Ladies and gentlemen, good morning, and thank you for joining us for our second quarter analyst meeting. As we continue to deliver solid performance in the first half of the year, driven by our beautiful execution and sustained strength across our diversified portfolio, reflecting the strength of our operation amid the challenging operating environment. Joining us today are our President and CEO, Ms. Maria Socorro V. Aragon-GoBio, Executive Vice President and General Manager of Malls and Destination Estates Division, Mr. Faraday D. Go, our Chief Financial Officer, Mr. Kerwin Tan, and the rest of the investor relation. Presenting with us today are Mr. Kerwin Tan and Mr. Ramon Rivero, Chief Strategist and GM for Robinsons Sports & Leisure. After the presentation, we will open the floor for Q&A session. Thank you. Before we proceed, I would like to draw your attention to this disclaimer. The information in this presentation is for informational purposes only. Certain statements here may be forward-looking, and actual results could differ materially due to various risks and uncertainties. Now let's start the presentation. Mr. Kerwin, you may begin. Thank you. Good morning. Robinsons Land remains committed to strengthening its diversified portfolio and broadening its nationwide footprint through developments that support sustainable growth and long-term value creation. During the quarter, additional work.able centers were added to the pipeline, further expanding the company's flexible workspace offerings. During the half, Robinsons Land delivered solid financial results and sustained its growth momentum. RLC delivered strong first half results with consolidated revenues rising 10% year-on-year to PHP 25.42 billion, supported by solid contributions from both the investment and development portfolios. Operating profitability remained healthy with EBITDA increasing 8% to PHP 13.48 billion. Growth was tempered by higher utility expenses as the first half included a lower cost base in the first quarter of 2025 prior to the power rate adjustments, coupled with higher commission expenses in line with increased sales recognition. Earnings momentum remains strong as net income expanded 12% to PHP 9.02 billion. The faster growth versus EBITDA was mainly driven by lower financing costs and reduced effective tax following the additional asset infusion into RCR in the third quarter of 2025. Meanwhile, net income attributable to parent increased by 5% to PHP 7.21 billion. The comparatively slower growth was primarily due to the higher minority ownership in RCR, which increased to 44.33% following the block placements completed in January. Turning to our balance sheet, total assets increased by 2% to PHP 281 billion as of the end of the first half, primarily driven by higher cash balances from strong operating cash flows and proceeds from the recent block placement, as well as the additional capital expenditures during the period. Total liabilities declined by 4% to PHP 86.87 billion, mainly reflecting the repayment of matured bonds. This also brought interest-bearing debt down to PHP 33.57 billion. Meanwhile, total equity strengthened by 5% to PHP 193.87 billion, while parent equity similarly increased by 5% to PHP 183.81 billion, largely driven by additional equity reserves recognized from the recent block placement. Combined with a higher cash position, the reduction in debt improved our net debt to equity ratio to 10.95%, reinforcing the strength of RLC's balance sheet and conservative leverage profile. From a cash flow perspective, cash and cash equivalents equaled to PHP 13.44 billion, supported by the successful PHP 7 billion block placement completed in January 2026, alongside healthy operating cash generation. During the period, we deployed PHP 7.53 billion in capital expenditures to support ongoing developments and expansion initiatives while generating positive free cash flow of PHP 8.02 billion. RLC delivered a strong first half building on its full-year momentum. Consolidated revenues reached PHP 25.42 billion, representing a 10% year-on-year increase, driven by strong performance of both our investment and development portfolios. EBITDA grew by 8% to PHP 13.47 billion, with growth moderating relative to revenues, mainly due to higher utility costs as the first half 2025 included a lower cost base in the first quarter prior to the power rate adjustments, coupled with higher commission expenses in line with increased sales recognition. EBIT grew by 8%, consistent with EBITDA growth, supported by slower increase in depreciation from newly operational assets. Meanwhile, net income increased by 12% to PHP 9.02 billion, outpacing EBIT growth mainly due to lower interest expense and a lower effective income tax rate following the infusion of additional assets into RCR during the third quarter of 2025. Net income attributable to parent grew by 5% to PHP 7.21 billion. The more moderate growth relative to operating performance was mainly due to higher minority interest in RCR, which increased to 44.33% this year from an average of 39.35% last year following the subsequent block placement completed in January. On a quarter-on-quarter basis, revenues increased by 7%, EBITDA and EBIT grew at a more moderate pace of 4% and 