Hello everyone and welcome to the Nakilat's third quarter '25 results call. My name is Isra and I will be your coordinator today. If you would like to ask a question, please press * followed by 1 on your telephone keypad. If you change your mind, press * followed by 2. If you have joined online, you can submit a text question via the Q&A button on your browser. We will be taking questions at the end of the presentation. I will now hand over to Fahad Shaikh from EFG Hermes to begin. Please go ahead. Thank you. Good afternoon everyone. Welcome to Nakilat's third quarter 2025 results call. Representing the management team, we have the pleasure of having with us Mr. Hani Abuaker, who is the Chief Financial Officer, Mr. Fotios Zeritis, Head of IR and ESG Reporting, and Mr. Kamaran Jomah, Financial Planning and Reporting Manager. With the introductions done, I would like to now hand over the call to Mr. Fotios to take the proceedings forward. Thank you. Good afternoon everyone and welcome to Nakilat's third quarter 2025 earnings results conference call. For your convenience, the transcript of this call and presentation are available on the company's investor relations section of our website. As a reminder, this conference call is being recorded and the media or press are not allowed to attend this investor relations conference call. Many of our remarks contain forward-looking statements, and for factors that cause actual results to differ materially from these forward-looking statements, please refer to slide two of the investor relations presentation. In addition, some of our remarks contain non-IFRS financial measures. A reconciliation of this is included in the note of this presentation. Kamaran Jomah, Nakilat's financial planning and reporting manager, will begin today's call with a brief discussion of the group earnings results. After, I will give you an overview of the LNG shipping market. Finally, Nakilat's CFO, Hani Abuaker, will walk you through the company's business outlook. We'll be happy to address your questions. Now, I would like to hand it over to Mr. Kamaran Jomah, Nakilat's financial planning and reporting manager. Kamaran, please go ahead. Thank you, Fotios. Good afternoon everyone and welcome to Nakilat's third quarter 2025 earnings call. It's a pleasure to be with you today. I'll be walking you through our financial and operational highlights for the nine-month period ending 30th of September 2025. If you can refer to slides 10 to 12, these provide an overview of our financial results for the period. Nakilat has continued to deliver a solid performance, reporting a net profit of 1.31 billion QAR, which equates to 0.24 QAR per share, compared to the 1.28 billion QAR, or 0.23 QAR per share for the same period last year, reflecting a net profit increase of 3% year on year. This result once again demonstrates Nakilat's ability to sustain steady earnings while advancing its long-term growth initiative. Revenue from operations increased to QAR 3.5 billion, compared to the QAR 3.4 billion in the third quarter of 2024. The increase was mainly driven by higher revenues from wholly owned LNG vessels, reflecting continued strong utilization across the fleet, improved performance from the LPG vessels, and the inclusion of Qatar Shipyard Technology Solutions as a subsidiary during the quarter. In the LPG segment, operationally, they delivered strong results compared to the previous year, supported by higher operating days and stable time charter rates following the completion of the dry dock in 2024. In the LNG joint venture portfolio, we did see a reduction in the performance from our steam vessels, which is aligned with the current market conditions for these types of vessels. Our other LNG vessels remain broadly in line with expectations, along with the impact of the accounting for the finance lease revenue. This was further supported by high vessel reliability and stable operations. During the quarter, Nakilat's foreign joint venture partner in Qatar Shipyard Technology Solutions exited from the business, resulting in Nakilat obtaining full ownership and control. As a result, Qatar Shipyard Technology Solutions has been reclassified from a joint venture to a wholly owned subsidiary and being fully consolidated. However, overall, our shipyard financial performance was marginally lower compared to the same period last year, reflecting the reduction in shipyard activity. Moving on, interest, dividends, and other income decreased to 95 million QAR compared with 152 million QAR for the same period last year. This was mainly due to the development of available cash for Nakilat's new build program, which resulted in lower interest income. Operating expenses for the period amounted to QAR 668 million compared to the QAR 612 million in Q3 2024, representing an increase of 9.1%. The increase was primarily driven by the recognition of costs associated with the LPG vessels and Qatar Shipyard Technology Solutions following the consolidation as a subsidiary, as well as the execution of planned operating activities compared to the prior year. General and administrative expenses increased by 7.5% compared to the same period last year. The increase was partly due to the recognition of Qatar Shipyard Technology Solutions as a subsidiary after its consolidation. However, this