Ladies and gentlemen, welcome to BOC Aviation Limited's 2026 interim results conference call. I will now hand this session to Mr. Timothy Ross to begin today's presentation. Mr. Ross, please begin. Thanks, Vincent, and welcome everybody to BOC Aviation's earnings call to discuss our interim results for the six months ended 30th of June 2026. With me today are our Chief Executive Officer and Managing Director, Steven Townend, our Chief Operating Officer, Tom Chandler, and our Chief Financial Officer, Wen Lan. Please note that some of the information you will hear during our discussion today may consist of forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. You should not place undue reliance on any forward-looking statements, and you should review our results announcements for full details. Please also note that all currency references in today's call are in U.S. dollars. A copy of our earnings announcement is available both via the Hong Kong Stock Exchange and in the investors section of our website at bocaviation.com, and a conference call presentation is also available in the investor section of our website. This call is being recorded and will be available for replay from our website within the next 24 hours, as is a transcript of today's discussion. I will now hand over the call to Steven Townend for his comments. Thanks, Tim, and thank you to everyone for joining us today. We are pleased to report net profit after tax of $357 million for the six months ended 30th of June, equivalent to earnings per share of $0.51. This is a 4.4% improvement on first half 2025's net profit after tax of $342 million. Our board has declared an interim dividend of $0.1799 per share, payable on 14th of October to shareholders of record on 25th of September. This represents 35% of reported net profit after tax for the first half, an increase from last year's interim payout ratio of 30% and follows the higher full year distribution guidance of 40% of net profit after tax. Our total revenues and other income rose 4.4% to $1.3 billion in the first half of 2026. As of 30th of June, we had total assets of $27.8 billion and net assets per share of $10.13. The first half of 2026 saw continued improvement in aircraft production and deliveries. Boeing and Airbus delivered a combined 665 aircraft in the six months ended 30th of June, a 13% increase compared with the same period in 2025. While combined aircraft production output and values in 2026 are expected to surpass 2018 levels for the first time, the increase is being driven by the narrow body segment, with wide body production still expected to lag 2018 levels. Taken together with increased demand for pre-delivery payment financing, this improved supply of deliveries enabled us to increase our investment in new aircraft by 21% compared to the first half of last year, and positions us well to exceed our 2026 CapEx guidance of $4.5 billion. Global passenger traffic continued to expand in the first half, although most of this occurred during the first quarter of the year. In total, traffic grew by less than 1% in the first half compared with around 5% in first half 2025, reflecting renewed geopolitical disruption in the Middle East. Excluding Middle Eastern markets, however, passenger traffic increased by more than 3% in the first half, evidence of the resilience of global demand. As well as affecting selected passenger and cargo traffic flows, the situation in the Middle East has contributed to higher energy prices, driving a 65% increase in the average price of Singapore jet kerosene in first half 2026. Despite this, demand remained resilient outside the most directly affected travel corridors, with strong load factors and fare increases in many markets helping airlines partially offset higher fuel costs. Although BOC Aviation has no direct exposure to jet fuel, the price increase is important for our airline customers as it now accounts for approximately 31% of their operating costs, up from 25% last year. In June, IATA reduced its 2026 industry profit forecast from $41 billion at the start of the year to $23 billion. It also now expects passenger traffic to increase by around 2% for the year compared with its earlier forecast of closer to 5% growth. While at $152 per barrel, its average jet kerosene price assumption is 72% higher than its previous estimate. However, despite this difficult operating environment for our customers, our cash collection rate remained high at 99.2% in the first half of 2026, contributing to operating cash flow net of interest of more than $800 million. We ended June with $319 million in cash and equivalents and $6 billion in undrawn committed credit facilities, giving us total available liquidity of $6.3 billion. Interest rates have a major influence on our own cash costs. During the first half, our blended average cost of funds remained stable at 4.4%, supported by our strong investment credit ratings and continued access to diverse debt funding sources. We took advantage of a supported bank market, our industry-leading credit spreads, and currency arbitrage opportunities to lock in attractively priced financing and used our enhanced liquidity pool to finance aircraft investments and pre-pay maturing debt. As geopolitical uncertainty increased earlier this year, we intentionally lifted our available liquidity to around $8 billion at one point, as we anticipated the potentially negative effects of airspace closure and higher jet fuel prices on our airline customers' cash flows and earnings. This has allowed us to deploy comparatively low-cost capital in support of additional financing