Good afternoon, everyone. Please welcome equity investors, regulators, and credit rating agencies to PT Lippo Karawaci First Half 2025 Earnings Call. Today, as a moderator, I'm Randi as the Head of Investor Relations. With me today, we have Pak Fendi Santoso as the Group CFO. Today, we will present our First Half 2025 results, followed by question- and- answer. During the presentations, you may drop your questions on the chat box. Without further ado, please Pak Fendi to continue with the presentations. Thank you. Hand over to you, Pak Fendi. Thank you, Randi. Good afternoon, everyone. Thank you for joining our earnings call that will talk about the first half of the results of PT Lippo Karawaci Tbk. Let me just go straight to the highlights for the first half of the year. I think, despite the soft economy and the buying power from the Indonesian consumer that has come down for quite a bit this year, we continue to see our business to be quite resilient, especially on our real estate and healthcare, whereas some of our lifestyle segments, especially hotel, have faced a bit of headwinds, which I'll talk about a little bit later. On the real estate segments, our marketing sales hit IDR 2.5 trillion, achieving 40% of our full-year target, which is IDR 6.25 trillion. Revenue grew by about 51% to IDR 3.5 trillion. This is driven by a lot of endeavors that we've done across our Lippo Karawaci projects, in particular, Park Serpong, as well as one in Lippo Cikarang, with EBITDA remaining stable at about IDR 526 billion. Lifestyles overall stable. Revenue hit at about IDR 659 billion, with EBITDA increased by 41% to IDR 213 billion. Malls relatively doing well. We are seeing our visitor has come up and occupancy rate has improved year on year. Hotels, as I mentioned to you, are facing quite headwinds. This is despite room hotels growing by about 10% and occupancy strengthening quarter on quarter. We've faced headwinds. I think this is a challenge that all the hotel industry is facing with the government budget cut that's being introduced by the government starting earlier this year. Healthcare continues to be quite resilient, with revenue increasing modestly by about 1.5% and EBITDA by IDR 1.3 trillion. In terms of the P&L, we've booked a revenue of IDR 4.1 trillion. This is compared to IDR 8 trillion committed last year. Obviously, there was a Siloam effect there that we didn't enjoy the consolidation of Siloam that we enjoyed in the first half of last year. If we remove that Siloam deconsolidation, we will be looking at about IDR 3 trillion of revenue in the first half of the year. That's a 35% increase for the first half of 2025. On the EBITDA, on a pro forma basis, it's IDR 722 billion. On the first half of the year, we've registered IDR 627 billion of EBITDA, down by 13%. This is driven because of the margin compressions that we experienced in our real estate development business. Overall, this is the P&L. We've talked about the revenue and EBITDA. Our underlying EBITDA for the first half of 2025 is IDR 208 billion, increased by 36% compared to last year, IDR 153 billion. This is driven by improvements in net interest expenses on the financing costs, where we've reduced by about three-quarters of our costs compared to last year. There is also an improvement in income from associates because of the improvements in Lumiere contributions, as well as because Siloam is now being deconsolidated and being counted as part of the associate income. NPAT, IDR 138 billion bottom line for the year. Obviously, this is much lower than last year because last year we've enjoyed a lot of one-off gains from the sale of the Siloam, as well as the impact on the deconsolidation of Siloam, which gave us about IDR 19.7 trillion of profits in the first half of 2024. Liquidity remains pretty strong. We closed our first half with IDR 6.5 trillion of cash balance. We've seen a lot of improvements from the net interest expenses, where last year we spent about IDR 645 billion. Now, it's only IDR 174 billion. Significant reductions on the financing costs. We've also managed to secure a refinancing of our previous syndicated loans with the new BTN loan facility, with improvement in the cost of funding. Now, we're getting about BI rate plus 1.4%- 1.75% margins, which is about 60 basis points improvements from our previous syndicated loans. That will continue to improve our financing costs moving forward. Balance sheet strengthened. Since earlier this year, we've managed to retire all our U.S. dollar denominated debt. Now, we are fully 100% rupiah loans. It's a complete match between our revenue and cost. With also the refinancing that we did with BTN, we also improved our maturity profile. Previously, it was up to 2028. Now, we've pushed it back to 2032. That will improve our cash requirement for debt servicing. It will ease up our cash requirements for the immediate terms for debt servicing ratio. Let's move on to the business highlights for each segment. On the real estate, in the first half of 2025, we've sold 19 projects of landed residentials, about nine low to high rise projects, and then 16 projects of shop houses. We've talked about the marketing sales performance. The majority of this marketing sales is still being concentrated in the landed housing, about 67.7%. We've made about nine launches for the first six months of the year, three launches in Lippo Karawaci, three in Cikarang, and three in Tanjung Bunga, Makassar. Now, just a bit more detail to the marketing sales that we've done in the first half of the year, IDR 2.47 trillion compared to the full-year target of IDR 6.25 trillion, as I mentioned earlier, 40% achievements. The majority of the marketing sales came from Lippo Karawaci residentials, followed