Welcome to the ReFuels Q3 2026 investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Just simply type in your questions and press Send. Before we begin, I would like to submit the following poll. I would now like to hand you over to the management team of ReFuels, Philip and Baden. Good morning to you guys. Good morning, good morning to everyone watching this live or watching this on catch up. Thank you for tuning in to our Q3 presentation, sorry. As per normal, there is an ability for you to submit questions, we will do our best to answer those at the end of this presentation. With further ado, we'll get started. What is it we do? We are putting 100% renewable gas into trucks called biomethane. At this point in time, we are supplying about 50% of the biomethane that goes into trucks across the U.K. What are the benefits of putting biomethane into trucks? One, it reduces your greenhouse gas emissions from those trucks in the range of 85%-90%. As you'll see later in the presentation, there is also a financial benefit as well. If you look at the number of trucks we've got on the road today, you know, when the group was founded back in 2014, there were zero dedicated CNG trucks on the road. Today, we've got north of 2,200 trucks refueling through our network every day. I mentioned fuel cost savings previously, but if you look at the overall impact we've had on the fuel cost bills of our customers over the last five to six years, we've helped them save north of GBP 50 million by running on CNG instead of diesel. More importantly to a lot of our customers, they also wanna make sure that they're doing the right thing by the environment. If you look at the last 12-month period, we have saved north of 200,000 tons of greenhouse gas or helped our customers save north of 200,000 tons of greenhouse gas emissions. If we then look at ReFuels and how do we fit into the picture here, we have a group entity called CNG Fuels, which sits below us and Foresight. ReFuels owns 40% of that group, Foresight holds 60% of that group. There are essentially two verticals within CNG Fuels. There is RTFS, which sources biomethane, generates something we call RTFCs, which Baden will touch a bit on a bit later, and where we then can generate a margin and a profit from that. On the right-hand side, you see CNG Fuels is brand when it comes to the station infrastructure. CNG Fuels, as such, is an integrated group where, as I said, we own 40%, Foresight owns 60%. As you will see, in a bit, we are now have taken the group, what I would say, out of the build-only phase, and we're now actually also starting to get into a cash flow positive phase where we'll continue to roll out the platform absolutely, but where we're now also starting to see some of the benefits from having invested in what we've been doing over the last 12 years. This is just an example of one of our stations. This is Warrington. That's the M62 up in the top corner there. To the west is Liverpool, to the east is Manchester. What you don't see around here, had we been zooming out, you will see a lot of very large distribution centers of lots of of large warehouses. These are very efficient pieces of infrastructure where, as of today, we have more than 300 truck refuelings here every day. The drivers do all the work. As such, they're unmanned, we can remotely monitor them, and then we have engineers go to site if there is something that needs to be fixed. If you look at the total volume going through Warrington today, it's just north of about 50% of what we would call steady state utilization, currently dispensing about 8 million kilos of biomethane a year and generating north of 30 million RTFCs per year. Once again, this is just a good illustration of the type of infrastructure that we put in place, and as of today, we are not aware of a more efficient way of putting green energy or a green energy vector into trucks. We look at the highlights of our October to December quarter, our EBITDA for the period is close to GBP 10 million, GBP 9.7 million. That's up 10x from the same period in 2025. We are proud to be raising our guidance again from previously communicated GBP 10 million-GBP 12 million for this financial year to GBP 13 million-GBP 15 million for this year. What is it that's driving our increase in guidance? Operational efficiencies, scale benefits, and also higher certificate prices, which are improving margins. Clearly, when you have to build an industry, like we have, there will come a point in time when you have to invest and you have to, you know, build core infrastructure. Now we're moving into the phase where we will continue to build out the network, but where we're also focused on operations and making sure that there are scale benefits that come out of the network. If you look at the dispense volume, up 30% year-over-year, and we're also proud to see that in a soft overall truck market, CNG adoption continues to grow across our customer base. Just mentioned the truck market. The truck market is going through a tough time at the moment. There are a lot of hauliers that are either scaling back or are actually unfortunately going out of business, likely because there was a bit of over, you know, overexpansion during the COVID years and of course with a much softer economy currently, you know, we're technically in a recession, you will see that there is a less need for moving goods around the country. What we've seen for the last three full calendar years is that the overall truck market, new registrations into the market, and this is of course majority of these, by far the majority of these are diesel, new registrations has dropped quite a bit. In that same market, we're growing. That's