impact was partly offset by the continuous cost optimization initiative and slight timing difference across the group. Putting all these elements together, EBITDA for the period amounted to QAR 2.75 billion compared to the QAR 2.76 billion in Q3 2024, representing a marginal decrease year on year. This was mainly driven by lower contributions from the LNG joint ventures and reduced interest income, partly offset by higher revenues from wholly owned vessels, reduced financing costs, and our continued cost management. Depreciation and amortization for the period increased to QAR 662 million, compared with the QAR 621 million in the same period last year. This was due to the completion of the vessel's dry dock cycle and the recognition of additional assets from the LPG vessels and Qatar Shipyard Technology Solutions after their consolidation. Finance costs decreased to QAR 758 million, compared with the QAR 865 million in Q3 2024. This reduction was driven by a decrease in interest expense, resulting from a reduction in interest-bearing debt, lower average variable interest rates, and higher capitalized interest in 2025 relating to the new build program. These benefits were partly offset by additional borrowing drawn in late 2024 for the new building program and the introduction of finance costs associated with Qatar Shipyard Technology Solutions. Nakilat has also enhanced its reporting under the OECD Pillar Two Global Minimum Tax Framework, which was adopted by the State of Qatar earlier this year. Our exposure remains minimal as international shipping income qualifies for the exemption, with only non-shipping activity falling within the scope of the new rules. Now turning to slide 12, which provides a snapshot of our balance sheet. Property, plant, and equipment increased to QAR 25.7 billion compared to the QAR 24.5 billion in December 2024. This increase reflects continued investment, including total capitalized interest for the Nakilat's 40 vessel new build program, which includes 25 conventional LNG carriers, nine QC-Max vessels, four VLGCs with ammonia capability, and the recognition of the two LPG carriers, together with the assets relating to the consolidation of Qatar Shipyard Technology Solutions. I would like to note our new building program remains on track, with all major milestones being achieved as planned. This program is a key strategic driver for Nakilat, expanding our fleet capacity and reinforcing our position as a key partner in the LNG floating pipeline. Cash and deposits increased to 3.5 billion QAR compared to the 2.6 billion QAR last year. The increase was primarily due to cash generated from operations, finance drawdowns for the new build program, and higher dividends received from joint ventures. This was partly offset by payments for the construction of new vessels, dividends paid to shareholders, and regular loan repayments. Borrowings increased to QAR 20 billion, consistent with drawdowns relating to the new build program and the consolidation of Qatar Shipyard Technology Solutions debt, partly offset by scheduled repayments during the period. Net fair value of our interest rate swaps now reflects a liability position of QAR 38 million compared to an asset position of QAR 353 million at the end of December 2024. This movement was driven by mark-to-market adjustments following changes in benchmark interest rates and representing a non-cash accounting impact in line with our long-term hedging strategy. During the quarter, the company made advancements on the next round of financing tranche for the new build vessels, supported by pre-hedge arrangements to manage interest rate exposure. Nakilat remains actively engaged with regional and international lenders as part of its ongoing strategy to optimize funding costs. In line with this, Nakilat announced that it has successfully executed the first financing package with the Export-Import Bank of Korea for the 25 conventional Korean-built LNG vessels. The financing was priced in the range of a AA-rated borrower when compared with similar transactions. This continues to showcase our ability to tap into the market for the most competitive rates to create significant value for our shareholders. These efforts aim to optimize funding costs, enhance liquidity flexibility, and extend debt maturities at competitive levels, ensuring financial resilience as the program advances. In summary, Nakilat's third quarter performance demonstrates continued strength and stability across all business segments. We have maintained solid profitability, advanced our fleet expansion program, and further strengthened our financial position. Our focus remains on operational excellence, disciplined cost management, and the successful execution of our long-term growth strategy. I would like to thank you for your attention. I'll now hand it over to Fotios, who will take you through the outlook for the LNG shipping market. Over to you, Fotios. Thank you so much, Kamaran, and hello everyone. I am pleased to provide an overview of the LNG shipping market today. Despite the ongoing economic uncertainty and market volatility, Nakilat's resilient business model continues to demonstrate its strength and adaptability. The company is well-positioned to navigate both current and future developments in the global LNG shipping market