by Lippo Cikarang. We've managed to get a land clawed of IDR 41 billion for the first half of the year. This is close to what we've targeted for the full year. In terms of land bank, we still have very ample land bank that we can develop with an estimated total gross development value of IDR 155 trillion. Just a breakdown of the marketing sales, Lippo Karawaci is still dominated by landed housing, 77% of total marketing sales that we did in Lippo Karawaci. Lippo Cikarang is a bit more balanced, 47% landed housing and 40% commercial. In terms of the payment mode, we're still dominated by mortgage, which accounts for about 63% of our marketing sales. The majority of our marketing sales are still dominated by the affordable housing product, which is a product that is below IDR 1 billion per unit, which still accounts for about 67% of the marketing sales that we've made in the first half of the year. This is just to give you some highlights about the project of the handover units that we've done for the first half of the year. A lot of them are coming from Park Serpong, the Cendana citizen park and Cendana Spark North. Also, some of the units that we've built in Lippo Village and Lippo Cikarang. This is just to give you some pictures of the product innovations that we've done within Lippo Karawaci. The premium household homes that we've recently developed, the Belmont Homes and the Bentley Homes, these are the two products that we've introduced in Lippo Village, which actually have done pretty well. The marketing sales for the year are actually a lot better than what we've projected for these two products. The Allegra products is the premium product that we've launched in Lippo Cikarang. This is actually one of the, we haven't really launched a premium product in Lippo Cikarang for quite some time. This is the first time we've done so for Lippo Cikarang, and we were very encouraged to see that the demand for this product in Lippo Cikarang still remains robust. We are getting a lot of very good marketing sales for this product beyond what we've initially expected. Now, also Blackslate, we've introduced this in Tanjung Bunga, and the tractions are pretty positive in Makassar. We've also introduced some of the new innovations on the affordable homes, in particular this Three Tops Living, which is a three-story landed house that we're going to launch in Park Serpong. The launch will be conducted in, I think, in the next two weeks. This is a three-story on a 40 square meter land and about 75 square meters building area, priced at about IDR 629 million. That's on the property home developments on Lippo Malls. Just to recap, we've managed about 59 malls nationwide in 39 cities across Indonesia, with a net leasable area of about 2.5 million square meters. Very well diversified tenant mix. This is in terms of our mall portfolio compared to our competitions. Here are some of the names of the tenants that are occupying our malls. In terms of the performance, our mall revenue actually grew by about 9%, with EBITDA up by 11%. Margins remain pretty stable at 25%. Our mall visitors also grew by about 10% year on year compared to last year. Occupancy continued to be strong and increased by about 5% compared to last year. This is just to give you some activities that we've done in our malls. We've signed up with Dust in two of our malls, Malang Town Square and Plaza Medan Fair, and also Samsung in a few of our malls. Some of the pictures that the team has taken from the event. We've also done events with the government of Jakarta on Jakarta 498th Anniversary, with the opening of a ceremony done in our mall, Lippo Mall Nusantara, which was attended by the governor himself. This is also the signature event that we've always done annually, back to schools. This is done in June, with a few of our activities across our malls. On the hotel, as I mentioned to you, we've managed about 10 hotels across nine cities, with two leisure premises, the golf club, and also the country clubs. In terms of revenue, it's down by 5% and EBITDA down by 22%. This is predominantly driven by a lot of our hotels that have been enjoying a lot of events from the ministry. Also, the state of the process has been facing a decline because of the government spending cuts that were introduced earlier this year. Now, that being said, on a positive note, we are starting to see the performance coming back in July as the Minister of Finance actually opened up partially the budget spendings of the government starting in June and July. That made positive contributions to the hotel industry, and we are seeing that also in our hotel business. On the healthcare segments, the revenue modestly grew by 1.5% to IDR 4.7 trillion, where EBITDA was recorded at IDR 1.3 trillion, a 21% increase. However, there is one-off non-operational that we've enjoyed last year. If we remove that, our underlying EBITDA would be - 5.8% year on year, with net profit of IDR 476 billion, up by 10%. Again, because we've enjoyed one of the benefits of the non-cash write-offs that we've had last year in our healthcare business. Overall, the outpatient have increased from 2.069 million- 2.86 million. However, we are seeing conversions actually coming down from 3 million to 2.9 million, slightly coming down. This is impacted into our inpatient admissions, down by 7.7%. Also, our ROI has actually come down by about 6.9%, resulting in occupancy rates coming down by 6.2%. On the positive note side, even though the inpatient is coming down, we are seeing our RPOP, average revenue per occupied bed, actually increased by 8% year on year at IDR 1.78 million. Our revenue per patient day has also increased by about 3% to IDR 6.8 million. This is still relatively higher than our competition