Okay, guys. Thanks very much. We're heading into the back end of the day. We're going to do Q&A after this. I'm going to spend two minutes just briefly reminding you again how we look at capital allocation in the group. Phil just reminded me all the presos of today will be uploaded to the investor relations website. If there's anything you missed or you're not sure about, you can go there and go and just replay or re-listen. When I'm done here, the MDs are going to come on stage, and Bronwyn will be facilitating the Q&A session. Guys, you've all seen this. We've now consistently shown you the capital allocation framework over the last three or four reporting periods. The numbers is as we reported at the year-end. What I wanted to do today is just to tell you how all of this that you've seen today is supported by our capital allocation. What we've said from the beginning is, first things first, financial discipline is critical for us in this group. One of the first things that we did when we arrived here three years ago is look at the business, and I remember saying to Werner, "Where is the cash? We have these fantastic businesses, but I can't see the cash anywhere. It's stuck on the balance sheet, or it's disappeared halfway through. I don't know where it's gone to." I think we've managed to make quite a bit of progress over the last three years, where this EBITDA operating cash conversion is something I keep my eye on. As I said at the last results presentation as well, when things go well, all of a sudden, everywhere there's a leaking hole where cash disappears into because there's all kinds of stuff happening. For us, it's critical to keep our eye on this, keep our eye on expenses, make sure that the financial discipline in the group remains sound. Working capital management, collecting what's due to us, making sure our foreign currency hedging policies, all of these things that we keep our eye on this because we don't want to go backwards from here. We want to accelerate. If you think about how the group is shifting to a multi-platform business, what you should expect from us is to see better cash conversion than this because this is the platform. It's the metrics that run out of the platform business. We want to generate as much cash as we can out of our businesses. We put that money back behind the highest growth opportunities that we see in the group. We've said this before, but maybe just to drill down a little bit further on this. We've said it's platform-focused, but it's not blanket platform. Within the platforms, all the MDs in the platform businesses need to compete for capital because there are certain platform businesses that has a higher demand for cash and a higher possibility of returning it. Within a business, within Netstar, for example, there will be certain areas that we want to allocate cash to and others that we say, "Sorry, we don't think the conversion here" That's the level of discipline we go into when we allocate capital in our group. For us, it is quite important to have a steady dividend payout policy to our shareholders. We have no plans to change this. The special dividend that we declared this year was because of an accumulation of surplus cash. As a result of the fact that we didn't execute any of the M&A opportunities, that cash we decided to return to shareholders. We will stay at a 50% or a minimum of 50% headline earnings policy payout. What we then end up with is flexibility. It is critical for us to have financial flexibility. The opportunities for inorganic growth comes when you least expect them, and at that stage, you want to be able to move fairly quickly. The fact that we have cash and we have available debt, we are way below our covenant levels. We have capacity of in the order of about ZAR 3.5 billion of debt. Obviously, that will also depend on if we buy a business, what is the shape of that business? Is it a cash generative business? Do we need to invest further in it? That's the way we look at it, and we want to have that flexibility so that if and when these opportunities come by, that we can execute on that. If we find ourself in a situation where surplus cash starts building up again, then we will return it to shareholders. The last point I want to make, maybe just to close off on share buybacks. We've heard the question a number of times. We have a severe liquidity constraint on our shares. Our top four or five shareholders owns more than 70% of the group, and they are not sellers. For me to do a share buyback at a minimum amount that doesn't move the needle, I think there's better ways to allocate capital. I think that's it. Overall, we are sticking to our allocation framework. That's the way we think about it. This financial discipline around capital is critical to us, and we're not planning to change that. Bronwyn, that's it. Can I hand over to you? You can definitely hand over to me, Carel. Very well. Could I ask the MDs to come and join me? We obviously will be diving into audience questions. All you've got to do, because we are on broadcast, is signal to me that you want to ask a question. We'll deploy a mic, then for the sake of our broadcast audience, if you can just speak into that mic and address your question to the relevant MD. I want to start. I know you thought you were getting off easy. Guidance. Talk to me about the guidance for the next three years, please. Yeah. Maybe I'll just stand up. Sorry, because I know there's people on the