of course a nice position to be in. I think it's also important for you guys listening to this that had we been in a more stable overall grow truck market or maybe a truck market that was growing, we would likely grow faster as well. Eventually, the market will turn around on an overall basis, and we expect that to be a benefit for us as well. If you look on the right-hand side of this graph, you see we're mentioning four-by-two trucks, six-by-two trucks, and you see that the six-by-two market is essentially a six times larger market than what the four-by-two trucks are today. There are about 21,500 four-by-twos on the road, about 144,000 six-by-twos on the road. We've got currently about 10% of the four-by-two market are running on CNG exclusively through our network. We've only got 0.1% of the six-by-two market. You might say, "Well, why is that?" That is because the truck manufacturers have only in the last 12 months- 18 months brought out factory-built and factory-warranted six-by-twos. As we see, you know, we see record strong interest in demoing and trialing trucks in the six-by-two market, so we would expect our market share there to grow quite rapidly once these trucks go from trial phase into being ordered and being delivered into customer hands. An aging truck fleet also means that you can't just put off replacing trucks forever. Eventually, trucks start literally to fall apart. Clearly you can't base your fleet strategy on glue and duct tape, you know, hold, keeping trucks together. We're in a period now where there is a lot less replacement of vehicles going on. Eventually, that would have to catch up. We estimate that over the next 10 years, there's about 100,000 trucks that need to be replaced. More importantly, the vast majority of that truck replacement cycle, the fuel technology has not yet been decided. Once again, some really exciting years ahead for us there to be able to influence our customer base to move away from diesel, and particularly important now that the six-by-two CNG trucks have arrived. I previously mentioned there are basically two benefits for our customers here. One is they can, by running on biomethane, they get to save approximately 85%-90% greenhouse gas emissions compared to diesel. That's incredibly important for the majority of our customers who've got GHG ambitions which are essentially, you know, or as an example, 50% GHG reduction by 2030, maybe 100% by 2035. As of today, there's really only one technology in town, and that's biomethane or Fuel Vector in town that can provide them that. More importantly, majority of our customers also can't afford to go green and lose money. If you look at a base a base case comparison here, which is a typical diesel vehicle, yes, a CNG truck on the right-hand side here. A CNG truck is typically 25,000 GBP more expensive to buy. However, the fuel is cheaper. When you then look at the payback period, and this is a simple, you know, cash on cash payback period, a typical truck, diesel truck, by its first owner is kept for five years. Some will keep them shorter, some keep them longer. On average, it's about five years. If you're running on HVO, 100% biodiesel, your payback period on your additional investment in your CNG truck is less than one year. If you're running a regular diesel truck on regular diesel, your payback period is about 1 year and a half. Of course, depending on mileage. If you, if you drive your truck a bit, you know, shorter mileage, there'll be a longer payback period. If you, if you drive it further or longer mileage every year, there'll be a shorter payback period. What we're seeing here is cash on cash, very strong financial reasons to also adopt biomethane, and then when you put in the GHG savings, you get into win-win scenario for our customers, and that's why we're seeing some of the really large PLCs in the U.K. now mass adopting CNG trucks. We sometimes get the question, "Philip, there is a bit of uncertainty in the biodiesel market as to what type of feeds there are and the availability of feedstocks to actually produce biodiesel." That's not the case in the biomethane market. As of today, we do not see a shortage or the market isn't seeing a shortage with regards to feedstocks. On the contrary, you know, we are aware of close to GBP 30 billion going in to expand biomethane production across Europe over the next five years. This figure is almost a year old now, based on discussions that we're having with large infrastructure investors, private equity investors. We'd expect that figure to be larger today, but let's go with, you know, the official stats we've got. Close to GBP 30 billion is looking to expand upstream capacity. Well, you know, why is that important to us? Well, of course, you know, we wanna source biomethane and make a margin out of it, but of course, we wanna source biomethane so that our customers can be, you know, have certainty that they are actually running on biomethane and not fossil gas. This gives us the confidence and the forward-looking visibility to do that. Where are we then on our rollout of our infrastructure network today? Today we've got 16 grid connected stations operational, and we've got 11 so-called MRSs, mobile refueling stations. We do have a business plan now that takes us out until the end of 2028, where we're looking to have 25 grid connected stations, either operational or in build, and considerably larger number of mobile refueling stations, closer to 30 of those in operation. That would effectively double our theoretical refueling capacity. You might say, "Well, you know, if you're only refueling 2,200 trucks a day and you've got theoretical capacity of 11,500, why would you wanna take that up