Hello, welcome to our conference. Can I take your first name and last name, please? Isa Kohlberg. Can I take— Can I have the spelling of your name, please? Thank you. Can I have your company name, please? Water. Thank you. I will now transfer you to our conference end. Is this quarter within hour at the end? Thank you. Yep, I will transfer you to our conference then. Groups Financial Result, following by our CFO, Hani Abuaker, who will provide an update on the company's outlook. Then we will be happy to address your questions. Let me begin with the LNG shipping market. The LNG shipping sector experienced mixed and volatile condition during the first 9 months of 2026. Charter rates show a good period of strength during the year, followed by some moderation during the third quarter. Against this backdrop, modern two-stroke vessels continue to command a clear premium over the older propulsion technologies ships reflecting greater efficiency and commercial attractiveness. The long-term outlook for LNG shipping continues to be supported by the expansion of global LNG supply and trade, however the timing of new vessels' deliveries relative to the commissioning and ramp-up of new liquefaction capacity remains at important consideration for the market. Moving to the slide 10, according to Clarkson's, average one-year time charter rates during the 9 months of 2026 were approximately 65,000 dollars per day for modern XDF MAGI vessels, 39,000 dollars per day for DFDs vessels, and approximately 19,000 dollars per day for steam vessels. These figures demonstrate the continued differentiation between modern and more efficient vessels than older tonnages. Staying on the slide 10, Clarkson's data show that the global fleet of LNG carriers is projected to increase from 700,85 vessels in 2025 to 1,126 vessels in 2031. The slide also show the current order book of 283 vessels through 2031. This fleet growth is expected to remain an important influence on the near-term charter market conditions. At the same time, new vessels are being introduced in preparation for the next phase of LNG supply and trade growth. Overall, LNG continues to play an important role in the global energy mix, the long-term outlook remains supported by the growth of LNG trade, ongoing investment in liquefaction and regasification infrastructure, and the continued modernization of the global fleet. With that, I would like now to hand it over to Mr. Kamaran Jomah, Nikilat's Financial Planning and Reporting Manager. Kamaran, the floor is yours. Please proceed. Thank you, Fotios. Over the first 9 months of 2026, Nakilat delivered resilient results supported by its long-term charter profile, dependable core operations, and continued financial discipline. I will now take you through the group's financial and operational performance for the 9-month period ending 30 September 2026. Please refer to slide 11 and 12, which summarizes the results for the period. Starting with profitability, Nakilat reported net profit of 1.2 billion QR, compared with the 1.31 billion QR for the same period of 2025, a modest decrease of approximately 1.6%. Earnings per share were 0.23 QR, compared with 0.24 QR a year earlier. Annualized return on equity stood at 12.7%, with the current ratio improving to 1.83 from 1.39 at the half-year. The total income for the period rose to 3.61 billion QR from 3.49 billion QR, an increase of approximately 3.5% year-on-year. Revenue from operations was 3.4 billion QR, broadly unchanged from the 3.39 billion QR in the prior year period. The full period consolidation of Qatar Shipyard Technology Solution and the LPG vessels added revenue that was only partially reflected in 2025. This was counterbalanced by lower revenue from our wholly-owned LNG fleet, mainly due to lower pass-through operating cost revenue. Together with reduced marine and agency activity. In the LPG segment, revenue increased year-on-year, as the consolidation of two vessels contributed for a longer period in 2026 than the comparative period. Although the average daily charter rates were slightly lower. In August of this year, as part of our fleet renewal program, we sold both vessels. This reflects our approach of actively managing the portfolio and redirecting capital toward modern and more efficient tonnage, including the LPG and ammonia carriers, in our newbuild program. In the shipyard segment, activity remained subdued throughout the period due to the regional and operational environment, with lower shipyard repair volumes. As a reminder, Qatar Shipyard Technology Solution has been fully consolidated since July 2025. The 2026 figures, therefore, include the Qatar Shipyard results line-by-line across the income statement, whereas for the first half of 2025, only our share of results were recognized under the equity accounting. The same applies to the LPG vessels, which explains some of our some of the reduction in the overall share of results from joint ventures. Within the LNG joint venture portfolio, contributions were lower, reflecting softer charter rates, the layup of our older steam vessels in preparation for their sale, as part of Nakilat's fleet renewal program, and the effective and the effect of finance lease accounting. These factors were mitigated in part by lower vessel operating expenses and finance cost across the