Okay, let's get started. It's 2:00 P.M. [Foreign language]. Vivian. Yes. Good afternoon, everyone. Thank you for joining today's earnings call for PT Lippo Karawaci Tbk. My name is Agus Aris Gunandar, Head of Investor Relations, and I'll be your moderator for today's sessions. With me is Pak Fendi Santoso, our CFO, who will give you a presentation of the company's results for the nine months ending September 2025, which will then be followed by a Q&A session. During the presentations, you may submit your questions using the chat box feature in the Zoom call. Pak Fendi, can you please proceed with the presentations? All right, thank you, Pak Agus. Good afternoon, everyone. Thank you for attending this earnings call. That will discuss nine months' performance of PT Lippo Karawaci Tbk. Let me just go straight, jump into the performance for the nine months. Probably before we start with the results, let me just give you, give everyone a context to what we see from the macro point of view. You know, we have still seen that demand is relatively a bit soft in this quarter. And, you know, the overall economy still remains pretty relatively soft with the Indonesian consumer buying power also remain subdued. That being said, we are starting to see that on a quarter-on-quarter basis, third quarter compared to the first quarter and second quarter this year has improved a lot. We are also seeing that happening across our businesses, both in real estate, lifestyle, and healthcare. For the first nine months of 2025, our marketing sales for the real estate reached IDR 4 trillion. This is 64% compared to our full year target of about IDR 6.25 trillion that we've guided everyone earlier this year. Our revenue continued to post a very strong year-on-year growth, 74%, registering IDR 5.51 trillion of revenue, and EBITDA increased by 4% at about IDR 843 billion. You know, our product launches for the first nine months include the premium series as well as the more affordable housings. We'll touch base on real estate performance later on the next few slides. Moving on to the lifestyle, overall relatively stable. Lifestyle revenue hit IDR 994 billion, with EBITDA increased by about 21%. Our mall is actually doing relatively well, with a growth of about 6%-7% on the physical side. Occupancy is also improved by about 5 percentage points to 84%. This is higher than the average occupancy rate of mall in Indonesia. Our hotel revenue continued to see headwinds, and this is driven by the government budget cut spending that happened earlier this year. That being said, on a quarter-on-quarter basis, we are actually seeing improvements on our hotel business, where occupancy rate improved quite substantially from the second quarter of this year. On healthcare revenue, Siloam performed extremely well for the third quarter. The first nine months, it recorded about IDR 7.29 trillion, which is a 3% increase year-on-year, and EBITDA at about IDR 2.08 trillion, with margins standing at about 29%. That's overall on. I'll spend a little bit more time on each segment later on the next few slides. Just on the statute level, we will be posting about IDR 6.5 trillion of revenue for the first nine months of 2025. Slightly lower compared to what we published last year, but this is because Siloam still was consolidated in the first six months of 2024. As such, optically, it is obviously higher. If we remove Siloam from the first half of 2024, we are actually seeing that the revenue grew by about 52% compared to last year on a pro forma and a like-for-like basis. Similarly, on EBITDA, we have posted about IDR 997 billion for the first nine months of 2025. Compared to last year, lower because of the consolidations of Siloam in the first half of 2024. If we remove this, our EBITDA actually grew by about 4% this year. This is the P&L that we will publish in the nine months of 2025. We touch base on revenue and EBITDA. Income from associate obviously increased, and this is because nine months of 2025. Already fully deconsolidated and assumes a nd classify Siloam as our associate company, and as such, contributions from its profits go to the income from associates. So that's up by about 230%. I think additionally, we have also seen improvements from our limited performance, and the contributions are actually quite positive. This first nine months of 2025. Net expense now come down and driven by our liability management as we've reduced our debt quite substantially over the last 12 months. And amortization and depreciation and taxes also reduced mostly because of the deconsolidations of Siloam that happened last year. That resulted in our underlying NPAT of about IDR 442 billion. Higher by about 8% compared to last year, and NPAT of IDR 368 billion. Substantially lower from last year, given that last year we've enjoyed quite a lot of non-operational and one-off items. Including the gain from our deconsolidations of Siloam last year, as well as the sale that we did on our Siloam stakes last year. This is the cash flow for LPKR. I think relatively, our liquidity remains strong. The focus of this year was to complete a lot of our projects that we sold in the previous years. As such, the payments of about IDR 4.6 trillion that we had in the first nine months of the year. This is offset, obviously, by the collection that we've gotten from consumers, from our customers, from marketing sales. Net expenses, IDR 175 billion. This is substantially lower compared to last year, where we spent about IDR 765 billion. This is reflecting a successful deleveraging initiative and commitment to ensure that we have a stronger balance sheet moving forward. This is also shown in the cash from financing activity, IDR 1.8 trillion outflow, given that we've settled all our U.S. dollar bonds in the beginning of the