to 20,000?" A lot of our customers don't just operate trucks where we've already got stations. They want to adopt CNG as well in areas of the country where we today do not have a station, therefore continuing to expand the network, particularly in parallel with the six-by-two adoption increasing, is very important. Speaking of stations, this is just an overview as to what we've opened recently and what is coming. We've got Livingston in Scotland, which opened in May last year. We've got Magor in South Wales, where construction is well underway. We've got Swindon, where we are expecting to make a final investment decision very shortly. Just waiting on a couple of things there to fall in line. We have a third site that we'll be going into build later this year, and that will be announced in due course, with the exact location. If you look at the biomethane that we put into trucks, clearly there are a couple of elements there. It's the cost of the biomethane, but also the RTFCs, which is the certificates that we generate from those. Baden will talk a bit about margins on those in a bit. What we're currently seeing is that, yes, RTFCs can be volatile, that's just the nature of operating in a market-based mechanism. What we are seeing is the certificate prices have essentially returned to their historical averages, and we are starting to see the benefits of that. Of course, there's a lot of supportive biofuel policy developments here, particularly across the EU with the RED III, Renewable Energy Directive III, legislation that is about to be implemented, which is also supportive of this longer term. If you look at biofuel mandates, as I just mentioned, we in the U.K. are a bit of a laggard. We have a quite flat curve with regards to the amount of biofuel that is used in transport. We are expecting a consultation from U.K. government imminently, from the Department for Transport, to look at potentially increasing those targets. I mentioned the RED III implementation. The one at the top there is just showing Germany's ambitions out until 2040. That is currently going through German legislative approval process. Of course, you can see there is a huge gap between the ambitions in the U.K., which we expect to be increased going forward. More importantly, the German ambitions with it, which are being ramped up, and it being the largest biofuel market in Europe is gonna have a significant impact on the overall biofuel market, whether the U.K. makes changes or not. With that, I will hand it over to Baden. Thank you very much, Philip. Just to those of you who haven't watched us before, a reminder to those who have, what we're seeing here and what we show is actually the financial results of CNG Fuels being the operating entity that you saw previously in the earlier structure slides. Why do we show that? CNG, well, obviously ReFuels, 40% of that, and that is its primary holding. It's and that is therefore is this is the best proxy for performance that we can show to investors or market participants to show them the performance of the ReFuels entity itself. What we've obviously had a very good, a very strong quarter. Year-to-date revenues up 22%. That is to compare against about 13% increase in volumes. That's of course, you've seen where our margins are obviously continuing to improve very well. We've had a 72% increase in gross profit for up to GBP 10 million in the quarter. The split there, which I'll go into maybe on the next slide, is about 33% to the CNG station business and 66% to the RTFS, to the biomethane side of the business. EBITDA has gone from breakeven in the comparable quarter last year to GBP 5.6 million in this quarter, and that's doubled from the GBP 2.8 million we made last quarter. Again, a very, a substantial increase in the EBITDA. Once again, these additional volumes at good margins have broken up through our cost base, now we're really seeing that driving straight down to the bottom line. Philip's already described the difference between CNG Fuels and RTFS, just a reminder for the business on our revenue streams, we have two revenue streams that are essentially correlated by volumes alone. One is the RTFS revenue streams, which are from the biomethane selling side of the business. That's the purchase of biomethane, seller and the generation of RTFCs, the margin we make from there. We have the CNG station business downstream, where we sell the Bio-CNG to customers, and generate a compression charge on that. Those two revenue streams are linked by volumes, but fundamentally otherwise non-correlated. That's why it's so important that we're now starting to see, first of all, excellent EBITDA contribution from RTFS, continuing to grow. Also the CNG station business itself, after as many years is very soon to break even. Of course, that also involves the research and development and new station activities that go on within that entity. That will be an exciting milestone that is happening in the near term, where both parts of the business, the both, and both revenue streams will be contributing to the earnings of the business and no part subsidizing any other part of the group. In addition, we also generated and sold a record 82.2 million RTFCs in the quarter. That of course, that of course is great news in it by itself, but being the end of the obligation year under the RTFO, that means that our customers also received a 100% RTFO approved biomethane through the 2025 year, which is very important to them for their reporting their emission savings. That's obviously that's a great milestone for us as well as business as them being able to report those. As Philip also mentioned, we have increased our guidance 20% for the financial