Hey, everyone. Thank you for joining this online meeting to discuss the First Pacific 2026 first six months financial and operating results. The results presentation, as usual, is available on the First Pacific website, www.firstpacific.com, under the Investor Relations session presentation page. This live results briefing is being recorded, and the replay will be available on First Pacific website this evening in the Investor Relations session. If there is any participant from the media, this results Q&A session is open for investors and analysts only. If you would like to raise questions, please contact us when the meeting finished. Today we have with us our CFO, Mr. Joseph Ng, Associate Director, John Ryan, and other senior executives from the head office in Hong Kong. Over to you, John, for the presentation, please. Thank you much, Sara. Okay, folks, we are looking at the presentation we posted on our website at lunchtime. Let's begin with a new page three, which lists some of the highlights of the first half results of First Pacific and its operating companies. Our recurring profit, while it was down a little bit from 2025 first half, it was the second highest ever. That is notwithstanding weaker rupiah and peso. More on that a little bit later. Thanks to the sterling work of our finance and treasury people, S&P Global Ratings have upgraded our credit rating to BBB with a stable outlook. Sorry, BBB. We have got a stable distribution to shareholders with a yield at around 5.4%. Of the five analysts who cover First Pacific, they have all got buy or outperform recommendations. Indofood continued its run of record highs, with core profit up 7% to a record high. For the full year its food division, ICBP, sees sales going up as much as 7% for the full year, with a strong EBIT margin between 20%-22%. Interestingly, in the second quarter, as they reported on their own results conference call a couple weeks ago, overseas noodle sales were up 31% in the second quarter. That is an important engine of growth for Indofood. Over at Metro Pacific, again, record high core profit, driven mostly by Meralco, but growth from other businesses as well. For the full year, core profit is likely to see a fourth record high in a row. Likewise, PLDT has its highest ever first half service revenues and EBITDA, with positive free cash flow. Its credit rating is BBB, and it has a very nice dividend yield of 8%. We will speak a little bit about their fintech, the Maya digital banking unit, which saw its contribution increase quite a bit in the first half of the year. Over at PacificLight, that is our LNG-fired power plant in Singapore. Revenues rose 12%, and construction has gone underway now on a hydrogen-ready combined-cycle gas turbine power plant, which will open about halfway through 2029. Many of you have perhaps some interest in Philex Mining, which is developing a new mine down in the southern island of Mindanao called Silangan, with rich reserves of copper and gold. We have got two board directors of that company here with us today, and they can tell you about that in the Q&A. In the meantime, its older mine, Padcal, doubled its contribution to First Pacific earnings with much higher metal prices, notwithstanding lower volumes of production. Let's skip over two pages to page five with the usual snapshot of the shape of our gross asset value. $4.8 billion. Indofood's just over 1/3, MPIC just over 1/4, and PLDT just over 1/5. With the Philex group of companies, that includes Philex Mining and PXP Energy, as well as some notes issued to First Pacific by Silangan. That's just under 10%. Then PLP, you see it's 9% of our GAV. You might have noticed that we have incrementally been increasing its value to First Pacific, and that's because of the money we are putting in to help finance our share of that new power plant mentioned a moment ago. Okay, let's go one page down. We've got turnover up 6%, not quite a record high. We've seen it a little bit higher. Our contribution from operations, this is all in US dollars, of course, was down 2%, and that's because of weaker rupiah and peso, which were down by 5% and 6% respectively at average exchange rate over the first six months of the year. Indofood and MPIC, however, did deliver their highest ever first half revenues on continuing growth and demand for what they offer to their customers. While our recurring profit was down 3%, it was still the second highest we have ever achieved at First Pacific in our 45 year or so history. The interim distribution to shareholders, a very important measure of our performance, is unchanged at 13 Hong Kong cents per share, notwithstanding the declining contribution and recurring profit. Now over to the next page for a brief word. You've got the credit ratings we have at the top of those bullet points with the increase by S&P to BBB stable outlook. Our interest coverage ratio is 4.8x at the end of June, well above our comfort level. Gross debt and net debt little change really from six months earlier. Our blended interest cost about 4.5% with an average maturity of 3.4 years. Some of you, particularly if you're debt investors, will want to hear what we're going to do about our bonds that's maturing next September, so in about 13 months, $350 million blue column there in the column chart. It's a bit less than a quarter of all our borrowings. We've got the matter well in hand. Now, quick brief look at Indofood. Record highs for net