Welcome back everyone. Next we have VivoPower PLC, trades on the NASDAQ under the symbol VIVO. It's an award-winning B Corporation with a global footprint spanning the U.K., Australia, North America, Europe, the Middle East, and Southeast Asia, whose mission is to be the independent trusted partner for sovereign nations that develop and operate sustainable data center infrastructure, ensuring sovereign control over power, data, and national intelligence. Happy to welcome its CEO, Kevin Chin, and CIO, Alex Cuppage. Welcome gentlemen. We're looking forward to your presentation today. Kevin, whenever you're ready. Many thanks, Anna. Great to be on. Thanks for inviting us. Alex and I will tag team and walk through this presentation which unpacks our strategy, our execution focus, and where we wanna take the company. Okay, I'm just looking for the slides. Here we go. Can we see that? Okay. Just as a starting point, by way of background, VivoPower is headquartered in London. We founded in 2014. We've been NASDAQ listed since 2016, B Corp since 2018. Pro forma revenues, post a recent acquisition in Norway, is approximately GBP 31 million per annum. We are profitable on a run rate basis too. Tracking that acquisition contributes north of GBP 10 million of EBITDA per annum. Fully diluted market cap at the moment is about GBP 120 million, and enterprise value of about GBP 140 million. We have noticeable backing from sovereign family offices, as well as a number of pre-eminent AI investors. That includes a member of the Saudi Arabian royal family offices associated with members of the Emirati royal family. Bluesky Capital who were, or who are rather one of the leading AI-focused investors, out of New York and the family office of a managed partner of a world-leading AI VC firm. Just in terms of a summary, what are we? We're a digital infrastructure company with access to and control over sub GBP 0.05 per kilowatt hour powered land. We operate in very specific selected sovereign markets where we have deep connectivity. Our model is to acquire, develop, build, and own the AI-ready data center infrastructure assets delivered to a powered shell level. In essence, we're a bricks- and- mortar company exposed to the AI mega trend. The powered shells are leased to hyperscalers, to sovereign governments, to neo clouds and enterprises under long-term rental agreements. How we create value is in three ways. Number one is we permit and energize brownfield land. Number two is we make development profits. Number three, we make long-term rental income. Our land basis is typically ranging between GBP 50,000-GBP 500,000 per megawatt, with sub GBP 10 million per megawatt build costs and typical lead time to energization of 12 months. We actively avoid dilution by refinancing stabilized assets to release the development gains, which we recycle then to fund the equity tranche of future developments. Our development to refinancing capital cycle is typically 12-18 months, and our return on equity exceeds at least 2x each turn. In our view, powered land is the most important strategic asset in the data center value chain, and hence our focus on this. We don't embrace GPUs as part of our business model. We don't take on, if you like, the technology risk associated with that, albeit we recognize it's a very lucrative game in terms of margins. That being said, we remain very focused on the bricks- and- mortar side as I mentioned. Alex, would you like to add anything on this point on this slide? My apologies everyone. I've had to dial in. Kev, just talk me through what slide you're on right now? I'm sorry. Yeah, I know you're, you've been in meetings. This is the slide which shows the value chain with respect to the AI data center industry, our focus is on the land and power or powered land side of things, you know, leasing out that to hyperscalers and sovereigns as a business model. Yeah, I think everyone and thank you for joining. We think the best value for shareholders on a unit economic basis is to own the power, which in very simple terms means, as Kevin said, we own the land at a very low basis. We own it at GBP 50,000-GBP 500,000 a megawatt. The true private market value is kind of greater than GBP 1 million a megawatt. When that's fully energized, we've delivered the end infrastructure, we should be able to rent that out between $1.2 million-$1.5 million per megawatt. We are typically developing our data centers on an unlevered basis somewhere between 12%-16% yield on cost. If you compare that, say, to an office building, you're typically at somewhere between 5% - 7% yield on cost. It's an incredibly profitable business model. Our end leases are typically anywhere between 15 to 25 years. Over the lifetime, this throws off significant free cash flow. Thanks, thanks Alex. That's a good segue into the next slide. As Alex mentioned, we believe that's our sustainable competitive advantage, which is, ownership and control of the land and the power, connections associated with that land. As of today, we are focused on specific jurisdictions around the world. One is the Nordics, and in particular, Norway and Finland. Two is the GCC, and that encompasses the United Arab Emirates and Saudi Arabia. Thirdly, selected markets in Southeast Asia and North Asia. In all of these jurisdictions, as I sort of mentioned at the, at the onset, one of the key criteria for us, as to why we are focused on these markets is that, we have, as a team, you know, deep sovereign connectivity in those specific countries. We believe this is very important because over time our view is that these assets become political footballs within the countries that they are operating, and that we need to engage and contribute back to the nations where we're building, owning, and operating these data centers. I talked about Norway at the onset, that's already profitable site for us. We are looking to build that out further and to increase the yield on that through specific, you know, AI activities and tenants. Similarly, we are building out the UAE as we speak as well. Finland is our big one. Again, that's live in