year. Obviously our financial year finishing shortly on 31st of March this month, to GBP 13 million-GBP 15 million. On that again is on the back of continued strong margins, coming against the sort of end of year volume growth, which of course continues to grow throughout the year. It is. We've also achieved the highest gross profit margin on our RTFC sales we've seen for three years now, so over 30 years, so about 31%. That of course has helped drive that earning, drive those earnings forward, for yeah, which has resulted in the upgrade to our guidance. Really important to note. Of course, you've seen recent turmoil in the energy markets, or you would certainly have heard of the recent turmoil in energy markets. The business has sold forward essentially all of its RTFCs for this calendar year and into 2027 and sourced the biomethane that we require for the same period. That's obviously got two excellent benefits for the business. One is very strong visibility on our earnings for the coming financial year, as well as also having very little RTFC and general commodity exposure for the year ahead. Clearly, whilst this whilst the this turmoil plays out, that's a very good position for the business to be in and exactly the kind of position we want to be in, where we wanna make sure we minimize the risks and just continue to focus on growing underlying volumes for the business. With that in mind, it's worth noting that we still, that we, the other day we gave a light amount of guidance for the year ahead, guiding on volume, not on, not on EBITDA, of 15%-20%, which is consistent with the prior year's growth. We are reiterating that we, and we believe that is because we do see a continued soft haulage market for the year ahead. There are some signs that it is starting to turn a corner. We believe it's probably prudent to say we'll grow about the same amount in volumes as we did in the prior year. That's because we're still seeing growth coming through, even in a soft haulage market, as customers do continue to want to decarbonize, and you know, and have committed to doing so. That is as close as we'll go for now. Finally, just a reminder, and again to those who may be new, last year in April, we completed a restructuring transaction with Foresight Group. A reminder of the rationale behind that was to bring the CNG station assets back onto the balance sheet of CNG Fuels, which had two effects. One is that we were starting to see the earnings come through the biomethane side, and could see that the station business was coming up close behind it. We of course get to bring, but have both of those, both of those earnings streams, but also on, bring onto the balance sheet very large number of, yeah, a very large asset base, to essentially underpin those earnings. We're really starting to see that strong balance sheet, you know, provide, yeah, the benefits that we were hoping for, both in the cost of funding that we are seeing when we're looking at the market for future funding and the ability to optimize our funding going forward, as well as seeing customers still being, still placing orders for new trucks in a relatively difficult market because we have said, you know, we've improved our strength as a counterparty. We've seen this as well in the improvement in our credit ratings recently. That's, so yeah, so the justification there I think has worked out well. We've also got the GBP 25 million credit facility with Foresight Group currently drawn to about GBP 5 million. We'll have fully committed that over the next two stations, which you've, which Philip showed earlier, one which is obviously not disclosed yet where the site will be. We will be able to look to go to the market again at some point later in the year, continue to optimize our funding mix, but, to access additional funding for the next round of CNG stations. With that, also just to remind everyone, you know, we have, we do have a process we are looking at the moment, which is the potential for a dual listing or an uplisting, in order to improve liquidity in the stock, amongst other reasons. We are continuing that process at the moment. Obviously, we'll update the market in due course as we have more information on it. Thank you. Thanks, Baden. I will wrap up before we provide a bit of a summary before we get into some Q&As. I can see there's some questions coming already, please feel free to send those through. As Baden mentioned, when we announced in April of 2025, so almost a year ago now, that we had kind of collapsed the previous structure we had with Foresight, where we had brought, at that point in time, we had three verticals and brought everything in under the CNG Fuels umbrella. We provided a bit of a stake in the ground, if you want, of what things could look like at the end of 2030. Clearly there's a lot of ground to cover between now and 2030. What we basically said was, "Listen, if you or if we believe that we can get to approximately 8,000 trucks on the road by the end of 2030, and given certain margin assumptions, we believe we can get to a quarterly EBITDA figure in the range of GBP 25 million-GBP 30 million." You know, is that something that we stand by today? Yes, that's something that we absolutely feel, is achievable and, you know, what would that then, result in? That would result in us clearly, you know, having grown a lot from where we are today. You know, we've just released north of GBP 5 million of EBITDA, so we need to, you know, 5x that between now and 2030, which we believe, is achievable. If you then look at overall, you know, to summarize the quarter in and what we look ahead, as Baden mentioned, we've provided, if we can call it soft guidance, that we reckon we