opportunities, with around 40% of the first half's capital expenditure originated during the period. Our largest transaction of the half, and an excellent example of this approach, was the three A350-1000 aircraft purchase and leaseback deal executed with Qatar Airways at the end of June. We expect to see even greater airline demand for funding for both aircraft deliveries and pre-delivery payments during the second half of the year as they look to conserve cash and bank lines. I'll now hand the call over to Tom for a review of our company's operations, and later Wen Lan will talk more about our finances. Thank you, Steven. Our operational and business development report is as follows. We delivered 24 aircraft and one engine during the first half of 2026 and signed 33 lease commitments. As at the end of June, our total portfolio stood at 811 aircraft and engines, comprising 479 owned aircraft and engines, 11 managed aircraft, and 321 aircraft and engines on order, representing future committed investments of $17.6 billion. Our order book comprised 320 aircraft scheduled for delivery through to the end of 2032. All aircraft scheduled for delivery before the start of 2028 have been placed with airline customers, underscoring continued strong demand for access to new technology aircraft. The additions to our portfolio in the first half comprised a higher proportion of wide-body aircraft, which contributed to the increase in CapEx compared with the same stage last year. Manufacturer delivery delays have stabilized, with aircraft broadly delivering on schedule. The industry nevertheless remains capacity constrained, and supply chain challenges continue to pace the planned delivery increases by the manufacturers. All of our owned aircraft were on lease, generating revenue for the entirety of the first half, representing the third consecutive reporting period for which we have maintained owned aircraft utilization at 100%. The weighted average age of our owned portfolio was five years at the end of June and continues to be one of the youngest in the aircraft leasing industry. We also continue to have one of the industry's longest weighted average remaining lease terms for our owned portfolio at 7.7 years, and more than 86% of our owned portfolio consisted of latest technology aircraft. This fleet has a net book value of $19.4 billion, while its appraised current market value is 17%, or $3.3 billion higher. We sold eight owned aircraft with an average age of almost twice that of the remaining fleet, as well as five managed aircraft in the first half of 2026 as we continue to capitalize on strong demand for used aircraft. Sales of aircraft added $69 million to first half revenues, a 14% increase compared with last year, with a gain on sale margin of 32%, which is substantially above our long-run average of approximately 9%. Our disciplined approach to portfolio management, along with new aircraft additions, contributed to a further increase in our lease rate factor to 10.4%. Although the impact of those new aircraft additions was muted by back-ended delivery timing. Net lease yield also improved to 7.6%, reflecting a stable cost of funds, while core lease rental contribution reached a record $388 million, an increase of 13% from the $342 million in the first half of 2025. Reviewing our ESG targets, we continue to maintain a diverse leadership and employee base, with female representation standing at two members of our board, 33% of management and 49% of the workforce as of 30th of June. We increased our engagement with our local communities in the first half, with employees contributing close to 550 volunteer hours through eight corporate social responsibility initiatives across our global offices. This represented a 74% increase in volunteer activity, and more than 60% of our workforce participated in activities supporting nine charitable organizations and community causes. These activities continue to focus on food security, social inclusion and wellbeing, community welfare, and environmental stewardship. In support of our commitment to the aviation industry's sustainability goals, we made our first purchase of sustainable aviation fuel certificates as part of our program to abate our emissions from business operations. That concludes the overview of our operations and business development for the six months ended June 2026. With that, I'll now turn it to Wen Lan for a deeper review of our financial performance. Thank you, Tom. As Steve mentioned earlier, we reported net profit after tax of $357 million for the first half of 2026, equivalent to earnings of $0.51 per share. Total revenues and other income rose more than 4% to $1.3 billion compared with the first half 2025, primarily due to higher lease rental revenue, partly offset by lower other income. Operating lease rental income increased by 6% to $988 million, reflecting an improvement in the lease factor to 10.4%. Financial lease revenue again contributed strongly, up 8% to $141 million as finance lease receivables increased to $4.6 billion and represented 19% of total aircraft assets at the end of the period. Our gains on aircraft sales rose by 14% to $69 million compared with the first half of 2025, as higher profit per aircraft sold more than offset the lower number of aircraft sales, with eight aircraft sold in the first half 2026, compared with 18 in the same period last year. Other interest and fee income was ahead by 20% to $78 million in the first half 2026, driven primarily by higher fees earned from financing pre-delivery payments, which contributed $64 million, a rise of 28% compared with the first