Good afternoon, ladies and gentlemen, and welcome to the M.P. Evans Group PLC webcast. Throughout today's meeting, attendees will be in listen-only mode. Questions are encouraged. They can be submitted at any time using the Q&A tab just situated on the right-hand corner of your screen. Please simply type in your questions at any time and press send. Before we begin, we'd like to submit the following poll, and I'd be most grateful if you could give that your kind attention. I'd now like to hand over to CEO Matthew Coulson. Matthew, good afternoon. Thank you, Mark, and good afternoon. Good afternoon to everyone who's joining us today. I should start by explaining that today's session is a little bit different from our usual results presentations. We wanted to take this opportunity to look in a bit more detail at two areas of the business that are very important to understanding M.P. Evans: responsible production and pricing dynamics. Our aim is very simple, to give shareholders and other investors a clear sense of how we think about these topics, how they relate to the Group, and why they matter to the long-term investment case. We'll start with two short videos that feature me and Luke before we return for about 20 or 25 minutes of Q&A. If time doesn't allow us to answer everything today, we will, of course, respond to any remaining questions after the event via the platform. Now time for the videos. At M.P. Evans, we're proud of our long-term commitment to responsible production of sustainable Indonesian palm oil. We understand that at times, the palm oil sector has received criticism, and also that at times, certain participants in the industry have not followed sustainable practices. As a result, the whole industry suffered reputational damage, and leading on from there, a common misconception has emerged that palm oil is in some way inherently worse for the environment than alternative vegetable oils. However, we're here to demonstrate that palm oil can be produced responsibly without deforestation, maintaining biodiversity natural habitats, in collaboration with local communities, and is extremely efficient to produce. As Matthew said, that efficiency begins with the crop itself. Oil palm is remarkably productive when considering the amount of vegetable oil produced from each hectare under cultivation. When compared to the world's other major vegetable oils such as soy, sunflower, and rapeseed, oil palm produces between five and 10 x the amount of oil per hectare. At M.P. Evans, we continue to produce some of the highest yields in the industry, thanks to the expertise of our dedicated management teams. Overall, oil palm accounts for almost 40% of world vegetable oil production from less than 10% of the land used for cultivation. Palm is an extremely versatile oil and is used in a wide range of food and other consumer products. It is one of the most traded vegetable oils and an important contributor to global food security. This matters and continues to be of increasing environmental importance in a world that needs more vegetable oil. Demand has been rising for many years around the world as populations have grown, but also as average incomes have gone up, and there has been a continuing trend towards urbanization. During that time, palm has been taking an increasing share of a growing vegetable oil market. Palm oil, and particularly the responsibly and efficiently produced palm oil from M.P. Evans, is well-placed to meet that growing demand. Over more recent years, the use of palm as a biodiesel has been a further growth factor, and continued growth is anticipated, particularly in locations looking to manage their energy security and exposure to fossil fuel requirements. For example, in Indonesia, the world's largest palm oil producer, there has been an increasing mandate for the use of palm, in which the country's biodiesel program, which is now aiming for a 50% palm oil blend, is resulting in a larger domestic demand. As I mentioned at the start, at M.P. Evans, we're proud to be producers of sustainable palm oil. What does this mean, and how do we demonstrate our commitments? First of all, the Group is a longstanding member of the RSPO, the Roundtable on Sustainable Palm Oil. That's the most well-recognized sustainability and accreditation body in the sector. The Group develops and manages its plantations in accordance with the stringent environmental and social criteria laid out by the RSPO and arranges for all its palm oil mills to be independently audited to their standards. All Group mills are accredited as sustainable, and in 2025, the Group produced 275,000 tons of certified palm oil, 80% of the output from the Group's six mills. Of course, one of our key commitments is that we do not deforest and only develop areas suitable for cultivation. In addition, we deliberately set aside and actively manage conservation land. By the end of 2025, our team was responsible for over 8,000 hectares, representing more than 10% of the Group's planted total in accordance with our stated goals, including some highly sensitive and important areas with high conservation value. We are determined to go significantly beyond what is required, and we do this in several ways. Our smallholder schemes, attached to all Group estates, seek to provide real and valuable benefits to local communities around our operations. Across the Group, o ver 16,000 hectares under cultivation are owned by members of the local communities, a valuable and income-generating asset for them. All the Group's mills are run with zero waste principles embedded within them. This enables us to reuse what would otherwise be waste products to reduce our reliance on fossil fuels and inorganic fertilizers to save costs and reduce greenhouse gas emissions. We commit to investing in community life on our estates, which can, at times, be in relatively remote and rural locations. This includes developing high-quality housing for the Group's workforce and