year, as well as continued to repay our loans with the banks. On the financing side, I'm pleased to announce, I think we've shared this on the previous earnings call, that we've successfully secured a loan from BTN to refinance our syndicated loans. I'm pleased to announce that we've now successfully reduced our cost of funds by about 60 basis points. Today we are paying about a BI rate + 1.4%, which translates to about 6.15%. This is on ideal loans, which I think will continue to support our liquidity moving forward. As I mentioned, we fully paid all our U.S. dollar bonds. Now our liabilities are all rupiah-denominated. As such, we managed to remove the FX risk that is inherent in our business in the past. Now the revenue and cost and liabilities are a match. We landed in September 2025 at about IDR 2.75 trillion net debt, and then in an improved debt maturity profile following our refinancings of the syndicated loans. I'll move on to segment by segment. I'll touch on the real estate first. On the property development projects sold in the first nine months, we've sold 22 projects of landed residentials, around nine projects of low-rise to high-rise residentials, and then 16 shop house projects. We've spoken about marketing sales in the previous slides, but 70% of our landed housings—70% of our total marketing sales are contributed by our landed housings. We've done about 11 launches in the first nine months. Lippo Karawaci, we've done five. Launches, Park Serpong 54 and 5, Bentley Homes and Belmont and Bentley Homes in Central and Marquee in the heart of Tangerang series. Lippo Cikarang, we've launched three launches. The Allego and Casa Delago, the Hive Tanah Merah and the Hive Neo Patio, which is shop houses, and also three launches in Tanjung Bunga. Financial performance, I think we've touched base on this, but moving forward, we continue to focus on the affordable homes designed for young families, as well as moving, focusing more to the premium residents that meet lifestyle aspirations of the affluence market. Marketing sales, IDR 4 trillion for the first nine months. 64%, as I mentioned, compared to what we've targeted for this year at IDR 6.25 trillion. I think the majority of the marketing sales are coming from LK residentials at about IDR 2.1 trillion, followed by Lippo Cikarang at about IDR 1.2 trillion. We still have plenty of land bank that we can develop, which translates to about 25-plus years of remaining land bank that we can develop at the current run rate. Highlights of marketing sales for the first nine months, Lippo Karawaci still dominated by landed housing at 77% in terms of value and 84% in terms of number of units. Lippo Cikarang, I think, is more balanced between landed housing, which contributed about 55% of the total marketing sales, and commercial area, which is about 34%. In terms of the payment method, mortgage still dominating the way our customers are buying our property at about 65%, which is lower compared to last year because a lot of people are opting for installments this year. In terms of the ticket size, still dominated by product with price less than IDR 1 billion that contributed about 66%. And then. The product that priced at IDR 1 billion-IDR 2 billion accounts for about 25% of total marketing sales. This is the project handover highlights. I think in totality, for the first nine months, we've handed over around 8,000 units. Obviously, predominantly from the Park Serpong, this is just an example of the cluster of Park Serpongs that we've completed and handed over: Citizen Park East, Citizen Park North, and Park West. In Lippo Village, we've also done quite a bit of handed over. In the first nine months: Cendana Essence, Site A, Area 1 and 2, Cendana Cove Verdant, and Cendana Cove. Also in Lippo Cikarang. Also the handovers that we've done in Makassar. This is just to give you the highlights of the product innovations. There are a bunch of products that we introduced in the third quarter of this year. From a building area of about 35 sq m at price at about IDR 397 million, up to close to 100 sq m property. With price at about IDR 897 million. I think two products that I would just give you a context to what the customers are liking. Is this TreeT ops Alpha Livin and Gold tops, which is a three-story home that we've recently introduced in the first half of the year. This is just a picture of the grand launching of Park Serpong Phase 5. It was done on 30th August 2025, pretty successful at 87% stake-up rate. We've sold about, we've made about IDR 200 billion+ of marketing sales from the launching only. We continue to enhance our offering in Park Serpongs. We will be introducing. Lentera National, which is a K-1 to 12. Educations. School School campus. Supported by Pelita Harapan Group. This is part of the Yayasan Pelita Harapan education offerings. This is, I think, going to enhance our propositions and our service to the residents of Park Serpong. We've also introduced Mini Mart, some sports facilities just to support the communities. We've also introduced Shadow Bus that connects Park Serpong with some key establishments within the areas. Also, we are developing a modern market. We're going to introduce this very soon, situated in Park Serpong. We've secured about 1.5 hectares for this modern market that will actually enhance our shop houses' marketing sales as when this product launches. That's on the real estate segments. I'll move on to lifestyle. Just to recap for everyone, we've managed about 59 malls nationwide across 39 cities, with net leasable area comprised of about 2.5 million sq m, with very well-diverse tenant mix. Comprising of grocery retailing, department store, F&B, leisure, fashions, casual leasings, and all that. From. Then supported by well-known tenants, both locally as