Good afternoon, ladies and gentlemen, and welcome to the International Public Partnerships investor presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press Send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish our responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to Jamie Hossain, INPP Portfolio Manager. Jamie, good afternoon, sir. Thank you and good afternoon, everyone. I'm Jamie Hossain, Portfolio Manager at Amber Infrastructure, INPP's investment advisor, and I lead on our investor-facing engagement for the company. Joining me today are Muhammad Anwar, INPP CFO and Head of Valuations, and Daniel Watson, our Head of Sustainability, both of whom will be presenting later in this webinar. Now, I'm sure most of you will have already seen the results material today. Should you need a copy of this presentation, the annual report or the RNS, all of these are available on INPP's website at internationalpublicpartnerships.com. The first slide we have here that's presented in front of you, it's really an intro slide before we get into the results themselves, really because I wanted to take a couple of minutes to explain what INPP does and what it seeks to achieve, as I think it will be a helpful way to frame the rest of this presentation. At its core, INPP is a straightforward proposition. We invest in essential public infrastructure with investments predominantly backed by governments or independent regulators and long-term contracted or regulated revenues. Now, we've been doing this since the IPO in November 2006, and as we approach our 20th anniversary as a listed entity, we're proud of the consistent portfolio performance we've been able to deliver. The four pillars on this slide have been remarkably stable since we listed. We look for predictable long-term inflation-linked cash flows, a growing dividend, a diversified low-risk portfolio, and positive environmental and social benefits. Nearly 20 years on, we've consistently delivered against all four, and the results today are a further demonstration of that. Now, I wanted to take this opportunity to touch on the impact of the current events in the Middle East, which have led to a sharp spike in energy prices, renewed concerns of increasing inflation, and therefore upward pressure on bond yields. Importantly, I wanted to confirm that INPP's portfolio has no material direct exposure to energy commodity prices or to the affected region. Instead, as has been the case, as has always been the case, our revenues are contracted or regulated with government and government-backed counterparties across stable investment-grade markets. What we do see, along with other listed companies, is some impact on share price sentiment from broader market moves. This is precisely the context in which a portfolio like ours is designed to hold up. We've previously navigated situations like the global financial crisis, Brexit, a pandemic, and the inflation shock that followed the invasion of Ukraine. Through each of those periods, the portfolio has continued to generate the cash flows we projected and in turn pay the dividends we forecast. If inflation does start to pick up again, our inflation-linked investments mean shareholder returns are well insulated from the negative effects of higher inflation. This is something I'll explain in a bit more detail shortly. Finally, it's also worth noting our lower correlation to broader equity markets. During the period, INPP's share price had a correlation of 0.5 against the FTSE All-Share, reflecting the defensive non-cyclical nature of the underlying portfolio. If we could move to the next slide, please. On this slide, I'd like to highlight INPP's investment case and what we think makes INPP genuinely attractive, particularly given current share price levels. Our projected net return stands at 10.3%. The calculation is explained in the footnote, but in short, it's the return an investor buying shares at current levels could expect over the long term. Against gilt yields ranging from approximately 5% on the 10-year to 5.6% on the 30-year, INPP offers an implied equity risk premium of around 5.3%-4.8%. For a portfolio where 98% of revenues are either government-backed, regulated or long-term contracted, we believe that projected 10.3% provides an attractive risk-adjusted return. It's also worth understanding how this projected return is realized. With an annual dividend yield of 7.1%, the majority of that projected 10.3% net return comes in the form of income. As I mentioned earlier, INPP's returns are strongly linked to inflation, with a portfolio linkage of 70%. This means that for every 1% rise in long-term inflation above our base case assumptions, INPP can expect to see returns increase by 0.7%. This is particularly helpful in the current market environment. What's more is that we expect INPP's inflation linkage to continue to increase as it deploys further capital into its committed pipeline of investments, which I'll touch on in a bit more detail shortly. Finally, at the bottom half of this slide, we wanted to highlight the diversity of the portfolio. We have over 130 different investments across nine OECD countries. Around 53% are regulated assets, 35% are public-private partnerships or PPP projects, and 12% are operating businesses. This means the portfolio has a good spread across sector, geography, and revenue type. Now, moving on to the next slide. Thank you. I wanted to highlight the key metrics for INPP covering the period of 2025. I am pleased to see it's another strong set of results for the year. The NAV per share has increased by GBP 0.068 to GBP 1.515 at 31 December 2025, which is up from GBP 1.447 at 31 December 2024. That's a 4.7% increase in NAV per share during the period. What's important to note is that this NAV growth has been driven by the underlying performance of the portfolio and by the capital allocation decisions we've taken, including the attractive prices achieved on divestments. This has