providing wider estate facilities, including schools, clinics, shops, places of worship, and recreational facilities. The Group's commitment to responsible and sustainable operation has been recognized externally in several ways. Most recently, the Group was pleased to receive the Green Economy Mark from the London Stock Exchange, recognizing our positive contribution to the global green economy and sustainable practices. When we talk about responsible production at M.P. Evans, we are not talking about a single accreditation or one part of the business. It runs through how we develop and manage our estates, how we protect conservation areas, how we work with local communities, how we operate our mills, and how we think about the long-term role of palm oil in the global vegetable oil market. Our view is very simple. Palm oil is an efficient and important crop. Produced responsibly and to high standards, it can be part of the solution. At M.P. Evans, we have six palm oil mills which process the crop from our estates. Those mills produce crude palm oil, or CPO, and palm kernels, or PK, referred to in combination as palm product. The Group sells both of these for onward processing within Indonesia and is not responsible for any exporting. Both the Group's key products, CPO and PK, are globally traded commodities. As such, the Group has limited influence over the amount for which its output is sold. However, as a result of the Group's focus on efficient operations, both in its estates and its mills, and on being a low-cost producer, it has consistently achieved profitability and cash generation irrespective of commodity price cycles. As Matthew mentioned, we are committed to being an efficient and low-cost producer. How do we maintain that commitment? Everything starts with productivity and operational excellence, ensuring that we make the right decisions to benefit long-term yield. Oil palm is a long-term asset with a life cycle of 25 years, and decisions taken today can have lasting consequences. The Group benefits substantially from being in a robust and healthy financial position without investment constraints. Furthermore, oil palm is a permanent tree crop, which provides a year-round harvest and is resilient to periods of adverse weather conditions, providing a reliable and ongoing yield. Whilst it is important to maintain and control costs, the Group is in an excellent position to continue increasing its own output, which in turn decreases its unit costs. We can do this by focusing on estate yields and improving oil extraction rates at our mills. The Group has, in previous years, been reliant to a certain degree on purchasing crop from outside suppliers to improve the utilization of its palm oil mills. As the Group's own crop continues to increase, the reliance on outside crop, which is typically higher cost, lower quality input, decreases, and the Group is able to reduce average unit costs and improve margins. Luke has referred to the financial benefits to the Group from processing more of our own harvest and bringing in a smaller amount from outside suppliers. Of course, there are other benefits as well. As we increase the proportion of the Group's own harvest that is processed, so the proportion of certified sustainable output increases. We have already seen the benefit of this as in 2025, 80% of the output from Group mills qualified as sustainable, and this is expected to continue going up. As this proportion rises, so the Group will have the opportunity to receive additional sustainability premium income, including the potential to access higher grades of premiums. The Group sells its palm product at millgate. In 2025, the Group achieved an average price for its CPO of $868 per ton and $747 per ton for its PK. By historical standards, these were strong prices, and there is evidence of an upward trend in pricing over the medium to longer term. For example, over the last five years, the Group's average CPO selling price has been $806 per ton, and over the last 10 years, $717 per ton. In 2025, as a result of the Group's ongoing commitment to low-cost operations, the total unit cost per ton of palm product was $528, giving $340 of margin per ton of CPO produced. Commodity prices are publicly available on a daily basis, and one of the most recognized benchmarks is the CIF Rotterdam price. The Group's millgate price differs from the Rotterdam price as a result of local and international freight costs, insurance, and export taxes and levies. In 2025, the average CIF Rotterdam price was $1,221 per ton, compared to, as mentioned earlier, an average millgate price for the Group of $868 per ton. The chart shows the various elements bridging between the two prices. Whilst the market is dynamic and continually moving, leading to different prices available to the Group, benchmark prices give an indication of the overall price environment. The Group has a skilled marketing team based in Jakarta who work with the Group's customers to ensure that the best available prices are secured for each shipment from the Group's mills. While M.P. Evans is a price taker in a global commodity market, the Group is not passive in how it manages the factors within its control. Our focus is on productivity, efficient milling, disciplined cost control, increasing the proportion of our own crop processed through our mills, and securing the best available price on every sale. The point is a simple one. We do not set the price. That is for the market. What we control is how efficiently we operate, and it is that discipline which allows the Group to earn strong margins and healthy cash flow through the cycle, whatever the price environment. That brings us to the end of the video section today. I hope it's been helpful in giving some further context around responsible production and pricing dynamics and how they both relate to us here at M.P. Evans. At this stage, Luke and I would now be very happy to take your questions. That's