half 2025. Other income fell 57% to $21 million compared with the first half of 2025, mostly due to the absence of insurance proceeds. Looking at costs. Total costs and expenses rose by 4% to $866 million from $836 million in the first half 2025. Depreciation, our largest expense, increased by 4% to $405 million, mainly due to the growth of our fleet. Finance expenses, our second-largest item, rose by 3% to $377 million. Our blended average cost of funds remained stable at 4.4%, while gross debt was around 8% higher at $18.5 billion as we continue to invest in new aircraft. There was no impairment of aircraft values in the first half 2026. Elsewhere, our effective tax rate rose to 17.3% from 15.8% in the first half 2025, reflecting higher pre-tax earnings and a greater proportion of business conducted in higher tax jurisdictions. Moving to the balance sheet, we ended 30th of June 2026 with total assets of $27.8 billion, funded by total debt of $18.5 billion. Total equity rose another $186 million to $7.0 billion as at 30th of June. This was mainly attributable to profit for the period, which was partially offset by $212 million in dividend payments. We closed $2.5 billion of new loan facilities and issued $800 million of notes under our Global Medium Term Note Program. This, combined with operating cash flow net of interest of more than $800 million, helped to fund $2.3 billion of capital expenditure and repayment and prepayment of $1.6 billion in debt. Our gross debt-to-equity ratio was 2.6 x, and both Fitch and S&P reaffirmed our A- credit rating in May 2026. In the second half of 2026, we have only $200 million of debt obligations scheduled for repayment, with committed aircraft capital expenditure of $1.8 billion. I will now hand the call back to Steven for his closing remarks. Thanks, Lan. We are proud of the results that we have delivered in first half 2026, and believe that they demonstrate the benefits of our disciplined approach to fleet growth, our financial strength, and our capacity to identify global opportunities. They also reflect the hard work and dedication of our team and the support of our board, our counterparties, and our investors. With 23 aircraft already placed and scheduled for delivery in the second half, as well as over $6 billion of investment firepower, we expect to continue delivering on our growth targets. We are pleased to note that this consistency has contributed to a 10% outperformance in total equity return this year when compared to the Hang Seng Index. Our improved earnings, our strong balance sheet, and our enhanced distribution policy enabled us to increase the first half dividend by 22% compared with first half 2025, which should also support continued investor returns. Today, our order book and other purchase commitments represent $17.6 billion of future committed CapEx, and we will add to that by providing further financing to support our global airline customer base and to achieve our target of $40 billion in assets by the end of 2030. With that, I conclude our review of the industry, our company's financials, and our outlook, and I will pass the call back to Tim. Thanks, Steve. This wraps up management's formal commentary. We now have time for Q&A, and out of fairness to others, request that each participant restrict themselves to one question and a follow-up, unless time permits for additional queries. I'll hand the call back now to the operator for the Q&A session. We will now begin the question and answer session. In the interest of time, again, participants are limited to one question of follow-up each. If you have further questions, please join the queue again. Participants with question to pose, please press star one on your telephone keypad and you will be placed in the queue. To cancel the queue, please press star two. Once again, star one on your telephone keypad now. Our first question comes from Shannon Doherty from Deutsche Bank. Please go ahead. Oh, hi. Thank you for taking my question. You maintained a very strong cash collection rate at 99.2%, while perhaps some other lessors may be seeing some short-term pressure due to the higher jet fuel prices. Would you attribute this to your strategy of leasing newer technology aircraft or maybe lease duration or perhaps the quality of your customer base? Any thoughts here would be great. Thank you. Hi, Shannon. It's Steven. I think it's a number of things that contribute to that. Firstly, it's the selection of customers, and we've always been very focused on that risk analysis when entering into transactions. I guess it's the background that a number of our senior team have, as well as the fact that our largest shareholder is a large bank, keeps us very focused on business from a risk perspective. But also, we actually have the approach of being very proactive on collections. Our senior management team get an email every morning that tells us about anyone who is more than one day overdue on any payment. Then we have a very proactive process for how we follow up on that and work that through the company. I think that the combination of those two things is very important, backed up, as you say, by the fact that we have one of the youngest fleets in the industry with an average age of just five years old. Makes sense. That's great. Are you seeing an increase in financing requests from any airline customers given the volatile macroeconomic backdrop? Yes, we are. Clearly, when fuel prices is up by this much, not all airlines are able to fully pass that through, and therefore, they look to conserve both cash and bank lines at this point in time. We see that in