and also old. The older generation want to leave this planet in a better place. Corporate travel policies and budgets are now being measured in CO2 terms, not in pound notes. City-center-to-city-center travel, better onboard experience, increasing appetite for people to take longer journeys if they are by rail. Of course, with all of that, a focus on total journey time rather than just the bit in the middle. The key driver is competition. We know this from the aviation market. With lower fares and a lower price point, we can see a significant increase and a significant expansion in the available market. Of course, there is also improved customer service, new trains, more destinations. There is clear evidence from Europe that with competition, the market grows, typically in the order of 20%-30%. Eurostar themselves are responding to this demand. They are targeting growth to 30 million passengers, that is across their entire network, by the early 2030s, and that is up from 20 million passengers now. London is a key focus for Eurostar. They have ordered a fleet of 30 new Alstom Avelia Horizon double-decker trains, and those trains are all interoperable across the entire European network, including the cross-channel market. They also have options for additional 20 trains as well. They have announced new destinations from London, including Geneva and Frankfurt, and they are working in partnership with SBB and Deutsche Bahn, the Swiss and German state-owned operators. Virgin is making extremely good progress. In October last year, the U.K. regulator, the ORR, approved Virgin's application for spare capacity in the Temple Mills International Depot, and that to date has been occupied exclusively by Eurostar. This is a key milestone to Virgin launching competitive services. Now we are working extremely closely with Virgin on a track access agreement, which is the next key step in their process. We have just completed a very extensive, very comprehensive industry consultation process on that. Virgin is targeting an order of 12 Alstom Coradia Stream trains with services commencing in 2030. This is a concept of Virgin to Europe, much like Virgin Atlantic across the Atlantic to North American destinations, leveraging obviously the amazing Virgin brand, their marketing capability, and their reputation for customer service. I can say that this venture got a lot of focus and a lot of attention from Richard Branson. He sees this as part of his personal legacy. FS Group or Trenitalia, the Italian state-owned operator, is also moving at pace. They have publicly declared their intention to launch cross-channel services between London and Paris in 2029. That is with a fleet of 12 new Hitachi Frecciarossa 1000 trains, which already operate across Europe and in particular France. We are also working incredibly closely with FS Group and also other operators such as Gemini. They are a U.K.-based startup which has partnered with Uber. After waiting many years, there is now a real race on, and it is a race that we have been instrumental in organizing. As competition emerges, we are seeing a focus on the potential for new destinations, diversifying away from some of the more mature markets such as Paris and Brussels. Historically, it has been considered that a train journey of around four hours is the tipping point after which people would choose to fly. Now we are seeing very clear evidence of that tipping point moving out to five, six, and perhaps even longer hours, reflecting those key environmental drivers and the preparedness for people to travel by more sustainable means. That brings into range cities such as Geneva, Zurich, Cologne, Dusseldorf, Frankfurt, and actually more destinations in France as well, such as Lyon. Of course, if this was easy, it would have happened a long time ago. It's very clear that there are considerable barriers to entry to the cross-channel market, but we have been working very methodically to address those over the last several years. That includes working very closely with governments on both sides of the channel and also regulators and adjacent infrastructure managers. I'm delighted that the U.K. government and the regulator, the ORR, have publicly declared their support for international rail growth and in particular, international competition. The U.K. government has entered into bilateral treaties with the Swiss Government and also the U.K. Government to promote direct rail services from London. Working groups have been formed up, which we are now part of, to take those initiatives forward. Our adjacent infrastructure managers are also incredibly supportive of growth. As an example of that last year, we entered into a strategic growth alliance with Eurotunnel. We're working very closely with Eurotunnel to coordinate that growth and that capacity and the timetabling to make sure that competition can actually happen. In conjunction with Eurostar, we are progressing plans to double the capacity of St Pancras to be ready for that uplift in volumes in 2029 or 2030. We are unashamedly stealing some of the designs and operational principles from the aviation industry, and in particular London City Airport. We are looking to deliver a very fast, convenient, stress-free, and most importantly, consistent and reliable service from the center of London. A turn up and go service, where passengers can arrive 15 minutes before departure from the center of London to take a train internationally. That is a proposition the airports cannot compete with. Strangely enough, despite my background, we're not building an airport in the center of London with significant dwell time in the departure lounge. We're building a train station that works incredibly quickly because it's that time value of money which is so critical to passengers and will enable that significant modal shift from aviation. Last year, we also launched an Innovative International Growth Incentive Scheme, which provides discounts to our track access charges over a period of three years for growing services, launching new destinations, investing in new rolling stock, and growing passenger volumes. This is all designed to support operators in that key ramp-up period. We're also developing our own consumer brand and our profile using our own voice and our own marketing channels to support operators. Again, this is not something that rail operators or rail infrastructure managers typically do, but it is commonplace in aviation. To sum up, we are absolutely convinced that the international rail demand between the U.K. and Europe is enormous. The market is huge, and the fundamentals are strong. However, the current market is severely constrained, with only one operator and a fleet of 25 channel-compatible trains. It's been like that for well over a decade, with the implication that has very high prices available to the market and to passengers now. Competition will drive modal shift, and it will drive growth, and it will do that very quickly. As I've said, the barriers to entry are high. This isn't easy, but