great, Matthew, Luke, thank you very much indeed. Ladies and gentlemen, please do continue to submit your questions. Just use the Q&A tab, type in your question and press send and I'll endeavor to pose these questions to the guys through the remainder of today's call. You've had a number of questions, thank you to everybody for your engagement this afternoon. Perhaps we start off with the first one. Given the rise of the price of oil due to the situations obviously in Hormuz, in the Middle East, was very relatively brief, what's been the impact on the company with regards to fertilizer costs? Well, thanks, Mark. I think I'll take that one. We were quite fortunate when it came to fertilizer pricing. You're quite right to call out that what's happened in the Strait of Hormuz has had an impact on fertilizer pricing. We did see an increase from sort of March onwards, when looking at what was available pricing wise in the market. The good news is that we actually procure our fertilizer in advance of application. We were able to secure fertilizer that we put down in the first half of this year, we bought that in the latter part of 2025, and then the fertilizer that we are planning to put down in the second half of 2026, we actually were able to purchase that before things began in the Middle East. We were somewhat protected from that sharp increase in fertilizer pricing that happened from sort of March onwards. We have seen fertilizer pricing since come back down a little bit. Some, and we use a variety of fertilizers, some have remained still quite high. That potentially impacts us for 2027. We will look to purchase our fertilizer for 2027 application probably in the sort of late summer, autumn time. If pricing hasn't come down by then, we may well see a bit of an impact from some of those fertilizers in the P&L at the start of 2027. We have to kind of keep watching that space. Obviously, we've had some improvements over the last couple of weeks in the Middle East, although in the last few days, I know things have moved backwards a little bit. We'd have to keep an eye on that and try and make sure that when it comes to the timing of our fertilizer purchase, we try and make that at the best time we can. That's great. Thank you very much indeed, Luke. Let's turn to, I guess, the topic around the Indonesia government's recent announcements in May. When do you expect to know more detail around that, and has this had any impact around pricing? Yes. Thank you, Mark. Perhaps, it's helpful just to take a step back in case not everybody today attending is aware of exactly what's happened. The Indonesian government in May announced some planned changes to the way in which palm is exported from Indonesia, and it's also worth saying that this is not just about palm. The Indonesian government is thinking about some strategic commodities in Indonesia, so thinking about palm, thinking about coal, thinking about several ferroalloys that are exported out of Indonesia. Really the priority for the Indonesian government is knowing that everything is properly recorded and properly accounted for when it's exported out of the country. Now, we, as was mentioned in the video, are not exporters. We sell all of our output domestically within Indonesia for onward refining in country, so any impact will not be felt by us directly. Indications at the moment are that there is going to be a very limited, if any, consequence on pricing. Thus far, we've continued to see very robust pricing for all of our output. As I say, indications are that really this is predominantly about recording and about accuracy of what gets reported in terms of output from the country. We will continue to monitor the situation of course, and keep investors updated, but that's the situation as we find it right now. Thanks very much indeed, Matthew. Question here around El Niño. Do you expect El Niño to have an impact on the crop? Perhaps if I take that one as well. Everybody will have heard a lot about El Niño. It's been very well-publicized as a sort of global weather phenomenon. It's something that, again, we are continuing to keep a close watch on. Thus far, we've seen no impact on our crop whatsoever. We are in a period in Indonesia where the weather is relatively dry anyway, but that's a seasonal effect rather than anything more substantial. That's how El Niño is typically felt in Indonesia. You will have an extended dry period. We will continue to see what happens as the rest of the year unfolds. If we do see any effect, two observations to make. One is that it tends to then have a delayed effect on cropping patterns because it tends to affect how bunches are initially formed, rather than the harvest you receive straight away. If there is any effect, it may be in 2027, even in the latter part of 2027 going into 2028. The other thing to say is that based on previous experience, even in those kinds of conditions, palm is a remarkably hardy crop. The last time we saw a big El Niño was back in around 2016, and our experience then was, yes, we did see a fall in crop, but we saw a fall in crop of the order of about 5%. We're not talking about a dramatic change. We're not talking about the situation that some annual crops might find themselves in, where they have a dramatic change in terms of their ability to withstand significant weather patterns. We see a very small change and a very small impact overall in terms of cropping levels. Thank you, Matthew. We've got three questions from Salvatore in one. I'll try and break these down into the bits, otherwise I think we'll get lost in the action. He said, Could you clarify whether Indonesia's B40 and any future move to B50 specifically mandates palm oil-based biodiesel, or whether other vegetable oils could satisfy the requirement? Yes, absolutely. Indonesia is extraordinarily focused on palm. When they talk about what they're seeking to achieve with their mandates, they are talking about palm. Clearly, they have announced B50, and