sales and core profit. The outlook is very strong, with ICBP sales being up as much as 7%, EBIT margin at 20%-22%, and very healthy CapEx at IDR 5.5 trillion over at ICBP. For the rest of Indofood, another IDR 4 trillion. Did I say rupees? Rupiah. Another IDR 4 trillion. Now on page nine, a quick snapshot of ICBP. Record high net sales and core profit up just a little bit, 1% to IDR 5.4 trillion, as cost of goods sold rose about 12% in local currency terms. Now a brief snapshot on page 10. That rising stacked column chart shows you what the biggest contributors to the earnings at Indofood were, and as ever, it has been noodles, which just keep growing very, very strongly. As you can see in the blue box on the right, noodles all by themselves constitute a little bit less than half of all sales by value at 46%. Now, let's turn to Metro Pacific on page 13. You see where our almost 50% stake of MPIC makes up 26% of our gross asset value when measured at $1.2 billion. As a reminder, that's the valuation of when it was privatized way back in the autumn of 2023, I think it was. Now, if you look at the market caps of two of its biggest companies, Maynilad and Meralco, that $1.2 billion looks a little small. Likewise, when you consider that the analysts who cover us and others put a rather higher value on that. I find that personally is very interesting because it implies that our NAV discount isn't really not what you might think it is if you're using the $1.2 billion. Now, turning to page 14, we can look at the contribution from the main businesses. The three biggest ones, Meralco, Toll Roads and Maynilad, the water company listed in November, all delivered record high revenues and record high core profit, and you can see their contribution to earnings at MPIC in the bottom left chart. The water contribution is down solely because MPIC sold down in the IPO back in November, reducing its economic interest from over 50% to down around about 38%. I won't fill up valuable time going blow by blow with all their operating companies. We can get into them during the Q&A. Let's jump please to page 22, where we'll have a quick look at PLDT, where again, it seems every half year and full year we see another success of record high service revenues. I've lost count of it, and there's a similar story with the EBITDA over at PLDT, where it was up 1%, again, to a record high. On the full year, these two items are expected again to report consecutive record highs. Now, an important item for us to look at when considering PLDT is on page 23. As you can see, we've got that red line on the top chart on the right-hand side. That's our CapEx to service revenues, and the columns themselves are the pardon me, money figures, the dollar figures for those CapEx expenditures. 2022 was the highest ever, and as you can see, it has fallen very, very sharply to below 20%. In the first half of 2026, it was 19% of service revenues, and we expect the downward trend will continue. I believe it was in the last quarter of last year that PLDT went positive free cash flow, and that has continued through the first six months of 2026. Turning now to page 25, a brief word about PLDT's Fintech, and that's a digital bank called Maya. Maya's contribution to PLDT's profit in the first half of the year was up just a bit less than 40% to PHP 559 million, versus PHP 406 million in the first half of 2025. As these various column charts down below show you, the growth over at Maya, whether you're looking at deposit balances or loans outstanding, remains very, very strong. The talk in the local media is that there will be an IPO of this business one day, and you can ask about that in the Q&A, and I'm sure we won't be able to tell you very much. Now let's turn to page 26, a brief look at PLP, PacificLight Power, our LNG business, power business in Singapore. As you can see, electricity prices were up a bit in the first half of 2026 from the, you can see on the line chart down below. But the core profit was down 26%. That's a big decline on the lower non-fuel margin for electricity sold under renewed retail contracts. Very much the future is a big part of the story at PLP, which is building a very large hydrogen-ready power plant, which we expect to be running in commercial operation in about the middle of 2029, as mentioned earlier. Now, over to Philex, a very exciting mining company. Those of you who know me personally know that I'm a big fan of Philex. The Padcal Mine, well, overall, the business saw revenues down 9% because of lower tonnage. Frankly, the equipment at the Padcal Mine, which has been going for over half a century, is getting a little worn out and there are breakages. So there was lower tonnage, lower grades, but the prices for the metals, as you can see in the blue box at the bottom right, were very much higher, and that resulted in a big increase in core profit of 56%. Now, Silangan, which is discussed on the following page 28, is on track to open commercial mining towards the end of 2026. We are very excited about that. When they settle in and everything's going smoothly, we will get in touch with fund managers to inquire whether they would like to go down and have a look at that mine. As you can see in the top blue box, the grades of copper and gold in that mine are far higher than what we've got at Padcal, and we're very excited to see what this will be doing for us going forward. Now let's have a little wrap-up on page 29 of