portfolio. As well as the gain from the sale of three older steam vessels, within one of our joint ventures, which again supports the ongoing renewal of our fleet toward more efficient tonnage. Moving on to expenses, operating costs for the 9-month were 811 million QR, compared with the 668 million QR a year earlier, an increase of approximately 21%. This was driven by Qatar Shipyard and the LPG vessels, which were consolidated in 2025 for only part of the comparative period. Within our wholly-owned LNG fleet, operating costs were lower overall, reflecting reduced vessel activity the timing of certain expenditure and ongoing cost optimization. General and administrative expenses were 110 million QR, compared with 69 million QR in the prior period. This was mainly due to the consolidation of Qatar Shipyard. Depreciation and amortization rose by approximately 692 million from the 662 million up approximately 4.7%. The increase mainly reflects higher depreciation on our wholly-owned LNG vessels, after their 2025 dry dockings. The inclusion of the LPG vessels and Qatar Shipyard following their full consolidation in Q1 and Q3 of 2025, respectively. Interest dividend and other income increased to 207 million QR from the 95 million QR, mainly due to the accounting gain on the LPG vessel sale. Interest earned on bank deposits also rose on the back of higher rates and cash balances. These gains were partly offset by the elimination of the shareholder loan interest from Qatar Shipyard, following its consolidation and lower dividend income. Taking these movements together, EBITDA for the period was approximately 2.69 billion QR, about 2.3% lower than the same period last year. The decrease was driven primarily by the lower contributions from the shipyard, marine and agency activities. Lower operating costs across our wholly-owned LNG vessels offset part of this impact. Finance charges fell by approximately 11.5% to 670 million QR from the 758 million QR, the decrease reflects lower average variable interest rates including lower average 3 and 6-month rates year-on-year. Scheduled loan repayments and other loan margins secured through our refinancing program also contributed to the reduction. These savings were partly offset by the inclusion of Qatar Shipyard's finance costs. Turning to tax, the group's effective rate for the 9-month was approximately 2.6% of the profit before tax. The impact of global minimum tax remains limited, as our core activity is international shipping and was lower than the prior year. Turning to slide 13 and the balance sheet, property plant and equipment increased by approximately 9% to 2.8 billion QR from the year ended 2025, driven by continued investment in the newbuild program, net of depreciation and the sale of the LPG vessels during the period. Cash deposits balances rose to 4.58 billion from the 3.18 billion QR at the year-end. The higher cash position reflects stable cash generation from operations, net new borrowings after newbuild installments, and the proceeds from the sale of the two LPG vessels. Outflows during the period included the 2025 final dividend and scheduled loan repayments. Borrowing stood at 22.8 billion QR, an increase of approximately 2.8 billion from the year ended 2025. Of which about 1.1 billion was added during the third quarter. As shown in slide 14, the increase reflects planned drawdowns to fund the newbuild program, net of scheduled repayments. Importantly, the group has no consolidated debt maturities before 2029. We continue to arrange financing well ahead of their shipyard payment obligations, slide 15 sets out the delivery and payment profile of the newbuild program, which represents a total shipbuilding commitment of approximately 9.7 billion USD. With the first vessel delivered in October 2026, between 1 to 3 further vessels are expected to join the fleet by the end of 2026, with both deliveries and shipyard payments peaking in 2027. Funding is in place for all Schedule 2026 payments, and arrangements for 2027 and subsequent years are progressing in line with the program timeline. In summary, the 9-month results show that our core shipping business continues to perform steadily underpinned by long-term charters and cost discipline. While the shipyard segment continues to be impacted by the geopolitical environment, I thank you all for your time, and I'll hand it over to our Chief Financial Officer, Hani Abuaker, who will discuss the group's business outlook and strategic priorities. Hani, over to you. Thank you, Fotios, and Kamran. Before I turn to the outlook, I would like to recognize the continued contribution of our seafarers, shore-based teams, and colleagues across the group. Their professionalism, operational discipline, and commitment to the safety and the service reliability remain fundamental to Naqilat's performance. On behalf of the board of directors and the management, I would like to thank all of our employees for their dedication and for maintaining high operating standards throughout the period. As we have announced earlier about one of our vessels that was hit by a projectile I would like to say that our teams working diligently to accelerate the necessary repairs and return of the vessels to the full operational service in the near future. I would like to emphasize that the group maintains comprehensive