Good afternoon, everyone. Hope you're well. We'll just let others join, if that's okay, and then we will kick off. As the participants join, we'll just leave it, give it one more minute and we will before kicking off, if that's all right. It's two minutes past. I think we'll get going if that's all right with everyone. Thank you for your time. Lovely to see you. Hope everyone's well. What we'll look to do in the next half an hour, 40 minutes or so, is Paul and I will just run through NBPE's results for the year ending December 31, 2025, and also give you an update on where we are today. Obviously, we released the March monthly NAV announcement this morning as well. If it's all right, what I'll do, I'm gonna record the session just so. This meeting is being recorded Send to those who are unable to attend today. Maybe what I'll look to do, I'll give a bit of a quick overview of the results. A quick reminder, I know everyone on the call knows NBPE well. Just a quick reminder of what we're looking to achieve, and then I'll hand over to Paul, who'll touch a bit more on the market, portfolio, and then we will, you know, go through kind of some new investments we've made over the last year and into this year before touching on kind of capital allocation and where we are today before wrapping up. Maybe, without further ado, I'll kick off. Just in terms of the highlights for the year 2025, I'm not gonna go through all the numbers in detail. A NAV total return of 5% with a share price total return of 7.5%. In terms of realization to $180 million of realizations, it's about a 14% of opening portfolio NAV. This is very much kind of Q4 weighted, as you would probably gather. Q1 and Q4. About $78 million in Q4 and about $51 million in Q1, given all that happened last year in terms of Liberation Day and the subsequent rollout of tariffs. These were achieved at a average uplift of about 17%, three-quarters prior to 2.8x multiple of invested capital. We'll talk about this in a little bit more detail. That was a 57% increase in co-investment exits from 2024. In terms of the capital position today, sorry, as at the end of the year, we're at 100% invested. The investment target level over time, the long-term target's obviously been between about 105 and 110. Available liquidity was at $302 million. As you're aware, and as many of you might have seen from the release, the NAV announcement, actually the investment level today is about 110%. At the Capital Markets Day in November last year, the intention from the board was look to move the investment level or the target back towards, you know, 105 to 110. Since the end of last year, we have actually made five new investments totaling about $78 million. We've got one new investment of $11 million pending, so that's $79 million of new investments over the last couple of months. I won't spend a great deal of time on portfolio company performance. Paul will touch on this. LTM revenue growth of 9.2% and 9.7% LTM EBITDA growth, so resilient performance, and a 3.9% appreciation ex-FX in private investments. Then maybe kind of finally turn to capital allocation. So as you can see, NBPE returned about $102 million through dividends and through buybacks to investors throughout last year. It's about 8% as a percentage of opening portfolio NAV. If you take actually since the beginning of 2025, we actually returned near 11% of the company or of portfolio NAV to investors through the continued dividend and buyback program. I think what we have seen talking, we can talk about the new investments, but I think the importance of our capital allocation framework, as you all know, is the two pillars. One is the pillar to make new investments, and two is the return of capital. I think what you're hopefully seeing, and we'll talk around performance of our newer investments in 2024 and 2025, but actually the ability for us to reinvest proceeds into deals is really gonna drive long-term growth for the portfolio. But we feel we're well-placed and the, um, existing portfolio is, uh, is performing well with a lot of, uh, resi-- you know, uh, with partic- with a lot of, um, companies that are exit-ready. Uh, uh, so maybe just moving on, I'm not gonna spend a huge amount of time on NBPE. Uh, knowing-- signaling the names on the call, you all know us particularly well. Maybe just drawing out some of the, um, uh, some key things on this slide. So value of, um, you know, one point one billion dollars of direct investments. Um, 94% in private investments today. Seventy-two direct deals across forty-eight different managers. An average holding period of about five point eight years. Um, and then this on, on the next slide obviously looks at, uh, some of the names that you probably know very well. The key stat in the middle, um, top thirty represents about 79% of portfolio fair value. And in terms of portfolio diversification, there's not a huge amount of change in terms of, you know, 8% in the US, with 22% in Europe. Uh, diversified across industry. Very happy to kind of drill down into specifics of, uh, within each of these sectors, if required. And then again, diversified across sponsor and also vintage year. We can talk about that in a little bit more detail. A gain, the benefits of the Kirmes model, you know, the fee efficiency and capital efficiency, but also the flexibility. It allows us to b oth make new investments, but also to focus on balance sheet strength, as we have done, and obviously, and return capital to investors through our dividend and buyback