not been through a reduction in our discount rate, which has in fact marginally increased from 9% to 9.1%. A growing NAV whilst the discount rate has edged up is a reflection of how the portfolio is delivering. My colleague Muhammad will walk you through the detail on the NAV bridge slide shortly. Importantly, the dividends paid in 2025, combined with the NAV growth, has resulted in a total NAV return of 10.6%. The dividend for 2025 was GBP 0.0858 per share, delivered on target with a 2.5% growth on 2024. The board has also confirmed the 2026 target of GBP 0.0879 and declared a 2027 target of 9.01 pence, giving investors clear visibility over the next two years. Once again, we're reporting an operational cash dividend cover of 1.1 x. This means the portfolio generates sufficient cash from its day-to-day operations to cover the dividend with around 10% to spare. That surplus is either deployed into share buybacks or reinvested into new opportunities that generate organic growth and future value. The ongoing charges reduced during the period to 1.09%, down from 1.14% in 2024. That reduction reflects the revised fee arrangement with the company's investment advisor that was implemented from July last year. Now, one of the things I'm keen to highlight, and increasingly a key differentiator for the company, is our dividend track record. Since the IPO in November 2006, we have grown the dividend every single year by at least 2.5% per annum, and in some years by more. That's approaching 20 years of uninterrupted growth. Because of this, I'm pleased to say the Association of Investment Companies recognizes INPP as a Next Generation Dividend Hero, reflecting this consistent dividend growth every year. What makes that yield particularly compelling is the visibility behind it. The existing portfolio, as it stands today, along with its commitment to Sizewell C, is projected to support a growing dividend for more than 25 years into the future, all without needing to find new investments. That visibility is rare, and I'll show you how we achieve that on the next slide. The answer lies in the nature of the investments we've made. Over 98% of the portfolio's revenues are backed by long-term, secure sources. These are government-backed availability contracts, regulated revenues, or long-term contracted income. Only 2% carries market risk. This predictable low-risk revenue profile is what underpins the projected dividends I noted on the last slide. These secure revenue mechanisms can be seen in our performance of achieving 100% of our forecast dividends over the last five years. That 98% figure is the foundation of the more than 25-year dividend visibility I mentioned, and it's building on our documented track record of predictable cash generation across nearly two years. Next slide, please. Since we introduced our capital allocation framework in June 2023, the strategy has been consistent. Recycle capital from lower returning assets, then return that capital to shareholders through a share buyback program while shares trade at a discount to NAV, or reinvest into higher returning attractive opportunities to enhance shareholder value beyond those implied by a share buyback alone. Let me take you through what this strategy has delivered in practice. On realizations, we signed approximately GBP 130 million worth of transactions during the period across all segments of the portfolio, including PPPs, regulated assets, and operating businesses. Since June 2023, total realizations stand at over GBP 385 million. That's equivalent to around 14% of the portfolio. Every single one of those transactions has been completed at or above our published valuations, validating the robustness of our NAV. With some of those realized proceeds, we've been able to fund a buyback program, which has returned over GBP 135 million to shareholders to date. The board has reconfirmed its commitment to a buyback program of up to GBP 225 million in total, running through to March 2027. The buybacks to date have generated about GBP 0.016 per share of NAV accretion. Whilst buybacks remain attractive at current share price levels, we remain conscious that reinvestment into higher returning opportunities provide significant portfolio benefits. That's why the reinvestment part of the strategy matters so much. Since June 2023, we've committed over GBP 345 million to new investments, with projected returns on these new investments exceeding both the returns of the divested assets and the returns implied by a share buyback. It's one of the reasons why we have seen the portfolio weighted average discount rate increase to 9.1%. The most significant new commitment is Sizewell C, and I'll cover this in a bit more detail shortly. We're also preferred bidder on the Moray West Offshore Transmission Project, our 12th OFTO, which is expected to complete in the second half of this year, and is, of course, expected to be accretive to the portfolio returns, inflation linkage, and dividend coverage. All new investments are being funded through cash realizations and surplus operating cash. The company also has access to a corporate debt facility, which is not currently cash drawn. It is there to bridge any tiny timing gaps between those divestment realizations and new investments should we need it. Now, before I hand over to Muhammad, I wanted to briefly address the share price discount to NAV. INPP's shares continue to trade at a discount to NAV like the majority of infrastructure and investment trusts currently. Whilst that remains a focus for the board and the investment advisor, what I hope you'll take away from this section is that the strategy we set out in June 2023 is delivering. We're realizing assets at or above NAV, validating our valuations. We're then returning some of those proceeds through share buybacks or reinvesting into higher returning opportunities to provide shareholders the potential to access greater returns. We're doing this whilst maintaining our ability