terms of creating value. Maybe just to add to that point, Kevin. We are typically targeting regions where the power input cost is sub $0.05 kWh. To put that into context, that's roughly about a third of what most people in the U.S. are, the power input cost being. We think over time this gives us a very key strategic advantage. When we've looked at operator models, for every cent increase in the power input cost, it can decrease an operator's margin by somewhere between 5%-7%. As AI becomes more pronounced within domestic and international economies, we think that everyone is going to start to focus on what is the power input cost, and that is going to be the most valuable asset in the long term. Thanks, Alex. That's actually a good point. Just zooming in on the slide that's up at the moment. You know, public markets ascribe premium valuations to power secured data center infrastructure. The comparables or the peers rather trade, you know, anywhere from GBP 4 million per megawatt in terms of enterprise value to megawatts to north of 10 times. We are, you know, literally just embarking on this journey. We're five months into the strategy, you know, obviously, you know, aspire to create shareholder value and be benchmarked and valued in a similar sort of paradigm. As Alex was saying, you know, powered megawatts is the scarce resource, and I think there's increasing recognition amongst industry players as well as the broader market, that that is indeed the choke point, not so much the GPUs. That expansion of AI capacity and capabilities at the moment is fundamentally constrained by, number one, the availability of powered land, with grid connection. Two is, again, as Alex mentioned, low cost renewable power. You know, if you were to actually, you know, draw a Venn diagram of the world of where these sites are, there are very few locations where there's a overlap of powered lands with grid connection, low cost renewable power with zero to very low intermittency, if you will. Hydropower is particularly good in that regard. Thirdly, the ability to build within sort of an 18-month timeframe. Different markets have different regulations and structures or substructures with respect to resources, labor, rules, et cetera. Then there's also, you know, cooling system limitations as well. So we believe what we've constructed so far in terms of portfolio and what we will continue to do so, you know, meets these criteria. Hence, what we'll end up with is an enduring portfolio of, you know, very strategic long-term assets. As everyone knows, you know, this next slide talks about hyperscalers and neo clouds drive most of the demand around the world. That's certainly what we're seeing in terms of engagement, in terms of interest. You know, ex-post our closing of the Norway deal a few weeks back, we've fielded a lot of inbound interest with respect to that site from various players in the AI industry. That's, that's a core focus for us to cement the best deal in terms of counterparty and tenants that, you know, will materially boost our revenues and EBITDA going forward. What we fundamentally are, just coming back to the unit level economics, if you will. We are a bricks-and-mortar business, albeit a growth one, with a very high reinvestment rate of return. The flywheel we wanna get to is, as I mentioned before, we build an asset. Once it's stabilized and generating yield, we refinance. We're able to draw down the capital gain on that and reinvest that as part of the equity check or financing check for the next development. You know, with each turn of that, which takes, you know, 12 to 18 months, we should be able to compound and build an increasing pool of capital and cash. Along the way, you know, really try to sort of obviate the need to raise money from the markets, which we are sort of very careful about and very focused on to sort of avoid dilution. Maybe, Kevin, if I may, just to build on that point. What we wanted to do here was create a very sustainable business model that provides a sufficient funding model to keep building out the portfolio of powered land that we have. We're able to do that because we take greenfield/brownfield lands, we energize that land, we get it permitted for data centers. As Kevin mentioned, we hold that land on our balance sheet of GBP 50,000 - GBP 500,000 a megawatt, which gives us an incredibly low base of going into a development. Our business model is never to take cash out, but to roll that equity into future developments. The simple way of looking at it is, for every GBP 1 of development equity that we put in, over 18 to 24 months, we turn that GBP 1 into GBP 1.50 - GBP 2 of recycled equity, which we continue to build a portfolio with. For every GBP 1 of development equity, we generate somewhere between GBP 2 - GBP 5 of book value equity gain. It's an incredibly sustainable business model, which we have not seen elsewhere. Actually, just to, just to add to that the team, the core team, for VivoPower on this business, collectively have had, you know, many, many years of development experience, if you will, across multiple asset classes, both from an investment perspective as well as from an operational perspective. You know, spanning commercial real estate, residential real estate, shopping centers, toll roads, airports, data centers, cloud data centers, historically, you know, industrial, REITs when they were in their growth phase, you know, 20 years ago. The returns we're seeing from this particular field, you know, far outweigh anything that we've seen before, to Alex's point. Just to, you know, zoom in again on a specific example, which this slide shows. If we have 100 MW to build, we're talking about CapEx order of magnitude GBP 800 million-GBP 900 million for that. Typically you can finance that with 80%-90% development debt comprising both senior as well as mezzanine and the residuals, the equity. Typical lease rates on a Triple Net basis are about $130 thousand per kilowatt per month. We're typically looking at an unlevered yield on the asset of 15%-16%. Once that's stabilized, as in built and rent is flowing, that can be refinanced at a cap rate of 6%-6.5%. In this specific example that, you know, unlocks, you know, significant development gain north of $1 billion and we could, you know, pull out about $750 million to recycle into the next series of data centers to be built. Alex, anything I've, I missed there? No, I think that's great, Kevin. I think just to really highlight what we mean by recycling the capital, it's really a mindset that we are taking a very long-term view to delivering a very high return on assets, cash flow basis over the long term and to be sustainable. I think it's not rocket science, but a lot of this industry is driven by a private equity mindset, which is to strip out as much profit as possible over the short term, whereas what we focus on is using those gains to keep building the portfolio in a very sustainable manner where we just do not have to go back to the market. We think that's the best way forward to building a large scale portfolio of cash flows underwritten by hyperscalers and sovereign cloud providers. Thanks, Alex. Just on the next couple of slides, we'll just talk to the market a bit. One of the reasons we are focused on non-U.S. markets is that, A, the landscape is far less competitive, one. Two is, we're also very focused on being a neutral. The Europe and the GCC are attractive in that regard, and that's not all countries in Europe or the GCC. It's very specific and very focused, as I mentioned. They both exhibit materially higher unmet demand versus what's available from a sort of powered land capacity perspective relative to other markets. As Alex mentioned before, the cost profile from a competitive standpoint is a lot better. We're able to benefit from the Rolodex of investors and relationships that we have in these markets. As mentioned, specific Asian markets are also a focus, you know, for us going forward. The Nordics are particularly attractive at the moment, and they outperform established hubs for power costs, as well as for the speed of grid connection. You know, in some markets, in mainstream Europe, if you will, lead times for interconnect agreements have, you know, blown out to five, if not 10 years. You know, similar to what's happening in sort of parts of the U.S., including Texas. The Nordics don't, you know, have that at the moment. It's a lot quicker to get grid connectivity and power cost is attractive. Obviously, cold climates is conducive to lower cooling costs as well. In the GCC, what's particularly appealing to us about that market is that there is very strong government-driven support and investment for, you know, AI data centers. They see it very much as a key plank for sovereign prosperity going forward and competitiveness. There's very little friction, you know, by way of political sort of resistance, if you like, and societal resistance as well, you know, to data centers. You know, obviously a lot of lands, a lot of cheap power as well in these markets. We have a very clear 10-year strategic growth plan, which spans three growth horizons. The first one, which we're in now between 2026-2029, is to secure 100% control of 2 GW of power across our focus markets, to generate over GBP 1 billion of revenues and north of GBP 200 million of annual operating free cash flow from rental income. Then as we transition to phase II, which is 2030-2033, we wanna sort of build up further on that, and again, into stage III, where the remit there will be to build or transition to an autonomous global infrastructure network where in total we have more than 20 GW, and generating north of GBP 5 billion of revenues. That's what we're all shooting towards. Then last but not least, just to quickly go through the team. There's myself, but sort of very much see this as a partnership, if you will, of the team that's profiled on this page, as well as the advisory council and the board on the next page. Alex, Chief Investment Officer, Shane, Chief Real Estate Officer. He is based in Dublin and has longstanding relationships with all the hyperscalers, including Google, Microsoft, Amazon, and has done, you know, a lot of developments over the last, you know, 20 years across, you know, multiple asset classes. We have Owen Elliott, who's Head of Development and Delivery, worked on multi-billion dollar projects around the world. Including power construction and delivery and Echelon Data Centres, and highly experienced operative, been extremely valuable to us already as we look to build value across our portfolio. Finally, not last but not least, we're blessed to have some great advisory council members and board members, notable ones rather on this deck. For this strategy, we have Khadija Mustafa, so she's ex-Microsoft, global AI sales head. She was there for 20+ years. Philip von Wulffen, who found and originated the Finland sites, and was the former co-founder of the JAB Consumer Fund, which was the fastest growing private fund in Europe. Sorry, it was the largest first-time fund, I should say, in Europe. Left that to focus on this, given what he sees coming with respect to very strong tailwinds and opportunity for AI data centers. We have Rachel in the Middle East, ex-Mubadala, the sovereign wealth fund there. Hugh Durrant-Whyte, who is one of the foremost AI and automation experts in the world, formerly Chief Scientist for the Ministry of Defence. Active board and advisory council that's really helping us as we scale this business, you know, execute on the growth plan and strategy that we've articulated. Thank you all for joining. Thank you, Alex, for jumping on. Thank you, gentlemen. Thank you, Alex. Thank you, Kevin, for this great presentation. Great way to end our conference today. We appreciate you both, and we certainly hope to follow along with you in the near future. Thank you, gentlemen. Thank you, Anna. Thank you, everyone. All right. Thank you all to our viewers for watching. It completes day one of our virtual conference. We'll see you back here tomorrow, bright and early at 9:00 A.M. Eastern for day two of our virtual investor conference. Thanks, everyone, for watching. We'll see you tomorrow.