2025 earnings call today. My name is Agus Arismunandar, Head of Investor Relations, and I'll be your host today. Presenting our Full Year 2025 Results will be Pak Fendi Santoso, our Group CFO. During his presentations you can submit your questions using the chat box features, and then we will answer your questions in the Q&A sessions that follows the presentations. Pak Fendi, I think you can start the presentations. Thank you, Agus. Good morning, everyone. Thank you for joining our earnings call today. I'll be taking you through the financial results 2025 for LPKR. Let me just jump straight into the business performance highlight for 2025. Our real estate revenue on our real estate pillar, marketing sales, we're pleased to report that we've booked at about IDR 5.3 trillion of marketing sales. This is 85% of what we've targeted to achieve in 2025. Slightly below, and this is on the back of such a quite subdued consumer buying power in 2025 that everyone experienced across, not only on the property sectors, but all of the consumer-facing businesses. Nevertheless, we are still able to find pocket of opportunity for growth and able to sustain our performance. We focus on, obviously, the segments of more affordable landed housings in our markets. Revenue for the real estate we clocked in at about IDR 7.7 trillion, which is about 52% increase from last year in 2024. This is driven by a very strong handovers across all our landed residentials, high-rise and, commercials. In particular, in our developments in Pasir Panjang, which we launched late in 2023. We've managed to deliver most of the marketing sales that we had there in 2025. Also the handover for the Meikarta units in the 2025. That supported our revenue for basically the drivers of our growth in revenue in 2025. Whereas EBITDA grows by about 4%. We've recorded IDR 1.15 trillion of EBITDA. This is slightly lower than obviously the top line growth because of the drags from some of the legacy products that we handed over this year that had much lower margins compared to the others. In 2025, we launched a few of our newly launched premium series innovations. Belmont Homes, Vanity Homes, and Aryaduta are among the few that we've introduced to our customers in 2025. Obviously, we've also continued to innovate on our affordable housing series, including the TreeTops Livin, Gold Livin, Bronze Livin, Quartz Livin, which I'm gonna show you some pictures later on in the next few slides. On our lifestyle business, which comprises of malls and hotels, revenue booked at about IDR 1.4 trillion, with EBITDA increases by about 60%, hitting at about IDR 448 billion, in 2025. This is mostly driven by our mall business, which continued to see improvements in all our key operating metrics with the footfalls reached at about 11 million visitors per month, much higher about 5% year-on-year. Whereas the occupancy also improved from about 81% in 2024 to 86.5% in 2025. Just about 7% increase year-on-year. On hotels, it's pretty challenging year for a lot of hospitality business across Indonesia given the budget cuts spending that was introduced by the government in the first quarter of 2025. Nevertheless, we have to continue to see improvements across the year from Q1 to Q2, Q3 and Q4, with occupancy continue to strengthen and average hotel room rates are able to increase by about 2% year-on-year. Now in terms of revenue, for 2025, overall consolidated basis, we've booked at about IDR 9 trillion of revenue, which is slightly lower compared to last year in 2024 and IDR 11.5 trillion. This is because of in 2024, the first half of the year, we are still consolidate Siloam as part of our subsidiaries in Lippo Karawaci. That's the reasons why it was IDR 11.5 trillion. Now if we were to assume that Siloam was to be deconsolidated in 2024, it will reduce the revenue to IDR 6.5 trillion. On a like-for-like basis, our top line was actually improved by about 38% year-on-year. This is driven by, again, the real estate developments that I alluded earlier in the previous slides. On the EBITDA, 2025 closed at about IDR 1.7 trillion, lower compared to last year, and this again, because of the Siloam still being consolidated. If we were to do a pro forma on the deconsolidated Siloam, our EBITDA actually increased by about 4% on a like-for-like basis. Now moving on to the P&L. Now, I've already touched on the revenue and EBITDA, but our underlying adjusted NPAT is about IDR 630 billion for the full year 2025. Grew from last year IDR 402 billion. Grew by about 57%. This is driven by improvements in income from associates because of the deconsolidation of Siloam now. For the full year of 2025, we've recognized income contribution from Siloam and income from associates, and plus also improvements in the income contributions from Lippo Malls Indonesia Retail Trust. Our net interest expenses also continued to improve, lower by about 61% to IDR 326 billion. This is in line with the liability management that we've initiated, that we've introduced since a couple of years ago, and as we continue to de-lever our balance sheets. On the bottom line, NPAT IDR 170 billion. Now, obviously this is not