with strong alignment with governments and strong support from the entire rail ecosystem, we are incredibly confident. From our perspective, we are taking a very highly proactive approach to realize that opportunity. We are very much at the forefront of leading this transition with the very strong support of InfraRed. Thank you very much. I'll hand back to Mark. Thanks very much, Robert. What I think we've just heard is growth in practice in the most literal sense. Three brilliant businesses, three different contexts, but the same story running throughout them. I'll bring the examples together, and let's see how they map to the three messages we laid out before. Long-term value creation offsetting the natural PPP runoff. The growth portfolio gives greater levers for active management. These are businesses we actually shape and not just hold. We have created a platform for reinvestment of surplus cash, and this drives the further NAV expansion as part of a balanced portfolio. Thank you very much, and we'll move to a break. We should be back in 15 minutes. Thank you. [Break] Okay. Very good. Thank you all, and just let me extend my own thanks once again to each of Adam, Nick, and Robert for those really interesting presentations before the break. What is really clear is that each of those businesses is very well-positioned within its market and has extremely attractive prospects ahead. That's where I'd like to pick up for HICL more generally as we turn our heads to HICL's strategic path forward from here. As we plot that path, we're ever mindful of three key realities. First, the infrastructure market has evolved and continues to evolve, fueled by a multi-decade period of structural growth. Second, the macroeconomic environment in which HICL shareholders sit has changed markedly, calling for growth and higher returns in a higher rate world. Third, that HICL, as it stands today, has the foundation, the agility, the ambition to meet those challenges and capture that opportunity. That's where we'll start, looking at where HICL finds itself today. In shareholder meetings over the last month, I've found myself saying that it's taken a number of years to get HICL to this point. What I mean by that, is that we've made decisions to substantially improve HICL's standalone steady state proposition to keep the company relevant and to prepare HICL for the opportunity ahead. We took the decision to reshape the portfolio across sectors and geographies, to move the portfolio towards assets with stronger growth, longer life, higher inflation, better suited to a higher rate world. We recalibrated the reinvestment settings to ensure that future earnings would exceed a growing dividend, setting up HICL for long-term NAV growth. We significantly strengthen the balance sheet to provide HICL with the tools to choose its path from here. Another way to look at the company's performance is through the lens of its published strategic objectives, and these are straight out of the annual report. Growing NAV, delivering a sustainable dividend, maintaining diversification to manage risk, and doing so under a compelling cost proposition. The numbers are clear here. Across every category, we see significant improvement and progress. Notwithstanding, we see that there is more work to do. The central focus, as we see it, is to continue the progress towards NAV growth, targeting a 10%+ total return over the medium term. In practice, this means strengthening the growth contribution to the total return over and above the continuation of a progressive dividend. As we'll come onto, this ambition firmly aligns with the evolution of the infrastructure market as much as it does investor preferences in a higher rate world. Before we go there, let's take a moment to look at the key ingredients, the key differentiators, that HICL has to convert this ambition. We think that there are four key things that HICL has in its bag to deliver this. First, agility. The ability to adapt with the underlying market, as we have always done, to best position in those areas offering growth. HICL's strong earnings foundation, its scale, its diversification, afford it this agility. Second, balance sheet strength gives HICL the firepower to seize on the opportunity in a meaningful and risk-adjusted way. Third, execution-led returns. Increasingly important to secure alpha, not just through managing the assets well, but from asset rotation, buying and selling assets well, as HICL has shown since its first divestment over 15 years ago. Finally, the expertise. A specialist manager with the strategic breadth, global footprint, and track record to deliver on the company's strategy, and we set this out on the next slide. As we look at the InfraRed business, much of this you know. Certainly, the left-hand side of the slide and InfraRed's 25+ year track record as a specialist infrastructure investor. For me, the real kernel of InfraRed's approach and its differentiation is that it invests across the full range of the infrastructure strategies, and therefore, across the full asset lifecycle. In doing so, it forms this virtuous circle exemplified so well in Ross's earlier A63 case study. This has been the case since day dot. HICL's first moves into new asset types, new sectors, new geographies, new risks, construction, growth, et cetera, have invariably followed InfraRed successes and learnings across other funds. That success is clear with InfraRed's value add strategy now having delivered a realized 18% net IRR for 25 years, supported by over 75 exits, a key differentiator in its market. This ecosystem brings the scale, the expertise, the relationships, the opportunities from up and down the InfraRed Group, and brings this to bear for HICL strategy, both today and as it evolves with the underlying market. Let's turn to that market now. Now, Gianluca introduced some of these numbers, I do confess that they start to lose meaning at around the 100 trillion mark. They gain meaning at asset level when we see the CapEx numbers rolling in for these assets, for new towers, for new pylons, for new pipes, in response to those mega trends that we set out on the left-hand side of the slide. As I've said to many of you on the recent roadshow, these are only intensifying as energy security takes center stage, as AI transforms the way we live and work, and as an aging and increasingly urban populace continues to strain our infrastructure systems. This is not a one-cycle story. It's a multi-decade tailwind, and HICL is positioned to benefit substantially from it. What are the nuances of this opportunity? The market is evolving in scale, shape, and returns, and crucially, it's different from the market of 10 years ago and different to the market 10 years before that. Here, we look at four interesting structural developments in the market as we see it, and this might take a minute to step through, bear with me. First, the role of the private sector is increasing materially. That goes beyond funding into the sponsorship and procurement of new