webinar. Bron, a couple of things. Firstly, we gave very clear guidance, I think, going back three years ago. When we were quite clear about the portfolio that we own, we upgraded that guidance, I think about halfway through it, when we decided not to dispose of the ADS business. We're obviously very pleased that we've met and beaten that guidance. Where I'm less inclined to give absolutely detailed guidance in the transformative growth journey is I just think the flexibility it gives you. I think the reality, which hopefully you've gotten out of today, is also some of these opportunities are quite quantifiable for us, which is fantastic. We don't want to give clear customer acquisition targets, clear cost to serve ratios, et cetera. I think obviously we're targeting sustainable growth over the next three years. For us, sustainable growth is at least, in our platform businesses, I mean, single high digit revenue growth and double digit growth at an EBITDA line. We've given guidance around our medium term targets, operating margins and platforms. I said we want to be north of 26%. IT services, we maintain our guidance of being north of 7%. I think we've guided around the one-off impact that the tax rate will have in FY 2027 with a normalization of the tax rate. That's the guidance that we're sticking to. Before you sit down, Katherine Thompson from Edison. Hi, Katherine. would like you to talk about the opportunities you see to expand outside of South Africa for each of your platform businesses. I don't necessarily see. Well, okay. Actually, that's an unfair question. There are opportunities to expand outside South Africa. I think the most natural two ones would be Netstar, and I think we've spoken about that at length, but maybe just to recap. We have operated in that Southeast Asia market, particularly Malaysia, for, is it about 10 years? 10-odd years that we've been now. We're still looking for the right opportunities, sustainable opportunities for us to change, being just a distributor to actually growing an SVR and telematics business there because of the scale of that market. We're very selective about how we do it. We do believe that if there is a model that one can export successfully, we believe it's that model. Andrew has articulated some of the opportunities that there are outside of South Africa, but that's not acquisitorial opportunities. They are business opportunities for us. I'm not sure that FinTech is a very specific market, very specific to this kind of ecosystem, et cetera. If we were to look to acquire organically outside of South Africa, it would pretty much be in Netstar. I'm going to allow you to sit down off the stage. Thank you. Werner Kapp, thank you very much. Could I turn to you as the audience in the room, please? I want to get your burning questions up to the managing directors. I know you have had the chance to engage in the different executions outside. We do also have the online audience. I do see questions coming through. I'll start addressing those. Johan, to you from Nick Rogers, Harvard House. "Please comment on the sub's payments ecosystem modernization program and majority stake in Pay Inc from a competitive and margin point of view. Thank you for the question, Ian. We don't see Pay Inc at all in competition to us. They're an enabler for our business. The PayShap rail that Pay Inc is responsible for in the country is really a rail that's in competition to Mastercard and Visa, those card schemes. We're embracing that transaction rail, where arguably, I'm of the view that we're the largest user of the PayShap rail in the country because all our loan disbursements are done via the PayShap rail. We have a commercial relationship with our sponsor bank. That gives us a competitive advantage, because we can now process transactions at a vastly reduced transaction fee. That's usually beneficial for us. If we aren't having questions from the room, you leave them to my discretion, and I think the management team is hoping that you weren't going to do that. There we go. Saved by Anthony Geard. Hi, it's Anthony from Investec. Over the years, we've become familiar with the three platform businesses, but it sounds like there's a fourth child in the room. Perhaps if you can just talk about how Security qualifies as a platform business and how the mix of revenue is becoming more annuity in nature, and hence why it qualifies as a platform business, and why are you so excited about it? I have to just refer to the synergy here. That was exactly what I was going to ask you. Take it away, Andrew. Thanks, Anthony. We sat back six months ago, we're seeing the success, as I presented earlier, in our trust services platform. We also strongly recognize the tailwinds that we're experiencing in the IT services part of our business. We realized that these two, in many ways, synergies needs to be addressed in differing ways. Number one, the acceleration of platforms has to be protected, and that is where we see the growth of Altron Security going into the future. At the same time, it's critical for us to be prepared for the cyclic turn in IT services. To do that, we organized ourselves, in a way, to be able to do both at the same time. Really that's allowed us now to be able to invest in the platform business, to be able to scale from just providing those trust services now into the value adding services up the stack. In particular, seeing digital identity for these various ecosystems being a strong