comparable to the previous years, given that we had a lot of one-off gains from the sale of Siloam and also the deconsolidations of Siloam that we enjoyed in 2024. Our cash balance remains extremely strong. We closed the year at about close to IDR 2 trillion cash balance. Now our focus in 2025, as you can see, is mostly on delivering our projects to our customers, and as such, the outflow for payments to contractors has been pretty strong. Net interest expenses continued to improve. Last year we had IDR 935 billion of interest. Net interest expenses, which dropped to IDR 142 billion. Also we continued to pay down and delever our balance sheets, and the reasons why it's negative cash from financing activities. Now, on the last year's, we've managed to refinance our syndicated loans with BTN loans, which basically improved our cost of funding by about 70 basis points. Now we are paying about BI 7-day rate + 1.4, which is pretty strong for a real estate play like Lippo Karawaci. Balance sheets has improved quite considerably. We've paid all our US-denominated loans in 2025. Today I'm pleased to report that all our interest bearing liabilities are all in rupiah, which has basically eliminated the FX risk from then onwards. Our historical net debt has been very low compared to the previous years, at about IDR 4 trillion, with debt maturity profile pretty linear. This is on the back of the refinancing that we had last year. Moving on just to real estate overview. I n 2025 it is, it's pretty busy year, where we had close to about 12 launches in 2025. With Lippo Karawaci we had about six launches throughout the years. Lippo Cikarang, three launches and Tanjung Bungah, three launches. We sold about 98 projects of landed residential and about 6 mid-low to high-rise projects and 21 shophouse projects. It's a pretty busy year last year, and we'll continue to see that this year will remain busy. Our focus will still going to be continue to diversify our portfolio, not only in our existing market, but also expanding to new markets with a focus on affordable housing for young families with expansions to premium residences for mass affluent segments. Now this is the aggregation of marketing sales. If we compare to 2019 we've almost tripled our marketing sales with the latest 2025 at about 5.3%. We continue to have a pretty ample land bank that we can leverage, which roughly has an estimated gross development value of about IDR 155 trillion. This comprises about 1,300 hectares of land banks that we have. Marketing sales in Lippo Karawaci continue to be dominated by landed housing at 79%, followed by shophouses. In Lippo Cikarang, similarly, landed housing is 57% of the total marketing sales in 2025, followed by commercial land and also land plots, which comprise about 33% of the marketing sales. On the payment method, mortgage still dominating at about 64%, followed by installment 21% and cash at 15%. This basically indicates that the majority of buyers of our properties are all mostly end users. With the ticket size still dominated by affordable homes at about two-thirds of our marketing sales below IDR 1 billion ticket size. Followed by between IDR 1 billion and IDR 2 billion, 24%. The majority is actually below IDR 2 billion. As we continue to focus on the more affordable products. This is just the highlights of the handovers for 2025 across all our developments. In Lippo Parks, 3 clusters that we introduced in phase I, Cityzen Park East, Park North and Park West, mostly completed handover by about 97%-98%. In Lippo Village, also the same, between 88%-99%, fully handed over to our customers. The slightly newer product that we've recently launched in Cikarang, XYZ Livin phase I and The Hive at Neo Patio. We started to do a handover, completed 25% for XYZ Livin and 3% for The Hive at Neo Patio. Just to give you a sense on the product innovations, and this is something that I'm personally very proud of the team. We've continued to be on the frontier on product innovations. We've introduced these three-story landed housings last year, which attracted a lot of interest from our customers. The Gold Tops and the TreeTops. Price ranges between IDR 650 million to IDR 900 million, which is still below IDR 1 billion. Also continue to evolve our two-story landed housings, ranging from the Urban to Gold series, with starting price of about IDR 300 million per unit. Now moving on to Lifestyle. Lippo Malls Indonesia, just to recap, is the largest mall developer and operator with 59 malls managed nationwide in over 39 cities across Indonesia, with net leasable area of about 2.5 million sq m. We have a very well-diversified tenant mix across supermarket, department store, F&B, leisure, fashions, supported by some of the strong international and local brands. In terms of performance, it continued to be very strong with top line increased by about 7%, at IDR 729 billion for the full year 2025. EBITDA IDR 173 billion, increased by about 7% compared to last year's. The margins at 24%. We have continued to see all operating metrics across our malls continue to improve, with mall visitors improved by about 5%, to 11 million per