5% respectively. This is mainly due to the higher sales commissions associated with the increase in realized sales. Meanwhile, net income attributable to the parent increased by 4% quarter-on-quarter, supported by lower interest expenses and a lower effective income tax rate following the previously mentioned asset infusion into RCR. RLC maintained its low debt levels from year-end 2025 with total debt at PHP 33.69 billion. The lower debt base was achieved through, supported by strong positive operating cash flows and additional liquidity generated from block placement proceeds. Around 67% of the borrowings are fixed rate, providing stability against interest rate movements, while 33% are floating rate. The debt portfolio consists of PHP 18 billion in bonds and PHP 15.7 billion in long-term bank loans with an effective interest rate of 5.7% and a weighted average maturity of 1.7 years. Overall, RLC continues to maintain a healthy and manageable debt profile supported by strong cash generation and disciplined capital management. RLC's portfolio remains strategically anchored on its investment portfolio, which continues to be the company's primary driver of revenues and earnings. For the first half, the investment portfolio contributed 72% of consolidated revenues and accounted for 82% and 77% of consolidated EBITDA and EBIT respectively. The malls division remains the largest contributor with the investment portfolio. Mall revenues increased on the back of stronger consumer spending and sustained tenant activity, with same mall rental growth of 4% year-on-year alongside contributions from newly opened Pagadian mall and Bagong Silang Town Square, as well as higher amusement revenues. EBITDA and EBIT growth was moderated by higher power rates and by additional depreciation from the new malls. Meanwhile, the development portfolio accounted for the remaining 28% of the consolidated revenues and contributed 18% and 23% of consolidated EBITDA and EBIT respectively, driven mainly by the group's organic residential projects and its share in net income of the joint ventures. Residential revenues increased mainly as more contracts from prior years reached the collectability threshold, coupled with higher percentage of completion recognized from ongoing projects. EBITDA and EBIT grew at a faster pace than revenues due to lower general administrative expenses, sustaining the positive momentum of the development portfolio. A more detailed discussion of each business unit's performance will be presented in the succeeding slides. RCR continues to play an increasingly significant role in RLC's consolidated financial performance, supported by its expanding portfolio and growing recurring income base. During the first half, RCR generated PHP 6.83 billion in revenues, accounting for 27% of RLC's consolidated revenues. EBITDA increased by 43% year-on-year to PHP 5.73 billion, while net income rose by 39% to PHP 4.98 billion, mainly driven by the infusion of nine malls completed last year, which further expanded RCR's income-generating capacities. Net of minority interest, RCR contributed approximately 44% of RLC's net income attributable to parent, highlighting its growing importance within the group's earnings mix. As of the first half of 2026, RCR' s portfolio now consists of 38 premium assets composed of 17 office properties and 31 malls across 25 strategic locations, with total GLA reaching 1.15 million sq m. Portfolio occupancy remains strong at 90%, while weighted average lease expiry or WALE stands at 4.03 years. In terms of tenant mix, retail tenants account for 47% and BPOs of 46%, with the balance coming from traditional offices and seat leasing, reflecting a well-diversified and resilient tenant mix. During the quarter, the board also approved the infusion of additional six malls, which will further expand the portfolio and provide additional recurring income. Overall, RCR continues to be a vital contributor to RLC's recurring income and serves as a strategic platform for future asset monetization and capital recycling. With a clear pipeline for continued portfolio expansion. I now turn you over to Mr. Ramon Rivero for the operational highlights for business units. Thank you, Mr. Kerwin Tan, and good morning to everyone in the call. Starting with malls, our malls segment continued to deliver solid results in the second quarter, with revenues reaching PHP 5 billion, up 5% year-on-year, supported by rental revenue growth and healthy mall traffic. This lifted first-half revenues to PHP 10 billion, up 6%, while EBITDA and EBIT increased to PHP 6 billion and PHP 4.1 billion respectively, highlighting the strength of our recurring income base and retail platform. We also maintained a strong 94% occupancy rate ahead of the industry average of 92.3%, reflecting the quality of our assets and continued tenant demand. Robinsons Malls now operates approximately 1.7 million sq m of leasable space, demonstrating the enduring relevance of our malls and the resilience of consumer spending across our network. Moving to our office segment, the business continued to provide a stable source of recurring income in the second quarter, with revenues reaching PHP 2.2 billion, up 5% year-on-year, supported by sustained demand from BPO tenants, healthy lease