infrastructure. This broadens the sponsor landscape and requires wider origination capability from a full-scale team. Second, infrastructure assets are becoming more interconnected, with energy and digitalization permeating across transport utilities and social infrastructure, reinforcing the need to focus on systems rather than sectors and the broader expertise to match. Third, the number of investable opportunities is increasing as new sectors emerge and mature, creating a broader opportunity set for those investors that have the capability across the asset lifecycle and the ability to position earlier as assets mature and de-risk. Finally, dynamics within core infrastructure itself are also evolving, with even the most mature assets becoming more CapEx intensive and requiring greater asset management. This has the effect of reducing near-term yields, but supporting stronger long-term growth and long-term returns. Texas Nevada Transmission provides an interesting example across these themes. Firstly, the Nevada line was procured by and has offtake with a high-quality corporate counterparty. Secondly, the Texan asset was procured in response to the build-out of renewables and is now being reshaped by the immense investment for AI data centers next to that energy supply. This system requires the full breadth of our renewables, energy, and digital expertise across our London and U.S. teams. Frankly, a unique dynamic in our 25 years of doing this. Finally, as it enjoys this growth, it's sensible to reinvest free cash at asset level to self-fund this growth CapEx. Short-term yields from TNT are down, and growth and returns are up. TNT is but an example of the themes on this page, but themes that point to a larger, more interconnected, more dynamic infrastructure market. They play directly to HICL and InfraRed's strengths, creating the conditions to improve total returns over time while preserving the portfolio's core attributes. In response to these market dynamics, we see that the opportunity is there to tilt HICL further towards growth, building on our existing approach of yielders, of growers, and to introduce a modest allocation over time to these higher growth, higher returning opportunities that we're seeing in the market, and we've called these enhancers. We expect that enhancers will represent a growing opportunity set in the infrastructure market, driven by those powerful mega trends, creating a class of assets with significant expansion potential. Many of you in this room will recall that HICL historically enjoyed a much larger allocation to assets in construction. These provided a small but powerful engine for further NAV growth within the portfolio, and Ross stepped us through that track record earlier. This enhancer category seeks to bring that element of return enhancement back into the portfolio, adjusted to what that opportunity looks like in today's infrastructure market. To use an example, the bright yellow ferry that you can see here on the slide is a recent InfraRed investment in a Norwegian ferry and ambulance vessel business, a business bidding new concessions, bidding new ferries on the back of the electrification of ferry routes in the Norwegian market. Critical services, hard assets, long-term concessions with significant expansion potential. An excellent example of an enhancer, and I'll come onto some more in a second. Let's look at these enhancers in more detail on this slide. This builds on the familiar yielders, growers story. Yielders, throwing off significant cash as they approach maturity, underpinning today's dividend. These are complemented by growers, longer life, higher inflation, investing in their asset base. As they deliver that growth CapEx, transition into yielders. Enhancers, a sleeve of higher returning opportunities defined by that greater expansion potential, and with a targeted divestment plan at entry, as we've set out in the exit approach column for each of these categories. In terms of allocation, we see a highly selective approach, building a modest allocation to enhancers over the medium term and limiting that exposure to 20% of the portfolio. In that way, the portfolio retains its firm anchoring, 80% + in yielders and growers, and retains that core infrastructure positioning, albeit with greater return potential on a dedicated sleeve of investments. This next slide provides a little more texture on the types of assets that might sit in each of these categories. Each of the assets in yielders and growers are assets that HICL has actually invested in, a couple of which we've now divested over time. Across the bottom, we've highlighted some example investment opportunities that would fit within this enhancer allocation. These opportunities span district heating and cooling, a data center platform, a ferry transport business, and a leisure facility concessions business. Each of one has an established business on day one and a clear and deliverable expansion opportunity. Each of these assets are also investments in which InfraRed has made successfully across its various funds and mandates, with the exception of the leisure business, which is currently in the market. These are opportunities that our investment teams are already originating, are actionable for HICL, and would complement HICL's portfolio that takes us in the direction that we want to go. It wouldn't be a HICL presentation without this slide, our core infrastructure framework, setting out those key characteristics, those key attributes that define high-quality infrastructure and unite every single one of HICL's investments. It's also fitting that we apply this framework as we evolve the portfolio mix over time. This ensures that the enhancer allocation remains firmly grounded in high-quality infrastructure. It defines our risk appetite for enhancers within that potential 20% sleeve, and it's also clear around what does not fit within that risk allocation, where there are insufficient protections around the cashflow quality, where the asset does not enjoy a privileged competitive position, and where the asset has a discretionary use profile. We're looking for hard assets, essential services, long-term cash flows, and mature markets. HICL continues to be firmly anchored in core infrastructure, recognizing that there will also be opportunities to build to core through that defined allocation within the portfolio. Stepping back up a level with this next slide. This strategy plays directly to HICL's strengths. We've positioned HICL in such a way that it has the portfolio construction, balance sheet, and agility to adapt to and stay relevant in this market. We've designed the enhancer allocation specifically to be exit-focused, playing to HICL and InfraRed's market-leading track record in divestments. This strategy evolution specifically leverages our strong value creation model, construct, expand, operate, divest, that Ross stepped us through earlier. This strategy, this approach to portfolio construction, and these levers for value creation provide a