Good afternoon, ladies and gentlemen. Welcome to The Renewables Infrastructure Group 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. I would now like to hand you over to the team from The Renewables Infrastructure Group. Good afternoon. A warm welcome to TRIG's Full Year Results. 2025 was, in many ways, a difficult and frustrating year for TRIG. The company's share price and NAV performance both fell short of the board's expectations. The persistent discount to NAV at which the company's shares are trading continues to focus the board's attention. 2025 was also, however, a year that demonstrated the resilience of our investment proposition, central to which is the robustness of our cash flows and the reliability of our dividend. These are what give TRIG the potential to provide its investors with a sustainable, progressive dividend and the opportunity for capital growth, which is driven by the high-quality earnings and underpinned by balance sheet strength. TRIG has a pipeline of opportunities reflecting the high demand for additional secure and sustainable electricity generation in the U.K. and in mainland Europe. All of this is giving us a more positive outlook for 2026. In 2025, we had to manage two particular external challenges that impacted the whole sector. Wind speeds were low, but against that, TRIG's wind exposure was offset by a diverse portfolio invested in solar, which currently represents 13% of our portfolio, and building out our battery storage pipeline will further aid the diversification of the portfolio, and the first project from that pipeline, Ryton, is due to come online this summer. In addition, the REMA and ROC consultations were widely perceived to signal policy headwinds for the whole sector, particularly in the U.K. TRIG has a geographically diverse portfolio with 41% of its assets in continental Europe. This means that the proportionate impact of the ROC decision was limited. TRIG has also been notably successful in securing long-term offtake contracts, PPAs. These represent good value and show TRIG is an attractive investment partner to corporate counterparties who are mandated to improve their long-term energy security. Our experience is that corporates are maintaining their focus on sustainability to TRIG's advantage. While the proposed merger with HICL could have brought several benefits to TRIG shareholders, including scale and liquidity, we retain every confidence in TRIG's standalone strategy, which seeks to achieve a total NAV return of more than 10% per annum on average over the long term, anchored by resilient income, which in turn supports our dividend policy, the principal focus for the majority of our shareholders. Despite all the challenges of 2025, the portfolio's quality of underlying earnings and distributable cash flow meant that we met our annual dividend target. We have confidence in our ability to deliver that target again in 2026 and beyond, as well as restoring our net cash dividend cover to 1.1x-1.2 x, with the real prospect for NAV growth going forward. The company has also delivered on its guidance with respect to refinancing, following the successful completion of an upsized GBP 200 million private placement debt issuance post the period end. We have completed over half of our targeted GBP 150 million share buyback program. We are, from today, increasing the pace of buybacks, while also being well on our way to delivering the level of disposal proceeds that were projected at last year's Capital Markets Seminar. In June this year, the company will hold its first continuation vote. The board will use the upcoming Capital Markets Seminar in May to present how it intends to drive long-term shareholder value and meet investors' needs. In the meantime, our efforts are focused on fulfilling the targets established last year and validating our confidence in TRIG's delivery and future prospects. Thank you for your continued support. Many of you have invested considerable time engaging constructively with the company and with the board in the last 12 months. I am grateful for that. I look forward to speaking with more of you as we progress throughout the year. Thank you, Richard, and thank you to everyone, both in the room and online, for joining us. Welcome to the 2025 Annual Results Presentation for the Renewables Infrastructure Group. As Richard said, it's been a challenging year for the renewables sector in Europe, with low wind speeds and curtailment of generation in Sweden. These factors, together with a reduction in power price forecasts, resulted in a NAV of GBP 1.04 per share at the end of the year and is reflected in the share price sentiment. In this context, I'm pleased to report that the underlying business remains resilient, reflected in gross cash cover of the dividend 2.1x. Operating cash generation was GBP 375 million, which was used to fund GBP 192 million of portfolio debt repayment, with net dividend cover of 1.0x, in line with expectations. Amortizing and fixed rate nature of debt on the balance sheet is a result of deliberate structuring, resulting in low refinancing risk and low interest rate risk. Mirroring the balance sheet, we seek revenue price fixes and maintain good inflation correlation. This provides resilience to our cash flow forecasts, which has given the board the confidence to maintain the dividend at GBP 0.0755 per share, representing an 11% cash yield. Based on our current projections, we see this level as one that can be maintained with a path to resuming dividend growth in the medium term. We presented our projections to support this at the Capital Markets Seminar in May 2025, and we'll step through them again over the next few slides. I will then cover the strategic areas of capital allocation, active management, and portfolio construction before handing over to Phil to run through the financials. On this slide, we show our cash