Good morning, and welcome to Aspen Pharmacare's 2026 Annual Financial Presentation. Thank you all for joining us this morning. Just to quickly run you through the agenda this morning, Stephen Saad is going to give us an introduction and overview. He will then hand over to Sean Capazorio, our Chief Financial Officer, who will run through the financial performance for the year, and Stephen will then return to give us an overview of the operational update, strategic update, and financial guidance for the next financial year. We will conclude with a Q&A session, so please feel free to send questions through via the webcast. We will get to as many as we can. We will follow up with you over the next couple of days. With that, I am going to welcome up Stephen Saad, our Chief Executive Officer, to give us an introduction. Thank you, Stephen. Thank you. Thank you very much. Thank you, Roy. Thank you for that. Good morning, everyone, and sorry my voice is a little croaky. I think it is because it is a cold, but it might also be because of some pretty solid support on Saturday for the rugby, but we will see how far we get through this. We have got a presentation for you, but on route here, I was just reflecting, if I could pick five things and five hallmarks of really great businesses, what would I choose either to run or to own? I came up with five points, and I am not sure these are not in books, but these were my view. One, a dependable business. Two, a resilient business. Three, a business with a bit of sizzle. Four, a business that creates value, and five, a business that is enduring. I try to see where Aspen positioned against those five key areas for me. In terms of a dependable foundation, something that you can ground your business on, can give you security over your earnings, your cash flows. Our commercial pharma business in emerging markets has demonstrated that publicly for more than two decades. If there was any confusion about how well-positioned that business is, both for now and in the future, I will ask you to look at how many innovator multinationals, the biggest in the world, say, "Aspen, in some of your emerging markets, we are trusting you with our IP because we think you can do a better job in those territories than we could do by ourselves." So that is what I call a dependable foundation, and it is something that never varies too much. It does not shoot the lights out and grow 100%, and it does not go to zero. Then a resilient business. A resilient business is particularly important in the type of business, for example, that Aspen has, in that we have a global business, so every shock hits us. If you think about where we started with a zero base in Durban and to move into a very high technology business like pharmaceuticals, really, we are sort of one of a kind. But the reality is we do difficult things, really difficult things, and in order to be successful, we have to challenge so many boundaries. We certainly take knocks. