Good afternoon, and welcome to the Stoneweg Europe Stapled Trust's first-half 2026 results briefing. We will begin with remarks from the CEO of the manager, Simon Garing, followed by a presentation from the management team. We will then open the floor for Q&A. During Q&A, please click the raise hand button to be placed in the virtual queue. Alternatively, you can submit text questions via the Q&A feature. Now, I will hand across to the CEO of the manager of the Stoneweg Europe Stapled Trust, Simon Garing. Simon, over to you. Thanks, Kiara, and good morning, and thank you to all of us for joining today at our first half results discussion and a bit of a strategic update as well. If we turn to page two of the first half results presentation. Stoneweg European REIT's EUR 2.2 billion portfolio is predominantly freehold logistics and light industrial assets located across Western Europe. The portfolio is highly diversified, supported by nearly 800 tenants and a long weighted average lease to expiry of 4.9 years, providing the resilience and visible income streams. The Netherlands remains our largest country exposure at approximately 30% of the portfolio, reflecting its importance as a key European logistics hub and the strength of its high-tech and export-orientated economy. Our assets are concentrated in major gateway cities and strategic logistic corridors, including Amsterdam, Paris, Milan, Frankfurt and Copenhagen. Overall, Stoneweg European REIT has built a large scale, high-quality European logistics platform that continues to deliver the stable cash flows, while our emerging data center development portfolio provides an additional avenue for long-term growth and value creation. Before we get into the results, I would like to take a step back and summarize Stoneweg European REIT's transformation over the past three years. This is a story of a REIT that has undergone a meaningful reset and emerged in a structurally stronger position. Today, Stoneweg European REIT is in a materially stronger position. Logistics, light industrial and data centers now represent the majority of the portfolio. Our balance sheet has been strengthened with no material refinancing requirements until 2030 and distributions have stabilized. Stoneweg European REIT has a new and aligned sponsor, based in Europe in the SWI Group or Stoneweg. Looking ahead, we see multiple pathways for future value creation, including rental growth across the logistics portfolio, asset enhancement and redevelopment initiatives, and substantial growth from our data center development strategy, while continuing the capital recycling that we have been undertaking for the last three to four years. This morning, we also announced that discussions are underway with our sponsor, SWI Group, regarding various strategic, governance and organizational initiatives that will further enhance alignment, simplify the platform, including the potential internalization of the REIT manager and the asset management platform to create long-term value for security holders. I should add that no definitive agreement has yet been reached, and any proposal would remain subject to local laws, regulatory and security holder approvals. Watch this space, as they say. Against that backdrop, let me now turn to the first half results. Turning to page four. The right-hand chart shows the current portfolio mix, designed to capture steady and growing income from logistics and substantial growth potential within our data center options. The left-hand chart shows our medium-term allocation targets, continuing our pivot to logistics and data centers, and funded by the steady sell down of our office portfolio. Logistics and light industrial already represent the largest asset class at 56% of the portfolio, and we target to increase this asset class to around 70% by 2028. We remain constructive on this sector, supported by strong structural demand, healthy occupier activity, and continued positive rental reversion across our key markets, while also leaning heavily on our platform's value add DNA in this sector. Alongside this, data centers provide an additional growth pillar within the stapled trust structure. Our dual track approach, combining investments in AiOnX with selected conversion opportunities within the REIT's existing portfolio, provides a pathway to increase data center exposure from 7% today to around 15%-20% over time. At the same time, we continue to reduce office exposure from 45% back three years ago to now 35% today, with a target range of 15%-25% by 2028. Overall, the portfolio is becoming increasingly concentrated in sectors where we see the strongest long-term growth opportunities in both income and value, and where we feel we have a competitive and scale advantage. Having covered the portfolio strategy, let's talk about the first half results specifically on slide five, which demonstrate the strength of Stoneweg's local teams and the benefits of the strategic actions we've taken. I'm pleased to report that the first half 2026 distribution per security is EUR 0.06642, up 1.4% year on year, and remains consistent with the board's DPS guidance for the full year to be broadly in line with that of last year. Operationally, performance remains steady. Like to like NPI increased 1.3%, supported by continued strength in our core assets and core portfolio, while distributable income and DPS remained slightly ahead of the prior period. NAV per stapled security remained broadly stable. Leasing activity, as you can see with the key stats here, was healthy during the half, generating positive rent uplift and supporting occupancy increases across the portfolio. Our balance sheet is in very good shape, which enabled a small but accretive buyback. Turning to capital recycling, we continue to execute on our portfolio repositioning. We acquired a EUR 35 million logistics facility in Moerdijk, near Rotterdam, at a meaningful 8% discount to both valuation and 37% below reinstatement cost. We also invested EUR 50 million into AiOnX, while providing a mandatory convertible instrument. I'll discuss more of these features later. Importantly, both investments are accretive to DPS. On divestments, we completed the sale of Riverside Park, a Warsaw office asset, at a 5% premium to val. This transaction is consistent with our ongoing efforts to reduce non-core office exposure and further reinforces the pivot towards logistics and light industrial. Turning to slide seven, Stoneweg European REIT has now delivered its fifth consecutive period of portfolio valuation growth, despite a period marked by geopolitical uncertainty and higher interest rates. The portfolio valuation is up EUR 23 million or 1.1% in the half, driven primarily by growth in passing rents and overall market rent growth across the portfolio. The gains were not surprising, led by our logistic assets. Our jewel in the crown, Parc des Docks in Paris, is now our largest asset by valuation at over EUR 180 million, increasing by EUR 9 million during the period, as higher passing rents and new leasing activity continue to support the value creation. This asset has almost doubled the value from our original purchase price. Our other very strong performing asset, Veemarkt, which is a last mile park in Amsterdam, also performed well, contributing a EUR 3 million uplift, on the back of record level rents. Within the office portfolio, Haagse Poort in The Hague, now our second-largest asset at EUR 177 million, recorded a EUR 3 million valuation gain, driven by early indexation of the largest tenant, Nationale-Nederlanden's new lease, which commences in 2027. Neurosa 21 in Italy also delivered a EUR 2.2 million uplift, supported by positive indexation and a reduction in leasing incentives. Overall, the valuation results demonstrate the quality of the portfolio and our local Stoneweg-led team's ability to drive value through their active and experienced asset management. Beyond acquisitions and divestments, we are continuing to create value through targeted asset enhancement and redevelopment initiatives across the portfolio. The slide here shows three examples. As mentioned previously, in The Hague, we are working alongside NN Group on an ESG-led repositioning that will transform this asset into one of the most energy efficient and employee-focused and friendly buildings, directly supporting the tenant's strategy. Construction is expected to commence in the first quarter of next year, with completion targeted by mid-2030. Importantly, this initiative has already supported rent reversion of more than 50% with the new 20-year lease, which commences from the start of construction, not at the end. In the U.K., we are expanding our relationship with Thorn Lighting at Spennymoor through a new 15-year lease running to 2039. The project includes the development of an adjacent new warehouse and rooftop solar installation, with an estimated yield on cost of 6.3%. Lastly, at Roeterseiland in central Amsterdam, we have secured an irrevocable master plan for a premium office redevelopment adjacent to the Amsterdam Central Station. Construction should be ready to begin in the second quarter of next year, well within the current tenants' demand in this part of the cycle for this type of premium product. Turning to sustainability and governance as my last slide for the opening remarks, I am pleased to report that we have met or exceeded all three sustainability-linked KPIs embedded into our financing framework, covering green lease scope 3 tenant commitments, BREEAM or LEED certifications, and our annual GRESB score. We have almost achieved half of our 2030 greenhouse gas emission reduction targets. Although, there remains more work to do on reducing energy intensity across the portfolio. These efforts continue to be recognized externally. In the latest Singapore Governance and Transparency Index, announced only a few days ago, Stoneweg European REIT ranked amongst the top six REITs and business trusts in Singapore, and now has placed in the top 10 for seven consecutive years, reflecting our longstanding commitments to strong governance, transparency, and stakeholder engagement. In addition, MSCI recently upgraded Stoneweg European REIT's ESG rating from single A to A A, with Stoneweg European REIT recognized as a leader among more than 500 real estate management and service companies globally. Together, these achievements reinforce the progress we are making in strengthening both the sustainability and governance foundations of the platform. I will now hand over the presentation to our Head of Finance, Hui Chen, to give you more details on the financial results for the half. Thank you, Hui Chen. Thank you, Simon. Good afternoon, everyone. I am pleased to present such results for the first half. The figures on this slide are on a consolidated basis and include both the REIT and the business trust. Further details are available in the financial statements released earlier today. First half net property income was EUR 65.4 million, down 2.3% year-on-year, mainly due to the impact of asset divestments. Excluding this effect, the underlying operating performance remained resilient. In particular, when taking into account the EUR 2 million contributions from our investment in AiOnX, NPI was broadly in line with the first half of 2025. On a like-for-like basis, NPI increased by 1.3%, driven by the continued strength of the logistics and light industrial segment. Excluding Perrazzino, which was reclassified from the office sector, NPI from this segment increased by 2.7%. Interest costs were 5.2% higher due to higher borrowings. Our cost of debt remains stable at 3.9%, compared to 3.86% a year ago. Distributable income was in line with the first half of 2025. Distribution per stapled security increased by 1.4%, supported by the securities buyback program, which contributed approximately 1% to DPS growth. The waterfall chart on slide 12 shows the key movements in the distributable income compared with the prior corresponding period. Encouragingly, strategic initiatives increasingly contribute to earnings growth. Contributions from AiOnX, the Netherlands acquisition, and stronger logistics operations largely offsets the earnings impact of asset sales completed under the portfolio repositioning program. This demonstrates the progress we are making in recycling capital from lower growth and non-core assets into investments that offer stronger income and value creation. At the same time, interest costs have largely stabilized. This slide sets out the key dates for the first half distribution. The distribution reinvestment plan remains suspended because Stoneweg European REIT continues to trade at a discount to net asset value. Although we are encouraged to see this discount narrowing. The business trust will not make a distribution at this stage as its investments have yet to generate positive cash flow. Accordingly, the first half DPS of EUR 0.06642 will be paid entirely from the REIT, whose distribution policies remain unchanged, with a minimum payout of 90% of distributable income, subject to board approval. Moving to the balance sheet on slide 14. Here you can see the REIT, the BT, and the stapled group combined balance sheet. As of 30th June, 2026, Stoneweg European REIT's balance sheet remained in a good liquidity position, with EUR 45 million of cash and only EUR 30 million drawn against the EUR 200 million revolving credit facility. Total assets increased following new investments in the first half, while NAV per security remained largely stable. Overall, the balance sheet continues to provide flexibility to execute our strategy while maintaining investment-grade credit metrics. I am pleased to report that Stoneweg European REIT's credit metrics remain comfortably between all bond lenders and rating agencies' requirements, supporting our investment-grade ratings from Fitch and S&P. Gearing increased during the first half as capital was deployed into new investments, but remained below board limits and is expected to moderate as capital recycling initiatives continue. Interest coverage ratio on a trailing 12-month basis is 3 x, calculated based on Stoneweg European REIT's EMTN program. This remained well above our covenant requirements, rating agency metrics, and MAS limits. With 90% of our debt fixed or hedged, the impact of interest rate movements on interest expense and distributions is expected to remain limited. A 100-basis point increase in interest rates would have only a minimal impact on ICR. The key takeaway is that the balance sheet remains appropriately structured for both resilience and growth while preserving access to multiple funding sources. This slide illustrates the strength of our debt maturity profile. With no material refinancing requirements until 2030, Stoneweg European REIT remains well-insulated from short-term volatility in debt markets. I will now pass the portfolio highlights to Elena. Thanks, Hui Chen. Turning to slide 18. The quality of Stoneweg European REIT's portfolio is underpinned by a highly diversified tenant base of approximately 750 tenants across 930 leases. More than 90% of our tenants are multinational corporations or government-related entities, providing strong credit quality and resilient cash flows. Importantly, tenant concentration remains low, with no single tenant contributing more than 4% of headline rent and our top 10 tenants accounting for just 22% of portfolio income. The diversification continues to be a key source of resilience, particularly in the current uncertain geopolitical environment. Moving to slide 19. Portfolio occupancy in the first half increased to 93.7%, up 110 basis points since December 2025. Western Europe continues to perform strongly with occupancy of 94.7%, while Central Europe stabilized at 84.4%. Logistics and light industrial continue to perform strongly, supported by healthy leasing demand and positive rent reversion across key markets. Rent reversion remains in the very high single digits at 9.6% of the first half, reflecting the resilience of the underlying leasing markets. During the period, we signed or renewed approximately 96,000 sq m of leases, representing close to more than 8% of the portfolio on the back of continued tenant demand from high quality, well-located assets. As the chart shows, both occupancy and rent reversion have remained resilient. Rent growth remained within normal historical ranges, and with the portfolio still around 4.6% under rented, we continue to see scope for further income growth. We also remain on track to maintain occupancy at around 95% throughout most of 2026. As you can see from the leasing slide on slide 21, leasing activity during the quarter was focused on a number of sizable transactions across Denmark, France, and the Czech Republic, with long-term new leases contributing to a blended rent reversion of 10%. These transactions highlight disciplined asset management and our continued ability to drive rental growth, reduce vacancy, and enhance the quality and security of portfolio cash flows. Staying on this sector but looking beyond our own portfolio, on slide 22, you can see that European logistics fundamentals remain supportive. However, manufacturing activity remains resilient and continues to support demand across our markets, despite a more uncertain macro backdrop. According to recent data from Cushman & Wakefield, rent growth remains intact, as shown in the chart on the bottom right. Limited new warehouse supply and steady demand for manufacturing and B2B distribution occupiers support this trend. Green Street continues to forecast logistics rental growth of 3.2% per annum over the next four years, outperforming both retail and office sector. Overall, market conditions align with our high conviction for the sector over the medium term. Moving to the office sector, as you can see on this slide, we have, for the first time, split performance across our high-quality office assets in the Netherlands and Neurosa 21 in Milan and the remaining non-core office assets. Our office strategy remains focused on retaining high quality core assets as a store of good value and yield, while reducing exposure to non-core properties over time. Leasing activity in the sector was selective during the first half, with the management prioritizing occupancy and talent quality. Occupancy remained about 95% across our core portfolio in the Netherlands and Italy, while WALE increased to 4.9 years following the ABN AMRO lease renewal in Koningskade. Rent reversion was negative 4.1% on a relatively small sample size, largely due to a lease renewal in Poznań in Poland, where rents were reset to market levels together with occupancy focused leasing in our Finnish assets. The office portfolio remains approximately 9.8% under rented, providing opportunities to capture upside through lease events and asset enhancement initiatives over time. For my last slide for this section, the pan-European market data continues to support our focus on high quality, well located office assets. As you can see from the chart on the left, since 2019, European CBD vacancies have increased just 220 basis points to 4.9%. This compares to the 500 basis points increase across the broader office market to 9.5%. This bifurcation reflects the ongoing flight to quality, with occupiers increasingly favoring prime, centrally located buildings. The same trend is also evident in rental performance. As evidenced from the chart on the right, prime office rents continues to grow in the second quarter, increasing 1.2% quarter-on-quarter and 4.5% year-on-year, demonstrating that demand for high quality CBD office space remains resilient despite the broader macroeconomic backdrop. This again reinforces our strategy of concentrating on core office, while continuing to reduce exposure to non-core properties over time. Now back to Simon to talk about our growth strategy and data centers. Thanks, Elena. We will turn to a couple of pages now on our DC strategy, which represents an additional growth pillar complementing our logistics platform. The objective is straightforward: maintain the income characteristics that investors expect from the REIT portfolio while introducing selected opportunities capable of generating stronger long-term NAV and earnings growth. Importantly, this is designed to enhance the existing strategy, not replace it. Logistics remains the foundation of the portfolio, while data centers provide exposure to some of the most compelling structural growth drivers in Europe. Together, this creates a balanced model combining income growth and long-term value creation with adjacent asset classes. A key element of our growth strategy is participation in AiOnX, our sponsor Stoneweg's Pan-European data center platform. Through this investment, Stoneweg European REIT gains exposure to opportunities that are typically unavailable to listed REIT investors, who typically have the opportunity only to buy the completed property, not generate the profit on the way through. The platform currently comprises five projects across Europe, and is progressing through key development milestones, including expanding the amount of power to be connected. We are now over 2 GW of power. The Dublin project is expected to begin generating rental income to one of the U.S. leading hyperscalers during the second half of this year, marking the transition from development phase to now a phase of income generation, with more substantial development to occur. Elena and I visited the site in June as the U.S. hyperscaler tenant was fitting out while the power is being connected. This project is fully leased to a leading U.S. hyperscaler for cloud and will be the largest in the Dublin region, one of the core FLAP-D markets, and to put the project in context, on completion, will be four times the power load of a recent data center S-REIT purchase. Our initial investment has already benefited from milestone-driven valuation growth. You can see this in the business trust balance sheet that we chain-hopped you through and provides participation in what we believe is a significant long-term development opportunity. This really lies in the scale of the sponsor platform and the potential to participate with their support. In total, this pipeline sitting inside AiOnX has a development value of more than EUR 30 billion, with targeted yields on costs of 12%-15% at stabilization. The slide on 27 outlines the distinct roles within our two AiOnX investments and how they both support both DPS and NAV growth. The original EUR 50 million equity investment that we made last year is primarily focused on long-term value creation through participation in the equity returns of the data center projects. Based on the latest independent valuation assumptions, the investment continues to target a pre-tax, pre-fee IRR of above 25% over the life of the projects. The second EUR 50 million investment, which we contributed earlier on this year, was structured differently and is designed to balance income and growth. It generates an already fixed 7.25% annual cash coupon, supporting immediate distributions, while also providing future participation in the upside of the AiOnX investment through conversion into ordinary equity at a material discount to the NAV at that time. Based on current assumptions, the investment is targeting a pre-tax, pre-fee IRR of approximately 12%-17%. These two investments sit at different points on the risk-return spectrum with the same underlying assets, and together they provide Stoneweg European REIT investors with exposure to large-scale European data center development pipeline. Looking ahead, our focus is execution. The portfolio repositioning undertaken over the past three years has created a clearer strategic direction. The next phase is about translating that positioning into sustained income growth, value creation and improved market recognition. In conclusion, our strategy remains straightforward. We continue to allocate capital towards sectors where we have the highest conviction and strongest competitive advantages, namely Western European logistics and Pan-European DCs. Logistics remains the core income engine of the portfolio, supported by the high occupancy, the positive rent reversion, and the long lease duration. Adjacent to this, our DC initiatives provide the additional growth engine. We also continue to progress AEI and redevelopment initiatives within the portfolio designed to improve asset quality, support the rental and NAV growth as we have a track record of doing so. One of the pillars of our operating model is our experienced local teams on the ground in each country where we have been operating for over 30 years. From a balance sheet perspective, we remain well capitalized, with no material refinancing requirements until 2030, and the flexibility to continue executing our strategy. Our margins continue to shrink as our lenders and the bond markets continue to see the progress we are making. In parallel, the board and sponsor are evaluating a range of strategic and organizational initiatives. These discussions may include changes to lowering management fee arrangements, ownership structures, incentive frameworks, and the potential internalization of the REIT manager and the asset management platform. While discussions remain ongoing and no definitive agreement has been reached, and would in any case be subject to customary approvals, the objective of any proposal would be to improve margins, be accretive to distributions, and generate additional long-term value for security holders. Based on current market conditions and barring unforeseen circumstances, the board reiterates its distribution guidance that FY 2026 DPS should be broadly in line with FY 2025. Thank you for your attention, and we will now be pleased to take any questions. Kiara, please open the lines up. Thank you. Thank you, Simon. We will now begin the Q&A session. As a reminder, to ask a question, please select the Raise Hand button to be placed in the virtual queue. For those of you who have dialed in, please select star nine to raise your hand and star six to mute or unmute. Alternatively, you can submit text questions via the Q&A feature. Both of these options can be found at the bottom of your Zoom screen. Our first question comes from Vijay. Vijay, please go ahead and unmute yourself to ask your question. Hi. Afternoon, Simon, Elena, and Hui Chen. Hi. Congrats on a pretty strong set of numbers, actually. Pretty healthy numbers. I have three sets of questions. Maybe I will take it one by one. My first question is in terms of portfolio metrics. Quite a good improvement in terms of portfolio metrics, both in occupancy and rent reversion. What can we expect for second half, and especially what drove the big occupancy jump in office markets in Finland and France? Yeah. Thanks, Vijay. A lot of the credit obviously goes to the local teams on the ground. In terms of the office portfolio in Central Europe, that is really on the basis of leasing activities, as per Elena's remarks. In Paris, where we only have two smaller assets, again, a few leases move the needle there. The second question. The first question was? Reversion. Reversion. Yeah. Guidance. Yeah. So, the guidance is. Firstly, our result is above our expectation in the first half. That would not be in our guidance for the second half. That's not to say we couldn't again surprise on the upside. We've had a history of having quite strong rent reversion that comes in above our own expectations each time. I think one of the key charts here on the office side in particular is the low vacancies in European prime office. We're still below 5%. We're generating very good rent growth. While this half, we only leased 10,000 sq m, it's a very small sample size. But generally across the board, like for like, NPI growth in office is stable. From a logistics perspective, we're getting almost double GDP growth in rent, and in line with inflation. Still very good demand. I wouldn't say as strong as it was coming out of COVID, where there was a big rush by the large 3PLs to get set. But it's still very pleasing. Got it. So we can still expect some growth. Yeah. As a reminder, all of our leases have some form of CPI indexation. So, we are running at slightly elevated inflation numbers, around 3%, coming down a little bit to 2.6%. That will drive rent growth as well, not just the good fundamentals, supply down, vacancy down, but there's also the indexation for all of our leases. Got it. Second, in terms of your portfolio rebalancing plans, I noticed that you are planning to rebalance your portfolio, doubling your data center exposure from here to potentially tripling it. Will this all come via AiOnX or are you looking at third-party acquisitions of data centers at this point of time? Maybe can you also guide us in terms of what is your divestments targets? This rebalancing would also include divestments, right? What is your divestments or targets for what is possibly office and logistics segment? Yeah. So firstly, in one of our charts you will see, and we spoke about this in the March quarter, we have identified up to 10, 11 assets that lend themselves to conversion to data centers on our own balance sheet. So out of our 96 assets, with the help and cooperation of our sponsor who is very well equipped on the data center development side, given their own portfolio in AiOnX. They are certainly lending a lot of support to help us with our own feasibility within our own portfolio. So, we do not actually have to invest a lot of capital other than blood, sweat, and tears and a little bit of planning, to convert a number of these opportunities into much higher valued assets, even before doing any development. So just simply getting power supplied, contracted, permitted, getting the zoning, in one particular property, we are doing, this is now our third year of trying to change the zoning, so we are getting closer to approvals there. Just allowing to do developments. We have put up a graphic here on page 38 that shows what an old last mile asset can be turned into one of the most modern, exciting data center opportunities, where we are adjacent to a waste of energy power plant. And on the other side, an offtake arrangement can be made to sell the heat from our data center into one of the largest central district heating suppliers for this major city. So a lot of the growth in our target, from the 7% today to the 15% - 25%, is actually in blood, sweat, and tears and not having to go out and buy assets. That is not to say we would not look into the sponsor's pipeline. The sponsor is very keen, given they have got a material stake in us as well, to see some of these frankly, extraordinarily high returns that is available for data center developments. So we think the office portfolio is a store of value. We have demonstrated we have been able to do this pivot without really elevating gearing levels through the recycling, disciplined recycling, to help fund our growth initiatives. Our average asset size is roughly EUR 25 million. I'm not going to say it's easy as taking money out of the ATM, that would be doing a disservice to our transaction teams, but certainly a lot more liquid to be able to sell a EUR 5 million building here or a EUR 10 million building there, and being able to match as best as we can the timing of disposals to recycle the capital into the pipeline of opportunities that we see in front of us. Got it. Thanks. Just one last question, I think on your big news on fee incentive framework as well as internalization plans. Maybe can you guide us in terms of what drove these conversations and what can unitholders expect, in terms of fees? Would it be safe to say they would be better off from wherever we are at this point of time? What's the timeline? Thank you. Yeah. Vijay, as one of the diligent analysts you will recall page 311 of the 2017 prospectus that says, after the first nine years of listing, the manager is to re-engage on the fees before the next 10-year contract is renewed by the manager. We have a positive obligation now to enter into discussions in order to perform the responsibilities of the 2017 prospectus. You can imagine that while we're undertaking that fee discussion, there are other options that are also potentially being explored, with the support of the sponsor, to see how do we enhance dividends, improve margins, improve alignment, and really create a wider universe of investors that can potentially look at the REIT, recognize what we're doing within the REIT, and be comfortable on the next 10 years that the structure is appropriate for the next 10 years. It's not to say the structure today wasn't appropriate for 10 years ago, but the world is moving on. We want to continue to future-proof the portfolio and future-proof the structure. The stapling of the business trust last year was a step towards providing value for security holders. We're always contemplating what to do next to continue to enhance returns, drive the share price higher, close the gap to NAV, deliver on portfolio, but also from a margins perspective, how do we improve the margins? One aspect of that is really addressing the cost of operating the REIT on behalf of the unitholders. Whatever we do over the coming months will require a lot of diligence work with regulators such as MAS and shareholders. But it's really for the positive outcome of all shareholders. Thank you, and look forward to hearing more. Thanks. Thanks, Vijay. Thank you. Our next question comes from Dale. Dale, please go ahead and unmute yourself to ask your question. Thank you. Hi, morning, Simon and team. Can you hear me? Yes, Dale. Good morning to you. Yeah, good morning, Simon. Congrats on the good results. I'm looking forward to more updates on this review. I just wanted to turn my attention to the capital management plan. In terms of the interest rates inching up slightly, in terms of where gearing is currently. I just wanted to follow up, how are we thinking of gearing at this level and should we be expecting you to step up on more divestments and, what kind of assets or what kind of markets are we targeting? Yeah, thanks, Dale. Good question. As Hui Chen said, our average effective interest rate was effectively the same as a year ago, despite the increase in the interest rate markets. The 90% of our debt being fixed and hedged really is a part of having gearing at the top end of the board policy ranges that we've protected both the cost side of the debt, but also really importantly, we have no debt maturing until 2030. So we're not worried about refinancing in the next three, four years. It's not an issue for us. When you combine the maturity of the debt with the fixed nature of the debt, yeah, we're comfortable at the top end of the board's range of 35%-40%. Our interest cover is very adequate, and you can see that in the performance of our bonds. Our two bonds are a very public indicator of the 180 investors in our two bonds, as to what they think of our credit, not just Fitch and S&P, who also provide investment grade credit ratings. Okay. I was actually looking at comparing the metrics on a two-on-two basis rather than year-on-year, because I realized versus one year it inched up slightly. Just wanted to understand what was the main contributor there. Yeah. 10% of the debt is floating, and rates are higher across most of the world. How should we expect in payments and calls towards the end of the year? Should we be expecting it on these levels or any different? Yeah. Again, this chart on page 16 highlights that we are 90% fixed and hedged through to October 2027. Okay. Those percentages on this chart reflect the point in time when the hedges roll off. Yeah. Okay, got it. My second question is on this new development of De Ruyterkade. I think, congrats. You shared that early next year we should see some progress on that. Just wondering if you could share a bit more in terms of the value, in terms of what are we expecting, in terms of upside and how soon can we start pricing again? Yeah. We are really thrilled with the almost final designs. As I said, it has been irrevocably approved from a zoning perspective. We have just got one last box to tick. So we would expect to get the full clearance to go ahead from December this year. We have a tenant in place until first quarter next year, so we could not start demolition now anyway. So we have months of buffer here anyway. This is the type of asset that we have mentioned before, that could be better served being developed in the business trust. As you know, in Singapore rules in REITs, we are not supposed to develop to sell. We have to develop to own for at least three years. Whereas in Netherlands at the moment, there is a substantial tax subsidy, which on this project could be as much as EUR 17 million for us to develop and sell within the three years. This is an asset that has been considered to move into the business trust and therefore having limited impact on the earnings out of the REIT. As the business trust is not paying a dividend, then it does not impact the dividend of the REIT. Quantum of dollars, we have mentioned before, this is likely to be just over EUR 100 million, and we are highlighting here on page eight for the first time, a targeted yield on cost of 6.5%. Property like this today would sell for around 5%, 4.75%- 5%. Okay. Got it. That's all from me for now. Thank you. Thanks. Watch this space. Thank you very much. Our next question comes from Ming, who asks, "The EUR 180 million cash is held at the BT with EUR 122 million held in investment assets. Please help us understand what the cash will be used for and what are the underlying investments, please? The cash held at the BT is EUR 185,000. That is mainly kept to pay the operating expenses, like the invoices. It is not very defined. Yeah. I think there is a typo in the question because it is only EUR 185,000 of cash versus EUR 122 million of investment assets. Thanks, Ming. Thank you, Simon. The second part of the question is the underlying assets. That is where we carry the two investments in the AiOnX. As I mentioned in my pre-prepared remarks, we have invested EUR 100 million and those investments are carried, particularly the equity investment, the first EUR 50 million, that is carried at valuation, which is EUR 72 million or EUR 71.5 million. We are showing a profit of EUR 22 million already on the EUR 100 million that we have invested. Thank you, Simon. Thank you. Our next question comes from Carl Lune, who asks, "Pursuant to the separate announcement this morning on Stoneweg Europe Stapled Trust and Sponsor considering measures to enhance value, can you please elaborate on what sort of measures are being considered and the key measures being pursued to enhance shareholder value? Is the REIT considering privatization? Carl Lune, thank you very much for the question. Very similar to the one asked earlier. Just very quickly to repeat. At the end of nine years since listing, we are required to provide market fee review, before the 10-year extension of Stoneweg's management contract can occur. As part of the review of what today is market, we're also taking a view as to, okay, well, let's look at all options around the management platform, around the organizational structure, and take this as an opportunity to really review what is future-proofing the REIT over the next 10 years. What's a more modern and more shareholder-friendly structure and regime than what we have presently. Which was fine for nine years ago, but today it's really an opportunity to reassess, listen to investors, which obviously we have a very active engagement process. Really filter all of these suggestions, ideas, business operating models from around the world. Where a global investor's heading. We'll take all of this into account, but I can tell you we're very excited about some of the options that are on the table, and that includes the internalization of the REIT. In terms of your second question around privatization, that is not under consideration. That's not part of this process. We are a publicly listed REIT, so anyone can buy us at any point in time. That would be up to you as the investor to determine what is a fair price for the REIT. Today it trades at X. We see examples of logistic REITs in other parts of the world and even here in Singapore, trading closer to their NAV. And that's what we're trying to achieve in our strategy, is get as close to the current NAV as possible. We won't stop there. Our intent is to continue to deliver more value in the portfolio than is currently recognized by the valuers. First step, drive the share price higher through higher earnings growth and higher valuations. Thank you. Thank you. Our next question comes from Pao Ang, who says, "Congratulations on the great performance. Is the 41.9% gearing ratio a comfortable level and any long-term target of gearing ratio? Thanks. Yeah, sure. Good question again. Board policy remains unchanged at 35%-40% net gearing. So we're slightly above that, but in the scheme of where we are with our actual debt profile, we're comfortable to be at that top end of the range. We are expecting asset values to continue to increase, particularly in our core portfolios. That will help bring down the LTV. Secondly, we've still got a number of assets targeted for recycling. Again, we've got quite good visibility on some asset sales that we would expect to close in the coming months. Thank you. Thank you. Our next question comes from Charmaine, who asks, "Can you share more on timing and structure for the potential manager internalization, specifically whether it covers both the REIT manager and the BT trustee manager, and whether it would involve a payment to the SWI Group, given their 28% stake? How would any internalization costs interact with your 35%-40% gearing target and the EUR 205 million redevelopment pipeline? I also noted that the gearing has been above the target so far this year. Are we expecting it to continue to stay above the stated range? Thanks, Charmaine. Number of questions there. Let me just deal with the last one, because this has come up a couple of times. We are committed to our gearing policy range of 35%-40%. It will go up and down as it has in the last seven years, where we've always had that policy, and we've always finished the year within those limits. As I just mentioned before, we continue to sell assets and bring that down. In terms of your more detailed questions on our strategic announcement today, I think it's a little bit soon to answer those specific questions. As I mentioned, we have to come to an agreement anyway before November 21, or 21 of November. That is something that we're working towards, and we would try and answer your question with watch this space. There's a number of permutations in what you're asking, which makes it difficult to answer. But, yeah, it's probably best if we say, watch this space. Yeah. Let's leave it at that for the time being. Thanks, Charmaine. Thank you. Our next question comes from David, who asks, "As the EUR 500 million bond becomes mainstay of financing, would you expect all-in interest rates to inch up in the coming years to 2031, please? David, the good thing about the bonds is they're fixed, so the rate does not change of that bond or indeed our EUR 300 million bond, which we issued this time last year. So they're issued at fixed rates. Really, it's the hedging that's been put in place for some of the debt that rolls off in 2030. So that debt then becomes subject to whatever the refinancing rates are or the swap rates are at that point in time in 2030. Thank you. Our next question comes from Ada, who asks, "Thanks, Simon Garing and team. Two questions from me. Firstly, what drove the almost year-on-year doubling of tax expenses in the first half of 2026? Secondly, is there a timeline for strategic discussion, and can we expect an outcome by CEREIT's 10-year anniversary? Ada, the doubling of tax expenses, I am looking at which end here, was because last year we received a refund from the Polish tax authorities. Is that correct? The tax expenses comprise current tax and deferred tax. I believe the increase is mainly from the deferred tax. For current tax, we are seeing is largely in line with first half 2025. The effective tax rate remains around 10%, so we do not expect any increase in current tax expense. In terms of deferred tax, you know, deferred tax expense is mainly on provisions made on the continuing tax and is subject to the movements in the tax depreciations. Also, there are some tax losses that expired during the quarter. Yeah. It has no impact to our DPS. Ada, we have just shown on page 11, what we have done is we have broken out the tax from the P&L to show, to re-change point, that the operating tax expense, if you want to put it that way, is unchanged. The deferred tax for capital gains tax is a theoretical tax, but if we were to sell the assets at the current value, we have to pay capital gains tax in those markets. So we have to book the deferred capital gains tax in anticipation of selling the asset. So our NAV of EUR 2 is after we deduct the provision for potential capital gains tax. That is why we also provide you the EPRA measure of NAV, which is before the capital gains tax. This is another benefit of having debt within our structure, because that does help minimize that 10% tax expense, so we can boost the dividend. Gearing in our case, investing in markets where there is income tax, is actually very tax effective. If investors are worried at 41%, there is risk there. Well, we would also say there is return there because it lowers our tax expense. Just something to note. It is not the main reason we are comfortable with debt at 40%, but that is one aspect. In terms of the timeline, I think we have mentioned a few times, we need to get something firmed up before mid-November. We would expect to be able to be in a position to announce something prior to then, again, subject to regulatory approvals, should we decide to go down a path of something like internalization, which would require MAS and other local regulatory approvals. Thank you. Thank you. Our next question comes from Aditya, who asks, "On slide 12, there is EUR 203 cents DPU from AiOnX Equity investment. Given the DC are not yet operating, where do these incomes derive from? Yeah, thank you. The first thing is the MCL is providing income. So that is the convertible loan, the interest on the loan. The income from the equity investment, that is being generated from the loan from the REIT into AiOnX. So it gets lost on consolidation. Thank you. Thank you. A follow-up from Aditya. "Do we have a plan on perpetual securities as it will enter rates reset in November? Aditya, it's probably too early to give you firm guidance. We monitor it regularly. We get quotes from our investment bank advisors every two weeks. We have a good sense as to what the costs would be today if we were to issue a new perp in the traditional form of issue a perp to repay another perp. Sometimes that's a bit of a roundabout way of dealing with matters. As you're familiar, but perhaps others aren't familiar, there is no change in the margin on perpetual securities. It's only on the base being reset. If we go back to when we issued the perps, there is virtually no change in the underlying base rate at that point in time versus what would be on a new perp today. We've got multiple options. What I like about this security is it is a perpetual security. It's treated by MAS and IFRS as equity. The rating agents treat part equity, part debt. Watch this space. We will continue to monitor it and ensure the appropriate decisions are made at that time. You mentioned November in your question. I've also mentioned why November is also an important month for the strategic outcome, which we would obviously hope to or plan to make appropriate announcements prior to that date anyway. Again, you could imagine whatever we do to improve the margins of the REIT would improve the pricing of our debt and of the perpetual. Thank you. In a way, they are linked. Thank you very much, Simon. Our next question comes from Carl Lune, who asks, "In this results announcement, there is a data center strategy on slide 38. 10+ sites have been identified as data center conversion candidates. Can we understand whether this conversation is self-operated or to extend asset valuation only? What sort of CapEx will be required, and what are the funding sources? If self-operated, will the asset conversion have as many material impacts on dividend distribution in the next two to four-year conversion cycle, or will it manage in stages to minimize dividend distribution? Carl Lune, again, it is a really core part of our strategy with our sponsor that has very deep expertise as a Nvidia preferred partner and cloud provider. It has got a lot of expertise in this market. Let me give you an example. We have six smaller light industrial logistic assets in Paris. With recent changes and focus on data center fast tracking, if we apply for power and planning for smaller, and I say smaller in today's terms, but still quite large in historic context of less than 15 MW, we can fast-track the approvals without having to invest much capital. To give you an idea, today, these six assets may, on average, be worth somewhere between EUR 10 million and EUR 15 million as logistic properties. If we can achieve the planning and the permitting, then that asset can go up almost 2x- 3 x in value without even having to do the project ourselves. Just the land value goes up. Again, this comes to the earlier question about how do you get to a 15% weighting in data centers? Well, in part, that is just from doing the blood, sweat, and tears of converting some of these assets from a planning perspective, not having to do the development. To give you an idea, a rough rule of thumb is, in Europe, it costs around EUR 10 million/MW to then build a data center, and is currently valued at around EUR 20 million/MW. Still much lower value in Europe than, say, in Singapore, where a recent transaction was over EUR 60 million/MW. It is still a much more affordable place for hyperscalers and cloud providers in Europe, which as a reminder, 70% of the energy in Europe is either renewable or nuclear and is not relying on the same extent of fossil fuels. We do not have the same sort of disruption with what is going on in the Middle East than, say, here in Asia, where we are a lot more reliant on global gas and oil trade. Ultimately, we could sell those assets just on conversion without doing the developments, or we could do the developments ourselves, again, depending on our cost of capital at the time. Thanks, Carl Lune. Thank you, Simon. That brings our Q&A session to a close. I will now hand back to Simon for closing remarks. Terrific. Well, thank you everyone, again, for your engagement and for your investment and support with the REIT and the strategy, which we are trying to make as straightforward as possible, which is pivoting continuously to logistics and not industrial, where our results today demonstrate that that is a successful strategy. With the adjacency of the data center development opportunities, there is another option, another leg of growth. Our balance sheet is in really good shape with very long-term debt with a high level of fixing. We have the boots on the ground, the very experienced local teams. In parallel, we are now in discussions with the sponsor around improved fee arrangements or indeed, we go into an internalization structure where we would provide at cost rather than for fees, and therefore improve the margins and dividends, and enhancing alignment. We are working through that. We have got a few months to bring that to fruition, again, subject to regulatory approvals. In conclusion, while all of this is still going on, the board has reiterated the DPS guidance to be broadly in line with last year, which based on today's share price, would imply an approximate 8.4% distribution yield and around a 20% discount to our NAV. Thank you, everyone. Have a great day. Thank you. Thank you.