my narrative. Then we can go to some questions. This is a chart on the left-hand side, rebasing our recurring profit and exchange rates of peso and rupiah to 100 in the year 2020 and how they have changed over time. As you can see, the peso was down 18% in the, what? Five and a half years since then, and the rupiah down 15%. That's through to the June 30th exchange rates. While those are down by those percentage points, you can see our recurring profit has risen enormously. We expect fully for this sort of situation to continue, that mismatch between exchange rates and our US dollar profit number, because the IMF and many others expect that the size of the economies of our two main markets will be doubling over the course of a 10-year period from 2020 to 2030. That line chart there is from the IMF's October World Economic Outlook, and we'll update it in a couple of months with the new one. So that's a snapshot of where we've been in the first six months of the year. Executive Director, Chris Young, has joined us, eager to respond to the questions that you're going to have. Sara? Yep. Thanks, John. We are now ready for questions. Jeff has the first one. Jeff, please go ahead. Hi. Sorry. I just found out I was muted. Yeah, thanks, John and Sara. Maybe starting with three questions. The first one, just want to check on the head office, quote, other expenses. I know the amount is not that big, but still, on a year-on-year basis, I think, the other expenses rose about 3x YoY in the first half to about $7 million. Just trying to understand any reason driving the spike in the expenses at the head office. That's my first one. Second question, I know, John, you just touched a bit on the plan on bond refinancing, which will mature next year. Just trying to maybe hear a little bit more plan about that. Do we aiming for issuing another bonds, or do we just going for bank loans in about 13 months as we refinance the debt? The third question will be, just regarding- Hang on, Jeff. Let's just start with the two. Is that okay? Then you can come back with the third. Okay, sure. No problem. And of course, our CFO, Joseph Ng, will help you with both of those. Well, Jeff, it's Joseph here. Maybe I'll respond to the second one first. I mean, the bond refinancing. The $350 million bond will be due in September 2027. So we have a little bit more than 12 months to go. We are monitoring the market closely. At the same time, we are talking to quite a number of banks, inviting them to give us a proposal. We will explore all sorts of refinancing options, including both the bond market as well as the bank market. So we actually received quite a number of good proposals from the banks, and we are looking into all those proposals. As of now, we are not in a rush to get into either one of those two solutions. We're just monitoring market to market. In particular, interest in the market, as you know, is very volatile. Both the short end U.S. Fed, and people are speculating as to what the U.S. Fed will do. Also people speculating as to what will be the impact to the front end of the curve after the U.S. Department of the Treasury coming out with all sorts of news and all sorts of buybacks and all sorts of things. Fundamentally, that also ties to what's happening to the inflation, the new round of trade war and the Middle East crisis as well. So all these are very volatile, so we are monitoring that closely. I think in due course, management and the board will make the decision as to whether we'll go ahead. In terms of timing, people are talking about whether we should go, say, within the fourth quarter, before or after the election and maybe coming back next year. Early next year when the market has new budget on the investor side or even a later part of that. So we are assessing all these advisors from different banks. As I said, we have some time to assess the situation and make a decision. On the other expenses, I think you're referring to the corporate overhead and other expenses. We also noticed that there's a kind of increase in the other expenses, I think mainly because of the provision of approval of certain long-term kind of incentive expenses at headquarters levels. Because in June of 2025, we started a new cycle of the long-term incentive scheme. So for the first six months of 2025, it only take maybe half a month kind of P&L provision on it. But for the full 2026, we have full six months it. I think that is the main reason for driving up the so-called accrual provision for certain non-term incentive expenses. Okay. Thank you, Joseph. Let us move on to the next question. Sara? The next one will be Timothy from Citi. Go ahead. Oh, thank you, Ms. Cheung. Sorry, never mind. I will go ahead with mine first. Got some questions on PLP. First of all, congratulations on the groundbreaking next month, I think. I saw it on the announcement. Does management expect some timing gap after the commercial operation that is targeted into Q2 2029 before the plant to ramp to its full capacity? Is it fair to assume the financing done account for 40% of the total budget as previously guided? I think in the announcement, it reset $440 million. In other words, does it mean the total budget will be somewhere around $1.1 billion? Can we assume the $44 million spent by head office in first half 2026 to be mostly PLP related? Sorry for the long question, but shall I come back later on the second one, please? Thank you, Timothy. Can you