growth tailwind for us going into the future. Warren? Yes. Hi. By the way, this isn't vodka. This is just an interesting looking water bottle. Yeah, very interesting looking water bottle. Deep frost. In terms of your strategy and that of Karooooo. They're very closely aligned. Can you talk to me about differentiators? I think the first point to make there is There's elements of overlap where strategies may be closely aligned because we play in similar markets and we do similar things, but I think that's really where it ends. At a strategic level, I can't comment on their strategy. I can look at their operations and their results, and I can see the elements that they're doing well. Hopefully the people in the room today have heard and have seen through our demos, that our strategy is somewhat different, and our strategy is going to be executed flawlessly. We have some structural differences, particularly in our OEM-centric nature of our business. We are very heavily leaning into the AI processing and the use case beneficiation for our clients. When we take things to market, we make sure that we take them to market professionally. We also have an unbridled investment in our fleet bureau, which is continuing to grow, which is hopefully through the demos, people have really got a sense of seeing what that delivers, not just for our customers, but for safer roads in South Africa. I think there's enough differentiators between the two businesses for them to play their game and for us to play ours. We're very confident in the strategy that we have, and it'll all come down to our execution. Johan, I want you to look me in the eye when I ask you this question. I know you've been asked a number of times in terms of whether you can maintain your returns in the SME environment, 20% returns. I'm asking you again. I'm not going to comment on maintaining. I'm going to comment on what we are doing to strive to do what you're asking. We've identified the informal market segment as a next frontier because of the research and the investigation that GG Alcock and the likes have done to try and quantify the size of that market. I haven't interrogated the numbers, but if you can believe the numbers, it is quite staggering. It goes into anything between ZAR 500 million into ZAR 1 billion. That's quite substantial. We've identified certain areas in that informal segment where we believe our products are well suited to address that segment. We're embarking now on an education and a change management process with a Kasi squad team to get a better understanding of that market. We believe that market is going to give us returns of what we invest in now. We're not going to let up on our existing market. We are fierce competitors. We compete aggressively in the market. We'd rather invest margin than losing a customer. We're going to continue doing that, w e're not going to let up on doing that. For us, there's the whole payment ecosystem modernization outcome. We see that as a huge positive for our business, and that's going to allow us to be even more of a fierce competitor than we are now in the market. We've got some more questions. Excellent. Okay. Okay, good. Sorry. Maybe I can start. Just Kumo from FNB. I just have a question on Netstar. Warren, you've mentioned that you guys have taken the time to build the products. Now it's just a matter of getting them out there in the market. What does that investment in marketing look like, number one, and should we expect any volatility or rather compression in margins in the short to medium term? A great question, you're right. Unless we are able to tell that story better and to push that, we're not going to see the uplift that we want. We've doubled our marketing spend year-over-year. We have Marissa, our Group Chief Marketing Officer, who's filled a post in Netstar, essentially with her and her team. They've really leant into really kickstart the marketing initiatives. You're going to see that rebranding exercise, a lot of that foundational work taking place in the market. Richard, who's in the room with us, has joined us today, has been appointed as our Group Sales Director. Richard comes with 35+ years of vehicle, motor, and telematics experience, having worked across the world. We are investing in sales. We're putting a lot of money into our sales force. Fundamentally, the execution will come down to people first, right? We talked about culture, we talked about purpose, then it'll come down to rands and cents that we've put into it. If you're asking, are we going to dilute margin to do it? In parallel, I think it's probably one of the things that I'm relatively known for in terms of our businesses, is really driving our operating leverage. We are, at the same time, conducting an enterprise-wide review of our operations. You will have seen margin expansion and EBITDA expansion. We're doubling down on that. Again, the use of AI is assisting us. It helps us to scale without necessarily always putting in more headcount cost. The intention is not to be margin dilutive in this. We do want to optimize to invest. Keenan. Hi, everyone. Keenan from Investec. I've just got one question for Leslie and then one for Johan. For Leslie, you spoke about Dis-Chem and their new loyalty program, and you spoke about the interaction you have with data, with the pharmacy retailers being Dis-Chem, Clicks, and Medi, right? Could you just speak more about that relationship? How do you deliver value to them, and