program. I think that's very important in, in, in our perspective with the benefit, you know, the company con- has control over investment pacing and capital deployment, and crucially, I think, in this moment in time, but no overcommitments, um, and like a traditional fund structure. So again, very clean balance sheet and in good position in terms of, uh, the balance sheet today. And I'll... We'll talk about that in a little bit more detail moving forward. Um, so appreciate I've whizzed through that opening section, um, in terms of kind of high, very high-level highlights of the results and NBPE in our model. Um, if there are any questions, please, uh, do, uh, jump on and, um, please let me know. If not, I will hand over to Paul to talk a little bit more around the private equity environment, where we are today before we touch on about the talk a bit more about the portfolio specifically. Cool. All over to you, sir. All right. Thank you. Um, so just continuing with a little bit about the m arkets and the backdrop. Um, this slide gives you, uh, an idea of some of the issues that, uh, o-obviously have been affecting private equity markets. And, um, they're very similar issues to what we're seeing in the public markets. Um, you know, I think in terms of deal-making and exits, we'll talk about that, um, in a bit more detail. But Q1, um, was a little bit slower than the pace we were running at in Q4, and the reason for that really is the macro environment and, in particular, uh, concerns around artificial intelligence impact on software, uh, and the war in Iran and more broadly the political landscape most definitely had an effect on the deal environment in the first quarter. In particular, I think in February and March, we did see the private markets slow somewhat. I think similarly to what we've seen in the public markets, ultimately the markets have remained very functional, and I think we're seeing pretty good activity so far in April. Not to say that these issues are behind us by any means, the market does seem to be functioning. On the next page, just a little bit more color around that. In terms of deal activity, 2025 was actually the second biggest ever as you can see on this chart. Really we'd increased gradually from 2023 to 2024 to 2025. The run rate in 2026 is a little bit lower, and in private equity terms, deals often do take a little while to happen, so there can be a little bit of a lag in the statistics. I would say, you know, maybe February and March were a little bit slower, and that's because, you know, new deals weren't beginning as much earlier in the year as they had been in Q4. Similarly, when you look at exit activity, which obviously is linked quite strongly to actual private equity market activity. Exit activity was still continuing at a healthy pace in Q1 when you look at the statistic on a run rate basis. You can see that it's just a little bit below a quarter of the 2025 volume. I would argue that, you know, maybe the pace was slowing as the quarter went along, albeit now rebounding somewhat in Q2, I think. Yeah, that's the picture in terms of markets. We have in another place in this a view of our own deal flow, and that's another way we view the market. Obviously, our competitive position is overlaid on top of that, but I think deal flow is also a good indicator of where the market is at. I would say in April it has been a little bit busier than it was in February and March. Moving on to the overall multiples in the market. The dark blue is the U.S. EV to EBITDA multiple on new deals in private equity. The light blue is in Europe. You can see that multiples did come down very slightly this quarter. I would guess that is as much because we've seen less software activity in the market, and software tends to be, or had tended at least to be, one of the more expensive areas of private equity. I think with that, transaction volume greatly reduced in Q1, I think that's probably the bigger indicator of why that decreased as opposed to the market as a whole. I think when we're looking at other sectors, it remains very competitive and feels very similar to what we saw in 2024 and 2025. Similarly, Europe has continued about the same as where it was in 2025. You know, I think multiples are at a reasonable place, but of course, the market remains very competitive. There's plenty of equity for new deals. Debt remains available. It's a very functional and competitive market that we continue to see. Finally in valuations. This is a slide, again, we showed this in the Capital Markets Day. The bar chart on the left, the sort of blue-green color is the private market index that Neuberger produces, and this is based on information that's available to our platform. We will take private equity funds and aggregate them, and we show the annual change in valuations across the last five years, obviously 2021 really a banner year for the market and for NBPE, shown there in dark blue, and since then, generally more muted changes. I think the call-out box on the far right of the screen is important, though, and this looks at the valuation changes of younger vintages from the last 5 years prior to 2025, at the top of the page, which in 2025 increased in value by 15%. Older vintages tended to be more muted in their valuation changes, and that's just a feature that we've seen in the private equity market. You know, I think some of that's related to the level of exit volume, et cetera, that we see, and that can certainly have an impact on those older vintages. That's