help him on the cash out from us, and maybe Richard can pitch in as necessary, Joseph? You're talking about PLP? Yes, I think that's what he's talking about. I think in very short term, Timothy, the project cost for the PLP plant is somewhere around the I think as shown here in the slides, about $1.2 billion. Let's say more, $900 million thereabout. I think equity requirement for that is somewhere around $450 million, same, thereabout. We need to contribute roughly 42% of that. So our share of that, dollars along maybe somewhere around $150 million. You're correct that the bulk of the capital investment showing in our cash flow, the $40 million, $44 million, $45 million, the bulk of that is actually for our support, the equity portion for the project. So, that is the first part of it. In the course of the remaining part of 2026 and certain part of 2027, we still need to put in some more money to meet our altogether, roughly $ 150 million capital investment into the project. Bear in mind, at the same time, we also collect dividends. We continue to collect dividend from PLP. It's not that it's all one-sided on the investment. Actually, the financial discipline we impose on PLP is that, well, we need to get the dividend from there. Then when they need any money, they need the equity, then we put the money in. That's the kind of the prudent financial discipline we impose on PLP. I hope that has addressed your question. Joseph, we're not borrowing to finance our equity contribution. No, actually, it's all in our cash flow. Our debt level, I mean, gross at [$1.47 billion] and the net probably [$1.3 billion] something remains unchanged. I think there is an earlier question about the $ 350 million refinancing. It's all refinancing and all the things that we are doing at the headquarters level in the recent past and going forward until 2027. I think the focus of that is all on refinancing. We have no plan of taking on any new debt at the headquarters level. Does that answer it, Timothy? Yeah. But may I have some color on the operation after in the early years of 2029? Are we expecting the plant to be operating in almost full capacity at the get go, or shall we expect some kind of timing gap before significant or meaningful contribution from the new plant? Well, I think it's just too early to tell now because, well, you need to basically assess the so-called contract procedure. That ties to the progress of the construction of the new plant, right? Because, well, we are talking about 2029. I think the current timetable is have it up and running until maybe the first quarter or second quarter of 2029. So you are talking about from today's 2026, 2027, 2028. So more than two and a half years to go. So typically, the existing PLP contract lasts between one year to three years. So it may be a bit too early to even talk to the customers about signing up the so-called customer contracts starting from the second quarter of 2029. So we don't want to face a situation and sign the contract and if for some there's delay in construction and completion, that sort of thing. I think it's just too early to say at this point in time. Okay. Thank you, Joseph. Was all that one question, Timothy? Oh, yeah. Sorry, I was tricky on that. That was one question. My last question before I go back to the queue is also about PLP. Because on the gas supply issue, we actually heard from a Singaporean peer that Shell has actually triggered some kind of a force majeure terms, which might lead to gas cost hike despite the long-term contract. I'm just wondering if we are seeing similar discussion going on between PLP and Shell on that. For the non-fuel margin squeeze, given the retail contract terms usually last for maybe 1-5 years, and with a peak retail contract, which I assume would be dating back to 2022. Are we seeing this kind of margin squeeze to be stabilizing after the current first half 2026 levels? I'll maybe address the first part first. The Shell. I think it's not a secret in the market that Shell did trigger some sort of force majeure provision under the contract because they saw some of the gas from countries, in particular Qatar. They trigger certain kind of force majeure provision under the contract. That's on the contractual side. Commercially, there's been kind of ongoing, very close, regular kind of discussion between Shell and for us, PLP, as to how to handle the situation. For a situation like this, we normally get into the situation of getting alternate resources through Shell and other resources to try to be practical. I think so far we have been having very good kind of conversation and discussions with Shell and to manage this sort of situation. So on one hand, they're triggering the force majeure provision, but on the other hand, they're helping us to source the kind of alternate gas from other places. There's kind of a timing difference. They give us the gas from other countries and a certain amount of time in the future can gradually, if you like, repay or cut back the gas supply from Shell over a certain period of time. So overall, the impact is not that severe. From what we see, the financial impact, and on the other hand, we get some better margins from some other contracts. I think it's kind of pretty much a wash off, overall. So the impact is not as severe as what we've expected initially. Thank you, Joseph. Sara. Yeah. I think the next one would be Tony. Please go ahead for your question. Hi. Thank