credible model for delivering a 10% + return over the medium term. Driving value enhancement through active management, crystallizing value at the right times through asset rotation, and reinvesting free cash at 10% + returns, including selective investment in enhancers, which then further perpetuates this value creation cycle. This is self-funded and self-sustaining. On the right-hand side, we mustn't forget about outperformance or alpha. What we've set out here is a model for structurally higher returns using the portfolio discount rate as a proxy for expected gross returns. This excludes alpha or outperformance from the assets. It excludes selling assets at a premium to NAV, it excludes further debt refinancing, and so on. At the same time, our track record shows that we've consistently delivered above those base case assumptions over time, which reflects the contribution of active management and disciplined capital allocation. Bringing this together, we have here a credible model for delivering higher returns to HICL shareholders using the breadth of InfraRed's platform. If the previous slide is a credible model, then here is a credible plan, and I'll hand over to Mark in just a moment to step through the detail behind this. Put simply, at its heart, this is a straightforward capital cycle. We drive surplus cash over and above the dividend through operational excellence and active management. We divest assets strategically to improve long-term portfolio construction, and we use those disposal proceeds for reinvestment. We redeploy that capital into a blend of investment profiles, including building out enhancers to increase returns over time and progress HICL's strategy, while adopting a risk framework that keeps the portfolio firmly grounded in its core risk position with this evolved portfolio mix. In doing so, refreshing HICL's portfolio and return profile in a way that better suits both the evolving infrastructure market and investor preferences. Let me now pass on to Mark, who will take us through the detailed execution and delivery of this outline from here. Thanks very much, Ed. As is traditional, over to the CFO to explain how it's actually going to work. I'll get into the financial details, how the capital plan works, and what it delivers, and how the dividend is protected throughout. The headline is this plan is entirely self-funded. The capital return uplift that it generates is material, and the dividend grows through the plan. I'll walk you through it. This is the page that you've just seen, but I'm just putting a little bit more meat on the bones of some of this. The capital to execute the plan already exists in the business. On the left-hand side, we have three sources that fund the plan. Surplus cash flows above the dividend, current disposal proceeds, of which we have GBP 300 million on the balance sheet at the moment, and further divestments, another GBP 300 million of mature yielders over the course of the next five years. We have capital redeployed into a blend of growth and enhancement assets, and then we undertake ongoing rotation. The enhancer allocation is zero at the moment and grows to about 20% over the medium term. The portfolio is always predominantly yield assets and growth assets at about 80%, and the enhancer exposure is layered in selectively. This is not a one-off transaction either. We dispose of mature, low-returning assets, we reinvest and recycle at higher returns, and the portfolio grows on an entirely self-funded basis. What does this look like in financial terms and building it up from the base case? This is the base case that we looked at earlier with reinvestment of cash at 8.5%. Before we overlay the Evolve strategy, it's worth being clear how strong the base case already is. Without strategic evolution, reinvestment alone drives meaningful long-term value growth. The portfolio value grows steadily, and the distributions grow alongside it. This really is the compound effect of deploying surplus cash flow, and this effect is significant over a multi-decade horizon. We have a starting position that represents genuine strength, and the Evolve strategy builds on that. The next step, let's see what happens when we take some asset disposals into consideration. With this, we are modeling two items. The first is that we're assuming that instead of reinvesting surplus cash at an 8.5% total return, we're applying a mix, and a mix of lower yield and slightly higher total return profiles. The purple hatching represents this. We are also modeling a disposal program of those yield assets, the mature yielders, GBP 300 million over the course of several years. The lighter hatching represents the income from those sold assets being removed, particularly in the near and medium term, as you can see. As a result, total distributions are flatter in the near term and then stabilizing and growing from the mid-2030s as the effect of that foregone income diminishes. This reflects the tapering finite life nature of PPP assets, and we are selling those whose income streams are already declining. The cash from those sales funds reinvestment. What does reinvestment into higher returning assets actually deliver? Here the Evolve strategy, as you can see, rebalances the portfolio to greater capital growth. The dark shaded area, let's start with the distributions, is the incremental cash flows from the new investments that we are making. But you can see from the dotted line that the portfolio value increases materially from the 2030s onwards. So what is driving this accelerated NAV growth? While distributions are increasing over time, it is the capital growth generated by the enhancer assets that is increasing the NAV significantly faster than distributions. This rate is increased by the recycling of capital into further grower and enhancer assets. The NAV grows, the distributions grow, and by the 2040s, the income from the Evolve strategy is greater than the base case in any event. For a modest near-term reduction in portfolio distributions, extra income is generated in the long term, but more importantly, significantly more capital growth in the future. Let's take this one step further and see how it's reflected in the portfolio value. The Evolve strategy potentially doubles the NAV to 2050. What we're showing here, we've got our base case portfolio value, which includes the reinvestment of surplus cash flow, again, between GBP 4 billion and GBP 5 billion by 2050. We're overlaying the effect of the Evolve strategy, the additional grower reinvestment, and the enhancers. Once you add them in, the total portfolio value in 2050 is between GBP 8 billion and GBP 9 billion, so a difference of about GBP 4 billion. The dark green area you can see here, this is the enhancer contribution to NAV, and it's a minority portion of the NAV, but it drives the acceleration. You can see that a relatively modest allocation to the enhancers generates disproportionate improvement in the long-term capital growth. Again, this is the compounding logic of the Evolve