flow projections from the current portfolio before reinvestment in the shaded area in blue. It is similar to the chart that we showed at the Capital Markets Seminar and reflects the lower cash flow assumptions that are in the current NAV. The stability in cash flow projections reflects that TRIG's revenues are resilient, with 75% of prices fixed per unit generated over the next five years, and over half the revenues directly linked to inflation. For us, distributable cash flow is after the repayment of long-term debt. This means that distributable cash flow from the current portfolio peaks in 2040, at which point the current portfolio is also debt-free. As the current portfolio ages, then in order to keep distributable cash flows increasing into perpetuity, it is important that we reinvest accretively. This is achieved through the projected dividend cover and reinvesting at returns in excess of 10%. When this is achieved, then you can see through the dashed lines on this chart, that the higher revenues result in increasing distributable cash flows into the future and eternal life. Of course, investing in line with the buyback hurdle rate, which is shown by the red dashed line, is even higher still. On this next slide, we focus on the next five years through the lens of Free Cash Flow per share to demonstrate the resilience of the current dividend level and the pathway to resuming dividend growth in the medium term. We show the split of cash flow per share between the current portfolio, new projects on, coming online, both those that are currently in construction and future projects in the development pipeline, and the impact of share buybacks. What this slide shows is GBP 100 million-GBP 150 million retained cash in excess of the dividend over the five-year period, during which time we will also have repaid GBP 1 billion of project-level debt and would leave gearing at just 28% at the end of the five years. We now turn to capital allocation. On this slide, we show how we've implemented the board's capital allocation priorities. You can see that the approach to capital allocation has been flexible. In response to a weaker share price, we have pivoted to a greater emphasis on shareholder returns, including buybacks, when they reflect the best use of capital. With over 50% of available capital allocated to shareholder returns in 2025 and a similar allocation expected in 2026. You can see that is up from previous years. Last year, we also invested GBP 116 million, particularly into new projects, as well as technical enhancements to existing operational sites. In each case, we benchmark the returns against the hurdle rate set by buybacks, and given where the share price is trading, we refer the major construction investment decisions for Cuxac repowering and the Spennymoor battery to the board. We are seeing the major construction projects with IRRs in the teens and operational enhancements well over 20% IRR. It is worth noting that the operational enhancements are smaller in quantum relative to the construction projects. On this next slide, we revisit the four limbs of the enhanced strategy that we set out at the Capital Markets Seminar. Good progress has been made. In the year, we have raised GBP 280 million of capital. GBP 80 million was from completing the sell-down of the Gode offshore wind farm, GBP 200 million from the private placement debt issuance in February. Further sale processes are in train. Three projects, representing GBP 180 million CapEx, are in construction. The Cuxac repowering extends the life of the portfolio and adds to our fixed-price inflation-linked revenues. The Ryton and Spennymoor batteries will add to portfolio diversification. We have a proactive approach to revenue management, and we think that a high percentage of fixed prices is good. We're delighted that in the year to have signed a 10-year fixed price arrangement with Virgin Media. It is great to see that corporates continue to value green, affordable power. We've also rolled out a whole series of operational upgrades across over 200 MW of the portfolio, with more to come. Finally, before I hand over to Phil, whilst the last few slides have focused on the financial fundamentals, the resilience of TRIG is built on our diversified asset portfolio. Our portfolio spans six markets and four technologies that support both energy security and the decarbonization of the U.K. and European economies. We continue to see the benefits of diversification. Far in 2026, whilst it is early in the year, we've seen a reversal of some of the trends that we saw in 2025. Good winds in the U.K. and good electricity prices in Sweden. It is worth noting that in Iberia, where there's been heavy rainfall, power prices are a little lower. On this slide, a brief reminder of our portfolio. We have a 59-41 split between the U.K. and Europe. The portfolio is 79% wind, 13% solar and 8% battery storage. Our medium-term objective remains to increase technology diversification, which means more solar and more batteries in the portfolio. Reflecting our capital allocation priorities, this is currently being met through the sale of wind projects and the building of batteries in our development pipeline. Phil, TRIG's CFO, will now take us through the financials. Thank you, Minesh. I'll take you through the financial highlights and the valuation movements for 2025. The valuation of the investments, and therefore the net asset value, have declined in the year, mostly driven by macroeconomic factors, regulatory change, and low wind speeds. The largest movement of the year has been a reduction in power price forecasts across geographies, with power price projections being lower in the near term. There's also been a modest offset in the valuation from active management, including energy yield enhancements delivered in the year. At the 31st December is GBP 1.04 per share, with a portfolio value of GBP 2.9 billion. Being an investment company, the valuation movement reduces earnings, which in the year are GBP -5.4, which means after the dividend is paid in the year of seven and a half pence, and with the benefit of share buybacks, the NAV is reduced by GBP 11.9 in the year. Dividend cover before project-level repayments in the year of GBP 192 million was 2.1 x. Dividend cover after those repayments was 1.0 x. Dividend cover has been tighter than usual. Low wind speeds across many of our geographies over the year has reduced cash flows. We expect dividend cover to improve to more normal levels, with an expected net dividend cover level of 1.1 x for 2026, and 1.1x-1.2 x for future years. The target dividend for 2026 of GBP 7.55 is reaffirmed by the board. We report a EBITDA for 2025 of GBP 459 million, which covered debt amortization and the dividend. 