war risk insurance, which was in place at the time of the incident and which we continue to hold at all of our fleet from before and going forward to mitigate any financial impact of events of such nature. I would like to highlight the importance important milestone in our fleet expansion program. On September 30th, we celebrated the naming ceremony of our vessel Energy North at the Hyundai Shipyard in South Korea. This was an end of a quarter milestone with the vessel's entered into the service on October 2nd, after the close of the third quarter reporting. Energy North is actually the first vessel under our six vessels newbuild with Hyundai, which which consists of two LNG vessel two LNG carriers and four LPG ammonia carriers. With a capacity of 88,000 cubic meters, Energy North is a dual-fuel propulsion and ammonia-ready design support our objectives of developing a modern and increasingly diversified fleet with a while positioning Naqilat for the evolving energy transportation requirements. As Kamran said, and as part of our ongoing fleet renewal program, Naqilat has sold two of its older VLGC, which is the LPG vessels. This reflects our continued focus on modern, efficient, competitively while aligning our vessels with the evolving operational requirements and long-term fleet strategy. Turning now to the business outlook. Throughout the first 9 months of 2026, our focus has remained on preserving operational reliability. Maintaining financial discipline, and carefully managing the area of business affected by the regional operating environment. We have continued to prioritize the safety, and the cost saving, operational efficiency, and cash flow protection while progressing our long-term investment in fleet expansion at the same time we remain attentive to the performance of each business segment and continue to measure action to align the cost and the resources with the prevailing activity levels. This disciplined approach supports the stability of the business in the long term while allowing us to continue to advance with our strategic growth objectives. Within the shipyard and marine services business, activity remained affected during the period, resulting in lower contribution compared to prior years. We continue to manage these business prudently, with the close attention with with clear attention to the cost, operational readiness, and customer needs and requirements. Looking ahead, we remain cautious regarding the timing and the pace of improvement in these activities, which is the shipyard and the marine services, rather than assuming a specific recovery timeline, we will continue to monitor operation condition closely and maintain the flexibility to respond as the activities ramp up again in the near future. Our objective is to ensure the business remain appropriately positioned as conditions permit while protecting the group overall financial resilience. Overall, our priority remains clear: maintaining safe reliable operation, exercising disciplined cost and cash flow management, reserving sustainable financial position, and execute our new build program in an orderly manner. With that, I will now hand the call back to the operator to open the floor for questions. Thank you, Hani. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure that your device is unmuted locally. We will now pause briefly for questions to be registered. Our first question comes from Santosh Gupta at Drewry Maritime Financial Research. Santosh, your line is now open. Thank you. This question is regarding VLAC Energy North. Wanted to check whether this vessel is trading in the spot market or on the long-term charted market. Thank you. I can take this question. The VLGC, as you know, Santosh, they don't have the very long nature of LNG structures. So we'll ensure that all these VLGCs are chartered with the proper VLGC terms agreements usually it is one, two, or three years contracts or either short term or it's a medium term. There you cannot see of this long-term nature of long-term contracts that you can see in LNG. So similar structure that previously we have done, we'll continue to do the same structure. Sure. Thank you. Thank you, Santosh. Our next question comes from Rob Skepper at Ashmore Group. Rob, your line is now open. Hi everyone. Thanks. Thanks for your time today. Much appreciated. Again, I mean, I guess my first question just in terms of the disposal gain on the LPG vessels. Are you able to disclose what you booked there? Hi Rob. Thanks for the question. Yeah, I mean, it's it's you can clearly identify it through the P&L taken, the cash flow versus the PPE movement. And it was around 100 million real. Okay. And have you received the cash all of the cash for those sales? Sorry, just to clarify, that's the gain. But yes. That's the gain. Yeah. Yeah. We received all the cash. Yeah. Okay. Great. Okay. And then, yeah, just in terms of just looking at the kind of revenue on the kind of wholly owned vessels, kind of down 4% or so, can you just give a bit of color? Like, is that just a little bit of kind of lower activity on the charter side or any discounts? Yeah, it's kind of any color behind that would be great. Yeah. As I've mentioned, during my remarks the revenue from the wholly owned vessels went down marginally and that's mainly due to some of our vessels having a opex revenue pass through. So as operating expenses for those particular vessels go down in in line the revenue also is in in line with that. So that's that's the main impact. Okay. Got it. Okay. Thanks. And then, yeah, just in terms of just in terms of as we go into the the last quarter and the year end, just thinking about kind of dividends obviously you're kind of at your towards the peak of your your investment cycle at this stage. But yeah, how are you thinking about dividends on kind of FY26 results as we get to year end? Yes. So on on the dividend side, you know, we we assessed all the board will assess the capital allocation and as you know, from history in Nakilat is always willing to reward its shareholders with dividends. But as we approach the year end, similarly to the half year, the board will be assessing the position and the capital allocation and it will it will be reviewed in the Q4 board meeting. Yeah. Okay. Great. Thank you very much. Thank you, Rob. Our next question comes from Ahmed Salah Al Dinasa, Doha Bank. Ahmed, you are now live. Thank you so much. And congratulations on the results. I think this was a great achievement. Just have a small clarification on the dividends. I know you've answered it already, but I just want to confirm. So there is not going to be an interim dividend for 2026. And my I just need an answer, yes or no. And for 2027, how optimistic are you on full year revenues going forward? Thank you. Yeah. Hi. Maybe I think we oh, okay. It's okay. I'll take it because there's an outlook. First of all, about the dividend, I think usually if we pay interim one would have been in in half yearly, which is wasn't the case. The year end is there in the board again, we're going to look at the situation and assess the capital allocation. And and and we we'll let's hope that the the they make the best call for our capital allocation taking into consideration our shareholders. The what we expect about the outlook for our revenue going forward, we see a sustainable kind of performance similar to the first nine months. And that's how we really see as of today our performance going forward. Thank you so much. And congratulations once again. Thank you. Thank you, Ahmed. Our next question comes from Ashish Agarwal at the First Investor. Ashish, you are now live. Hello, gentlemen. Thanks for taking my question. And also question for. Ashish, your your line is not coming through clearly. Okay. Ashish, if you'd like to try and answer again. We're having some trouble with your audio. All right. I'm trying to is this clear? Is this hello? Unfortunately, the audio has not improved. We are going to move on to the next question. Apologies. Our next question comes from Nikhil Fitan at the Commercial Bank. Nikhil, you are now live. Yeah. Thank you, sir. When actually the question is again related with your wholly owned vessels, in terms of revenues, you did mention, you know, operating expenses have come down and similarly revenues have also to a certain extent come down along with it. So can we then take that the third quarter in terms of gross margins that we have got could be the new norm going forward? Yes. I'll I'll take that one. So so I think it's all you know, the the operating expenses is impacted by the vessel activity. And due to the reduced vessel activity in line, therefore it has had a impact on on revenue. But again, this is more of a a geopolitical thing and if if things improve then it's it's linear. But the net impact is is minimal. Okay. So I mean in case as you mentioned the political climate improves, EU could be seeing an improvement in the margins. Accordingly, right? That's what our understanding. So just just to clarify, it has a nil impact as opex goes down, your revenue will also go down. Okay. Okay. And no impact. It's short. Okay. One more question. Actually, this is regarding your, you know, interest dividend and other income, which has seen quite increase and you did mention about your deposit in cash balances. Getting increased and proportionate to the certain extent on your increased borrowings. So can we take that, you know, given that the interest cost has not been increased because of being capitalized? So hopefully going forward also we could be seeing the similar trend in your interest income on your, you know, the amount of around 140 that run rate could be there. Going forward in fourth quarter. Sorry, Nikhil, can you repeat the question again? I didn't quite catch it. Yeah. This is regarding yeah. This is regarding your, you know, interest dividend and profit which you have clapped almost around 133 million. So just wanted to understand, I mean, could we see that, you know, going forward the run rate which has increased quite disproportionately in the third quarter could continue in the fourth quarter also? It depends on the cash deployment as well. As as we have vessels coming in, we will be utilizing the cash. But also as I mentioned, the interest dividend and other income also includes the accounting for gain on the LPG vessels. Oh, okay. Okay. So the 100 million which you talked about the gains, that is what exactly also being shown under the profit from under that particular 133 million? Is that what you're saying? Under the 206 million. Okay. Okay, sir. Thank you. Thank you. Thank you very much, Nikhil. We