strategy. The enhancer allocation is selective and disciplined. The capital value uplift that it generates is significant and accumulates over time. The portfolio mix, importantly, remains predominantly core throughout. I'll show you that. You can see from this that the Evolve portfolio is still at heart, a yield and growth asset portfolio. The enhancers are the accelerant, not the engine. The chart shows the developing portfolio mix as a share of value from 2027 to 2050. The yielders and growers dominate throughout, that's the purple blocks, consistently around 80% in total. The enhancer exposure builds gradually to around 20%. The cash is invested, capital grows, and then the assets are sold and the proceeds are recycled again. The portfolio value grows strongly throughout. In summary, the yielders and growers remain the substantial majority of the NAV, reflecting the disciplined approach to portfolio resilience and income stability that are at the heart of HICL's success. A modest enhancer allocation significantly accelerates the total return potential. As you've been hearing throughout the day, this is not a portfolio transformation, this is a gentle evolution. The character of HICL does not change. Its defensive posture, the benefits of diversification, its robust income. What does change is that the total return profile improves. Now let's have a look at some specific financial metrics comparing the Evolve state and the steady state. This table is the clearest way to see how the Evolve strategy does and does not change. The weighted average discount rate, this increases from eight and a half to 10% in four to six years, under the Evolve strategy, but under the steady state, it's 8.6%. This 150 basis points difference in the gross return target is the foundation of everything else that we're doing. For NAV per share, the estimated NAV in 8- 12 years in the steady state is around GBP 1.79, and this increases to GBP 2.12 in the Evolve strategy. This increase of GBP 0.33 at a 12-year horizon is a materially stronger outcome for shareholders. We look at dividend policy. This is unchanged. In steady state and in Evolve strategy, the dividend policy remains progressive, and we assume the dividend increases year-on-year. When we look at FFO divi cover, that's funds from operations dividend cover, we would expect this to be higher under the Evolve strategy at both time horizons. This really reflects the stronger earnings profile that we would expect from the higher returning assets acquired before the deployment of their growth CapEx programs. Dividend cash cover. This is the one metric we might expect to be lower in the near term under the Evolve strategy at 1x to 1.1 x versus 1.1x to 1.3 x under steady state. The dividend cover returns to 1.1 x or above by the eight to 12-year mark. Now, it's important to make clear that in the Evolve strategy, the dividend is always forecast to be covered by a minimum of one times, and that it has a progressive profile throughout the plan. The dynamic is clear. A modest near-term reduction in cash cover in exchange for significantly higher NAV, a higher weighted average discount rate, and a stronger long-term return for shareholders. We believe this is a trade worth making. Let me now show you how the assumptions behind this are prudent and leave a bit of scope for some outperformance. The Evolve strategy is based on reasonable assumptions and presents a compelling opportunity. What we have not included in the plan are further levers that could be pulled to outperform it. On the financing side, we assume no new fund level leverage and no new equity raised in the market. On the asset rotation side, we do not assume any premium on PPP disposals, and we don't assume that we dispose of any particularly lower yielding assets. We also do not assume any opportunistic sales of existing assets at accretive pricing. By taking a relatively prudent approach to these assumptions, we leave significant scope to outperform the Evolve plan. I'll turn now to the plan, focusing on the next five years in particular. Five-year plan, simple, balanced, and self-funded. GBP 1.6 billion in sources, GBP 1.6 billion in uses. On the sources side, GBP 1 billion of net cash is generated by the portfolio. We have GBP 300 million of disposal proceeds already on the balance sheet, as I mentioned, and we anticipate GBP 300 million of proceeds from further disposals of mature yield assets. On the uses side, we have GBP 0.7 billion deployed into new investments or share buybacks. Investments to be deployed into a blend of growth and enhancement assets where returns compare favorably to buybacks. We have GBP 0.8 billion into the progressive dividend paid in the five-year period, and there's GBP 0.1 billion of surplus cash retained in the company. On the left, we have four strategic objectives as a reminder, that drive every allocation decision. NAV growth to be greater than income growth, the progressive dividend to be maintained, further portfolio diversification to be achieved, and alignment through costs and governance. The plan is fully self-funded. It requires disciplined execution of what we already know how to do. We are applying these skills to an improved opportunity set. I'll close by drawing the three threads of this section together. Firstly, the enhancer category is not a departure from HICL's investment discipline. It's an extension of it, applied to assets where the structural tailwinds are strongest and Infra's active management is most applicable. Disciplined recycling of mature yield assets into higher returning assets drives increased NAV and distributions over time. Secondly, the target return rises to 10% under the Evolve strategy. That would be an extra GBP 0.33 per share in 12 years' time. The dividend policy is maintained as progressive with a fully covered dividend throughout. Cash cover eases modestly in the near term and then recovers. The dividend itself is not the trade-off. Finally, yield and growth assets remain around 80% of the portfolio throughout. The Evolve strategy potentially doubles the capital value compared to the base case, with the portfolio reaching between GBP 8 billion and GBP 9 billion in 2050. I will now hand you back to Ed for his concluding comments. Grab my trusty water. Very good. Thanks, Mark. Let me now move on to some final remarks before we open up for Q&A. Over the course of the last two hours, we have stepped through a lot, and we've set out a compelling strategy for HICL from here. I want to spend a moment reiterating what we expect to change and what we don't. We've set out a credible plan to move HICL's steady state return promise to 10% + over the medium term, using the weighted average discount rate as a proxy. The dividend guidance stays as is, and the company remains committed to a progressive and fully covered dividend, recognizing some shorter term reduction in net cover, depending on the speed of asset rotation. The plan sees a substantial increase in NAV over the forecast period, almost