renewals, and improving occupancy. For the first half, revenues grew 6% to PHP 4.37 billion, while EBITDA and EBIT increased 5% to PHP 3.43 billion and PHP 2.79 billion respectively. The segment's performance underscores the resilience of our office portfolio and the strength of our tenant base despite a dynamic operating environment. Occupancy improved further to 87% from 86% in the first quarter, reflecting successful leasing initiatives while remaining above industry levels. In total, our office portfolio spans close to 900,000 sq m of gross leasable area with 34 office buildings. During the second quarter, we completed our second work.able center at GBF Center 1 in Bridgetowne, Quezon City, exclusively serving GoTyme. This addition expands our network to 17 centers and increases total capacity by over 400 seats, bringing our overall seat count to more than 4,400. Complementing our commercial portfolio, our hotel segment continued to deliver strong results during the period, driven by the growing contribution of Fili and NUSTAR, together with the sustained strength of our international hotel brands. In the second quarter, hotel revenues increased 7% year-on-year to PHP 1.69 billion, while EBITDA grew 16% to PHP 544 million. For the first half of 2026, revenues reached PHP 3.41 billion, up 10% from the same period last year, while EBITDA and EBIT increased 13% to PHP 1.08 billion and PHP 588 million respectively. The segment's continued growth reflects the benefits of our strategic shift toward higher-yield hospitality assets, which continue to enhance both revenue quality and profitability. Operationally, our 27 owned hotel assets, comprising over 4,000 room keys, maintained a stable system-wide occupancy rate of 65% during the period. Our logistics segment delivered another quarter of healthy growth. Second quarter revenues increased 60% year-on-year to PHP 292 million, while EBITDA and EBIT grew 69% and 101% to PHP 268 million and PHP 200 million respectively. The strong year-on-year growth reflects a combination of the continued contribution from our logistics assets and a relatively softer operating base in the comparable period last year. For the first half, revenues grew 25% to PHP 561 million, while EBITDA and EBIT increasing 27% and 35% to PHP 517 million and PHP 405 million respectively. Our RLX portfolio comprises 15 industrial facilities with approximately 320,000 sq m of gross leasable area, providing a solid platform for the segment's continued growth. Moving to our residential segment, demand remained healthy during the period, with net sales from both our organic and joint venture projects reaching PHP 5 billion in the first half, up 32% year-on-year. Our inventory remained broadly stable at PHP 44.2 billion, while standby revenue stood at PHP 42.4 billion, providing a healthy pipeline for future revenue recognition. Supported by higher construction progress and revenue recognition across our residential developments, second quarter revenues grew 11% year-on-year to PHP 3.08 billion, while EBITDA reached PHP 684 million. For the first half, revenues increased 23% to PHP 5.81 billion, while EBITDA and EBIT rose 24% and 25% to PHP 1.44 billion and PHP 1.36 billion respectively. Our joint venture portfolio delivered a strong second quarter, with equity earnings increasing 48% to PHP 548 million. This brought first-half equity earnings to PHP 729 million, up 3% year-on-year, reflecting continued contributions from our key development partnerships. Our destination estate segment delivered a strong rebound in the second quarter, with revenues rising 45% year-on-year to PHP 352 million. EBITDA and EBIT likewise increased by 56% and 51% to PHP 227 million and PHP 218 million respectively. For the first half, revenues reached PHP 510 million, while EBITDA and EBIT totaled to PHP 309 million and PHP 290 million respectively, supported by higher project completions and revenue recognition from our joint venture developments. Robinsons Sports & Leisure, or RSL, previously introduced as Robinsons Sports, Entertainment and Recreation, is RLC's newest business unit focused on active recreation, leisure, and entertainment experiences for Filipino communities. As part of our ongoing expansion, we are set to launch several new concepts in the third quarter of this year, including GX Sports, which will introduce Skyrocks and pickleball experiences across our Galleria network, and Helios Beta, a tournament-grade pickleball facility in Bridgetowne. These initiatives support our strategy of creating differentiated lifestyle destinations that promote active living, strengthen community connections, and drive overall customer engagement across our portfolio. Capital expenditures reached PHP 7.5 billion during the period, up from PHP 5.7 billion in the same period last year, even without significant land acquisitions. The higher spending reflects the company's continued commitment to executing its growth strategy and advancing key projects despite ongoing industry challenges. We are on track to significantly expand our portfolio through 2030 under our Vision 5-25-50 strategy, with malls reaching 2.4 million sq m of GLA, offices growing by over 50% to 1.28 million sq m of GLA, logistics more than doubling to 600,000 sq