then how you monetize that relationship? Okay. Thanks, Keenan. Just the pharmacy retail sector is going through a massive change, right? The fight for consumers coming into the pharmacy is massive because the ratio of when you go in for a script to the shopping, is quite lucrative, right? How we use our data is to help understand the market share, by suburb. What are the burden of diseases by suburb? How are you spending your money by a specific location? Do you need to gain market share? Because we can see it through our data. To say, do you need to place a store here? We can look at identifying the propensity to absorb market share. If you look at one of them, let's say they're sitting at 25% market share, but in a certain area, sitting at 12% market share, then there's clearly something that needs to be done. We can see what goes through in terms of chronic conditions, what scripts are going through, we then can advise. We won't tell them exactly where to place, but we can say, "This is how you get market share." That's a simple way. It's not a once-off solution. We then sell it as a consumption of our data to be able to inform that complex problem. Of course, the second part to it is, if you're doing marketing and you are spending ZAR billions on marketing, but you don't know where it's landing, we can tell you that in a certain node or a certain suburb, there's a higher concentration of hypertension, or diabetes, or whatever that sort of thing is going on. There you get sort of more focused marketing spend. Because our data is coming through our transaction systems, we're in a fortunate position, we call it real time or high velocity data. We can see it almost immediately on the uptake. Right? That's kind of then guiding those. Just two examples of how we're supporting retail pharmacy. Keenan, can I jump in with a question from Myles Faure and then come back to you and then to Anthony? From Myles Faure, how fundamental, Andy, is the AI Factory in Altron's transformation growth? Thanks, Myles. Look, I think AI in general for any enterprise, is going to be fundamental. In this way, it's not going to change what business we're in, but it's certainly going to change how we deliver that business to our customers. I think hopefully through the demos, you've seen already how that's starting to impact in the various platform businesses. Like I said before, there's three things that we're tracking there in the platform businesses, that we want from AI. Number one is we want to absolutely increase efficiency. Can we do what we do better, quicker, faster? Number two, can we take out cost? Can we have better leverage? I think that's what Warren was mentioning, by leveraging AI, to ensure that we can take out costs. Then the last one is, of course, increasing revenue. Can we deliver those products better, at a better margin, that we can get better returns? I think it's going to be pretty fundamental going forward. Thank you, Andy. Keenan, back to you. For Johan, you spoke about returns in the fintech business and whether you can or not maintain it. The informal market's becoming quite crowded, I would say. I would ask which verticals in your business currently you see coming under more pressure? We have pressure full stop from our competitors in the fields that we play. They're constantly there, and t hey've been there since the start of time with our business. We're pretty accustomed to all the usual suspects in our traditional markets that we have been servicing up to now. We have seen lots of entrants now that's going after the informal sector. We have looked through their service offerings. We have decided that we are not going to compete head-on with them in that market segment with their offerings. We're going to focus on the market segments where there's a need for our existing products and services that we do have in our portfolio. We are going to, with our Kasi team, identify those niches, where our products and services can be quickly deployed, in the change management process that we're embarking with our team. Should we then on-sell a competitive product to the existing actors in the market, then so be it. We'll lump that into a collapsed service, so to speak, whereas the differentiator is our product and not the debit and credit card product that they're selling in the market. We want to create an environment where we've got a cost-friendly product in the market that run on rails, that PayShap, like the PayShap rail, is an enabler for. Then we've really hit the sweet spot of working with a consumer and a merchant. Request to Pay is on its way. That will be coming at the same, well, hopefully at the same fees that PayShap came in for person-to-person payment. If that happens, then we've got a show on the- Yeah, you spoke about the cogs part of the payments ecosystem earlier. Keenan, just a little bit closer. The cogs part of the ecosystem earlier. Yeah. The regulation in November. Yeah Exactly what you're alluding to. Maybe you can elaborate a little bit on where you see that alleviating. Cool. Thank you. There's a few payment activities that we could apply for to be licensed as a operator. Those payment activities, which today we buy from banks. We get a selling rate from the bank, and we have to put a margin on that, and we have to run our business on that margin. If we can remove the bank's margin, and we can directly integrate into the national payment system, that margin is our margin. We can do