now move on to a question from Nafez Alabas at Ajeej. Nafez, your line is now open. Thank you, gentlemen, for the call. We really appreciate your insight. My question is on further disposals of maybe old or legacy vessels if you can give us any outlook or any plans that you guys have. Thank you. Yeah. Hi. As you can see, any older vessels, particularly the steam vessels that currently we have, if we found any kind of opportunity to sell these vessels in the near future or there's an opportunity that arises, definitely we're going to go ahead for that as part of our number of vessels that we're new vessels or new tonnage that we're having coming in. The number of vessels could be in our joint ventures is going to be a number of vessels like maybe two or three vessels. But as I said, it's more about the market opportunity that arises. But definitely if there's any opportunity for a vessel that is steam particularly and that is 20 to 25 years old, we will always look into opportunity to cash on potentially get some gain and deploy it in a new tonnage going forward. Particularly with the number of vessels that we're having coming in, it makes sense for us to do so. Great. Thank you very much. Thank you, Nafez. Our next question is from Wei Chao at AI Ryan Investment. Wei, you are now live. Hi. Good afternoon. Thank you for the call. Just a question on the JV income. It has dropped Q1Q has dropped 25%. Could you let us know what was the reason behind this decline and and also is this the the run rate that we should see in the in the next few quarters? Yeah. So on on the decline the movement in the JV results were reflective of the accounting parameters of Qatar Shipyard. So in 2025, as I mentioned in my remarks, Qatar Shipyard was equity accounted. So its portion of its profits were recorded within that line item. So as now we are consolidating it line by line, since July 2025, you'll see a shift on the year-on-year difference. On top of that, we've had sorry. Yeah. So on top of that, within the LNG joint ventures, as I mentioned, we had the sale of the older steam vessels so with that there is some layup in preparation for the sale of those vessels. And there's also been a slightly softening in the market in terms of charter rates. So that's on a Q1Q basis because it's on a Q1Q it's down 25%. So what you mentioned was a year-on-year basis, right? On both. So year-on-year for Qatar Shipyard right. So last year we had equity accounted for Qatar Shipyard. Technology solutions whereas this year it's line by line. And on the LNG JVs, the impact is due to the preparation of the sale of the vessels. Okay. Thank you so much. Thank you, Wei. As a reminder, if you would like to register to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. We will now pause briefly for final questions to be registered. We have a question from Sagata Saka at QNB Financial Services. Sagata, you are now live. Thanks. Good set of results, guys. I have just a quick clarification question. Your new build activity and your the the program remains relatively unchanged. From the beginning, of the year or last year, given the fact, you know, that Qatar Energy has publicly made comments about, let's say, you know, push out of start of, let's say, Northfield East, et cetera, and the and the subsequent phases, once your ships get delivered, are they still under like the take or pay even if they're not deployed in, you know, in in the expansion phase? Will they still get paid as your existing vessels are? Thank you. Yeah. Hi. I'll take that question. First of all, we're not here to comment on behalf of Qatar Energy. I want to just be clear about that. Second is, first of all, sorry, second, our vessels are B are being on schedule of the delivery. It has not really quite changed. We are our existing fleet that is already in operation, as you can see from the financial, that they are earning the expected revenue from the existing charter with our existing you know, charter that Qatar Energy. So we have already a contract with them and our as far as we know that the if how things evolve, we don't know. But as of today, our charter party contract is quite similar to the existing one. So we should really expect you know, that our vessels will be on charter when they're being delivered. Okay. That's clear. Thank you so much. Thank you, Sagata. We will now pause briefly for any final questions to be registered. As a reminder, if you would like to register a question, please press star followed by one. We currently have no further questions, so I'll hand back to Hani for closing remarks. Thank you all for participating today in this call and for your continued engagement with Nakilat. We appreciate the opportunity to discuss our third quarter performance and the priorities guiding the business. As we move forward, you know, we remain focused on our execution and we are consistent in engaging with you guys for any clarification of any questions. So please reach out to our investor relation department, the Fotios and the team, if you have any further questions and I'm sure we they can handle it and get back to you. We look forward to update you in our progress on our next results some sometimes next year. Thank you very much. Bye-bye. This concludes today's call. Thank you for joining. You may now disconnect your