m of GLA, and our hotel portfolio will likewise grow, with room capacity increasing by 35% to 5,681 keys. Before I conclude, let me provide an update on several key initiatives that will support the next phase of growth across our recurring income portfolio. In malls, we continue to invest in redevelopment and enhancement projects at Robinsons Galleria, Robinsons Place Manila and Robinsons Place Dumaguete. These initiatives are aimed at further improving the customer experience, strengthening asset quality and ensuring our malls are competitive for the years to come. In offices, we are laying the groundwork for future growth. The Jewel at Mandaluyong City has already secured tenancy from one of the country's largest BPO companies, while Cybergate Dumaguete is nearing completion and will further expand our presence in key outsourcing markets. For logistics, we remain focused on expanding our footprint to meet the evolving requirements of logistics and e-commerce occupiers. Key developments include the FedEx Regional Hub in Clark, which will add over 70,000 sq m of GLA upon completion, as well as the continued expansion of our Montclair facility. Meanwhile, in hotels, we are strengthening our hospitality platform through the upcoming openings of Fili Hotel Bridgetown and Summit Siargao Villas in 2027, all further enhancing our presence across both business and leisure destinations. While geopolitical and macroeconomic uncertainties remain, we continue to approach growth with discipline and conviction. We remain confident in the long-term fundamentals of the Philippine economy and believe that continuing to invest today positions us to capture future demand and create lasting value for all our stakeholders. As others take a more cautious approach, we remain focused on executing our pipeline and building high-quality assets that will strengthen RLC's competitive position for the years ahead. Turning to RCR, RLC continues to maintain a substantial asset base that may support RCR's long-term growth and diversification. RLC retains a substantial portfolio of malls, offices, logistics facilities, and hotels that may support future infusions into RCR. Beyond the existing portfolio, its development pipeline of over 1.5 million sq m of GLA and more than 1,000 hotel room keys provides additional long-term growth opportunities subject to asset completion, stabilization, and RCR's investment criteria. For this year, RLC is also evaluating a potential asset infusion into RCR from its existing portfolio. The timing, asset composition, and transaction size remain subject to final evaluation, regulatory approvals, and the requirement that any transaction be yield and dividend accretive to RCR shareholders. We all look forward to building on this momentum and delivering continued growth across RLC and RCR. This concludes our presentation. Thank you very much. We are now open to your questions. Thank you, Ramon and Mr. Kerwin. So, some housekeeping rules for the Q&A session. To ask a question, please either use raise hand or the Q&A box, but we prefer more on the raise hand. When your name is called upon, you may now ask the question. The first question comes from Jelline Gaza. Jelline, you may ask the question. Hello. Good morning, everyone. Thank you for hosting the briefing. My first question is on your malls business. I noticed that mall revenue growth slightly slowed a bit around 5% growth year-on-year in 2Q. Can you shed some light about tenant sales, foot traffic, as well as consumption trends that you are seeing maybe across your portfolio? Is there a differentiated trend between metropolitan malls versus provincial locations? For the first question regarding the mall revenues. I think two things. One is seasonally, the second quarter is lower than the first quarter. Secondly, the shortened mall hours for a few months this year due to the power energy situation. It slightly affected the foot traffic at that time. But we have already reverted back to normal operations, normal mall hours. Thank you. Sure. Please go ahead. Your second question. Do you have a figure for mall SSSG? Just to close it out. Mall what? Sorry. SSSG. Same-store sales growth. For the first half, it is up 1%, if it is same malls. Same-store sales growth. Okay. First half, one-half. Does that mean that 2Q was a decline? There were some months with the rains and the shorter mall hours. It didn't decline, but then it stayed at 1% for the second quarter. Okay. Understood. Thank you. Second question is on residential pre-sales. For both RLC branded and JV on a quarter-on-quarter basis, it seems like it slowed down a bit. Can you share some information about how you see this trend? Has there been a change in your own strategy, payment terms, or other competitors might have been more aggressive? Is it because of timing of completion? Any other insights on this and how we should think about this figure going forward will be most helpful. This is the first quarter. Sorry, first half. First half. 2Q was slower than 1Q. Any insights on the trend and outlooks there? Sorry. In terms of our revenue recognition, actually second quarter is actually higher than the first quarter. The pre-sales[crosstalk] What's referring to pre-sales, sir? Pre-sales is down, yeah. For the