2025, EBITDA is slightly lower than 2024, reflecting the disposal of a stake in the Gode wind farm that completed in March 2025, and also reflects low wind speeds and a higher level of uncompensated grid downtime in 2025. I shall return to revenue and EBITDA on a later slide. Stepping through the valuation bridge shows a trail from the opening valuation of GBP 3.1 billion to the rebased valuation of GBP 2.9 billion, and on the next slide, a closing valuation of GBP 2,875 million. Starting from the left, investments of GBP 116 million have been made in the year, mostly funding the construction of the Ryton and Spennymoor batteries in the U.K. and the repowering of the Cuxac wind farm in France. Disposal proceeds of GBP 84 million relate to the sale of a partial stake in the Gode offshore wind farm that completed in March. Cash flows up from the investments in the year were GBP 220 million. The rebased valuation is GBP 2.9 billion. On the next slide, we have the rest of the valuation bridge, with this section showing the items that affect NAV and that reflect the operating income shown in the profit and loss account. I'll be going into detail on most of these items in the following slide. Briefly, on the bridge, we show the impact of the movement in FX on our euro-denominated assets. Sterling has weakened 5% against the euro, resulting in a gain before hedge offset GBP 59 million, as shown in the bridge. The company hedges FX outside of the portfolio, and the losses on these hedges partially offset this impact, resulting in a net FX gain for the company for the year of GBP 33 million. Power price forecasts have declined in the short to medium term of the power curve that have reduced NAV quite significantly, and I'll come back to that in more detail shortly. We have increased discount rates for our European assets in Q1 2025 by 0.3%, reflecting increases in EU government bond yields. In Q4, we increased discount rates for our U.K. offshore wind farms by 0.5%, reflecting a greater availability of U.K. offshore wind farm investment opportunities, relatively available investment capital in the market. There's been a slightly higher actual inflation in 2025 than forecast, which has increased now slightly. The negative impact for regulatory change includes the change to ROC and FIT indexation to CPI in the U.K. That is effective at April 2026, which had an adverse NAV impact for TRIG of GBP 14 million. TRIG has a relatively limited exposure to U.K. ROC and FIT revenues that comprise a little less than 20% of projected revenues for 2026, given the nature of TRIG's diversified portfolio. Changes in the U.K. autumn 2025 budget reduced capital allowance rates and increased business rates for some of our larger wind farms, which had an adverse NAV impact of GBP 9 million. Offsetting this, we had a reduction in German corporation tax over the next few years. That has a positive valuation impact of GBP 4 million. The final item on the bridge portfolio return for the year is GBP 75 million and represents an annualized 2.6% increase, which is lower than would be expected, predominantly due to lower cash generation in the year, due to unusually low wind speeds in H1 and a higher level of uncompensated grid downtime. The next slide provides more detail on power price forecasts. As a reminder, TRIG takes a conservative approach to power price forecasting. We receive forecast curves from three mainstream providers. We reduce their base load curve to adjust for the lower price captured by renewables generators, known as cannibalization. We take the average of these three curves. This approach means we capture the range of views in the market in relation to the evolution of supply and demand of electricity. The spread of forecast is a little wider at December 2025 and December 2024, having been much wider at June 2025. The impact on returns of adopting the highest or the lowest curve compared to the average will be around ±1%. We include charts in the appendix of the presentation, showing the range of forecasts for GB wind being the region with our largest merchant exposure and also 1 of the regions with the largest range between forecasts. Overall, there have been reductions in power price forecasts over the year across most of the geographies TRIG has invested in, with the largest reductions being in GB and Swedish markets, with most of the reductions being in the near term and being related to lower gas prices. On the top right of this slide, we continue to provide data on our average assumed power prices. In the appendix of the presentation, you'll find the year-by-year assumed capture power price by region that we use in the valuation. In the bottom right, the donut should a proportion of our forecast revenues that are fixed per megawatt hour and exposed to merchant pricing. The point to note is the high proportion that is fixed, 82% of the next 12 months, 68% of the next 10 years, providing some level of variation against some... Sorry, some level of protection against