you for the opportunity. I want to ask specifically for Indofood. I haven't seen instant noodle price has increased for the recent 2-3 years, maybe, in this current environment with raw material price up. Is there any chance that maybe Indomie price will increase in the future? Thank you. Hi, Tony. I'm sorry to not be very helpful. Broadly speaking, over the fullness of time, prices will go. We are not aware of any plans or timing for such price increases right now. Sorry about that. All right. Thank you for the opportunity, sir. The next one would be Anthony. I think you mean me. It's Tony Watson here. Yeah. Hi, Tony. Hi. Sorry for that. Just a question and a comment. Question is regarding the foreign exchange and derivative losses, detailed on note 3A of the financials you put out. Could you give us some background on what was being hedged and if the position is still on? Tony, broadly speaking, at First Pacific head office, the only thing we hedge is dividend income. In our reporting, the FX gains or losses that you see in our P&L, those are going to be a mixture of First Pacific head office and the operating companies. Look at page 33. You will see those numbers broken down by contribution from each of the units in our review of operations, which you will find on our website. I am afraid they are not here in this slide that you see in front of us. It is aggregated here at $51 million in the first half of 2026. I believe, Joseph, the biggest part of that was the bonds from ICBP. Yeah. Tony, if you are referring the divisional result that we are showing here on the screen, the $51 million foreign exchange loss. A big part of that is attributable to Indofood's $2.75 billion bonds. I think they have a tranche of 10 years bond and another 30 years aggregating $2.75 billion. If you do the calculation, about 6% depreciation will appear in the first six months of 2026. Then netting off the tax and everything. So that is something like $40 something million already attributable to that foreign exchange loss. So that is a big part of that. Of course, there are some other smaller items, but all in all, that is basically that foreign exchange loss at the Indofood level. But mind you that even though they are not hedging, they are not hedging a $2.75 billion foreign exchange exposure, if you like. On the other hand, they are building up quite a bit of cash, in particular dollar cash, in the balance sheet, I think in tune of somewhere around $800 million- $900 million as of today. So not hedging it, so it is taking a P&L hit in the P&L. But on that hand, they also have the- Have the dollar cash. We go back to the net debt of, or the net exposure, epic exposure of our in the book, you see that the net dollar exposure is somewhere around $1.8 billion-$1.9 billion. Remember, it's not the $2.75 billion. And difference is the $800 million-$900 million dollar cash that they are holding. Good. Okay, great. That's helpful. I think I can work through that. The other thing is just, I want to put my hand up for the mine tour if and when that happens. Thanks. Ideally before year-end, but we can't promise, Tony. Yeah. The next one is back to Jeff again. Please go ahead. Hi, Sara. Yeah. Switching a gear a bit to Meralco. I know with respect to the recent, I think the news about potential charges on the distribution loss. I know there are some conversation with the President going on right now, but can you remind us on this issue where we are standing at today, and are there any key dates we should be watching for, maybe over the next couple of weeks or months? Thank you very much. No, Jeff, there aren't really any key dates to look for. But what you're asking about is one of the parts of the electricity bill that households and businesses receive. There are several parts. There's the generation fee, there's a transmission fee, the distribution fee, which goes to Meralco. System loss is another fee. Generation fee, of course, goes to the producers. The system loss fee pays for the electricity, which is lost quite naturally, as electricity moves through the cables. You ship out 100 and maybe 99.5 arrives, and that 0.5, which doesn't arrive, gets put into the bill as the system loss. Some time ago, and I think it was in the State of the Nation Address, President Marcos suggested that electricity industry should pay that rather than the customers. That had a consequence for the share prices of lots of power companies, including Meralco, which I think was down year to date at the end of June by about 16%. So that's where we are. It's up in the air right now. However the billing changes, I think at the end of the day, it won't be Meralco which will be paying that. But again, that's my own personal view, and I can't predict that will be the future. Anything more to add, Chris or Joseph, on that? Our next one will be Diego. Please go ahead. Hi. Could you give us a color on the potential combination of the toll roads of MPIC with the SMC group toll roads? Also, if that ends up happening, the three largest pieces of MPIC will have a much more updated valuation. I mean, Meralco, Maynilad, and the toll roads. If that happens, would you consider changing how you account for its NAV? For how First Pacific accounts for the NAV of MPIC, Diego? Yes, exactly. Well, I think eventually we will adapt how we view the value of MPIC, as we get more solid valuations of the units. You're reminding us that Meralco is listed, so we can see