with that margin how we see fit, either get new markets, pass on fees to our customers or consumers to gain market share. That's a decision that we'll take. Once we have seen how fast the SARB can issue these licenses. At the bottom of all of this is the Prudential Authority, and the Prudential Authority is the ultimate yay or nay for your application. We're working with our teams now to make sure that we've got squeaky clean applications, and that we pass at the first go with it. We're quite aggressive about this initiative and this program. Excellent to hear that you've got squeaky clean applications, Johan. Anthony. Okay, thanks, Bronwyn. I actually want to come back to AI Factory again because I think it's been one of the big learnings, certainly for me, but I am sure for others. It's just how the investment into that kind of synergistic tech is enabling faster growth at the different business units, is also lifting efficiencies, and now you said it's also saving money. Clearly a lot of investment has gone in. Carel, I think we might need to lean on you a little bit here. Yeah Has that resulted in significant extra cost at the central corporate level? I'm sympathetic that it's difficult to map how quickly this is going to grow, how much more cost, and energy it's going to require. I'm sensing a great willingness on behalf of the Altron Group to drive these benefits in the different business units through AI Factory. How are you going to manage that, and how will you measure, and evaluate that and report back to us as market commentators? Thanks. Sure. Let me stand over here. With AI Factory, we run exactly the same process as any other business in the group. There's a budget for Andy, three-year plan. There is KPIs that he has to achieve every year. It's no different. It's not a blank check. Coming back to the financial discipline issue, it's not a blank check that we've thrown out there. We are, however, saying if this thing picks up speed, we are prepared to put more money behind it, and the board is very supportive of that as well. We're starting off quite cautious. The CapEx portion of this is actually a lot smaller than what you think, because that's really for the hardware that Andy had to buy to put in Teraco to run this. The rest of it will all run through the income statement. It is not a material number at all, but if this takes off, I think we would seriously look at putting more money behind it, and then we will come back. One of the targets that Andy's got is to bring an external customer online this year already. We see this. We're going to get to the end of this year knowing whether this is something that is outperforming or whether this is simply an operational AI advancement, or if there is an external business plan or not. Based on that, we will decide where we go going forward. I don't know, Andy, if that's. Yeah, that's spot on. With you- Anthony- Oh I could possibly give you a practical use case that we're actively and aggressively wanting to explore with this tech, is SIM swap fraud. The CEO of Vodacom was on record stating that the RICA process is as broken as a leg. it's- There we have it. Yeah. He's thrown in the towel entirely. Our biggest risk in our business is SIM swap fraud, and we want to eradicate this with this technology. Our teams, all the dev people have got those entry boxes that we bought for the dev teams, and they're working now at how do we get to nip SIM swap fraud for our business in the bud. Should that be translated then into the MNO space, who knows? We don't have that ability. We want to nip that in the bud for our own business, and that's what our teams are busy working on. Should that then be a solution that we deploy in our business, we can roll that out into Andy's Factory because it's a lift and shift to the Factory because the tech's the same, the OE systems are the same, and there's no kind of migration activity going as part of migrating to the Factory. That's a typical use case. We'll be consuming the AI Factory data, but not reselling that. Possibilities are there are, but who knows? Then with Andrew's assistance on the security side, there's some runway there to add some certificate and key exchange management to also to nip that in the bud. That's a serious problem that we have in the country today. Thank you, Johan. Mudiwa. If I just think about AI Factory for a moment as a platform, especially just leaning into the open source routes of where a lot of AI is sort of rooted. I wanted to get a sense on, in the same way that NVIDIA has a list of models that people can use, is there an ability for people that are using the AI Factory, whether yourselves internally or some of the partners that you might have, to maybe contribute? I think in one of the demos, for example, we saw that there's a demo where you get customer support is ingesting different languages, right? In my head, I'm like, you can develop something like that yourself or lean into Lelapa AI, which is one of your launch partners. I was just wondering, how do we think of that? Is it closed, or is there that ability for different companies to sort of contribute maybe some of what they've done and then others to leverage it, sort of as a value proposition for that whole platform? Yeah. Thanks very much for that question. Look, firstly, we've licensed the entire NVIDIA stack. Every single model that you've mentioned that NVIDIA has, we effectively have, which means we can self-host, fine-tune