the variation in power prices and good inflation linkage. This next slide covers valuation discount rates. The slide shows the risk-free rates or benchmark government bond yields relative to the portfolio discount rate. The overall portfolio weighted average discount rate has increased by 0.4% during the year to 9.0%, which implies a just over 5% risk premium over the U.K./EU blended risk-free rate. As I covered earlier, we have increased discount rates in the year applied to European assets, and we increased the valuation discount rates applied to U.K. offshore wind farms in the final quarter. The next slide includes the inflation assumptions and other portfolio return items. Outturn inflation for 2026 came in a little higher than the level forecast. Our forecast inflation assumptions looking forward are unchanged. Also on this slide, we cover the more significant items included in the balance of portfolio return. We've validated many of the technical enhancements installed on wind farms across the portfolio and have applied a GBP 0.008 per share valuation uplift accordingly. Development and disposal activity in the year have added GBP 0.003 per share, with more to come as we commission projects currently in construction. Active revenue management refers to fixing power price revenues and also entering into an accretive corporate PPA in the year. Actual generation was below budget in the year due to unusually low wind speeds and high grid downtime, which detracted from NAV by GBP 0.042 per share. We have updated REGOs and Guarantee of Origin forecasts that have declined, reflecting reduced demand for these green certificates both in the U.K. and in Europe. Finally, buying back the company's own shares at a significant discount to NAV has added GBP 0.8 per share over the year. Bridges the NAV per share during the year and analyzes the movements between macro items, including regulatory change, actuals, which includes the impact of lower generation and year, with NAV gains from active management delivered principally from energy yield enhancements, revenue management, and share buybacks. This slide shows our continued focus on reducing the short-term RCF balance. During the year, we invested GBP 116 million in construction projects and GBP 58 million on share buybacks. In H1, we received EUR 100 million proceeds from the sale of the partial stake in Gode. Post-year end in February 2026, we completed the private placement debt issue for TRIG, adding attractively priced, fixed rate, long-term amortizing debt to term out half of the RCF balance, reducing the RCF to around GBP 200 million. Overall, the RCF balance has been reduced by GBP 110 million. In 2026, we expect to deploy around another GBP 80 million on higher returning construction projects and to conclude the company's GBP 150 million share buyback program. We are actively working on disposals, and we expect to reduce the RCF balance to between GBP 100 million and GBP 200 million, subject to timing of transactions and therefore the receipt of proceeds. This next slide shows TRIG's debt position, with gearing reducing over time, with scheduled repayments on the long-term debt over the subsidy and fixed income term. TRIG has long-term, fixed-rate, non-recourse, project-level debt that is shown in the chart in light blue. Earlier this month, we put in place a fund-level private placement with an average 10-year life that is shown in green. Scheduled repayments of this debt are from 2033 - 2038. In the private placement, we paid around half of the RCF balance, the RCF drawn now around at GBP 200 million. The private placement was provided by a group of high-quality institutional lenders with a strong demand, and we're pleased with the pricing level achieved. The repayment profile of the private placement is within the subsidy and other funds, other fixed revenue term, and it slightly extends the long-term debt profile, which benefits the fund's overall cost of capital. TRIG has a conservative capital structure, where the majority of our debt is long-term, fixed-rate, and amortizing during fixed revenue periods. The long-term debt is repaying at the rate of around GBP 190 million a year in the near term. The project-level gearing at 37% is moderate. Long-term gearing as a percentage of enterprise value, i.e., project-level debt and private placement, is 41%. Total debt as a proportion of enterprise value, including the RCF balance, is 46%. Note, we plan to reduce the RCF balance during this year through further disposals, and so we expect this level to reduce. Our revenue management program and our development program will provide further debt capacity over time, in addition to the existing fixed revenues, and enable debt to be carried for longer to optimize the capital structure and grow shareholder returns. Our final slide covers look-through revenue and EBITDA for the portfolio. Just turn to the next slide here. Great. Revenues for 2025 were GBP 642 million, portfolio EBITDA was GBP 459 million, and operational cash flows were GBP 375 million. These measures were slightly lower than the previous year reflect the disposal of the stake in Gode that completed in March 2025, and also the low wind speeds and uncompensated grid downtime in 2025. The impact of the partial sale of Gode was to remove around GBP 25 million from the full year 2025 EBITDA, as well as reducing project-level debt repayments for the year. With normal weather and lower grid downtime, we'd expect to see stronger performance in these measures in 2026. Absent disposals, we could expect 2026 EBITDA to be in the range of GBP 500 million-GBP 550 million. This slide also provides some detail on the average power prices achieved, fixed revenue levels, and the direction of travel for 2026, showing a high level of fixed revenues per megawatt hour for 2026 and a fairly level power price outlook for 2026 compared to 2025. That brings me to the end of the financial items. I shall now hand over to Chris, who'll cover the operational performance. Thanks, Phil. Hello. In 2025, TRIG generated 5.4 TW hours of electricity. That's enough to power the equivalent of 1.6 million homes and avoid 1.8 million tons of CO2. TRIG's portfolio of 85 projects is spread across the weather systems and markets of Western Europe in onshore wind, offshore wind, solar, and batteries, with a wide range of manufacturers and models delivering diversification of multiple different risks. Generation was 7% below budget in the year, and you can see how each region performed against budget in the column on the right. Of this 7% shortfall, 2% related to weather variations, which I'll come to shortly. 