doubling out to 2050 versus the steady state case. Crucially, the portfolio risk profile remains firmly core in its nature, with 80% anchored in yielders and growers, with a dedicated sleeve of higher growth, higher return investments in moderate proportion building up over time. The effect of these adjustments is to increase HICL's access to the growth in the underlying infrastructure market while delivering a more compelling investment proposition for shareholders. Let's revisit that slide from the start of the day, putting the component pieces back together. The strategy that we've set out for HICL today takes account of four key things. First, a proven active approach, which has now delivered decades of outperformance alongside an evolving portfolio mix. Second, those efforts to reposition HICL to where it is today through portfolio construction, balance sheet strength, and steady state growth mean HICL is very well positioned to push on from here. Third, the infrastructure market continues to evolve towards growth, creating a generational opportunity for HICL to grow with it and selectively capture those higher returns in its portfolio mix. Fourth, these conditions allow HICL to continue to improve its returns, better meeting investor preferences in this higher rate market. As these four items come together, we see this not just as a compelling way to drive NAV returns, but to further enhance HICL's equity story and drive the share price back to and through the net asset value. That's where I'll leave you here on this final page as we go to Q&A. Higher total returns by capturing more growth, an attractive progressive dividend from here, delivered by a self-funded business plan with capital allocation discipline at its core. Thank you very much. We're now going to jump up on these stools and we'll take questions from the audience. Thank you. Hi, it's Alex Wheeler, RBC. A few from me, please. Just on the enhancer portfolio, just wondering if you could give us an indication of the size of future acquisitions. Is it going to be the case that they are smaller sized acquisitions and it's going to be a pool of them, or would you be willing to have a more concentrated asset exposure within that new bucket? Secondly, on the guided returns, I appreciate there is a plus in there, but are you assuming any exit premiums on how you think about the enhancers on the medium term 10%? I have one for Adam, please, just on the investment opportunity in water-only. Appreciate that, I guess there's no environmental and reg risk that might come on with the wastewater side of things, but I guess there's also a big investment opportunity from owning wastewater assets. I'm just interested in how you think about the water-only investment going forward and whether we are in a multi-reg cycle investment growth opportunity on the water-only side. My last one, sorry, is for Robert. Just on the point around more train volumes, more passengers, how do you achieve getting that many passengers through, I guess, passport control and St Pancras where you are, I guess, currently space constrained? Because I guess the numbers are going to go up a lot, but you still have to get the people through the door, I guess, getting to that sort of 15 minutes turnaround point. That's me done. Thank you. Thanks very much, Alex. Look, in terms of the size of investments within the enhancer pool, it's very much HICL's DNA to maintain a well-diversified portfolio and that carries through to the enhancer category. We will be looking to invest principally where we have control or joint control with allied capital in those investments in order to deliver those business plans. Sometimes that will mean that we'll be able to do that with a reasonable investment size alone, and sometimes that'll mean that we'll partner with other InfraRed managed capital, for example, in a co-investment type scenario in order to speak for that wider governance, but preserve diversification. That's absolutely on our mind. We don't want one asset in that enhancer bucket at all. It'll be a build-out of smaller positions. In relation to- Yeah. Do you want to jump on the returns? Yeah. On the enhancer returns, no, we're not assuming any premium on disposal of enhancers over and above the carrying value. We are, of course, assuming that the discount rate of those assets unwinds over time, and given the return profile of those assets, it's going to be more weighted towards capital value than yield. We're not assuming that we secure a premium at the end of that. On water. I think undoubtedly there's going to be growth in water infrastructure on both the waste and clean water side. I think the big mega trend, to use the phrase that's been used a few times today, in the clean water sector over the next 10, 15, 20 years really will be around water resilience. There are huge number of water resilience projects underway, obviously two that we're working on. As the climate changes and we are seeing that sooner and faster than I think any of the expectations, that investment will have to grow and grow quickly. The easiest way to address this question that you asked about how are we going to double the capacity of St Pancras within the existing floor space is actually just go back to the diagram which I flashed up in the presentation. My guess is that most of you will be very familiar with the current experience of St Pancras, particularly at peak. I hope this isn't being taped. It's dreadful. Quite frankly, it's dreadful. Again, in part because it hasn't had to improve because you've had a single operator there in a monopoly position effectively for 30 years. Again, it's not rocket science to actually see how we can reconfigure the station to double the capacity. It's not obvious. If I come up onto this diagram here, this is the ground floor of St Pancras. At the moment you'll be very familiar coming through the retail arcade and going into that queuing area before you first then hit the ticket gates and you bump up then very quickly into 12 very short security lanes, which do not operate very well. Then you hit the U.K. exit checks, then you hit the PAF, which is the French immigration checks, and then you actually pop out about here in terms of the departure lounge. If you're lucky, you'll find a seat. If you're unlucky, which is in most cases the case, you will not find a seat. What we're doing, and it's quite straightforward, is reconfiguring the space, because again, on the arrivals, you'll be used to coming through that very enormous empty space on the arrivals. We're utilizing some of that. We're shrinking this. We're taking the operational process out of effectively the departure area. In particular, we're moving it that way. We're turning the security lanes by 90 degrees. Rather than going this way, they go that way. We're increasing the number from 12 to 16, but they are 16 security lanes, which are 20 meters long, not 12. The Gatwick style, London City style lanes, which you can process significantly more passengers. We're creating