it, improve it, et cetera, for various use cases, both internally but also for our customers as well. In terms of how we collaborate with other partners as well, yes, absolutely. That is a model that we do follow, which is working with somebody to help develop a specific area that maybe we don't have expertise in. You spoke about local languages. There could be education. There's a whole lot of other areas that we may not necessarily have expertise in where we can partner with somebody. We've absolutely done that in the past. I think the thing with partnership, I think we need to separate partnerships like that from driving real business value kind of enterprises. I think those are quite separate endeavors. I think we would do that to increase our capability so that we can sell more to our enterprises. I wouldn't see that as a big revenue driver in the future. I think it's more just around, can we increase the capability base that we have so that we can sell more to our customer environment? Andrew, how big is the Africa opportunity when it comes to security and digitization? Yeah, thanks. [Bennet] touched on it. I mentioned it in my talk earlier, is that we're seeing funding coming internationally for African countries to be able to pivot over some of the constraints that they've had, specifically on digital identity. To be able to bypass having to issue physical identity is a huge problem in Africa, and go straight to digital, low barrier to entry. We see it as a great opportunity for ourselves, and one that doesn't require a large platform or footprint, one that we can handle organically, being aware of the market and looking for those nations. Definitely part of our success in the next year would be to capitalize on that opportunity. Myles, Leslie, for you, will HealthTech add other disease solutions to the HealthONE platform, e.g. cardiovascular, renal, rheuma? Myles, yeah, we built this oncology solution with that in mind. That was the entire idea. We built it on our platform so that we can decouple it, or reuse pieces of it for other kind of chronic conditions, diabetes being the next one we're looking at. We want to really master the oncology, right? It's still in its infancy. We've looked at all the different pieces. We have put in solutions. Now we're orchestrating all the pieces. We have to be able to really get that return coming out of it before then I want to move into the next. We've purposely built it that way. Even the data reporting that comes out of it, we can reuse as well. That is kind of the logic, but I do want to make sure that I exploit this Oncology ONE for less. It is the biggest cost burden coming through from the schemes to the providers. That's why I want to kind of really master that before I get onto the next one. Final question to come from the floor. Just remaining on health tech, could you just maybe unpack the opportunity that NHI brings? You mentioned that it is an opportunity. Absolutely, yeah. Just want Really what we're really good at is primary healthcare, right? 40% market share, 20,000 practice numbers is primary healthcare. That is really our bread and butter. It is very sort of straightforward to then roll that out. The way we've built our platform is that adding another 1,000 practices, 2,000 practices, does not necessarily add significant cost to us. That's how we've built a business platform. Adding another 1 million, 10 million switch transactions doesn't mean we've got to add in huge amount of cost. That's the way we've architected this thing. Coming back to NHI, our core systems are highly relevant. We were the only company from our core practice management system that could interrogate the public sector databases, so for referral of patients. This was a quite a strict test done by CSIR, from our core systems, following very clear healthcare standards, which I won't bore you about, but you had to do it in a specific way, and we were the only company that got all the certification. Some of our competitors actually pulled out of the process. It is so complex to be able to refer a patient, and let's say they want to launch with maternity care. You can go to your normal GP who's on the private sector, but you've got to refer into the government database, maybe for ultrasound, maybe for whatever the case may be. Now we can interrogate the database and see where we can take the patient back into our system, you can see how it's starting to come together from a technology point of view. That opportunity is massive. Then of course, the claim switching. There's no difference between a claim switch to a national provider, insurance provider, government, or to all the 71. We run it all. In fact, the complexity that we run is massive. All those rules, et cetera, are already built into our solutions. That's why I think it's such a massive opportunity if we can get into it. When we were asked to go to CSIR, we went in, we jumped in with everything we had because we knew the opportunity is so big. Thank you very much. That brings us to the close of Capital Markets Day 2026 for Altron. Appreciate your time, gentlemen. Certainly appreciate all of you here joining us live and, of course, to the audience joining us online. Thank you for joining us. The presentations, just to reiterate, will be on the IR website. Any further questions to your Head of Investor Relations, Philippe, who you all know very well. Again, thank you very much, and thank you to the team. Thank you.