to service and grow our cash-covered dividends. I'll now hand over to Muhammad to take you through the financial performance in a bit more detail. Thank you, Jamie. I'm Muhammad Anwar, INPP CFO, and I also have oversight of the valuations and research function. Close to the detail on what I'm about to cover. As Jamie noted earlier, 98% of our portfolio is backed by long-term secure revenue, and that revenue quality underpins the headlines for the period. NAV is up GBP 0.07 per share in the period or circa GBP 0.63 per share since June 2025. The discount rate has moved only marginally to 9.1%, a marked change from pace of increases we have seen over the last three years. Based solely on the distributions from the existing portfolio, we expect to sustain a growing dividend for over 25 years. I'll take you through each of those in turn. On page 10, starting on the left, share buybacks first. Shares were repurchased at a meaningful discount to NAV, adding circa GBP 0.01 per share in the period or GBP 0.016 cumulatively since the program began. In total, we now have deployed approximately GBP 136 million to date, which puts us just over 60% through our stated target. Moving to the middle of the bridge, government bond yields and investment risk premium. These are best read together as they are the two components of our discount rate. Over the past three years, as yields rose, we increased discount rates accordingly. Those increases were driven primarily by the yield movements flowing through to transaction pricing rather than being absorbed by a lower risk premium. In this period, we have seen a moderation in this trend. The correlation between gilt movements and transaction-level discount rates have loosened, and the evidence from recent deals, including several large transactions in the sector, supports that. The result, weighted average discount rate has increased by 10 basis points to 9.1% since 30 June 2025, largely representing the impact of capital recycling, as Jamie noted earlier. For the first time in three years, discount rates have broadly remained stable. I want to be clear about this. We are not calling the bottom. We are monitoring closely to see if this represents a genuine turning point. The direction of travel is encouraging and is backed by real transaction evidence. The next block, GBP 156 million dividends paid to shareholders, that's simply the portfolio doing what it's designed to do, generate cash and distributing it. The payment is in line with our targets, and I'll come back to the dividends in more detail shortly, including why we are confident in the trajectory for the next 25 years. FX has been slightly positive in the period, adding GBP 0.009 per share. The more meaningful item is the circa GBP 62 million uplift from the updated inflation assumptions. Specifically, we increased the long-term U.K. CPI assumption to 2.5%, reflecting both our own views and what we are seeing in the market from transaction counterparties and advisors. Final block, NAV return, which captures the time value unwind plus changes in underlying cash flow forecasts. The message is straightforward. Cash flow movements across the portfolio have broadly been neutral, with some overs and unders. Strong portfolio performance, as well as realizations above NAV, have created upsides, which have been offset by forecast adjustments as a result of RIIO-3 in terms of Cadent and reflection of market conditions around the alternative sector. The net return you see is largely the discount rate unwinding over time. That's what you would expect from a well-performing portfolio. Stepping back from the detail, the bridge tells a clear story. NAV is up GBP 0.07 per share. Discount rate is stable. Buyback's creating value. NAV return reflecting a neutral performance, and the portfolio continuing to perform. Turning to page 11, I'll cover the discount rates in a bit more detail. First, I would like to spend a moment on how we arrive at discount rates because it's a question we get asked regularly, and I think it's worth setting out clearly. Our judgment around discount rates is built on three main elements. One, we are active in the primary and secondary market. We have divested around 14% of the portfolio by fair value over recent years. We also bid for a variety of infra investments across our platform and regularly compete to acquire similar assets. This gives us direct live pricing evidence on what buyers are paying and the return expectations they are applying. Two, we track transaction activity and public data across the wider infrastructure market. We have been in this space long enough to have strong visibility on how discount rates are being set in comparable deals done by others beyond our own portfolio. Three, we build every discount rate from bottom up, asset by asset, reflecting specific risk profiles, geographies, contract structure, and cash flows. We then sense check that against the top-down market evidence from our own deals and the broader market data. Our rates are built from asset level up, tested against real transaction data, benchmarked against the market. Our valuations are also independently audited with results directly shared with the board. The only change I'll highlight on the chart is the increase in the discount rate range for regulated assets, which represents the investment in Sizewell C. Since June 2025, there has only been a marginal increase in the discount rate driven by capital recycling activity. Let me now turn to page 12, the dividends, which is ultimately what brings this together for our shareholders. As Jamie noted earlier, since 2007, we have achieved dividend growth of at least 2.5% every single year, including 5% in 2023 and 3% in 2024. That's a track record through the financial crisis, through COVID, and through the recent interest rate hike cycle. At the current share price, dividends equate to a cash yield of around 7%. Looking ahead, our targets are GBP 0.0879 for 2026 and GBP 0.0901 for 2027, continuing the 2.5% annual growth. They are underpinned by cash flows from our existing portfolio without requiring any new investments. This is an important point. Based solely on the distributions from the portfolio as it stands today, we expect to sustain a growing dividend for more than 25 years. The next page shows the distribution profile that sits behind all of this. The chart on page 13 underpins what I've just said about the dividend sustainability. What you are looking at is a projected distributions from PPP, regulated, and operating investments over the next 30 years. These cash flows are largely inflation-linked, and a number of them continue beyond 2055. The quality of these cash flows is worth emphasizing. 