second quarter alone. Yeah. Second quarter is more timing because a lot of our international marketing campaigns were loaded towards June. A lot of those sales are just coming in July. Those should be reflected in the third quarter already. But then as you can see, there's also high growth in the JV sales. So amongst the PHP 3.6 billion consolidated. Net sales are actually up as with the recognized revenues. Okay. Thank you. Lastly is on office. From what I recall, office billing last year was up double digits around 11%-12%, and yet office revenues for second quarter was only up 5%. Can you comment on rental reversion trends and recent update on lease out for the newly added office space? And what you're seeing on the demand across BPO traditional tenants. Thank you. Hi, Jelline. I think to answer your questions, in terms of demand, we're still seeing BPO as the main source of take-up, although we also see strengths in seat leasing with our own worktable and also with other brands. They've been taking up a lot of space. I think it's because of the high demand on the OpEx model or flexible workspaces. I think the single-digit growth is more on basically, more on escalation. We're starting at a lower base than the year prior to that, hence the double-digit growth previously. On rental reversion, on a portfolio-wide basis, what trend are you seeing? There is some, especially on the renewals. We have really made it a point that occupancy is more important. We have been giving some incentives, some slight reversion. I think last year we were at 2%-5% rent reversion. So at low single digit. We just really want to keep the tenants more. If last year it was 2%-5% positive, do you have a sense of what it is this year? Sorry, negative. Okay, negative this year. 2%-5% negative. Yes. Okay. Thank you so much for your insights. Okay. Again, if you want to ask a question, either use the raise hand or the Q&A box. Another question. There is one question from Francis from BPI. Francis, you may ask the question. Hello, good morning. I have two questions. First on RCR. You have released a disclosure earlier, I think last month, about your upcoming infusion of six malls, if I am not mistaken. Can you provide any guidance on the booking of these malls? The revenues for these malls will start to accrue in the first month of third quarter 2026. First month of this year? July. Will start to accrue July. Okay, got it. Thank you. My next question is again on RCR. Can you provide the voice BPO, if you have figures for both RCR and RLC? How much of your total GLA were voice BPO? For voice BPO, for total RLC, it's around 30% only. How about for RCR? I don't have the breakdown right now. But more of it's around 30% for the entire portfolio. Okay, got it. Thanks. My last question is on unbooked revenues for the residential segment. How much of your current unbooked revenues of that PHP 42 billion were expected to be recognized for this year, for the remainder of the second half or for the second half of 2026? We don't usually provide forward guidance. Approximately about PHP 4 billion additional. Okay. Sure. Noted. Thank you so much. That is all from my end. Thanks, Francis. Next question will be coming from Raffy Mendoza from Maybank. Raffy, you may ask the question. Yeah, thanks for the briefing. My first question is on the residential segment, particularly the rise in JV net sales take-up. Can you provide more color on at least specific projects that were doing quite well in the second quarter? There are two projects in particular for our joint ventures that did particularly well. First is our joint venture with [Frabelle], specifically the Aurelia in BGC. As we commenced with the turnover of the project, we saw a spike in additional sales. The same is going for our other joint venture with Hongkong Land, particularly The Velaris project. As it nears completion, we also saw a spike in sales for both towers that we have launched there. Okay, thank you for the color. My next question is on RCR. Does RCR have annual AUM targets or even GLA infusion targets like the other REITs? I understand that you already have one announced this year, the PHP 10.6 billion consisting of six malls. Do you have targets moving forward for the next three years, at least? Actually, we don't have annual targets for RCR as the infusions from the sponsor would actually depend on the amount of block placements that the sponsor is able to raise, because it's buy a property for shares. We need to create elbow room without reaching the minimum public ownership. Just to put things in context on an overall picture of RCR, on an investment EBITDA of RCR of 2021 projected to be plus or minus PHP 21 billion for the end of 2026, 55% of it is contributed by RCR. Technically, there's about 45% or PHP 9.44 billion of EBITDA from the sponsor to grow. If you look at it on a bigger picture, there's a potential to approximately still double RCR size. Okay. Thanks for the color. That's it for me. Thanks Raffy, next question will be coming from Carl Sy, Regis. Carl? Good morning. Let me just check if you can hear me. Yes, we can hear you. Thank you. I will just clarify a couple of things that Jelline asked earlier. First on the office segment, it was mentioned that negative rent reversions