two ways. We see that in people looking to raise immediate liquidity, and so that's some of the purchase and leaseback activity that you've seen us doing. But we also see customers wanting to minimize cash going out of the door, and in particular, where we've been active there has been funding pre-delivery payments to the manufacturers, because as deliveries start to ramp up, they have greater calls on their airline customers for those payments. And airlines looking to conserve cash are looking for people who will fund that. That's been a key part of what we've done for many, many years. Yes, as I said in my prepared remarks, we've seen development across all of our different business lines in the first half of this year. Great. Thank you, Steven. Next question comes from Douglas Runte with Deutsche Bank Securities Inc. Please go ahead. Great. Thanks very much for taking two questions from Deutsche Bank. I think there may be a former ISTAT director on the line. So I will ask a question about your commentary about your premium to appraised value. I am wondering if you could give a little bit more granularity on that. Is that market value, base value, lease-encumbered value? I may have missed the footnote, which appraiser are you using in that assessment, just given the variability of appraiser numbers? Hi, Doug, it is Steven. Yes, we are leading off with double Deutsche here. The process that we go through for that, so every six months, we run a full appraisal of our fleet as part of our impairment analysis. What we do is that we get appraised values for each aircraft individually from each of our panel of five appraisers. Then to avoid some of that variation that you talk about, we drop out the highest and the lowest and take the average of the remaining three. For most aircraft that are returning with full life compensation at the back end, we are looking at base values. There are a small number of aircraft where we do look at current market value, but predominantly it is base values, so it is looking at the premium above that. I think it is also held out or held up by what we see in our trading gains as well in the first half, whereby, the percentage we were achieving there was actually higher than that excess of appraised value over our own book value. Right. That is very impressive. Then an aircraft question. Steven, you highlighted the A350-1000 transaction. I am wondering if you can talk a little bit into what seems to be a material move into very large wide-bodies. Clearly opportunities in the space, but also risks with unique cabins, 10 abreast coach, transition costs are very high. I guess, how do you balance the risks versus the opportunities, and how big do you see the big wide-bodies becoming within your portfolio? I think what you always have to remember, Doug, is that we have had wide-body aircraft in our fleet ever since we were established. The first aircraft we acquired back in the 1990s were wide-body aircraft, so they have consistently been part of our portfolio. More recently, we have had a large fleet of 777-300ER, which I guess were the precursor to those aircraft. We do not see it as a fundamental strategic change. I think all we see is that what we are doing, as we are with the rest of our fleet, is that as individual aircraft start to age, we are selling them on. We have been doing that, both the wide-body portfolio and the narrow-body portfolio, and then reinvesting in the newer aircraft technologies. If we looked at our fleet six months ago, probably on the new technology wide-bodies, we were comparatively overweight 787s versus 350s. Really what we have been doing is looking to balance that back up. Across the portfolio today, we are about, by net book value, about 65% narrow body, 35% wide body. We see that continuing. As we said, we are actually seeing greater imbalance of demand versus supply right now for wide-body aircraft versus narrow-body aircraft. We do not see that changing dramatically in the near future. Great. Thanks for sharing that, and look forward to welcoming you to the Deutsche Bank Aviation Forum in September. Thanks very much. Thanks, Doug. Next question comes from Amy Chen with Citi. Please go ahead. Hi. Thank you for offering this opportunity for a question. I noted that your margin on aircraft sales actually hiked quite a lot in the first half. When we look at the number of aircraft sold in the first half year-on-year, it actually declined quite a bit. I'm just wondering, on a full year basis, are we still aiming to sell mid-teens number of aircraft? How has our disposal strategy changed, if any? Thank you. Hi, Amy. I don't think our disposal strategy has changed. We don't necessarily think about it in numbers of aircraft. We think about it in terms of volume of dollars. So volume of investment that we're disposing of. I don't anticipate that will change. I think similar to last year, we'll probably be $1.2 billion, $1.3 billion, $1.4 billion in terms of total dispositions. We sell aircraft all the way through the cycle. In the same way as I was going back a very long way with my comments to Doug, it's exactly the same with our aircraft sales, and we've sold aircraft every year in each of the 25 years I've been with the company. That's how we've managed to make sure that today, despite having been around as a company for 33 years, the average age of our fleet is five years old, and the oldest aircraft we own is only 13 years old. So we're constantly turning it over. It's also what enables us to speed up that transition to latest generation technology. Today, over 85% of our fleet is latest generation