3% related to grid outages on equipment owned by third parties, with Uddevalla in Sweden and Mid Hill in the U.K. particularly affected. 1% related to aging assets ahead of their repowering, for which development activities are progressing alongside additional take-up in strategic spares. 1% related to economic curtailment, during which wind turbines are deliberately turned off so that they only operate when it's economic to do so, which mainly impacted Sweden. On the next slide, you can see how the weighted average wind and solar resource varies over time for TRIG's sites in each region compared to the long-term mean. Wind resource improved notably across the second half of the year, with the unusually high variances in the first half all reducing. In the first half of the year, German offshore variances exceeded 15%, while France and the U.K. had 10% variances. All of these ended the year much closer to the long-term mean, with Sweden's +7% partially offsetting the U.K.'s -4%. with the portfolio just 2% below overall. Solar irradiance was 1% down in each of Spain and France, but 9% up in the U.K., bringing the overall region once again, very close to the long-term mean. The portfolio diversification by geography and technology continues to be a key strength of TRIG's portfolio construction, both within and between years. You can see this very clearly in the final column on the right-hand side of the graph, showing the variance by region since TRIG's launch in 2013 compared to the long-term average. Delivering management alpha through value enhancements, amongst other things, continues to be a key focus for TRIG. The target of achieving GBP 70 million of enhancement value over 2025 and 2026 is well progressed, with GBP 32 million secured to date. This is through some of the activities shown on the right-hand side. I'm not going to go through everything, but you can see from the diagram the range of different activities being performed. Touching briefly on a few of them, increased revenues will flow from the value accretive Virgin Media corporate PPA, the 20-year Claves repowering feed-in tariffs, as well as short-term hedges for 2026 within Sweden to make the most of some higher forward prices. Increases to project lives continue to be secured, both through early engagement with landowners as well as adapting the maintenance regimes of older sites, such as placing greater emphasis on holding additional spare parts to help reduce operating costs. I'll talk about the ways in which we're evolving the portfolio on the next slide, but ultimately, these activities all contribute towards the GBP 70 million targeted value enhancements over 2025 and 2026. As ever, safety remains a top priority, with a seven day lost time accident frequency rate per 100,000 hours at 0.27, in line with industry averages. This slide provides a sense of how the homegrown development pipeline has been built up. Repowering development works of existing sites may take several years before they're ready to commence construction. Work has started nice and early. As the portfolio ages, new repowering opportunities will present themselves. Co-location is installing new technology, such as batteries, on an existing operational site. Typically, progress when wider strategic opportunities also progressed, such as providing additional electricity price stability. Greenfield relates to the development of entirely new project locations, which for TRIG, are all battery storage projects, which also provide a wider price edge within the GB market. I touch upon a few of these projects on the next slide. This timeline of development and construction activities provides some additional insight into how some of the homegrown development projects have been progressed, both towards and through construction. Picking out a few themes, a number of standalone GB battery projects have been awarded capacity market revenue agreements, supporting them on their development journey. While others, such as Ryton, Spennymoor, and Drakelow, have progressed through various stages of detailed design and construction, with Ryton to be fully operational in the second half of the year and Spennymoor in mid-2027. Fig Power, our battery development company, continues to make good progress on its portfolio. The development of electrically co-located battery projects have been initiated alongside our solar projects in Spain to provide both revenue stability as well as a value enhancement to the portfolio. In addition to these activities, as previously reported, the legal challenge against the Vannier wind farm in France was heard in court. This resulted in the environmental permits reinstatement being stopped. The case is being escalated through the courts, but in the meantime, wind farm's generation has been suspended. GBP 0.3 per share provision has been included within the NAV. Repowering or replacement of existing wind turbines and associated infrastructure with new equipment is now well progressed at Cuxac in the south of France. All old turbines have now been removed from the site, and the new large foundations constructed, with