with confidence, agility, and strategic discipline. Looking ahead, ASEAN LNG demand will remain the defining force underpinning long-term growth in LNG shipping. ASEAN currently accounts for approximately 65% of global LNG imports, a figure expected to exceed 70% by 2040. As ASEAN economies expand and transition away from coal, natural gas demand will continue to rise steadily. Moreover, the nature of LNG trade evolves, shifting from traditional point-to-point voyages toward a more flexible and responsive market dynamic. This trend will keep LNG carriers on the water for longer periods, reinforcing the need for additional shipping capacity over the long term. Mature LNG import markets will continue to support long-haul trade for the next two decades, while older and less efficient vessels are gradually phased out or repurposed as floating infrastructure. In this evolving landscape, Nakilat is uniquely positioned to capture these opportunities. With our modern fleet, strong strategic partnership, and unwavering commitment to safety, reliability, and operational excellence, we will continue to deliver world-class LNG transportation services, contributing to global energy security and supporting the broader energy transition. Turning to the slide 17, global LNG trade continues to expand strongly. According to Wood Mackenzie, liquefaction capacity is projected to grow from 411 million tons per annum in 2024 to 680 million tons per year by 2030. This is a 65% increase. This growth directly drives long-term demand for LNG shipping. Turning to the charter rates, in the short term, we have seen some softness. Median year-average one-year charter rates are approximately at $28,000 per day, BFDs at $16,000 per day, and steam vessels approximately at $5,000 per day. But importantly, our long-term charters remain resilient, which continue to support Nakilat's stable and disciplined chartering strategy. Moving to the Slide 20, Clarksons note that the global LNG fleet currently stands at 770 vessels, which has another 288 new builds on order until 2031. This is a 37% increase in the fleet. Meanwhile, the new build prices have been stabilized at around $255 million per vessel, supporting fleet modernization and operational efficiency. However, short-term rate softness may persist, driven by new vessel deliveries and the rising number of steam vessels coming off long-term charters, with some even being laid up due to limited employment opportunities. The long-term outlook for LNG shipping remains strong. This resilience is underpinned by steadily growing global LNG demand, the push for energy diversification, and ongoing expansion of trade infrastructure, all of which point to a healthy trajectory for the sector over the coming years. Nakilat is uniquely positioned to capitalize this trend. With our modern fleet, long-term contracts, and unwavering focus on safety, reliability, and efficiency, we will continue to deliver world-class LNG shipping services, supporting the global energy security. With that, I would like now to hand it over the discussion to Nakilat's CFO, Mr. Hani Abuaker, who will share further insights into Nakilat's business outlook. Mr. Hani, the floor is yours. Okay, thank you, Fotios, and Kamaran and I would like to welcome everyone on the call. Nakilat has continued to deliver strong operational and financial results in the first nine months of 2025. This is supported by our robust business model and disciplined cost management. Our focus on operational excellence and strategic execution continues to reinforce Nakilat's position as a global leader in LNG transportation. Despite the ongoing macroeconomic uncertainty marked by market volatility here, our long-term charter-based model has proven resilient as before, backed by high-quality counterparties which provide stable cash flows, largely shielded from short-term market swings. Combined with our diversified fleet, this foundation enables Nakilat to deliver consistent value across different cycles. Sustainability remains central to our long-term strategy. We are investing in a new generation of fuel-efficient LNG carriers. Meanwhile, our in-house shipyard capabilities continue to enhance fleet availability and optimize lifecycle costs. We're also progressing with the delivery of our 40 new build vessels scheduled between 2026 to 2031, which will further strengthen our leadership and capture future growth opportunities. On the financial side, Nakilat maintains prudent and resilient balance sheet. We're actively managing our capital structure through staggered debt maturities and ample liquidity buffers and selective refinancing at competitive rates. This disciplined approach ensures financial flexibility while supporting our long-term growth. As mentioned earlier by the team, Nakilat has achieved a net profit of QAR 1.31 billion in the first nine months of 2025, reflecting our operational efficiency and financial discipline. We're confident in sustaining this momentum through our modern fleet, strong partnerships, and robust financial governance. Looking ahead, we will continue to optimize our capital allocation, manage risk prudently, and support Nakilat's growth pipeline in the most cost-effective and efficient way. In summary, Nakilat remains strong, agile, and forward-looking, well-positioned to navigate