the value of our economic interest. First Pacific's economic interest in Meralco is about 23%, I believe. With the listing of Maynilad in November, we have a good hard number on that as well. The implication of your question about a toll roads merger between San Miguel and MPTC would give us a value, a solid number for the toll roads business. Certainly, these three factors would definitely militate for a revaluation of how we value MPIC. Our 49.9% stake has changed value since the delisting back in the autumn of 2023. Chris, how you feel? Any color you can add to this question? Well, one, in terms of the combination, I think the due diligence is ongoing. But certainly we have made it clear that the intention is to merge the businesses at some stage. I think the challenge is that net asset value or valuation is not the way financial statements are prepared. Financial statements that are prepared and audited are on a historical cost basis. So within the broader financial statements of First Pacific, I think you will continue to follow general accounting practices. As a result, there may well be a difference between what is included in the financial statements under general accounting principles and what will be the valuation of the business. That is not to say that investors, analysts, our investor relations department cannot themselves do a value, a look-through valuation of the business. But I think you will find, unfortunately, Timothy, that there is always going to be a difference b etween the underlying financial statements which are audited because the basis on which they are prepared compared to a valuation basis, which is normally on the basis of which investors would. Well, one of the measures that investors would look at when they make a decision to invest. Just to supplement that is exactly the discussions or the basis of getting the credit rating upgrade from S&P when they take a fresh look about the valuation of MPIC. That is on that basis that he basically looked through the corporate share of MPIC and also addressed the point that Chris just mentioned, take a more commercial approach to value the underlying asset of MPIC. Given that two of the three major assets under MPIC, the water business and the power distribution or generation business are both unlisted. The only one unlisted is actually the toll road, and that accounts for a big part of MPIC. Of course, there is certain amount of debt at MPIC level. But on that basis of looking through this, that basically the value accepted on a high value of MPIC on the basis of that, the value of MPIC is much higher than what we show in the books. Also much higher than the privatization value at PHP 2.6, I think. PHP 2.6 per share. PHP 5.2. Sorry, PHP 5.2 per share during the privatization exercise. So that's validated by S&P in the rating, the process. But all the investors and analysts, they may form their own view as to which way to go, right? Whether it's book value or the more commercial approach. Diego, just for your penciling in. When they increased our rating to BBB, S&P explained that their value for our stake in MPIC doubled from $1.9 billion to $3.8 billion. Okay, perfect. Thank you. Of course. All right. We have Timothy has additional questions. Please go ahead. Hi, management. Thank you so much for another opportunity to ask questions. I have two questions. The first one is about Indofood on its payout. If I calculate that correctly, the implied payout ratio will be somewhere around 24%-ish of the net earnings per share for what they are paying for IDR 290 per share. Given Indofood's pretty solid cash balance, I think it's around $3 billion at the end of first half. I'm just wondering if there's any clue or any color on what they are going to do with the cash balance, and is there any consideration or at least intent to think about raising the payout ratio on their end? I will come back for the second question. Thank you for that very interesting question, Timothy. There are many people who want to see what will be done with that around $3 billion in cash that is sitting over there in Indofood. The page you are looking at gives you the payout ratio as we accounted for it for 2025 full year. We will all recall that Indofood pays one dividend a year, generally in the late summertime. So the last time Indofood spent money like that, it was what? Six years ago when they bought some noodles businesses in Middle East and North Africa. That was, I think, $2.9 billion they spent. How they might spend a similar figure of money now is the question you ask, and is a long way of me saying I cannot answer that question, so sorry. I do not think, Timothy, there is any specific plans for that at the moment. In terms of what the payout ratio might be going forward. As John said, it is an annual payout, so I think they will be taking into account not just the historic performance of the company or the balance sheet as it is today, but they will be looking at what happens during 2026 and the outlook going into 2027. Obviously, they are fairly conservative in how they determine that payout ratio. So I think they will really look to 2026 and the outlook for 2027 before they set the payout ratio for next year or for this year, which they pay in 2027. Thank you, Chris. What would be your second question? Thank you, John, and thank you, Chris, on the color. My second question is about Maya's listing plan. I think just now, just today, it was