as we benchmark with them. That's all from Lippo Karawaci. Looking ahead, we will continue to deliver and then innovate on our home development business with both premium as well as affordable housing. We are still aiming for delivering our full-year target of IDR 6.25 trillion on our lifestyle business. We are hopeful that the recovery on the hotel business continues to happen in the first half of the year. We continue to see the mall performance improving in the second half of the year. Also, with our healthcare business, with the advancing of the next-gen Siloam strategies, we believe that Siloam is well positioned to capitalize the potential growth of the healthcare business in Indonesia. Now, I'll pause there just to see if there are any questions from everyone. I'll pass it back to Randi for the Q&A sessions. Thank you. Thank you, Pak Fendi, for your presentations. Yes, actually, we have a couple of questions in the Q&A box, Pak Fendi. You may answer. I cannot see the Q&A session. Hold on, let me just... Oh, yeah, yeah, yeah, I've seen that. Yeah, OK. Maybe from Brian first, Pak Fendi? Happy to see increased house on our... I think, you know, obviously, BI has just reduced the BI rate to 5%. Obviously, this will impact positively the home, the sale, the marketing sales for our housing business. We are anticipating that marketing sales, we are hopeful that marketing sales will improve in the second half of the year. Thus, you know, we are optimistic that we're able to deliver our full-year target of IDR 6.25 trillion by December. Thank you. Thank you. Maybe let's move on into the last question because it's also related with the pre-sales. We achieved 40%. Will the guideline be revised? Yeah, we are still aiming for our guidance of IDR 6.25 trillion marketing sales. We will have a few new launches for the remaining years. I think a new series too. We are looking forward to seeing that coming into play in the second half of the year. We're still guiding for IDR 6.25 trillion of marketing sales for the year. Thank you. Maybe next question, we cover from Rafi Manwani about the Siloam buyback. Maybe any further investment from us, Pak Fendi? For Rafi, I just wanted to ask about Siloam. Actually, there's reports. Plan buyback of Lippo Group plan for the divest stake. I mean, this is divest stake from Siloam. We don't have any plan to divest or buy back Siloam shares today. I think that's from the Lippo Karawaci standpoint. The buyback plan for Siloam share buyback from Siloam, I don't see any plan. At least I don't know of such plans. This is probably a question that you can designate to the Siloam team. Thank you. Maybe about the margins of the apartments. I cannot see that question. The next one. Which one? From Rafi. I also want to see the margins of apartments with clarity. There are apartments that we've delivered, especially in Lippo Cikarang and MSU that we've delivered so far. I think that's about 4,000, if I recall correctly, 3,000- 4,000 units that we've delivered this year that has very low margins because of the delay in the developments. That's actually a negative impact on our margins for the year because of those handovers. Maybe the last question will be from Pak Robin. Pak Fendi, it's quite long. Maybe you can answer. Savings by phone number. Savings by phone number. Yeah, so the rent subsidy savings, once the first bids happen, will be about IDR 400 billion, close to IDR 400 billion. This is something that we've been working on. We expect that the first three transactions will be completed by the end of this year. We are looking forward to that cost savings that we'll enjoy starting next year. What is the strategy in place to reach forth? Yeah, so to catch up with our pre-sales target for the second half of the year, obviously, there are a few launches that we already have in our pipelines, including one in a new city. We will share that in more detail once we've confirmed the date and the launches. Also, with a few innovations that we've made, in particular the new products that we've launched for the phase five of Park Serpong that we will launch at the end of August. I think that will continue to drive our pre-sales marketing sales. The rental reversions, I don't think that would, you know, the majority of our rentals are fixed rate. We do have some revenue sharing rentals that we've done with our tenants. I think overall, we continue to see that the traffic is increasing year on year. We are optimistic that our mall business continues to perform this year compared to last year. In terms of how is the footfall year on year, [audio distortion] pre-COVID, a lot of our malls are actually already back to pre-COVID level. A lot of the stronger ones like Lippo Mall Puri, Kemang, and whatnot, they are actually doing way higher than what they've done in the pre-COVID level. I sense Siloam is looking to buy some of their related assets from Lumiere. I think Siloam is not buying Lumiere, but I think buying First Street. The transactions, I think, is about IDR 10 trillion- 11 trillion. That's what's announced by the Siloam team. The phase five, I think we are targeting slightly more than IDR 500 billion. That will be pretty exciting. We think that the takeup will, based on the booking that we've received to date, I think we should be able to hit that number. I think that's all from today. We already covered all the questions, Pak Fendi. This marks the end of the presentations today. Thank you, Pak Fendi, for your presentations. Thank you to the participants attending Lippo Karawaci First Half 2025 Earnings Call. We will share the material right after the call. See you again on our third quarter 2025 earnings call. Have a good day, everyone. Bye-bye. Thank you. Thank you.