if they are successful, and it's a staged thing, so it's not going to happen overnight. If they are successful in moving from B40 to B50, that creates a significant amount of additional demand domestically for further supplies of palm, which, as a producer, is clearly only good news. Great. He goes on to ask, If the mandate is effectively palm specific, should we expect it to create structurally high domestic demand for palm oil? I think you just touched on that. Yeah. In the context, does the M.P. Evans think about maintaining its cost competitiveness over the long term, particularly if other vegetable oils become more competitive globally? Well, I think that we are extremely focused, and we touched on this a little bit in the second video, of being cost -competitive in all sorts of ways. This really comes back to the point on one of the slides you saw in the second video about just how efficient palm is per hectare of land used for cultivation. That really is a built-in advantage when you're cultivating palm. We don't take that for granted, we work extraordinarily hard on top of that to be a low-cost producer, so we deliver a high yield from every hectare we cultivate, we make sure that all of the other things that we do support us and support our claim to be a continuing low-cost producer, and that's fundamental to our success. Thank you. Turning the, I guess, the dial around currency and hedging, can you discuss the impact of currency hedging and whether current developments in Indonesia affects how you hold currency, and/or are you able to repatriate funds overseas? Sure. I'll take that one then, Mark. In terms of current developments, the Indonesian rupiah has been weakening for quite some time. That's not a recent thing. In terms of what's the impact of that for us, well, the sort of benefit is from a cost-based perspective. A weaker Indonesian rupiah, because we report in dollars, effectively reduces the cost of some of our, well, certainly our labor and some of our other input costs in Indonesia. That kind of helps us, if you like, with a weakening rupiah. The flip side of that is that we obviously need to repatriate rupiah. We hold as much as we need in Indonesia, typically a kind of working capital balance. What we then try and do is any excess funds above that, we then bring that back to the U.K., and hold it in dollars. In terms of what's happening at the moment, it's not really any impact. There's no restrictions on what's happening in Indonesia at the moment in terms of repatriating that cash, fundamentally, we try and hold it in dollars in the U.K., as I say, outside of that working capital requirement. Thank you, Luke. Question from Andy. Andy, thank you for your question. What factors determine the amount of sustainable premium, and what is the trend? Yeah. Thank you for raising the point around sustainability premiums. It's a very important one to us. I guess two key things that I would highlight around the factors here. One fundamentally is, of course, demand, and the amount of output and palm around the world that is demanded as certified sustainable palm. It is still the case, somewhat to our frustration, that a relatively small proportion of the palm production globally is actually demanded for consumption as certified sustainable palm. It would be fantastic to see an increase in demand for sustainable palm around the world, and that would, of course, have a consequential impact on the sustainability premiums that are therefore commanded, and we would be able to enjoy for our output. We currently receive a relatively small additional piece of income for selling our output as certified sustainable palm. However, the second point that I would make is that not all sustainable palm is created equal, there are different grades, if you like, of sustainable palm. One of the great benefits that we are working towards is accessing some of those higher per ton premiums. You will have seen over recent years that we've been on a sharply increasing trend in terms of the proportion of our output that now qualifies as certified sustainable. We're up at around 80% now, which is terrific. As we continue that drive to increase the proportion of our output that is qualifying, so we have the opportunity on a location-by-location basis, so we have the opportunity to really start challenging for some of those higher grades of premiums. Everybody, I'm sure, has heard of EUDR because of where we sit in the world, the EU's deforestation requirements. There are other higher premium grades that we can now start to think about working out with our customers on, which is very exciting because it further strengthens and demonstrates our case as a responsible and sustainable producer. It has a financial consequence as well. It's very much win-win. We're working very hard on that for the future. That's great. Thank you, Matthew. Got another question around fertilizer from David. Thank you, David. He asks, Given the rising fertilizer costs, has M.P. Evans considered using black soldier fly production and frass from local organic waste as a partial fertilizer substitute while also improving soil resilience during El Niño conditions? Don't know if you've got any comments there. Do you want me to? I'm very happy if you can make an initial comment, of course, yes. I think short answer to that one is we currently already use some organic waste from our mills. Matthew touched on it in the video that we very much, at our mills, have a zero waste principle. The empty fruit bunches, you can sort of can see one on the screen, but once the fruit is extracted, those empty bunches are turned into effectively organic compost, and we put that back down on our plantation. We are already using that organic fertilizer to, if you like, stop us from using even more inorganic fertilizer. I must admit, I'm not 100% sure on the black soldier fly production that you've mentioned. Yeah. I'll have to do some research on that, but certainly