for the portfolio were 2%-5%. I would like to ask if that was broad based or are there some areas where negative rent reversions are more negative, maybe -10%? Or maybe there is an area which is particularly strong where you are seeing positive rent reversions of 5%. Yeah. The background on the negative rent reversions. Thank you. Yeah. Hi, Carl. I am basing that from the 100,000 sq m of expiring leases this year. We have actually renewed around 67%. Under rent, it mainly remains flat, some decline. There is also some that increase. Averaging out -2%, - 5% right now. But we hope to improve by the end of the year with the remaining 30%. Okay. Let me clarify though. There is no particularly weak area or no particularly strong area. A lot of them are close to flat or just slightly negative, slightly positive. Is that fair? Yes. That is fair. Okay. On the mall business this time, clarify again the mall SSSG of 1% in Q2. In particular, I believe this was 4% in the first quarter. So it declined, it decelerated to 1% in Q2. Mall revenue grew 5% in Q2. You are saying SSSG is 1%. I want to clarify. I do not think floor area expanded that much. Should I be thinking in terms of maybe same mall revenue growth, which is different from same store sales growth? Because I do not know how you can get to 5% mall revenue growth on just 1% same store sales growth. Or am I mistaken? As far as I know, floor area did not expand that much. Just to clarify. Different metrics. There is one is same mall sales growth, first half is up 1%. But in terms of same mall revenue growth, it is actually 4%. Okay. Let me clarify that I recall a 4% number also in the first quarter. Is it correct that both the first and second quarter it was 4% same mall revenue growth? Yes, that is correct. Got it. That clarifies a lot. Thank you. Just let me write it down. Now, on the residential segment this time. Sales are certainly much weaker than, let's say, pre-COVID period. That's understandable. In terms of what you're seeing recently, is it fair to say that RFOs are, for the standalone projects, are RFOs selling much better than a project that's not yet complete? Hi, Carl. That's a fair statement, particularly for the domestic market, where we're seeing stronger demand from end users. If you recall, in the previous quarters, we had shared that our RFO packages had been very successful in moving our completed projects, our remaining RFO inventory. We had sold about PHP 6 billion worth of RFO in the previous quarters. But then as we completed new buildings, the RFO inventory was replenished and we intend to move the new inventory with our RFO packages as well. Now, for the international market, we're seeing strong demand for our pre-selling inventory. It's a happy balance between the RFO and the pre-selling inventory between the two markets that we are selling to. Yeah. From the figures you are showing, from what I can tell, domestic market is larger, right, than international market. So would it be correct that actually most of your sales are RFOs, which are on promo. They are not really on promo per se. If you recall, I had shared also that we are foregoing heavy discounting because we want to protect our margins. We are instead going for scheme engineering. We have our lease-to-own package. But then, to your first question, whether the domestic market is stronger. For this particular quarter, yes, because our international marketing campaigns were largely concentrated back in June, and the bulk of those accounts closed in July, with some trickling in towards August. We will see a bigger skew towards international sales for the third quarter. Okay. For the standalone projects, again, unsold inventory, in my view, is high relative to, let us say, trailing 12 months reservation sales. I am curious as to what you think, what else you could do. Are you just hoping that as units become RFO, that they are so much more marketable? So, my perspective is unsold inventory looks high, and I am not sure what is feasible to do to spur sales. I think we will have to maintain that balance between our campaigns for the RFO and the preselling. We have seen already traction in maintaining that balance. Hopefully by the end of the year, we will see even better sales coming in. Understood. For the JV projects this time, how much is unsold inventory? How much? Unsold inventory is about PHP 10.94 billion. PHP 10.94 billion. I will ask about the industrial segment. For your other big leasing business, mall and office, EBITDA and EBIT grew slower than revenue. For logistics and industrial, EBITDA and EBIT are actually growing faster. Again, mall and office, I believe it is because of higher utility costs that EBIT are going down, or essentially margins are falling. So why are margins expanding in the logistics and industrial facility segment? For one, there was a penalty amount that we had collected, that accounts for a significant amount of the EBIT. But then also, if we're to compare the models of the logistics business versus the other investment businesses, we are able to maintain our operating expenses at a very low rate because much of the utility expenses are really passed on to the consumers, the lessees. Understood. Let me ask as well regarding the penalty from, I assume this is a penalty from a tenant that pre-terminated. Does that appear as negative OpEx or is that also revenue? That's part of revenue. Part of revenue. Okay. Finally, again, still on industrial. When is the FedEx facilities slated for completion? 