full operation targeted by the end of the year. The repowering will make good use of existing tracks and crane hardstandings, local relationships with landowner, local authorities, and the local population, along with decades of wind data to help derive an accurate forecast energy yield for the new site. Claves is another wind farm in the south of France, which is a little earlier in its repowering journey, with a final investment decision to proceed targeted for the third quarter of 2026, which has also secured a long-term, government-backed, indexed revenue contract. With that, I'll now hand back to Minesh. Thank you, Chris. Before I conclude, it's worth spending a moment on the structural trends in the energy sector. Fundamentally, the energy transition remains an important investment theme. Governments remain exercised by the need for greater energy security, and corporates continue to see value in affordable, decarbonized energy supply chain, as shown with our new contract to sell power to Virgin Media. Electricity demand is set to accelerate, particularly driven by transportation, heating, and cooling, as well as data centers and AI. Our investment strategy is well aligned to this trend. Renewables will be important component of the generation mix to deliver this electrification. Batteries will be critical to providing storage to the electricity system. Focusing back on TRIG, our business model is deliberately designed to ensure resilient income for our shareholders through a diversified portfolio, a high proportion of fixed price revenues, and an amortizing debt structure. The 2025 dividend was covered. This year we expect to start heading back towards the more normalized net dividend cover levels of 1.1x-1.2 x. With share buybacks and new capital expenditure propelling that further, we also have additional growth levers through portfolio rotation, revenue management, and operational and technical enhancements. I'll conclude today's presentation with a recap of the key strategic drivers of TRIG that underpin our aim to deliver an average 10% annual NAV return going forward. Firstly, TRIG benefits from a large, diversified portfolio and inflation-correlated revenues. This provides resilience to our cash flows. Whilst 2025 was a challenging year, that is reflected in the reduction in the NAV and the share price sentiment, nonetheless, we covered the dividend and repaid GBP 192 million of project-level debt. Secondly, responsible investment. We are focused on prudent capital allocation and have continued to progress the buyback program, with nearly 100 million shares repurchased to date. The board has announced its commitment to accelerate the share buyback program alongside these results. The private placement debt raise provides external validation of the strength of the business model. We have progressed investment decisions where they beat share buybacks as a hurdle rate and support the strategic direction of the company, including the Cuxac repowering and the Spennymoor battery, totaling around GBP 100 million CapEx spend. Finally, operational excellence is core to our management team's mindset, seeking to achieve more with the portfolio we have through commercial and technical enhancements. Today, we've demonstrated that we are delivering against the bold, enhanced strategy that we set out at the Capital Markets Seminar. We will have another Capital Markets Seminar this May, ahead of the continuation vote in June. We've also demonstrated why we have the confidence in the long-term resilience of the balance sheet and the dividend, which is managed as part of our capital allocation framework. We've demonstrated that we continue to optimize the portfolio, reduce gearing and deliver an attractive dividend to shareholders concurrently. Thank you for your time. Thanks, Minesh. That concludes the formal presentation, and we move to Q&A. Thank you for the questions submitted through the platform. We'll now take them in turn, and I'll start with one for you, Minesh. The share price has lagged the published NAV for a long time now by a considerable amount. Either the company is overvalued or undervalued, which is it? With the need for subsidies, is the threat of political support slipping for subsidized renewables, either from a cash-constrained Labor administration or the new government, the real long-term threat to business, which explains the underperformance for investors? Thank you. Quite a lot to unpack in that question. I think if we start by just focusing on, you know, the question around the over or undervalue. I mean, you know, what we look to do is control what is controllable, and then leave it to the market to judge the value. What we are delivering is a very healthy dividend, which, off the current share price, is an 11% yield, over an 11% yield. It's over a 7% yield off the NAV, and we feel that that is a very attractive income stream for investors. What we've shown in today's presentation, particularly if you refer back to slides six and seven of the presentation, is our forecasts around cash flow generation. In the first instance, the restoration of dividend cover to that 1.1x-1.2 x level, and then how we drive it forward to increase cover over the medium term from our construction activities, as well as the share buybacks. Hopefully, that gives people confidence in the dividend and, in time, reflected in the share price. I think there was a second half of that question around policy and policy support. Yeah Particularly focused on the U.K. I mean, you know, if we look back at last year, we had a, you know, a mixture of policy directions in the U.K. You know, earlier in the summer, the government decided it wasn't going to overhaul the U.K. electricity market and was actually just gonna reform the arrangements that are in place at the moment. That we saw as a positive. It maintained stability in the pricing