the market backdrop, and I'll pause there. Happy to take any questions, and then we can talk a little bit more very quickly about the platform, but then more in detail on the portfolio. Maybe just move on, and I won't go through in too much detail. Platform remains very healthy. We manage $155 billion in private equity commitments at this point in time. At the top of the page, you can see co-investments, which is what NBPE invests in, is $45 billion of what we manage. But importantly, the primaries business, that's primary fund investing, also very healthy, and at this point managing $41 billion in commitments. The statistic you see in the second bullet point, I think, is also important, which is that we committed over $20 billion in commitments across all of these different areas you see on the pie chart last year. It just shows that we're a very relevant player in the private equity market. Looking at deal flow, and I mentioned this a little bit earlier, but the chart on the left looks at the deal flow of co-investments on our platform since 2015. You can see that we saw 673 new co-investment opportunities offered to our platform last year, which is almost 13 new deals per week. It gives us the ability to be very selective. We typically commit somewhere between 10% and 12% of the deals that we see in a given year. Obviously the more deal flow that we see, the more selective we can be, which has been a very good thing for the platform as a whole. On the right, the differentiation of that deal flow, the difference between the types of co-investments that we completed in 2015, which were majority traditional co-investments, compared to today, where we are seeing only 18% in traditional, 35% in mid-life deals, and 47% in co-underwrites, where I would say that our positioning is more differentiated. That's one of the key reasons that deal flow has increased, because of the proactive creation of deal flow in mid-lives. You know, I think our reputation and scale building over time has been a real benefit in both mid-lives and in those co-underwrite deals. With that, I'll move on a little bit more to portfolio performance and, you know, I think it says it here in the title, but I think the portfolio has remained very resilient. For those who are able to attend or review the recording of the Capital Markets Day, I do feel that where the portfolio is now, the results that we've seen, are kind of a continuation of what we talked about at the Capital Markets Day. We saw a total of a 4% uplift in foreign exchange in 2025 in the private portfolio. The public portfolio, which has been decreasing in size mostly through realizations, is only 6% of the portfolio today, still showed a slight decline in the year. The privates, yeah, up 4%, and we'll talk a little bit more about some of the value drivers on the following slides. Certainly, the biggest positions continue to be the biggest drivers of positive momentum in the portfolio, and you see that on this page, with the 16% uplift on the top 10 companies. The top 10 quite similar to where they were at the Capital Markets Day. Some movement within the top 10, but generally the same companies and the vast majority of these really performing well and obviously a feature of dynamic valuations is that as EBITDA grows it'll typically be the case that your best companies do become the biggest companies and drive the performance and that's exactly what's been going on within our portfolio. On the next slide, again, Luke covered this pretty broadly. The underlying revenue and EBITDA growth in the portfolio has continued in a similar regard quite similar to what it looked like at the Capital Markets Day. I'd say very solid performance with 9%-10% revenue and EBITDA growth across the portfolio. The valuation metric, I think is reasonable given the sectors and the business models of the companies in the portfolio, at a 15x. That has increased, or sorry, decreased over time. If you go back to 2021, that number was 17.4x. It's come down over time, but more recently has stabilized and over the last couple of years has been essentially in and around this number, both in terms of the valuation and the leverage in the portfolio. Looking at the underlying drivers, certainly one of them has been M&A, and this looks at 5 examples from across the portfolio. As you can see, the companies on the right, those four companies are all in the top 10. Infra Group is a more recent investment that's not in the top ten currently, as it was a smaller investment when we made it, but it's off to a great start. Really, all of these companies have been very successful with M&A in different ways. On the far right, Solenis has made a number of really quite transformative transactions within its M&A. Whereas a company like Monroe or FDH, which are both industrial distribution businesses, have been much more systematic about buying smaller companies and integrating them into the platform to really diversify various aspects of their business. Infra Group is a similar story there. But as you can see when you look at the invested capital versus the fair value, things have been going well in all of these companies. You know, in particular, just the one thing to flag is that Infra Group is a new investment we made in 2025. It's a mid-life investment, which means we're investing when the lead sponsor has already been an investor for some time. Good to see that one already off to a positive valuation start. FDH and Mariner are both investments we made in 2024. We've got a bit