98% of our portfolio is backed by long-term secure revenues, predominantly government-backed availability or regulated income. Over the last five years, 100% of forecasted portfolio distributions have been paid as expected. We have consistently delivered against our portfolio distribution targets. The red line is illustrative NAV run-off on today's valuation basis. Even after 30 years of distribution, it shows a NAV of around GBP 1 billion. Also, once Sizewell C is fully invested, with its 60 years operational life and inflation-linked regulated cash flows, it enhances the illustrative NAV run-off line. There is significant value beyond the chart horizon. You will notice some lumpiness in certain years. Let me explain the two main drivers. First, PPP projects approaching end of life. Once senior debt is fully repaid, reserve accounts unwind, and excess cash can be distributed. That creates a one-off spike. Second are OFTOs. These assets earn availability-based revenue with no power price or volume risk. Their economic lives are typically more than 35 years, but the initial license is shorter, around 20-25 years. Our base case recognizes a lump sum at license end, which also shows up as a spike. Stepping back, the overall picture is a well-diversified, long-dated distribution profile across three decades, underpinned by contracted and regulated revenues with meaningful value still remaining at the end. With this, I'll hand over to my colleague, Dan Watson, to go through responsible investments. Great. Thanks very much, Muhammad. Good afternoon, everyone. I'd like to start by reiterating that the assets we invest in across transport, healthcare, education, and utilities are essential to how communities function and how economies grow. During the period, there were several highlights that really demonstrate positive environmental and social characteristics of IPP's portfolio. Most notably, at Tideway, over 9 million tons of wastewater has been diverted from the Thames during the period. In total, Tideway has now diverted more than 19 million tons of wastewater from the Thames since August 2024, which is enough to fill Wembley Stadium around five times. This demonstrates the long-term environmental benefit of the project and its role in protecting the river for decades to come. Across our healthcare investments, more than 700,000 patients were treated in facilities developed or managed by the company. While across the wider portfolio, our assets supported over 14,000 jobs, helping to sustain local economies and essential public services. In addition, our OFTO investments support the equivalent of 3.7 million homes being powered with renewable energy, and the company's investment in Sizewell C is expected to avoid around 9 million tons of carbon dioxide equivalent each year once operational. These outcomes reflect the nature of the assets we invest in. Essential infrastructure with long-term contracts, predictable revenues, and a direct link to the delivery of public services. That combination underpins the resilience of the portfolio and supports the stable returns we aim to deliver to shareholders over the long term. If we just move on to the next slide, please, I'll provide an overview of actions taken in relation to our approach to responsible investment. Infrastructure assets operate over decades, often in partnership with the public sector, and their performance depends on reliability, sustainability, and strong stakeholder relationships. By maintaining a disciplined and responsible approach to investment and asset management, we believe we can enhance the resilience of the portfolio, manage risk effectively, and continue to deliver stable long-term returns for shareholders. During 2025, we continued to embed our responsible investment framework across the portfolio and made good progress against the ESG set out in our policy. A key milestone during the year was the publication of the fifth edition of the sustainability report, including updated disclosures aligned with TCFD, SFDR, and the EU Taxonomy. We also made further progress against our ESG KPIs, including increasing the proportion of the portfolio aligned with our two net zero KPIs, which remain an important measure of how we manage long-term climate risk. At the asset level, we continued to focus on decarbonizing the portfolio, particularly within our infrastructure investments. During the year, we worked with facilities management partners to complete around 50 solar PV feasibility studies across our U.K. PPP projects, helping to identify opportunities to reduce emissions where operationally and financially appropriate. We also refreshed our quantitative climate risk assessment using Moody's RMS Climate Risk Screening Tool, providing an update to climate hazards and improving our understanding of the long-term resilience of the portfolio. Turning to 2026, we have a clear set of priorities to build on this progress. We will monitor the implementation of the U.K. Sustainability Reporting Standards, which are expected to be based on the ISSB framework, to ensure our disclosures remain aligned with investor requirements. We will continue our stewardship program across the portfolio to drive further progress against our ESG KPIs with a continued focus on risk management, operational performance, and long-term asset value. We also plan to undertake further solar feasibility work across our PPP assets, working with facilities management partners to deliver projects where they are financially attractive and support our decarbonization objectives. Through our reporting and investor communications, we will continue to strengthen how we demonstrate the link between our projects and the communities they serve, highlighting the real-world outcomes that sit behind the financial performance of the portfolio. I'll now hand over to Jamie to provide a run-through of the portfolio. That's great. Thank you very much, Dan. As Dan says, turning to the asset management side of things and starting with our regulated investments, which represent about 53% of the portfolio. Let's begin with Tideway, London's super sewer. 