reassure you that we are using. Yeah. Organic fertilizer. Exactly. In combination with what we buy in. Great. Thank you very much indeed. David also goes on to ask, How quickly do you convert surplus rupiah into U.S. dollars, and do you use forward contracts to protect the exchange rate between receiving the cash in Indonesia and repatriate it into the U.K.? As I said, we sort of manage our funds very much with that working capital requirement in mind, and sometimes that requires us to leave a little bit more in the country, and sometimes it requires us to sort of leave a little bit less. Fundamentally, we look to bring back that excess as regularly as we can. I think the second part about receiving the cash into, as I say, we've seen a weakening rupiah, so we have to be mindful of that. We do try and manage the moments that we do bring that cash back. We don't use any particularly complex hedging or forward contracts on that. We just look at the right time to bring those funds back and keep an eye on it regularly. Something we address, as I say, if not daily, certainly weekly. Thank you. Thank you, Luke. Question from Frank. Thank you, Frank. If certified sustainability produced palm oil tastes the same as non-sustainability produced palm oil, how is the buyer to know which is which? It does taste the same. That's a fair point. The key thing is, if you like, it travels through the stages of the supply chain with its certificate. From a buyer's perspective, if they are seeking to acquire for their supply chain and at their own buyer's request, certified sustainable oil, then it's a question of buying the product and the certificate together, and they will travel hand in hand. Thank you, Matthew. Well, look, I think that pretty much takes care of the themes from investors that relate to the video that we've played today, so thank you for all of those questions. We have received a number of broader questions about the Group as well, which, if you don't mind, I'd like to maybe put a couple of those to you. For the remainder of those questions that we don't have time to go through, what we'll do is we'll make those responses available to you, and we'll post those out to those investors that follow you on the Investor Meet Company platform. Let's start with this. Are you seeing attractive acquisition opportunities? If so, how disciplined will you be on price? It's a very good question. We are very much continuing to review acquisition opportunities, and in amongst them, we certainly do see some that are attractive to the Group. We've spoken before with potential investors about our priority areas for acquisition, where we're continuing to look for areas that suit us within an area, a radius around our existing milling operations as we continue to focus on putting more and more of our own harvest through our own milling operations. Of course, yes, on the second part of your question, we will continue as we have been before. Nothing's changed on that in being disciplined on price. We're focused on making sure we pay a fair price for the assets that we acquire, and that we're able to, as we've done before, add substantial value to them as they come into the Group. Great, I guess maybe slightly expanding on that, you've highlighted that your existing mills have capacity to produce a further 10 to 12,000 acres of crop. Given the recent government actions around land titles and the pressure on weaker operators, do you believe that the opportunity set for acquiring adjacent leaseholder estates has improved? What hurdle returns would you require before deploying your growing cash balance? Yes. I think we obviously, as Matthew's already said, we have a pipeline of opportunities, and I wouldn't say we've noticed a sort of massive increase in that pipeline as a result of what's happening in Indonesia. There are still opportunities out there. I think other reasons and factors probably bring things to the table. In terms of the hurdle returns, I'm not going to give a number, but we do obviously regularly review that and weight in any risk associated with those acquisitions. If there's a change in country risk, that would be factored in as in a normal weighted average cost of capital calculation. It's something that we continue to review, and we'll see how things develop. I think Matthew's already touched on it. Please trust us that what we've been able to do so far with the capital allocation is really sort of balance that out, and we absolutely prioritize putting that money into where we can get the best investor returns. That's great. Well, look, Matthew, Luke, thank you very much indeed for taking the time to take us through those questions. We're bang on time, as you said at the outset. Perhaps before I redirect investors to give you their feedback, their thoughts, their expectations, Matthew, I could just ask you for a couple of closing comments. Yes, of course. Thank you, Mark. Thank you to everybody for your participation and your engagement today. I'll be very interested to hear your feedback. As I said at the start, this is something a little different, a little new for us, where we focused initially on a couple of key areas around responsible development and around pricing dynamics. I hope just a deeper dive into those two areas was of interest, and appreciate all of your feedback and your questions during the session. We look forward to catching up with you all again very soon. Our next scheduled update will, of course, be our interim report due in a couple of months from now, and we will continue to stay in touch with investors. Thank you very much. That's great. Thank you very much indeed. Ladies and gentlemen, please do not close this session, as we'll now automatically redirect you in order that you can provide your feedback directly to the company. On behalf of the management team of M.P. Evans Group PLC, we'd like to thank you for attending today's presentation and wish you all a good rest of your day.