more information on the sort of new investment cohort. It gives you a good illustration here of the start that these investments are off to. I think another key message from the Capital Markets Day was that with the average age of the companies in the portfolio being 5.8 years that refreshing the portfolio has been one of the things that you know we feel is very important for the future of the fund. Clearly we have also been returning a significant amount of capital through buybacks which again we'll talk about later. But one of the overriding things that we have realized when you take a step back is that we have prioritized balance sheet strength for some period of time really since 2021. Our model is that we invest directly. We can choose when to start investing, when not to invest, and, you know, through that, we have a degree of control of investments that most other listed funds don't have. And through that, we really chose, through uncertain periods, to be conservative with the balance sheet and the investment level actually declined to about 100%. One of the things we talked about at the Capital Markets Day was refreshing the portfolio while continuing with share buybacks. Since that point in time, we have made four new investments that have closed since the Capital Markets Day, one more in process and one investment that closed just before the Capital Markets Day. At this point, the investment level is 110%, and we still have almost $200 million of liquidity available for the portfolio. That's six new investments. Some of the logos are shown on the right, and a couple of them are currently undisclosed. You know, there's a mention there at the bottom left of AI being a factor in four of those. Of course, that's something we consider in all investments, but an investment like Infra Group, it's somewhat less relevant, given that it's obviously focused on infrastructure services. Four of them, it's either a direct driver in the company or it's what the companies do, or you know, a couple of them where it's really part of the investment thesis and a way to make the company better over time. Just getting into that in a little bit more detail, and I won't go through every single company, but the five investments which have closed this year are shown here. The three on the left, we are able to disclose the names and talk about them. The two on the right, we are not able to due to confidentiality provisions. Those two are more growth-focused investments and they're both AI-themed in terms of the underlying companies. It's an area we've been very active in our platform as a whole. We think it's very attractive and obviously fits with the secular growth trend that NBPE has pursued in part of its portfolio for a long period of time. We've included those two investments at bite sizes, which are $10 million and $14 million, you know, reasonable and considered investment sizes. The three on the left are more typical buyout investments that we've made on the platform. Infra Group, we talked about. Conservice and Ryan, both business services providers. In the case of Conservice, they provide utility management and bill payments processing, and really again, a business services company that services outsourcing from multi-tenant landlords. Then Ryan, which is focused on U.S. businesses and really focused on managing tax savings across state and local taxes for U.S. businesses. Both of these services businesses, not software predominantly. And both businesses where we think AI can make the businesses more efficient in a number of ways. That's certainly part of the investment thesis, although both also operate in markets that are growing. They're both leading players in those markets. In the case of Ryan, we also think that M&A will be part of the future growth of that company. That's the 5 new investments we've made to- date. We do continue to look at new investments and certainly will consider new investments as the year goes on. Maybe go to slide 29. This just reiterates the point that we made and, you know, I think important to point this out. We're talking about refreshing the portfolio. This looks at the investments that we made. There were 4 new investments in 2024, and then Infra Group in 2025. You can see those investments to date have generated a 1.4x gross multiple of invested capital and a 20% gross IRR, and produced very strong revenue and EBITDA growth. Really, as a cohort, off to a very good start and obviously, what we're hoping to be able to do is to repeat this in the new cohort of investments that we're making and to refresh the portfolio and, hopefully drive performance upwards. Then on the other side of the coin, obviously realizations, a key part of refreshing a portfolio. Luke mentioned in the introduction, last year was a good year for realizations, particularly in that green color there, which is excuse me, equity realizations. The blue would include income investments, which obviously most of that portfolio has now been realized. Focusing on the green, that has saw a 57% increase in realizations from 2024 to 2025, the biggest year of realizations for co-investments since 2021. A lot of that was second half loaded, really seen in Q3 and in particular in Q4, as you can see on this page. I think the key point of this page is that realizations can be a little bit lumpy and certainly can be correlated with macro events. This looks at quarterly realizations out of NBPE's portfolio. If you look at Q2 of 2025, you know, that was following Liberation Day