the passenger flow to be much more intuitive, blocking this end off, come into the arcade, straight through into the PAF line, which is the French immigration, one turn left, and then into the departure lounge, which is 50% larger. Again, coming back to the concept that I talked about before, the whole philosophy of this is it's turn up and go. 15 minutes. At the moment Eurostar ask you to arrive one and a quarter hours before departure. Ultimately, we will be able to process passengers with confidence that they can arrive 15 minutes before departure. The train becomes the boarding gate, if you know what I mean. You go straight through the process, you go straight up onto the platform and board your train. Sit down in your seat, open your laptop, start to work in a very relaxing way. It's a different concept from an airport. With that, operational improvements, technology, reconfiguration of space, we can double the capacity. Thanks. Two questions, one for the HICL team and one for Adam. On the HICL team, the speed of evolution of the portfolio, how did you settle on this pace? Why not go faster? For Adam, the regulatory regime has been pretty volatile over the last few years. How confident are you about the future regime? On the first, I'll start. Mark might want to jump in as well. Really, we've sought to navigate both the impact on the yield through faster rotation of yielding assets, versus a more deliberate, more specialized sale program over a number of years. The steady rotation into enhancer assets. That manages both the yield and growth components of the portfolio today, as well as ensuring that there's no step change in what we're doing here. It's a gradual evolution, rather than anything sharp. Yeah. If one of the key KPIs of this is to get to a 10% weighted average discount rate, mathematically, you could do that very quickly by rotating a much larger share of the portfolio. As Ed said, that's not the plan. That's not what we want to do. That means that it's this four to six -year horizon before the 10% weighted average discount rate starts to come into view. Then we have regard to the experience we have over the past couple of years, in selling real assets and buying real assets, the length of time that takes, how long those competitive processes or bilateral processes last. We've sought to somewhat plumb in that kind of lead time into the plan to be as realistic as possible. I'll stand up this time, set a trend. Reg regime. Yes. The Cunliffe review was a good quality review that happened amazingly quickly for something that was in any way associated with government. I think Sir Jon Cunliffe, it was helpful that he was sort of around at the birth of privatization, so I think understood the concept of why water companies were privatized and didn't try and link it back to some sort of loose competition basis, which was never there for. Actually, his recommendations and findings were very sensible. I think my view now is the challenge we've had, quite honestly since Steve Reed left the department, has been some level of sort of catch-up thinking on behalf of the new Secretary of State and the team that are working in Defra. That has definitely slowed things down, which has been frustrating. We're actively engaged. Our Reg Director, Olivia Walton, is pretty much more than 50% of her time is on industry transition. At the moment, we're kind of working on the basis that we could prepare for a PR29 that looked a lot like PR24, but we'll also be ready for a more supervisory regime if it comes in. In terms of Andy Burnham and what he's been saying, I think quite honestly, I'm not sure he entirely understands quite what he's saying on this front. I hope this isn't being taped. Actually, I think what we're seeing in terms of what he's talking about in terms of increased public control sounds actually a lot like what the Cunliffe report was pushing for anyway. I imagine there'll be a political sleight of hand there. Perhaps if what we need to do is rebrand all vehicles in the U.K. that are associated with a water company to being yellow and black and call them Affinity Water or something, so be it to some extent. That probably would take a bit of the heat off, but the companies underneath will carry on with the private sector investment that quite honestly can't be replaced by the public sector at the moment. Need to remind our management team execs that this is being taped. Yeah. It's Ashley Thomas from Winterflood. I don't want to pick on Adam, but one for Adam and one for the HICL team. Just on affinity, just the 30% real RCV growth AMP8. Do you see any scope for reopeners? I know it's water only, but PFAS growth, asset health. That's the first one. Then just on the details, because you said you want to be as transparent as the listed peers. You've highlighted TotEx outperformance, but is there a scale, similarly ODIs, hopeful for positive ODIs over AMP8, and potential operational RoRE outperformance? That was for Adam. Then just for the HICL team, just a quick one. How should I think of interconnectors, in terms of the growth or enhancer bucket? Just give you an example. Obviously, you've got a relationship with Getlink. They've got ElecLink too. Not specifically that one, but that's a merchant project, not cap and floor. Should I think if it's greenfield cap and floor, perhaps it's growth, but if it's greenfield merchant, it might get into the enhancer bucket? On reopeners, we actually already have a reopener sort of embedded in the price review on PFAS. We are kind of at the leading edge in terms of research around PFAS and PFAS treatment. We can pull that lever if we feel that we need to. Clearly, PFAS is an evolving topic, it may be that actually the right answer is to wait until the technology's evolved before we leap into an investment that may or may not work. We'll be quite careful on that front. The challenge really is where to invest. I don't think asset health is necessarily the one for us, but I do think if you look at the challenges that we highlighted at the start around, for example, PCC, it'd be great to get some more smart meters in the ground as soon as possible, because we know that doing 400,000 takes us a long way down that journey. We've got a plan to do another 1 million smart meters in AMP9. The quicker we can get ahead on those, the quicker we can get on top of PCC as a challenge. In terms of the components of RoRE, I think on TotEx, so yeah, we are targeting TotEx outperformance over the AMP as a whole. I probably can't give a RoRE guidance on that. I think the operational performance element of that will be trickier and will come down to the OAM. I think our plan was to try and get to neutrality by the end of the AMP, year one was difficult because PCC does get impacted by the weather. It's a frustrating measure because fundamentally, we are reliant on behavior change with customers, and there's only so much behavior change you can drive through advertising and even tariffs, quite honestly. Actually, if it's hot, people