2025 was a milestone year for the project. In February, the tunnel became fully connected, capable for the first time of preventing the sewage spills that have historically polluted the Thames. Dan gave some pretty helpful reference points in the comparisons there. Commissioning, including storm testing, continues with handover to Thames Water now targeted for the first half of this year. On the Thames Water situation, as we've previously highlighted, its circumstances are not expected to have any material impact on INPP's investment in Tideway, whose revenues are regulated independently by Ofwat. Moving on to Cadent, the U.K.'s largest gas distribution network. This performed operationally in line with expectations through the reporting period and delivered a strong cash yield. The most significant development was Ofgem's RIIO-3 final determination in December 2025, which among other things, sets the allowed return for equity over the next five years. This final determination was more favorable than the draft proposals published in June last year and is consistent with our June valuation assumptions. Having said that, Cadent has decided to seek an independent review with the Competition and Markets Authority, the CMA, of certain aspects of the determination in line with steps taken by other gas distribution network owners. Our valuation, however, reflects Ofgem's final determination, so any positive CMA outcome would represent marginal upside not currently factored in. On the OFTOs, our 11 electricity transmission assets, there's two items I'd like to raise. First, the Beatrice OFTO, which as we've previously reported, suffered an offshore cable outage in April last year, which was repaired by July. Post-period end, Ofgem concluded that the fault was beyond the OFTO's reasonable control, meaning that no revenue deductions were applied. That outcome reflects the strength of the downside protections built into OFTO licenses. Our cash flows remain predictable and secure, even though an operational event of this nature. As a result, paid availability across the OFTO portfolio for the year was 99.6%, comfortably above the 98% license target. The second thing I wanted to highlight on OFTOs is in December, we announced the sale of a 49% minority stake in the Moray East OFTO to Daiwa Energy & Infrastructure, realizing approximately GBP 40 million at a premium to our last published valuation. INPP retains majority ownership and board representation. Moving on to the next slide. I wanted to cover Sizewell C in a bit more detail as this is INPP's newest investment, and it's the first nuclear power station in the U.K. to be financed through a regulated asset base or RAB model. It is a 3.2 GW power station being built on the Suffolk coast and is expected to generate around 7% of the U.K.'s projected electricity needs, powering approximately 6 million homes with clean, reliable energy for over 60 years. We reached financial close in November last year and made our first investment of approximately GBP 35 million. INPP has committed GBP 254 million of equity in total, which is to be deployed over a period of up to five years, and that will secure INPP a 3% shareholding. Despite the minority shareholding, INPP has governance rights through its investment advisor's board seat on the holding company board with reserved matters and veto rights on key decisions. The investment in Sizewell C is a natural extension of our expertise. We have a deep track record in regulated infrastructure, including Cadent, Tideway, and our entire OFTO portfolio. Amber's team worked closely with the U.K. government over several years to help shape the RAB financing framework for nuclear, informed by our experience on Tideway. This is also squarely aligned with the government's energy security agenda. Sizewell C is central to the U.K.'s long-term clean energy strategy, and this means INPP is providing financing for critical national infrastructure. The investment generates a cash yield of approximately 6% per annum on the invested capital from financial close, so it's already contributing to dividend cover. The real allowed return on equity during construction and into operations, early operations is set at 10.8% plus CPIH inflation. This is delivering a projected return in the low teens through to the early 2040s. There is no exposure to power prices and no demand risk. Revenues are regulated independent of energy market conditions. The RAB framework also provides real downside protection against construction cost overruns. Sizewell C is expected to grow in value as we progress through construction. By 2030 when all of INPP's equity will be fully invested, Sizewell C is expected to represent around 10% of the portfolio with inflation linkage improving from 0.7% to 0.8% and dividend coverage extending from 20 years to over 25 years. I'll direct you to the case study on our website for those who would like more information. Moving on to the PPPs on the next slide. These represent about 35% of the portfolio, and they cover over 100 separate concessions across the