month. Occupancy rates improved from 81% - 86.5% in 2025. This is just some of the activities that our malls conducted in 2025, in the fourth quarter of 2025. Particularly in Sun Plaza, Medan, the Baby Shark Camp was hosted, attracting a lot of attention from the families in Medan. The Palembang Square, we've also launched the new Atriums which strengthen our offerings for our customers in Palembang. Senayan Park also introduced this event, a drone show that attracted a lot of attention from people in Jakarta. It went viral in some of the social media. It's pretty much strengthened the position of Senayan Park as a leading lifestyle and entertainment destination in Jakarta. On hotels, again, we have existing in about 9 top cities across Indonesia with 10 hotel properties and also a couple of leisure facilities. Now in terms of market last year, as I mentioned earlier, it was not an easy year for hospitality business last year, given the government budget cut spending that was introduced in the first quarter of 2025. Our revenue slightly declined by about 5% in 2025, registered at about IDR 474 billion, with EBITDA 164 billion, dropped by about 70%. Occupancies obviously contracted 69% - 64% in 2025. However, we managed to improve our room rate by about 2%. Now, in 2025 alone, we are seeing that things are recovering on quarter-to-quarter basis. We are continuing to see that in 2026, things will continue to progress. We are starting to see that the market recovered, and we are able to improve our occupancies back to where it was in the previous years. That's all from me. I'll give it back to Pak Agus for the Q&A sessions. Thank you, Pak Fendi, for the presentations. We will now start the Q&A sessions based on the questions that we received. However, I don't see any questions yet in the chat box, in my chat box at least. Pak Fendi, do you see any questions in your chat box? Haven't seen anything. Probably we wait for a minute or so. Yes. Just as happy to take on questions from participants, if there's any. Yes. You can use the chat box, which is one of the buttons on the bottom of your screen to ask any questions. Okay. I think there's one. How much of the Park Serpong project has been launched, and how many hectares are left? Pak Fendi, would you like to take these questions? Sure. I think so far it's probably about 20-30% of the area that we've earmarked for the real estate development in Park Serpong has been launched. We still have ample land banks that we could develop in Park Serpong. I cannot give. I don't remember the exact numbers, but I'll get back to you on that. If you remember the Seven Wonders projects, that's the VII phase of the Park Serpong projects. We have completed six and right now we are on phase VII. Thank you for the question. Then the next one. What is the government's budget for hotels in 2026, and how does the company view the hotel sector in 2026? Will it improve back to the 2024 level? Pak Fendi, do you have any visibility for the government's budgets? I don't have the exact government budgets for travels and events and whatnot. A s we are seeing improvements in quarter-over-quarter government spending in events and hotels, I think we should. If the trend continues, we should be seeing 2026 continue to improve. From what we see, we are hopeful that the performance will improve back to 2024 level as you suggested. Is there possibility of increasing the price on Park Serpong? Yes, of course. So this is something that we are seeing as we've evolved from phase I to phase IX, the latest launch. We continue to see the price point continue to increase with I think the improvement in access to the other cluster and developments within Park Serpong. We are going to introduce more premium products in Park Serpong. That will improve the pricings for the secondary home as well as for the new launches. Yes, the short answer is yes, we continue to see, we are continuing to push for an increase in price point in Park Serpong. Is there any pre-sales guidance in 2026? Yes. Our guidance for 2026 is IDR 6 trillion of marketing sales. Now this is on the back of, we think that 2026 continue to be slightly more subdued given what's happening geopolitically across the globe, as well as while we are seeing things are improving in terms of buying power, we remain cautiously optimistic about the situation in Indonesia for 2026. Any lease update on the product and how much land handover is left? I think the majority of the handover has been complete in 2025. We still have about slightly more than 2,000 units that we need to handover until 2027. But we are optimistic, given that the volume that we've completed and handed over in 2025, this should not be an issue. I think we covered all of the questions, Pak Agus. Thank you. Because we don't have any more questions, with that, I think we have reached the end of today's earnings call. The presentation material will be sent to you shortly after this. We'd love to thank you everyone, again for attending the Lippo Karawaci's Full Year 2025 Earnings Call today. We wish you all a very good day ahead. Thank you again. Thank you everyone. Have a good day.