use more water. Fact. Yeah, we definitely think we can make improvements on that space, but in a way, the more that we can use things like reopeners to help drive that performance, I think that's the answer. I think if you look at someone like Pennon, they're still pushing a TotEx outperformance narrative when they don't, I think, yet have a plan for closing the performance gap they've got. We just need to find that fine balance, I think. Ashley. It's an interesting example in terms of where does our appetite and risk appetite within enhancers start and finish. Actually, merchant exposure in relation to interconnectors, we wouldn't take as a company. Interconnectors are not on the menu. We're strong believers in electrification in terms of the energy transition. We've made our bets in electricity transmission in particular, so through the Texas Nevada holding, through the OFTOs that we have. Texas Nevada is a great example where we can continue to reinforce the network and connect new sources of supply and demand and grow in that way. Maybe that might be an enhancer if we could build out an entire new line attached to it. In terms of just taking more risk to get the returns, that's not what the enhancers are about. It's Iain Scouller from Canaccord. I just wanted to ask about debt going forward. On page 102 on the GBP 1.6 billion sources chart, you include GBP 300 million of disposals completed. I think that was used to reduce debt. Obviously, that GBP 300 million will be needed on the GBP 1.6 billion of uses. What sort of level of debt should we assume going forward? Thanks, Iain. The GBP 300 million is free cash at the moment on HICL's balance sheet post de-levering of the RCF. The RCF 31st of March was undrawn. It remains undrawn. We had GBP 304 million of free cash post-investment commitments at that time. In the plan, the RCF remains structurally undrawn throughout. As we have done in the last year, we may use it to bridge from an acquisition to disposal proceeds where we have a decent sight of those disposal proceeds. We think we have a good track record the last couple of years of making good on a disposal pipeline, one and a half billion or so. The plan does not include any further RCF debt. It also does not include any upscaling or upsizing of the private placement notes that we have. They remain potential levers for outperformance, we'd obviously think very hard before pulling them. Okay, thank you. Okay, if there aren't any further questions in the room, we'll move to those online. Firstly, a question on strategy. With respect to HICL potentially being one of the main beneficiaries of the demand pool created by the inclusion of investment companies within the pension scheme's bill framework, might there be an incentive over time to increase the proportion of the portfolio allocated to the U.K. from its current 68%? Yeah, that's a good question. As Mark showed on the screen earlier, we used to be predominantly U.K. At IPO, there was an investment in Dutch High Speed Rail, which we still have. That was our first non-U.K. investment. We've taken the decision over the years to diversify exposure to effectively political and regulatory risk. That is the key risk you face in infrastructure investment, and it makes sense to face different regulatory regimes, different political regimes, to diversify that exposure. That remains our overarching strategy as a key one to manage risk. That doesn't mean it'll be linear. There will be opportunities in the short term that appeal to us that are in the U.K., and the Cross London Trains investment was a good example of that. I think predominantly we would expect the portfolio to remain over 50% U.K. over time, reflecting our significant majority of U.K. investors, our sterling denomination, our U.K. domiciling, and the hedging burden if we extended beyond that. There remains a very sound risk management case for expanding beyond the U.K. as well. Thanks, Ed. Next one is, what is the estimated average holding period for enhancer investments? Yeah. What we've done is we've taken the enhancer timing and cash flows from our experience of running unlisted funds, and we've sought to synthesize them in our model. That's generally between five and seven years. Thanks, Mark. Maybe sticking with you, the new target is 10% at the portfolio level versus the old target net of costs. How do HICL leverage and costs impact the numbers? The OER at the moment is 90 basis points, as a result of the management fee being moved to a fully market cap basis. You could use that as a proxy for management fee and other costs. The cost of the RCF commitment fees and private placement fees is going to total roughly another half a percent per year. You could apply those to your weighted average discount rate to get to an estimated net return. That, of course, is before any increase in alpha during the year, which has been added. This year, for example, with a weighted average discount rate of 8.5% gross, we've returned 10.3% net. A couple of moving parts around that, I think. Thanks, Mark. A question here that may be an investment question, may be a commuter question for you, Robert. On St Pancras High Speed, are there plans to reopen Ebbsfleet and Ashford at the same time as expanding St Pancras International? I get this all the time. Yeah. Yes. We hope the person who asked that question is a resident in Kent, so has an incentive for us to do that. Sadly, the Kent stations, Ashford and Ebbsfleet, services to those stations were stopped by Eurostar as part of COVID, and they have not recommenced. That having been said, we have been very active working with some of the competitors which I mentioned, such as Virgin, and FS Group, both of whom have expressed a real interest in recommencing international services from Ebbsfleet and Ashford. There are also, as you may know, a very active stakeholder group of MPs, of council leaders, of business groups in Kent who are also lobbying very hard to the DfT to cover some of the costs of opening those stations. Just finally, I mentioned in my presentation that Innovative International Growth Incentive Scheme. Part of that scheme includes an incentive for any operator wishing to reopen the Kent stations. Thank you. Thank you, Robert. Another one, Mark, for you probably here. Is the buyback versus investment break even calculation different for the enhancers, which are shorter term in nature? I don't believe it is. The buyback hurdle at the moment, it's around a 15% discount. We calculate it's just over 10%, and we think this is a good yardstick by which to judge future investments. Obviously, we'd look at new investments on a risk-adjusted basis compared to that, as you would expect. No, I don't believe there's any other qualification that should be placed on it. Thanks, Mark. Okay. That concludes all the questions that we've had online, and apologies to those watching for going slightly over on time. With that, thank you to everyone, both online and in the room. That brings us to a conclusion. Thank you.