global market dynamics while continuing to deliver sustainable long-term value for our shareholders. With that, thank you for your continued support and trust, and we look forward to the question and answer from your side. Thank you very much. We will now open the Q&A session. If you would like to ask a question, please press * followed by 1 on your headphone keypad now. When prepping to ask your question, please ensure your device is unmuted locally. If you change your mind or your question has already been answered, press * followed by 2. You can also submit a text question via the Q&A button on your browser. Our first question comes from Sylvia Richards with Morgan Stanley. Your line is now open. Please go ahead. Hi, thank you for taking my questions. My first question is, could you please provide more details on the consolidation of the joint venture? And my second question is, given that service income for this quarter was QAR 100 million, and historically it's always been closer to 50, can we expect going forward that the new run rate will be around QAR 100 million? Hi, I can answer that question. So in relation to the consolidation, the joint venture partner exited, and with that, Nakilat took full control, which means we would consolidate Qatar Shipyards on a line-by-line basis. Now, due to that, it would answer your second question, where now we are recognizing the revenue of Qatar Shipyards within that specific line of shipyard marine agency, whereas its expenses fall down below within the OPEX and G&A. Whereas historically, we would have recorded our share of the profit. So going forward, yes, you would see an increase in the number of the value that you would see in the share or the income from shipyard marine and agency activity. I hope that answers your question. Great, thank you. Yeah. Our next question comes from Mohammed Al-Thunayan with Jadwa Investment. Your line is now open. Please go ahead. Yes, hi. Thank you for having us on the call, and congratulations on the greatest results. Two questions from my side. For the first time, we noticed an income tax item on the P&L. What is this related to? Is it linked to the consolidation of Qatar Shipyard Technology Solutions? If so, do you still believe the company will remain outside the scope of the income tax regime or related regulations? That's the first question. Yeah, I can answer that question. It's not actually the first time we've been recording it on a quarterly basis throughout Q1, Q2, and the reason why we have put it in there is for more transparency and just to show that there is a minimal tax coming from income tax. Our business is international shipping, so therefore we are not exposed to global minimum tax. There's an exemption there. Any tax you see within that line is mainly attributable to local domestic status, which also includes any portion relating to Qatar Shipyard. Okay. And should we expect that to remain in the team? I mean, as an ETR effective tax base going forward? I think it's a fair number to use. I think it's a fair number to use going forward, yeah. Okay, that's clear. My second question relates on how Nakilat will benefit from the recent decline in the freight environment. How much of the QAR 20 billion borrowing is currently held, and what are the plans for upcoming borrowings? Any additional insights on how the company intends to optimize its funding cost would be very helpful. Okay, fine. I'll take this one. First of all, there's two elements in any cost. There's basically the market rate, which is the spread, and the second one is basically the margin. We are trying, as Kamaran said earlier, we are able to secure funding on the margin level for a company that is rated AA minus. So we're getting a very good margin rate on our debt and financing. And we should really expect the indication to continue in the future in that regard. People still now understand the company very well. Banks understand the company, and the debt capital market in general understands the company very well. And we are already rated entities, and potentially we will be also, if we come to the market in the future with any kind of bond financing, we'll be also rated. From the other debt and with the current rates, and we have seen rates. There were some cuts that were happening. Just please note that there's a lot of debt that is being now secured on our balance sheet for the expansion with our ship that is being built. We will always try to really hedge our position, okay? But you have to remember that we did a pre-hedging earlier, and we did that back in 2024 August, where even the current long-term interest rate was lower than the current one right now. So yes, we should really expect if there's any portion that is currently not being hedged to really benefit if interest rates go down, and we should also expect it on some of our unhedged or our corporate level to benefit from a lower interest rate that we have seen in the last couple of quarters. As you can really see on the financing charges, it's really showing some of these numbers. I know some of it is part of the prepayment of the hedge, but some of it is reflecting the lower margin on our refinancing. Also, it will also show going forward if interest rates keep going down and we lock in into a lower hedge. I hope I answered that. Yeah. Just