2028. 2028. Got it. Thank you. Those are all of my questions, and now best of luck. Thanks. You're welcome. Thanks, Carl. Next question will be coming from Danielo Picache of AB Capital. Danielo, you may ask the question. Danielo? Can you hear me okay? Yes, we can hear you. What's your back out or cancellation? [audio distortion]. Can you repeat, please, Danielo? [audio distortion]. Okay. Please ask question first, Jelline. Okay. Jelline Here have a question through the Q&A box. How much of the RLC branded unsold inventory is currently RFO? As shown in the slide. Shown in the slide is around PHP 7 billion. PHP 7.7 billion. I think the numbers shown here are RLC organic inventory. Joint ventures are not part of this presentation. Okay. Understood. Next question will be coming from Gabe Madrid of UBS. Later we can go back to Gabe. Hello? Can you hear me? Yes. I can hear you.[crosstalk]. Hi. Just a quick question on the JV inventory now. There is PHP 10.94 billion of unsold, but if I check the 2Q sales number, it materially slowed to about PHP 350 million. I just want to ask how we should view take-up for these JV projects in the second half, given that there is still a large amount of inventory remaining. We're confident that it'll be stronger in the second half. As shared, we have already turned over Aurelia, and we are slated to turn over also Velaris this August, September, and October. We'll be seeing a lot more interest in those two particular projects where the concentration of inventory are. Okay. Thank you. That's clear. I wanted to ask about the launch pipeline, potentially for these JV projects. Is there any other upcoming projects in the pipeline outside of those two that you mentioned? Nothing yet to announce for the remainder of the year. We are keeping our ear to the ground to see if there will be opportunities to do so by second half of 2027, but none yet for now. To answer Jelline's question on the JV RFO, it's PHP 1.3 billion. Thank you. Then one last question on my end. I noticed that average cost of debt's about 5.7%. Maturity is about 1.7 years from now. Does that mean if you were to refinance between now and next year, there could potentially be an uptick in financing costs, which actually did help support the bottom line in the second quarter? Is that a fair assessment? Well, as of the moment, we still have enough cash, and hopefully, as our operating cash flow grows and if we have other means of sourcing capital, we might pay off some of the debt. So essentially, average cost of debt, well, it depends on what interest rates would be at that point in time. Okay. Thank you. That is clear. Okay. Thanks, Gabe. Other question coming from Francis of BPI. Francis, you may ask a question. Hello. Just a follow-up on your RCR and RLC GLA. How much of your total GLA for both companies were expiring this year? And any guidance for 2027 expiries also? Got it. Give me a second. It is for OA now, Francis. For RCR, we have around 214,000 expiring this year, which we have renewed around more than 50% already. In 2027, for both malls and offices, we have around a bit more than 300,000 expiring, which we have renewed already 66,000 of that 334,000. Okay. Sorry. For RCR, how much again were you able to renew for 2026? For 2026, we have expiring of 214,000, in which we've renewed already 102,000. Around 93,000 left. In 2027, we have expiring of 334,000, in which we've already renewed 67,000. Got it. Thank you. Thanks, Francis. There's a question in the Q&A box from Danielo. For resi, what's the back-out cancellation rates in the second quarter? When should mall margins recover? First question. To answer your first question, we report numbers on a net basis. That is net already. For the second question, when should mall margins recover? You mentioned that the margins pressure in the first half had been utility related. We previously expected the July power contract reset to reduce electricity rates by roughly 10%. Has that reduction materialized, and how much margin recovery should we expect in the second half? Yes, the retail electricity supply contract was renewed at a better rate already. We expect the margins to improve, probably 1% or so. Okay. Before we go to the raised hand, Jelline, you have a follow-up question? You may ask a question. Jelline? Hello. Yes. Good evening. Okay. Thanks, Rommel. On the unsold inventory, even taking account both JV and RLC branded, still look a bit high based on trailing pre-sales. Just wondering how management is thinking about the interplay between margins and cash collection from these unsold inventory. I understand you're expecting them to transition to completed status, and maybe there's an optimism on take-up upon completion. Just wanted to get a sense on how you're thinking about unsold inventory in relation to capital allocation given that RLC is still in a rare position of deleveraging within the sector. I think we'll keep our capital allocation strategy focused on our investment projects. Hence, we have deferred new