will grow there or thereabouts, maybe a bit faster volume-wise, for the next financial year compared to what we're doing this year. It's also important for us to continue to grow out our refueling infrastructure so that we can cover, you know, other parts of the country that we're not covering today. This is particularly important now that the six-by-two adoption is starting to move into a phase where once again, you know, we will have customers who will need refueling infrastructure in geographical locations we haven't got today. Finally, the guidance is up again from GBP 10 million-GBP 12 million to GBP 13 million-GBP 15 million. You know, it's the plan that we've been putting in place for a number of years now is now actually starting to be executed on and is starting to deliver results. With that, I will reduce that down so I can see the questions, then we will jump into the Q&As. As I said, please feel free to send through questions, and we'll do our best to get them answered. With that, I will start with the 1st one. Can you explain the impact on the business of the recent developments in Iran? Well, clearly, we're in almost unprecedented times with regards to turmoil in the global energy markets. You know, diesel prices are up, gas prices are up. There's a lot of turmoil out there. I don't think our crystal ball is better than anyone else's crystal ball with regards to where, you know, what the end game is going to be here. All I can say though is that the business, we are in a, and have always been, in a risk management position. We are not exposed to gas prices that come up, diesel prices that come up, et cetera. As such, you know, this will, you know, play out over time. Just a bit of a data point maybe, you have to recall here or remember here, hopefully, that in 2021, 2022, there was unprecedented turmoil in the European gas markets as part of the Russian invasion of Ukraine in February 2022. Yes, gas prices have come up in Europe over the last couple of weeks. If you look at that spike compared to what we came through as a business back in 2021, 2022, we are still way off the peak prices that we saw back then. I mean, this will work its way through the system at some point in time. How long it will take, I don't know. These are, you know, territories and these are not uncharted waters for us as a business. This will pass. This as well. We've got the next one, which is, there were articles over the weekend about the U.K. running out of gas. Is that true? What does that mean for customers? I think I've seen some of the similar articles. I think it was mentioned that there's only two days of gas storage in the U.K. Let's just sort of pull that one apart slightly. Yes, the U.K. has very little of its own gas storage, which is about two or three days of consumption, but that doesn't mean that the U.K. is going to run out of gas. Just to give you some figures, about 43% of all gas we use is imported via pipeline from Norway, about 43% is domestically produced in the U.K., and the rest comes in via LNG into three different LNG import terminals. In addition, we've got the storage, as I mentioned, but we're also connected to the EU gas market through two independent, so-called interconnectors, meaning that we can export gas to Europe or we can import gas from Europe. As such, it's an integrated energy system we have in the U.K. with regards to gas supply, and we do not see a likelihood whatsoever that the U.K. is going to run out of gas. As such, probably those articles are looking for sensationalist clickbait rather than actually giving the facts as to how well supplied the U.K. gas market is. We move on to the next one, which is about the truck market. When do we think the truck market will turn a corner? I suspect this is in relation to the chart we had showing that we were three years of reduction in overall registrations of trucks in the U.K. I think here it's important to understand we do not sell trucks. That said, we do have a finger on the pulse with regards to orders of CNG trucks, clearly. When it comes to the overall diesel market or. Sorry, the order and purchase and delivery of diesel trucks, we don't have visibility of that. That said, when we you know, when we do speak to the truck manufacturers, which of course we do on a weekly basis, they seem to think that the market is bottoming out or might grow marginally this year. Of course, this could change. You know, if we have a recession that prolonged recession, that will change. There are indications that the truck market might be bottoming out this year and starting to grow again, which of course would be a benefit for us because we believe our growth rate will be even higher in an overall positive market rather than a declining overall registration market. We have another one on truck orders. I think we've largely covered that one, but I'll do it again. What does it mean for the future orders when less trucks have been replaced for two years? Well, clearly, you know, trucks need to be eventually replaced, and when you're putting off replacing a truck for six months or three months or one year or however long it is, eventually you need to catch up because, you know, trucks do literally wear out. Things start to break. Things, you know, the overall maintenance cost becomes so high that it's much better to go and buy a new one. Eventually, the downward trend will turn, whether it's this year or next year, who knows? I, you know, we believe there is a limited amount of additional runway that a downward market can have, because sooner or later trucks will need to be replaced. Has there been any changes in the competitive landscape or in alternative fuels? Not really, no. I