to summarize basically, there is some, I would say, non-hedged loans at the corporate level and the consolidated as well. That would benefit. And any upcoming debt that will be secured for the upcoming fleet expansion, that would benefit from the lower interest rate environment. Is that correct? Absolutely. Absolutely. Absolutely. And we have actually been very fortunate that even when we did the pre-hedging back almost a year ago or a year and two months ago in August, we did some of the pre-hedging, and they were at a very low rate, which was almost the lowest in August 2024. So we did some portion of that hedging. And anything that comes down going forward, we should really benefit from that. And this should really strengthen our economics because we believe we have done our economic space when the market were quite high in almost October 2023. So we should really see more benefits as the interest rate comes down. Yes, you can assume that, definitely. That's very clear. Thank you very much. Our next question comes from Nafez Alabbas with QNB Financial Services. Your line is now open. Please go ahead. Thank you, gentlemen. My question comes on the LPG exports from Qatar because we saw an article with India, which imports a significant portion from Qatar, is going to shift to maybe importing LPG from the U.S. I know maybe indirectly you will not be impacted. It doesn't matter the client, but do you think that will be a challenge for, let's say, the country finding new buyers, or would that impact the utilization of your LPG, especially with expansion? Thank you. First of all, we don't comment about QatarEnergy economics and business model and their export and import, etc., but we are as a shipping company, our LPG vessels have historically, rather than the LNG, were trading in the international market, so they were mainly lifting cargoes. It could be from mainly the United States. It could be some from the Middle East. It could be somewhere from somewhere else around the world, so for our LPG business, at least, I can tell you, it's always been internationally. It was never related to any capacity that is being exported from the region. So we don't see any sort of impact from our side, to be honest with you, especially when you talk about the LPG, and the LPG business is usually more about an associated product when the LNG expands. So usually, it is being used by our ships from around the world rather than from the region. And we don't see any kind of exposure for us for a specific region or country, etc. So, as I said, some of our LPG vessels have been doing a lot of work in North America rather than doing business here in the region. Okay? All right. Fair enough. Thank you. Our next question comes from Thomas Mathew with Kamco Invest. Your line is now open. Please go ahead. Hi. Thanks for taking my question. Just a couple of follow-ups on your Q3 results. If you look at your Q3 quarter, it shows sort of like a 20% reduction. Is that just the deconsolidation of shipyards from JV that you moved, or is that a function of, let's say, how rates on the short-term charters have moved? That's one. And the second question is, of the 45 JV vessels that you have, how many are short-term charters? Thank you. I can take the one on the JV income. There's two key factors. As I mentioned, we have fully consolidated both Qatar Shipyard Technology Solutions as well as the LPG vessels. So comparing that year on year, whereas 2024, we would have recognized the share of profit from those two companies, that is no longer happening in 2025 due to the consolidation. So for the LPG since Q1, also Q2, Q3, it has been fully consolidated, and now with Qatar Shipyard in the third quarter, it's fully consolidated. So that's a big impact in terms of the reduction there. In regards to the joint venture vessels, most of the joint venture vessels are on a time charter contract. It's very maybe one or two or three that might be exposed to the market condition as they come up for renewal of their contract over the next one to two years. The majority of them is already on a term charter contract. Very clear. Thank you. Our next question comes from Zahra Sarkar. Your line is now open. Please go ahead. Oh, hi. This is Bobby Sarkar. I guess that's for me. I have a couple of questions. Could you just let us know what is the total CapEx that has been spent so far on the new build program, and what% of that has been financed through debt, or what% of the QAR 20 billion is for the new build program? Thank you. I mean, in terms of the total CapEx spend, you can refer to slides 14 of our presentation where we have tried to visualize and help give you some guidance as to our current CapEx spend and what it will look like going forward for your modeling purposes, so I would recommend you go to slide 14 of the presentation, and that will support you there. Okay, and what's the leverage that's associated with this spend? We always, Bobby, are looking forward between 85%-90% leverage, okay? But it could be from 80%-90%. But usually, our aim is to target the 85%-90%. That's what has been so far. Okay. And if I could just ask another question, I don't know if you have mentioned anything about the actual charter agreements, but are they expected to be around about the same structure, etc., as your previous