U.K., Europe, North America, Australia, and New Zealand. It's been another year of solid performance with availability at 99.8% against a target of 98% and performance deductions of just 0.3%. On realizations, we sold minority interests in seven U.K. education PPPs for approximately GBP 8 million and completed a debt financing to re-release approximately GBP 49 million from Priority Schools and BSF portfolio interests. Both of these were achieved at or above published valuations. During the period, Hereford and Worcester Courts reached the end of its concession and was successfully handed back to the public sector. The process went exactly as planned, with positive feedback from the relevant public sector clients. The next expiry is the Strathclyde Police training facility, which is due at the end of quarter three this year, and preparations are already underway. The rest of our PPP handbacks are spread across the next 25 years, with the majority not due until the mid-2030s. Moving on to our operating businesses on the next slide. These represent about 12% of the portfolio. Let's begin with Angel Trains, which continued to perform well with its fleet of trains fully leased during the period. In August, we completed a partial disposal of Angel, realizing approximately GBP 32 million at an attractive premium to our last published valuation. INPP retains board access through its investment advisor. BeNEX, our German passenger rail operator, had another strong year, both operationally and in terms of value creation. BeNEX now operates 15 concessions across 14 of Germany's 16 federal states. During the year, it was awarded a new concession and re-won two important existing ones, and these were fed directly into forecast cash flows, contributing to the meaningful valuation uplift. BeNEX has demonstrated itself to be a genuine growth platform within the portfolio. On digital infrastructure, toob and Community Fibre are both making good progress building out their respective fiber networks across the South of England and London. toob reached EBITDA positive status during the period, and post-year end, we committed a further GBP 8.8 million to support the business in achieving positive operating cash flows. Value assumptions have been updated to reflect the current market conditions as the business navigates the competitive broadband environment and as the network matures and customer penetration builds. Community Fibre continues to perform well as London's largest full fiber provider. Like toob, it is EBITDA positive and on track to generate positive operating cash flows in the first half of this year. Combined, both our digital infrastructure businesses represent less than 2% of NAV. With that, we'll move to the final slide, please, where I really just want to reiterate some of the key points I'd like to leave you with. In 2025, the portfolio delivered a NAV total return of 10.6%. The projected net return from current share price levels is 10.3%. The dividend yield is 7.1% and growing. Behind all of this is a portfolio of over 130 investments, 98% backed by government or regulated revenues that has a track record of delivering their projected cash flows through the years. As Muhammad showed you on the projected investment receipt slide, the long-term NAV profile of this portfolio is robust, with significant value projected well beyond the 30-year chart horizon. INPP is not just an income proposition. Disciplined reinvestment into higher returning assets like Sizewell C is progressively building NAV alongside the dividend. The new investments we've made, like Sizewell C, now in the portfolio and growing in value as it progresses through construction, is projected to deliver double-digit returns, contributing both NAV growth and return accretion for shareholders. We've done this without issuing new equity, without drawing on debt, and while continuing to return capital to shareholders. The investment advisor is actively assessing further opportunities internationally and across different sectors where we can see opportunities to deploy capital at double-digit returns while remaining true to the risk profile and asset quality that has defined INPP since 2006. INPP is a genuinely defensive investment proposition. Essential assets, inflation-linked returns, nearly 20 years of unbroken dividend growth, managed by a team that has shown it can originate, execute, and deliver strong returns through the cycles. Thank you very much for listening. With that, I will hand back for Q&A. Perfect, guys. That's great. Thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions that have been submitted already, I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your investor dashboards. Guys, as you can see there, we have received a number of questions throughout your presentation this afternoon. Thank you to all of those on the call for taking the time to submit their questions. Dan, at this stage, sir, if I may hand over to you to chair the Q&A with the team. If I pick up from you at the end, that'd be great. Thank you. Brilliant. Thanks very much. As you said, there's quite a few questions that have come in, and I'm gonna do my best to group these together where possible. I think given where you just finished off, Jamie, I think this is probably a good place to start. Given the general global environment, do we feel the company is a very safe place to hide? And can you just reiterate perhaps some of those closing messages just to emphasize that? Absolutely. Thanks. Thanks for the question, because I think this really gets to the heart of actually what INPP's proposition is. By investing in these essential infrastructure projects with crucially those key revenue mechanisms, that creates a really stable and secure investment. That's why we have got such confidence in the cash flows and why we can project dividends out into the future. While there is a lot of kind of geopolitical shocks and issues clearly that is running throughout