launches for residential. We do prefer protecting our margins versus heavy discounting. Our success in the LTO program for our RFO portfolio has given us confidence to continue with that strategy for our RFO inventory of about PHP 7.7 billion. We're confident that we will be able to move that in the coming quarters. For the pre-selling, I think, like I shared earlier, the strategy of going international for that as the local market is more end-user centric right now. We will continue with that and pivot as market conditions change. Understood. Are you seeing any pressure on margins apart from price? Meaning any trends on construction costs that raises some amber flags for management? As the Middle East prices started, we did see price surges in key construction materials. Those have already moderated. As we had awarded some major packages, we were able to enjoy very good prices. Notwithstanding, we are vigilant in terms of protecting the margins because I think it's going to be a slippery slope once we adopt a heavy discounting strategy to move the inventory. Okay. Can you remind us about your usage of cash discounts today? Where it is currently, and has this changed compared to before, and do you think that this is optimal relative to what your peers are doing? Our cash discounts remain the same levels as prior to the Middle East conflict. It really largely depends on the status of, or the progress of the particular project. Let's say if a project is nearing completion, then the cash discount is much lower than a project that is in the early stages of construction. So it can be anywhere from 10%-20%. Okay. Thank you so much. Thanks, Jelline. Last question coming from Sean So of ATRAM. Sean, you may ask the question. Hi. Good morning. Thank you for the presentation. Just a quick question from me. Earlier you mentioned you expected better second half sales on the JV side coming from Aurelia and Velaris. Can I ask what the percent sold of Aurelia and Velaris is at this point for the unsold part for the second half? Aurelia is already 98% sold. Velaris? The Velaris is already 93% sold for tower one, for the south tower. For the north tower, it's 85% sold. Okay. That's all from me. Thank you. Thanks, Sean. If there's no more question, I'll turn you back again to Ms. Maria for her closing remarks. Good morning to all those joining us in this briefing. We are pleased to have reported that Robinsons Land Corporation delivered a strong first half, marked by double-digit growth in revenues and net income, reflecting the continued resilience of our recurring income businesses, the recovery of our residential segment, and the growing contribution of our REIT platform. Our strong cash position provides us with ample flexibility to navigate market volatility and capitalize on emerging opportunities. Our balance sheet allows us to continue paying down debt and giving us agility to deploy more capital with strategic opportunities should the need arise. This flexibility is made possible by the company's strategic positioning and continued strong operating performance across our diversified portfolio. In line with our capital recycling strategy, we had infused six malls this year. Given that we have ample headroom, we plan to further infuse more assets in the second half of this year, subject to favorable market conditions and regulatory approvals. Our robust investment portfolio continues to deliver resilient recurring income. Our malls still delivered strong positive results despite the shortened mall operating hours last April and May and a seasonally weak quarter. All of our investment assets continued to exhibit steady EBITDA and EBIT growth versus same period last year, supported by rental reversions, improving tenant performance, newly operational assets, and operational efficiencies across malls, offices, and hotels. Meanwhile, the development portfolio continues to gain momentum as more projects advance through completion milestones and revenue recognition stages. We also continue to pursue strategies aimed at strengthening the long-term growth and profitability of the segment. In closing, first half calendar year 2026 was a strong start to the year for Robinsons Land, marked by broad-based growth across our different business segments, continued expansion of our portfolios, and disciplined management of our balance sheet. This performance provides solid foundation as we continue to pursue opportunities that create sustainable long-term value. Our track record over the years demonstrate our ability to navigate various economic cycles through prudent decision-making, disciplined execution, and a steadfast commitment to sustainability and resilience. Periods of uncertainty call for vigilance and the right risk mitigation measures, but they also present opportunities we are well-positioned to capture. This balanced approach continues to guide how we manage the business, strengthening our resilience while positioning the group for sustainable growth. With a strong balance sheet, healthy liquidity, and stable recurring cash flows, we remain confident in RLC's ability to navigate evolving market conditions and to deliver long-term value for our shareholders. Thank you once again for your continued trust, support, and participation.