and was a quarter that, particularly in the U.S., was certainly saw reduced activity relative to what we'd seen earlier in the year. Our realizations most definitely followed that but picked up as the year went on in Q3 and into Q4. So far this year, realizations have been lower. You can see at about $10 million so far. I think part of that is really linked to a slower market. You know, I think that's something we think about very carefully when we're thinking about new investments and managing the balance sheet is what visibility we have into realizations. Nevertheless, despite this number being lower, I would say, again, one of the things we talked about at the Capital Markets Day was a portfolio that has a number of companies positioned for exits when the market is in the right place. We do continue to believe that's the case. Last slide before I hand back to Luke, just looking at our overall co-investment track record within NBPE since 2016. Again, you can see the more mature vintages performing very well. That average from 2016 to 2024, the investments in the portfolio have produced a 2.1x multiple of our invested capital. Obviously the more recent investments, which includes 2024, but particularly 2025 and what we've done so far in 2026, very early days. You know, generally, I think very pleased with the performance we've been able to produce in those co-investments historically for NBPE within the portfolio. With that, I'll hand back to Luke to talk about liquidity and capital allocation. Thanks, Paul. Maybe just turning to look at the balance sheet a little bit. As you can see in terms of where we are today, so in terms of the drawn credit facility, we've got $120 million. I think probably on the right-hand side, we have $196 million available liquidity as at 31 March this year. I think as mentioned, you know, our real focus over the last number of years has been focusing on balance sheet strength ensuring allowing us to continue to make new investments, but crucially to obviously continue to be able to have the flexibility between the two pillars of our capital allocation framework, new investments and return of capital to shareholders. Maybe just looking, we've talked about the new investments, but actually maybe j ust looking at the return of capital through the dividend and buyback program as of last year. If we include H1 2026, NBPE since inception has returned or declared about $556 million to investors by way of dividends and share buybacks. I won't go through all the numbers on this slide in detail. I think the key things for me to draw out are the $80 million of shares repurchased under the $120 million buyback program, which the board announced since February 2025. The number I referenced at the beginning, you know, that we've returned about $140 million over the last 15 months to investors. That's 11% of the beginning of portfolio NAV. With that, you know, clearly I think from our perspective, we will continue to balance, you know, the making new investments with return of capital to shareholders. The benefit of the model allows us to do that and, you know, as Paul highlighted and we talked around, you know, I think from our perspective, we have good visibility over the next, you know, 6, 9, 12, 18 months in terms of realizations. What we are going to do is obviously balance that with the new investments we make. You've clearly seen we've done that over and we've done what we said we would do, both in terms of the new investment activity, but also continuing return of capital to shareholders. Maybe a couple of concluding thoughts, and then very happy to open the questions if there are any. If not, we can wrap up. Just maybe, you know, the first kind of box on the top talks about NBPE's differentiating model. I know many of you are aware, you know, but we do think the co-investment model does provide both capital and fee efficiency, as we talked about. We've touched on to Paul highlighting the kind of highly experienced team in terms of the NB Private Markets, the Neuberger Berman Private Markets platform, in terms of and the deal flow that's generated as a result of that 25 years or 35 years of being a private markets investor. In terms of, you know, resilient portfolio performance, you know, I think we're well-placed to benefit from opening up of the exit environment we talked through. There are a number of exit-ready companies. I've just talked a little bit more about the balance sheet in terms of where we are, you know, the strong financial position with the flexibility to make new investments, but also to maintain the return of capital to shareholders, through dividends and, through the buyback program. If there are, I'm very happy to open up to questions. There's obviously this presentation, we've got a results video, and the actual report is available on the website. We go into greater detail in terms of, you know, sector allocation, et cetera, and a bit more detail into the market in the slides in the appendix. If there's any kind of burning questions, very happy to take them now or alternatively, very happy for you to give me a ring. Paul and I are doing the rounds over the next few days. Very happy to kind of take any further questions either now immediately or later on. Brilliant. Well, all that's left to say is thank you for attending today. Yeah, as mentioned, if there are any questions about what you've heard today or anything moving forward, please do get in touch. Thank you again, and I hope we see you all very soon. Thank you.