the world that has its impact perhaps on the share price in a macro sense, the underlying portfolio, however, continues to operate very well. We very much expect that to continue because of the resilient and structured nature of those underlying contracts. Brilliant. Thanks, Jamie. I think there's another question here which links to my first one. Just on the inflation linkage, are you able to give a little bit more detail in terms of any caps and collars or how that works in practice? Yeah, I think just a little bit more color there I think would be helpful. Yeah, sure. I'll do my best because I suppose it's fair to say that the inflation linkage does tend to work slightly differently depending on individual assets. What I mean by that is some, for example, are linked to RPI, some to CPI. A few do have, say, floors. On the whole, there is a, and certainly this is very clear, a very direct contractual linkage to the revenues. It's usually what is typically seen, whether it's a regulated asset or a PPP contract, is that the contracts will and agreements will set out a mechanism in which the relevant inflation index is applied to the revenue at a certain point in time, typically annually. I would point to that global 0.7% inflation linkage return because that reflects the blended impact across the portfolio. As I also mentioned, we expect to see that inflation linkage increase over time to 0.8. As we approach the sort of 1% inflation linkage, then you can see a very sort of close alignment. I think at 0.7, we're already substantially mitigating shareholders from the negative impacts of inflation over the long term. Brilliant. Thanks very much for that. Changing directions slightly, this next question. We've had a couple in relation to this just around the company strategy relating to buybacks, which we've been talking about for the last couple of years. I think just to provide a little bit more of an update in terms of what the board is thinking in relation to share buybacks and how that fits within the broader strategy. Sure. Share buybacks is something that the board watches and considers closely. It is something we have seen actually a range of views, differing views from shareholders. I think the board and the investment advisor, and indeed the majority of shareholders, feel that it is appropriate to continue a share buyback program because of the discipline it instills in the capital allocation. While shares trade at a discount to NAV, it means we're able to crystallize that return. I think also we do recognize that clearly share buybacks, as they've demonstrated, are not the instrument that will close that discount to NAV alone. That is exactly why a lot of the surplus cash that we're generating from the realizations and from operating cash flows is being reinvested into new investments at returns higher than a share buyback, the returns implied by a share buyback. We're actively seeking ways to enhance returns for shareholders. It's fair to say that the board going forward will continue to monitor that. We do see it as a helpful tool for disciplined capital allocation. Great. Thanks, Jamie. I think just touching on NAV, this question will be for you, Muhammad, I believe. Does the projected net return assume any narrowing in the discount to NAV? The short answer is no, it doesn't. What we have done is we look at our cash flow forecast, we look at where the share price is, and then reflect what an investor on a long-term hold, realizing the cash flows from the portfolio would earn, and there is no compression or closing of the share price to NAV has been assumed in those calculations. Great. Thanks, Muhammad. Now, we've got a few questions in relation to origination and the portfolio. I think we've got a few questions which are around sort of strategy and whether or not if the company is considering moving into more core plus type assets considering the current market environment and whether or not we can provide any information on what we're thinking around risk return. That's an interesting question to draw out where we see the opportunities for the company as indeed the investment advisor is working on a number of potential investment opportunities. I would say whilst we see a lot of opportunities and attractive ones across the geographies that we operate in and across the sectors, I would say that they tend to be in the sectors that we and types of assets that we already know well. What I mean by that is the kind of core infrastructure assets. These are opportunities that don't require us moving up the risk curve to more core plus investments. That's really because we see attractive returns in the double digits in the core space already. We don't necessarily see a need to increase INPP's exposure to new sectors and new risks. I think we very much are focused on the types of assets that we know well and delivering on those types of risk profiles, which we see can provide that consistency of dividends to shareholders, but also that attractive NAV growth and NAV return. Jamie, maybe worth adding, obviously, you run transactions in the primary market space, so Amber's capability of running primary market transactions, which are obviously adding a higher return. Ofgem is a very good example where we have been investing at quite attractive rates and then in the secondaries, as you've noted earlier in some of the other conversations, Jamie, that we have been able to realize them, realize or dispose investments at or close to our weighted average discount rate. These elements, our ability to source transactions in the primary market and the amount of opportunity we have in the primary market, plus we are not opportunity constrained, we're capital constrained, means, Jamie, as you have said, we are able to invest in attractive transactions close to our risk setting. If opportunities do come in a slightly higher returning space, we would want to see the defensive nature of revenue profiles and make sure the risk