fully owned vessel fleet? They're almost quite similar to the previous fleet, okay? So this is how it's being structured. This is usually basically there's even a standardized charter party agreement in the LNG business. So you should really expect it to be quite similar. Yes. Okay. Great. Thank you. Our next question comes from Waruna Kumarage with SICO. Your line is now open. Please go ahead. Hello. Hi. Good afternoon. Am I audible? Hello. Am I audible? Yes, we can hear you. We can hear you clearly. Yes. Thank you very much, and good afternoon. I have just one question related to the phasing of the vessels, the delivery. You have slide number 14. Just want to confirm whether in 2026, you're expecting three to five vessels. Is it fair to assume that most of these will come in the second half? And as far as 2027 is concerned, where the bulk of the vessels have been delivered, will it be evenly staggered throughout that 2027? Or will it come in? There'll be lumpy deliveries during that year? Thank you. Yeah. I mean, again, I would refer you back to slide 14, and the three to five vessels are expected to be delivered in the second half of the year. But I think it's a good expectation to have it towards the end of the year. And in regards to 2027, yes, there'll be relatively evenly scattered across the year. Okay. If I may ask one more follow-up, there has been I mean, there are three expansions: North, East, West, and South. I mean, will the current agreement that you have signed with Qatar Gas, will it cover the entire expansion, or is there any expansion which is still to be catered to remaining? Usually, in our contract, we charter our vessels based on time charter party. So we sell them our time, our availability of our vessels. Now, it's up to them where they want to use it. They want to use it within the region from Qatar. They want to use it globally. It's up to the charterer to decide. But usually, our charter with QatarEnergy is basically to provide them these vessels and availability to deliver their cargo. All right. That's clear. Thank you very much. Our next question comes from Dilawri with Morgan Stanley. Your line is now open. Please go ahead. Hi, Ruth. Thank you for the presentation and for taking our question. Given that you look at the IOR and returns on a levered basis, do potentially lower interest rates affect your returns, or would that not really have an impact? Yes. It will have a good positive impact on our rate return. Okay. Given that you plan for 11%-14%, could you tell us if your returns then will be towards the upper end of this range or towards the lower end? You see, it depends when the delivery and when the installment happens, etc. But definitely, the band will go up if the interest rate goes down. So if it is 11-14, is it going to go between 12-16, or is it going to go 14-18? That always depends on the level of interest rate. So it depends on the amount of interest rate reduction that is going to happen. So yes, we believe our IOR model is already more favorable than when we bid for our projects, okay, because we believe that interest rate has gone down. Even the long-term interest rate has gone down compared. And also, the credit spread has compressed, so that's also adding an additional layer for us. So yeah, we should really expect a better result if this market condition prevails in the coming one-to-two years. Okay. That's very clear. Thank you. Over here, our next question comes from Mohammed Al-Thunayan with Jadwa Investment. Your line is now open. Please go ahead. Just a quick follow-up. I think I know the answer already, but just wanted to confirm. So if LNG imports or one-time charter rates were to be reached, let's say, for the next four to five years, is there any clause that would allow QatarEnergy to revise the contracted IOR or affected rates lower for Qatar Gas? Hello. I will take this question. As you know, all our contracts long-term are time chartered. We exchange time long-term agreements with fixed and specific charter rates. And this is actually our resilient business model because these rates or these charter party are fixed for long-term, not changeable based on any conditions. So no impact on the spot market in terms of the long-term contracts. So you are rightly giving me the answer, okay? I hope I answered you correctly. Okay. Thank you very much. That's very clear. Thank you. Thank you very much. Just as a reminder, if you would like to ask a question, please press * followed by 1 on your telephone keypad now. We currently have no further questions, so I will hand back over to Hani for any closing remarks. Okay. Thank you for joining the conference call today. We sincerely appreciate your time, engagement, and continued trust, and we really appreciate this partnership with the investment community. We remain committed to the highest standard of transparency, so please, if you have any further questions, I'm sure Fotios and the team will be there to answer it and come back to you very quickly with the right answer to give you more clarification. Thank you very much, and we look forward to your participation in our next conference call. Thank you very much. Thank you, Hani. And thank you, Fotios and Kamaran, for being today's speakers. That concludes today's conference call. You may now disconnect your lines.