reported that GCash is looking for an IPO in October. I have been browsing some relevant news reports as well, although of course, the IPO price is not confirmed yet. But I think I read somewhere that they are looking for an $8 billion kind of valuation or I think Reuters in June actually talked about that main parent company is looking to raise $1.5 billion. I am just wondering, just to get a sense, how big is Maya compared to GCash? Just to guesstimate the size that we are looking for. Are we still looking to list Maya sometime in 2027 as discussed last time? Thank you. Mr. Chris, you again, please. I think it is not easy to do a direct comparison between the Maya business and Globe's GCash business, because really the focus of the businesses is somewhat different. The strength of GCash is effectively the wallet, the GCash wallet. Whereas you can see, I think this is page five of the presentation, from the investor relations presentation, the one you have there, 25. Oh, sorry. The real strength of Maya is in its fintech platform, and particularly the banking platform. You can see that the deposits have grown quite robustly, and the net interest margin is quite high. On the basis of the deposit balance growing, the loans outstanding have also grown. I think the GCash valuation is helpful, but it's not really going to drive the Maya valuation, because the Maya valuation is really going to be driven, I think, principally by the fintech/banking business of Maya. Yes, I think it's fair to say that I don't think we can do it as soon as GCash, but there would be an intention to list Maya at some stage in the not too distant future. Basically, one's a wallet, the other's a bank. No, Maya does have a wallet. But the bigger part of the business- Is banking. Of GCash is the wallet. The bigger part of the Maya business is the fintech/banking platform. Okay. Thank you much, Chris. Thanks, Chris. Thank you so much. That's it. Okay. I think the next participant has a question. This is Shireen. Please go ahead. Okay. Hello. I'd like to ask, given the current Nigerian condition, that is much better [audio distortion] of another impairment for Pinehill investment from Indofood. Thank you. Sorry, Shireen. Please repeat your question. We lost you for a moment. All right. So, given the current Ni- Yeah. conditions. Is there a chance of another impairment for Pinehill investment from Indofood? No. We didn't fully catch your question. I think if it's in respect of a possible Pinehill impairment, which I think actually was not Pinehill itself, it was the associated company in Nigeria. Yeah. I think, in both cases, the answer would be no. I think the overall Pinehill business continues to perform well. I think the likelihood of impairment, there's no real likelihood of impairment. In fact, in respect of the Nigerian business, one, the business has continued to perform well, and the local Nigerian currency, which I think is called the naira, has actually I'm not sure if it's strengthened, but it has not really-- It's steadied. It hasn't weakened in the past few months. Again, there's very little prospect or no need for any further impairment of that Nigerian associate there. I think the impairment, when it happened, was not really because the business underperformed. The business was doing well. It was that the naira devalued quite sharply over a period of time. As you can see, Shireen, on the bottom blue box on this page here, we've got very strong growth in Asia and Africa, inside of which are the- Pinehill. are the Pinehill businesses. 15% growth in sales, and that's by US dollar measure. So we're actually feeling quite good about the business overall. I think Jeff from CLSA has another question. Yeah. Thanks. I promise it's my last one. Can you remind us on the PLP, how is the renewal schedule with the retail contracts looking for? I mean, basically how many years before another round of renewals of existing contracts? Thank you very much. Jeff, this is Eliza here. We have a whole range. I am not at the liberty to tell you the exact percentage, but we have a whole range from one year, two year to three years. We do not really have the super long-dated contracts that some of the other competitors have. But we are quite happy with, I would say, a very good distribution amongst those three different tenures. Thank you, Eliza. Let us check if we have any other questions coming up. I think we have answered all the questions. Chris, may I have you give us the closing remarks? Yep. Sure. Let us do that, yeah. Well, thank you all for calling in today. I think, or I hope you have seen from the investor presentation that many of the group's companies have reported great earnings in the first half of the year. These included Indofood, ICBP, Meralco, Maynilad, and MPIC toll road businesses. While the businesses will face some challenges going into the second half of the year, the continued strength of our businesses gives us confidence for the full year outlook. In comparison to our peers, I think we can continue to consider ourselves to be undervalued, but we feel that First Pacific is well-placed to continue to grow in the medium term as well. Do get in touch if you need further follow-up. And remember, our IR team will be visiting fund managers abroad in the next several weeks. Thank you again for calling in today. Thanks, Chris. Thanks everyone for joining today's online briefing, and you can disconnect. Thank you.