mean, there is a lot of focus, as always, about electrification of trucks. The reality there is, however, that there is this huge gulf between ambitions and reality. Reality, you know, the reality just doesn't support mass adoption of large electric trucks for now. As such, you know, the majority of our customer base, or the majority of the trucks are run by large companies. They have to decarbonize over a certain time frame, some by 2040, some by 2035, some by 2032, et cetera. As such, the alternative that they're all looking at today is biomethane, some on a more aggressive timeline than others. No, we haven't really seen the landscape change. That doesn't mean that, you know, electric trucks aren't going to start to fill a role. We see that role being filled initially in inner city and, you know, urban distribution, not by running up and down the motorway, which is our core market. What is the risk of the market running out of biomethane over the next few years? We see that as extremely low. We don't see that as a considerable risk at all. You know, we see a lot of new production coming online, and that production is, you know, will be supportive of supplying our growing demand, our growing need for biomethane over the next two years, three years, four years. We do expect to see competing uses or competing demand for biomethane, such as from the maritime sector. As of today, as far out as we can see, which is the next two years, three years, maybe four years, we expect there to continue to be a healthy supply situation with regards to biomethane across Europe. What are the biggest challenges in expanding the Bio-CNG infrastructure model beyond the U.K. into other markets? First of all, let's sort of take a step back on that one slightly. The way we do our stations is quite unique, if not very unique, in a European context, the scale of which we operate at, the fact they're unmanned. There's a lot of IP that's gone into it. It might just look like we've poured some concrete and put down some compressors. That's not the case. There's a lot of IP that's into that, which is quite unique in a European context. If you then look at for Bio-CNG to be as successful across Europe, we believe you will need to replicate the type of stations we've got in the U.K. I attended a conference last week and got a question, you know, why is the U.K. an outlier? Why is CNG growing faster in the U.K. than LNG as a truck fuel? We would say because of infrastructure and because of the backbone that we've developed. The big challenge here is really rolling out what we've done in the U.K., which has taken many, many years to replicate. We would see that if we were to enter into European markets in the future, it would likely have to be either through a joint venture model or through some kind of M&A activity. Building it organically would likely take too long. Here's one for you, Baden. Yep. What is the typical payback and ROI, so return on investment, of a new station once it reaches full utilization? I mean, we've sort of published figures around this previously. You know, we generally look at the return on CNG stations just purely from the compression margin we charge, obviously when we dispense volumes to customers. We don't use the RTFCs in these calculations, but generally, we see a typical payback period on a new station around five years. That's a sort of station that costs somewhere between GBP 8 million-GBP 10 million. Free cash flow yields are extremely healthy, again, just off the compression charges, you know, anywhere north of 25%-25% on the initial investments. IRRs, as we've previously published, you know, 15 years unlevered IRRs north of high 20s into 30%, depending again on the pressure tiers we're connected to. As pieces of infrastructure, they have very healthy payback periods and obviously makes sense to continue to build those out when they're well in excess of our cost of funding. Thanks, Baden. With that, I think that was the last question. Yeah. That's the final question, unless someone is very quick and types one in, then I think we will start to wrap up here. Yeah, that is correct, Philip. Bayden, thank you for addressing those questions from investors. Philip, if I could just ask you for a few closing comments to wrap up with, that'd be great. Thank you. Thank you once again to those of you who've tuned in and are showing an interest in what we do. As we continue to say, you know, when you're building out a new industry, which we essentially have, you know, starting something from scratch, things take time. It's taken us basically 12 years to get to where we are today. With the visibility we have ahead, we're now starting to really get into a mode where we can focus on two things. One is to continue to roll out the infrastructure so we can cater for particularly the growth that we are expecting from the six-by-two market. Also starting to deliver returns, positive returns on what we've already invested. That we're starting to see given the EBITDA generation we made in the last quarter. We've upped our guidance. We're feeling quite good about the quarters ahead as such. Why? Because this is, at the end of the day, we have developed infrastructure. Yes, there are market forces out there that can move us around and will move us around in the future. Once we get up to a certain level of utilization, there is stability here in what we do. As such, thank you very much for following us, and I hope you guys will tune back in towards the end of May or early June. Thank you. That's great. Philip, Baden, thank you once again for updating investors today. Could I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation. Good morning to you all.