technology. So I don't think you're seeing a fundamental change. All you're seeing is that we're continuing to sell those aircraft that are aging in the context of our fleet, and also those where we see them running at lower yields than our portfolio average. Got it. Perfect. Thank you. A follow-up on CapEx. We noted that you actually made $2.3 billion CapEx in the first half, and you previously guided with $4.5 billion for the full year. With potentially more financing requests from airliners, do you think there's an opportunity that you can exceed that full year target? I think there's an opportunity. We are maintaining our guidance in the same place because we don't have definitive transactions yet. As we said, we did $2.3 billion in the first half. We have $1.8 billion already committed for the second half, which should position us well to firstly achieve that guidance. If, as we talked about earlier, fuel prices stay high and we continue to see the same volatility that we're seeing right now, I would expect that we will see some opportunities to go beyond that. We're not restricted to that number. We have the liquidity to go further. We have the balance sheet to go further. It's really then us looking at individual opportunities and deciding whether we want to do them or not. That is very clear. Thank you. Next question comes from Jason Sum from DBS Bank Ltd. Please go ahead. Hi. Greetings. Thank you for the opportunity. My first question would be on your lease rate factor. I noticed that the improvement this year is quite modest, despite what remains a very tight aircraft market. Noticed that some of your competitors are reporting more meaningful improvement in lease yields. I wanted to get some sense, if you could provide some color on what is preventing your lease rate factor from moving higher more quickly. Should we expect the pace of improvement to accelerate from here? Thanks, Jason. The change in lease rate factor depends on a number of things. But firstly, if we took delivery of 25 aircraft, 26 aircraft in the first half, and that is against a portfolio of nearly 500 aircraft. Even if they are coming in at higher lease rate factors, you are not going to see a material change in any single period. If you are much smaller, then yes, the number of aircraft you bring in in any period can move that more dramatically. I think we won't see steep jumps in any one year. I think what you also have to look at as well is that, we are starting to get now close to previous highs of lease rate factor that we have seen in previous cycles. The highest that we have seen historically was 10.8%, and we are back up at 10.4%. We are getting quite close to that. There is usually a point beyond which you cannot just push this up to infinitely. It starts to plateau at some point. We are not sure yet whether we have reached that. But, clearly, as we start to get close to all-time highs, it is going to slow down. Great. Thank you. Just one follow-up question, on purchase and leaseback and PDP financing. With airlines facing greater financing requirements, could you maybe share if the returns on those transactions have improved maybe versus six or 12 months ago? Or maybe has competition among lessors largely constrained any form of improvement? I guess what we always see when we get into this part of the cycle is that when you get more volatility, some of the less permanent capital isn't as attracted to the industry. So the number of people competing does tend to change. You will rarely see us doing a single narrow-body aircraft that delivers in the near -term because there are lots of people who could maybe do that. Typically, where you tend to see us being competitive and where we are closing transactions is where there is larger volume because there are fewer people that can do that. So, for example, when we did those three A350s, not many people can close on a deal of that size in that sort of timeframe. So, that does reduce the competition and therefore enables you to achieve better returns. Great. That is really helpful. Thank you. There are currently no questions in queue. If you would like to ask a question, please press star one on your telephone keypad now. Next question comes from Shane Mathews with White Oak Capital Management, Mumbai. Please go ahead. Yeah. Hello, I hope I'm audible. Thank you for the opportunity, and congrats on the results. Just wanted to ask on the engine transactions you announced over the last one, two months. Sizable deals has been placed. Just want to understand one strategic rationale over here, what has changed now, and why you think this adds a strategic fit to your, let's say, directionality going forward. How much are you trying to spend over here? How should we think about CapEx amounts here at this point? Okay. It was quite difficult to hear you there, Shane. I think the question was regarding the engine orders that we placed. Is that correct? Yes. I hope this is better. I can repeat my question. Yes, please, if you would. That is better. Yeah. Sorry. Sorry for that. Yeah. The question was just on the sizable engine orders you have been placing over the last one, two months. Just want to understand, A, the strategic rationale here. What are you seeing different at this point in time, which makes you want to do these orders as well? And two, how much are you planning to spend on engines, and should we expect future transactions as well going forward? Okay. Thanks. Maybe I will give a quick part of the answer, and then I will let Tom just talk a little bit more about CFM and Pratt & Whitney. So those engines are actually squarely aimed at going on aircraft that are delivering. So if you think about the fact that we have a 320 aircraft order book, we will need a lot of engines to hang on those wings. And so that is the real focus of those orders that we place. At the same time as we placed the aircraft orders, we did not necessarily feel that that was the best time to complete everything regarded in respect to the engines. And so, we took our time to get that done and to get it right because the engines are one area where if you don't, you can actually lose a lot of money. Would you add anything there, Tom? I think you have covered the fundamentals there, Steven. Obviously, those arrangements come with various contractual provisions that are helpful and that we can pass on to customers, and that is part of the overall package. But as Steven said, fundamentally they are the engine selections for the aircraft that we have on order from the manufacturers to place for the customers. Okay. Thank you. Your next question comes from Yu Feng Wen with China Universal Asset Management. Please go ahead. Hi. I have two questions. The first one is about the rates on our financing. If I look at the yield curve in the U.S., I mean, the U.S. dollar yield curve, the level actually have increased a lot during second quarter. My first question is, how would this impact our funding cost? Hi, Yu Feng. I think what you've seen in the first half of this year is actually the average funding cost across our debt has remained very, very stable. I think we were at 4.5% at the end of last year, and at 4.4% at the midyear. Part of that actually is to exactly your point, it's about the yield curve. We have today about 30% of our funding is floating rate. That's actually benefited from the fact that the short-term rates really haven't moved much in that time. Whereas it's the longer-term rates that have gone up. It's also partly then why you've seen us in the first half of the year access more of our funding in the bank market rather than in the bond market, which by default tends to be fixed rate. That's always been part of the way that we build the liability side of the balance sheet. We're very thoughtful and very careful about how we do that. Mm. If we're looking forward into the second half of 2026, are you expecting higher rates for our fundings? Clearly, it depends on what happens on interest rates. But as we move forward in the short term, there will be two elements or perhaps even three elements at play. Firstly, as you say, there's the shape of the yield curve and how that plays through. Secondly, what we will continue to see, less so in the second half of this year, but certainly still into next year, some of the funding, the fixed rate funding that we raised three or four years ago at very low rates will continue to roll off. So clearly, as we replace that, however we replace it will be with higher cost funding. So there will be an effect of that. It will be minimal in the second half of this year, because actually, I think we only have $200 million of funding that still matures in the second half that needs repayment. The other side of this, though, to always bear in mind as well, is what is happening on our lease book. Because everything that's already been delivered, clearly the terms are locked in. About 85%-90% of that is fixed rate, but 10%-15% of that is floating rate, so that will continue to adjust as well. But the key point to think about also when we're moving forwards is that all of our future deliveries continue to adjust for interest rates until the point of delivery. So they're not static. Therefore, if we do continue to see longer-term interest rates move up, then that will also feed through into the new deliveries that we're taking. When we fix those rates at the time of delivery, they will get fixed at higher levels. Okay. My second question is about the dividend payout. So in first half 2026, our payout ratio is over 35%, versus a little bit less than 29% last year. So for the full year 2026 and beyond, should we expect the minimum payout to be 35%? So to be clear, in the first half of last year, we paid 30%, which is what- Okay. We've traditionally always done since we went public. What we did at the end of the year was to top that up. So the final dividend for 2025 was 40%. What we've then done first half this year is pay an interim dividend at 35%, and we've stated publicly that our dividend policy is to pay up to 40% of full year earnings. That is our stated policy. For many, many years, our stated policy was to pay up to 35%, and we always paid 35%. Our stated policy now is to pay up to 40% on the full year. So let me rephrase my question. If we paid higher, if we had a higher payout in first half 2026 versus last year, should we expect higher payout than 40% for the full year of 2026? What we did historically was we had a policy of paying up to 35% for the full year, and at the midyear we paid 30%. We now have a policy of paying up to 40% for the full year, and at the midyear have paid 35%. I think it's in line with what we've done previously. Okay. Got it. Thank you. As there are no further questions, I'll now hand the session back to you. Please go ahead, Mr. Ross. Thank you very much, Vincent. Thank you, everybody, for your participation this evening. This ends the call for our interim results in 2026. If you have any follow-up questions, please don't hesitate to contact either myself or Kelly Kang. Our details are all over our collaterals, but you can get me at timothy.ross@bocaviation.com. Thank you and good night. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.