well as internationally. Performance continued to show a pretty strong growth. Revenue increased by about 7%. EBITDA increased by 15% given the operating leverage that we enjoyed for this business. The mall visitors also continue to grow year on year by about 7%. Occupant rates also improving from 80% last year to 84.4% this year. We continue to done a lot of activities. This is just to give you some highlights to activities that we have in our mall properties. The Lippo Mall Kemang celebrated its 30th anniversary. Then we've held an event of fashion show, live music, and community tenants in the month of September and October. Cibubur Junction is undergoing an upgrade. We are repositioning our tenant mix and going to renovate the programs starting Q4 2025. There is going to be more exciting tenants coming in. I believe that once this project is completed, I think it will drive more traffic into Cibubur Junction. We also done a tenant gathering of Lippo Malls Indonesia and Pelangi Nusantara, which received a lot of support from our tenants too. On our hotel business, we've operated about 10 hotels and two leisure facilities across nine cities in Indonesia. The performance is still facing headwinds with revenue coming down by 6%. This is, as I mentioned earlier, driven by the challenges that we had for hotels that have been enjoying a lot of government events as the government cut spending and hold budgets of spending in the first half of the year. EBITDA coming down by 24%. Occupancy is lower compared to last year by 7% - 60%. However, just one wanted to highlight that in the third quarter of this year, occupancy actually stands at about 71%. Compared to the second quarter of this year, QoQ is actually improving by 10 percentage points. It was 61% increased to 71% in the third quarter. We have started to see things are recovering pretty nicely from our hotel business, but yet still not where we wanted to be compared to last year's. Average room rates also improved by about 2% to IDR 635,000 per night. Now moving on to our third segment, which is healthcare. I think overall we are starting to see that our healthcare business in the third quarter improved compared to the soft demands in the first half of the year, with revenue actually improved by 7.8%. This is despite a few unfavorable external events happening in the third quarter of 2025. If you recall, in early August, there were demonstrations happening across Indonesia, especially in Jakarta, where it affected our hospital operations. As well as earlier September or late August, there was a flooding also happening in Bali that impacted our hospital operations in Bali, where we had to shut down for one week. Those two incidents actually contributed to a lower revenue of about IDR 49 billion. If we added up that loss of revenue to the third quarter of 2025, our revenue actually on a quarter-on-quarter basis improved by about 11%. Hopefully in the fourth quarter, there is no more unforeseeable external events that are impacting our business, and we will continue to see the recovery trends happening in the next few quarters. EBITDA up by 19% also. On the operating metrics, I think overall it's pretty positive. On a quarter-on-quarter basis, our outpatient visit improved by about 8.5% to 1.1 million in the third quarter of 2025. Our OPD to IPD conversion remains quite stable at 2.9. Inpatient admissions also increased by 8.2% compared to the previous quarter. Inpatient days also improved by about 9%. Our loss stands pretty stable at about 3.1% compared to the last quarter. Occupancy rates improved by about 3.6 percentage points to 65.8%. That's contributing to a relatively strong performance in the third quarter of this year. I think that's all I have for today's nine-month performance of Lippo Karawaci. I'll pause there to see if there's anyone who has questions. Thank you, Pak Fendi, for the presentations. We do have received several questions in the Q&A box. Let me read the question as follows. The first one is from Pak Danif Esfandiari. He's asking for an update on the MSU or Makassar handovers and how much is left as of nine months of 2025. Yeah, so I think mostly we've done all our obligations for the MSU's units that we need to hand over this year. I think in terms of the units already available, I think we are in the process of completing that handover, which the team is going to complete this by end of the month or early December. I think we've done about 4,600, if I recall correctly, 4,500-4,600 for this year. There's another question here. What is the occupancy rate of Lippo Mall as of current? I think I've mentioned this earlier. In the third quarter of this year, we had about 71%. That's improving actually from the previous quarter of 61%. Overall, for the first nine months, on average, it's about 60%. Oh, sorry, the Lippo Mall, 84%. Sorry. I think we had that. Sorry. Yeah, 84%, sorry, for the mall. There's another question on the pre-sales forming 64%. What will be the driving factor for the fourth quarter to reach this target? We are actually doing a few more launches this year. We just had one launch that happens in Manado, which is getting quite a bit of good traction. There are a few launches that we are going to do this year. I think we are still, the team is still aiming to hit that IDR 6.25 trillion marketing sales target for the year. Yeah. I see there's no more questions on the chat box. I think we have reached the conclusion of our discussion today. will be sharing the presentation material shortly after the sessions. Once again, thank you for joining Lippo Karawaci's nine-month 2025 earnings call. We do look forward to meeting you again for our full year 2025 earnings call. We wish everyone a very, very good afternoon. Thank you. All right. Thank you. Thank you.