aligns. Typically what we are seeing is quite a lot of pipeline in the core space, which is at very attractive rates. Great. Thank you both. Moving along, we've got a couple of questions in relation to our views on Cadent, considering recent news, particularly around how committed we are to Cadent, as part of our broader strategy. Any comments on that would be great. Thank you, Jamie. Certainly. I know the press articles you're referring to. We would say Cadent is a really strong performing asset in our portfolio. We like it a lot. It provides strong cash flow and yield and strong inflation linkage. Following the final determination, as I mentioned last year, we have good visibility on the allowed returns on equity for the next five years. Our view on Cadent is a very favorable one. It's difficult for me to comment on specific transactions, but I think it's fair to say that the board and the investment advisor are always considering live opportunities where they might present themselves to be able to find the best ways to deliver shareholder value. Great. Thank you, Jamie. Just conscious of time, but I think we've got time for a couple more. There's a couple just in relation to, given our size, current market conditions, what our thoughts are around M&A or industry consolidation within the market. Yeah. Again, also very, very topical. I think the board and the investment advisor are very focused on ensuring that we're delivering for shareholders and putting shareholder needs first. With that is clearly delivering on the existing portfolio that we have and what we've said we would do. Having said that, naturally, it is appropriate for us to consider other more strategic opportunities from time to time, and the board indeed do undertake that. You know, for the time being, I think there is no need for us to do anything of that nature. We have a really solid platform on which we can continue to grow our investments. Therefore, I mean, any strategic M&A activity would require a pretty high bar if we were to proceed with anything of that nature. Great. Thank you very much. We've got a question which I'm probably best placed to answer. We've got a listener who is interested to know what happens to the wastewater that's captured by Tideway, and if it just goes out to sea. The answer is it doesn't just go out to sea. It's treated at a range of treatment works, including Beckton, and then the clean water then goes back into the river, whereas the sludge is used for a range of things, including fertilizer energy from waste. That's a positive story there. I think we're pretty much at time, but we've got quite a few questions relating to INPP versus its competitors and how they're getting on in the market. I think a good way to finish would be what are the key takeaways that make INPP great and why it's doing performing the way it is in the market? Any final remarks from you both would be very much received, perhaps starting with you, Jamie. Yeah, certainly. I would say, I mean, there are a number of things I would say. I mean, one thing, as I mentioned, by putting shareholders first and ensuring we're delivering what we said we would deliver, and being laser-focused on that, I think that has ensured that we've created this very robust platform of assets that is able to, as I say, grow and deliver that now approaching 20-year dividend track record and with great visibility into the future. I think that kind of focus is really important. Beyond that though, and Muhammad Anwar touched on this on one of his earlier answers. Sorry, Muhammad, I'm probably gonna just reiterate one of your comments, but it really is worth highlighting that primary market investment opportunity that the investment advisor specific to INPP is able to bring. Sizewell C is a really good example of that because, as I explained on the Sizewell C slide, we spent many years working with the U.K. government to shape the investment opportunity. That was negotiate the contracts and agree the financing structure from an equity perspective. And what that meant is we were able to influence the risk and rewards for that. That takes time and effort, which is what the investment advisor is best placed to do, has the skills and capability to do. This is in contrast to the secondary market type opportunities where you have an existing asset which is bought typically through a competitive auction process. What you tend to find there is that the returns are slightly more compressed because it tends to be a competitive auction. Whereas in the primary market, there tends to be less competition and more of ability to influence things, really because there is so much work involved. Actually, not as many investment advisors are set up to do that. I would say that's also one of the key differentiators. Yeah. I think, Jamie, I would only emphasize probably again, we have added a slide this time around on the revenue certainty and the lack of merchant risk in our portfolio, and I think that's probably one of the key differentiators where vast majority of revenue is secure. We've got low exposure to interest rate risk. Based on the availability of these assets, a lot of return can be generated. Where we stand today, a double-digit return based on share price and ability to be inflation protected and strong visibility of 25 years of dividend, I think is a unique proposition in the market compared with others. Excellent. Thank you both. I think we've got through most of the questions. Apologies if we haven't been able to respond to all on this call, but we will endeavor to come back after this. With that, I think I will hand back to Investor Meet to close out today's session. Perfect, guys. That's great. Thank you very much indeed for updating investors, this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback. On behalf of the management team, we would like to thank you for attending today's presentation. That now concludes today's session, so good evening to you all.