arrangements. Later in the year, there was clearly the surprise around the change in indexation mechanism for the Renewable Obligation Certificates and the feed-in tariffs. There was a lot of industry pushback, but ultimately that indexation change has come through, and that has been reflected in the NAV. Just before Christmas, there was a call for evidence around corporate power purchase agreements that the Department for Energy Security and Net Zero put out. That's something actually we're very passionate about. We've signed five agreements with corporates in the last three years for over 200 MW of generation, including most recently with Virgin Media last year, for 2% of our total generation. That's something we'll be engaging with government very proactively to see if we can turn that into policy. That, I think, would be very supportive for the renewables sector and also take pressure off the government balance sheet, domestic expenditure, and move it over to corporates, who we are still seeing value, affordable, clean power. Thanks, Minesh. Are the prices received for renewable energy generation significantly linked to gas or oil prices? If so, what would happen to asset values should that link be removed by legislation? It's worth saying that over half of the revenues, in fact, 75% of our revenues over the next five years, are on a fixed price per unit generated. A lot of that is through government-backed contracts, and increasingly, we are directly contracting with corporates, as I said in response to the previous question. The balance is exposure to the merchant merchant power price, which in the U.K. is typically set by gas generators. In other countries, it could be set by other technologies. That's the benefit of being diversified around Europe, is different countries will have different drivers of the power price. Should that linkage to gas fall away, it could be because of the high penetration of renewables in the system. I don't... You know, I think government has said through kind of the review of electricity markets, that removing it through legislation is not their intention other than to continue to provide contracts, the CFDs, to new and repowered sites. I think, look, as renewables come on the system, we do expect to see more and more, we expect to see more power price volatility, and in that situation, clearly, having batteries in our portfolio is a key strategic move to respond to that change. Thanks, Minesh. Sticking with you again, we've had a couple of questions on the theme of investing, and comparing, the attractiveness of developing your own projects- Mm-hmm. with acquiring, completed portfolios, particularly, listed funds that are trading at significant discounts. I think, you know, we've said over the years when we acquired a battery portfolio back in 2022 as well as in 2024, that by buying a development portfolio, you have a few benefits. One is the higher returns that you can access if you're developing it yourself and getting involved earlier, rather than buying a portfolio. Secondly, Chris and team can make sure quality is there from the beginning, the level of quality that we want to ensure. You also have optionality as to whether you build it out yourself, spend the CapEx yourself, or sell the position on when it's ready to build and crystallize the profit at that time. You can also spread vintage risk, because you have a series of batteries coming online over the next 10 years, really. Therefore, every time you take an investment decision, it's based on the revenue forecasts and the costs at that particular time, so you're spreading vintage risk. Clearly, the question is kind of referenced to that option, which is where our focus has been, versus potentially combining with a battery storage company. I think when we think about combinations in general, you know, we look at it through the lenses of, firstly, does it meet, does it progress our strategic objectives? Which, in the case of batteries, it would. Do we like the quality of assets? Not all assets are of equal quality. In batteries in particular, we're very much focused on two-hour or longer duration, and, you know, neither of the listed battery peers have that as their kinda, as the bulk of their portfolio. Also, can there be a meeting of minds over price? You know, we're conscious that some in the market value their assets based on higher power curves, higher power price curves, and therefore, there may be a delta between our view of value based on our more conservative valuation assumptions and others. You know, if there can't be a meeting of minds over that, then you're not gonna really get anywhere. There's positive reasons we feel to be developing and building our own portfolio. There's reasons combinations could happen, but, you know, there's gates we have to pass through. Before that works for us. Thanks, Minesh. Sticking on the theme of investment, is TRIG considering expanding the geography of its portfolio to include CEE nations, for example, Romania, Poland, or Japan, where an increased number of renewable energy projects are being developed? Also, thoughts on investing in new nuclear across Europe and U.K. Yeah, we're comfortable with the remit of TRIG. I mean, the countries that we invest in, U.K., Germany, Sweden, France, Spain, historically Ireland as well, have all got significant renewables build-out plans, are all leading the way with battery storage deployment as well, and we feel that there's ample investment opportunity in those countries, as well as being towards the more stable end of public policy. I think those are really, really important for us. Given the scale of the opportunity, we're comfortable with the remit as it is. Okay. A question, a more operational question, Chris, for you. Do we have a feel for the impact of the increased wind speed in 2026? Is this on track or ahead of budget? Portfolio diversification is clearly a part of what we do. We've got some regions up and some are down. That's normally what we'd expect, and the shorter the timeframe, the more variability you would get. It's also worth just reflecting on different pricing in each market. You know, whether or not they're windier, but also if that happens to be one of the higher priced markets. Overall, year to date, we're probably a little bit down financially speaking. Yeah, fundamentally, in line with where we would expect to be at this time, and it's a short period. I'd expect that to even out, over the long term, as I alluded to when we were looking at the weather chart, earlier on in the presentation. Thank you. Another question for you, Minesh. Your current dividend level equates to the annual distributable cash flows. How do you intend to replace your depreciating operational assets without any cash generation in excess of the paid dividend level? It's right to say that in 2025, dividend cover was tight. Net dividend cover was 1.0 x. Because we repay our debts systematically, the amount of dividend cover we need to reinvest at the same rate as the portfolio is depreciating is actually quite small. We estimate that to be 1.1x-1.2 x, and particularly if we're reinvesting at more than 10% IRRs, and at the moment, it's kinda into the teens as well. You know, we've shown, if, particularly if we go back to slides six and seven, that we expect dividend cover to return this year back towards that more normalized level of 1.1.2, and at that level, with 10% reinvestment returns, we see the portfolio being replenished faster than it's depreciating, and eternal life for the company. Thanks, Minesh. Another question for you. While share buybacks are very attractive at the significant current discount, would it not be more beneficial for the longer term to reduce debt rather than buy back shares? Sorry, repeat that question? Share buybacks are very attractive at the moment, but for the longer term. Yeah would it be better to repay debt over buying back shares? I think what we've shown is that we can do all three, which is buy back our shares. The board has announced today that it's accelerating that buyback program with the intention to finish the program promptly. We're reducing debt, repaying it to the tune of GBP 190 million-GBP 200 million a year, just business as usual. Therefore, over the next five years, we'll be repaying GBP 1 billion of debt. That's scheduled, at the end of which, our gearing would only be about 28%, so that's very modest. Then we're also able to invest accretively as well. Last year, we spent GBP 116 million, mostly on CapEx, and as well as some operational upgrades as well, all at really attractive returns. I think what we've shown is, because since IPO, we've deliberately structured the company without revenue stability, conservative balance sheet, we can actually do all three: buy back shares at a good pace, reduce gearing, and invest accretively. Thanks, Minesh. Then we've had a couple of questions here on the dividend payment. Mm-hmm. Comparing, saying that TRIG takes longer to pay its dividend than comparable investment trusts, and whether we could comment on why that's the case. Typically, TRIG will declare the dividend in the middle of the second month after the quarter it relates to and pay it out at the end of that quarter. The reason for that being about six to seven weeks is, historically, we've provided a scrip alternative. You know, mechanically, you need time for that to play through. Currently, given where the share price is, the scrip alternative has been suspended, but we would look in the future to be able to reintroduce that, and therefore, that time period is required. Thanks, Minesh. We've had a couple of questions here for the board. I'd like to invite Richard up to address some of those, if that's okay, Richard. Thank you. Thank you. How does the board intend to drive a sustained recovery in NAV and narrow the persistent share price discount, particularly given recent wind generation underperformance, while balancing capital allocation between buybacks, dividend resilience, and reinvestment in development and repowering the business ahead of the 2026 continuation vote? Related, relating to that and following on, is a wind down now the best option for shareholders? Well, thank you very much for those questions, and I'm pleased to have the chance to address them. The addressing the discount is very much the prime focus of the board at the moment, and we empathize with shareholders around the share price performance. We think we have great people, great assets, but not a great share price, and we are determined to address that. At the moment, the plan is completely based still on the standalone plan outlined at last year's Capital Markets Seminar, and that was focused on the dividend, which we've obviously now delivered for the year. It was focused on refinancing, where we actually delivered a GBP 200 million refinancing, rather than the target of GBP 150 million, that was good news and is delivered. Disposals, which are well advanced and are in the course of being delivered. We think that all of those are important proof points as we begin to evolve the plan that will be put to shareholders as the basis for continuation, and it includes all the elements that were raised in that question. What I would say is that I think the mindset of the board at the moment is that the best outcomes for shareholders are more likely to be focused on advancing the company than on a forced sell down of assets. Obviously, that is something that we will discuss with investors as we put the case for continuation, which will be around the time of this year's Capital Markets Seminar in May. Brilliant. Thank you, Richard. That concludes our presentation for today. Thank you everyone for joining. We'll leave it there. Thank you.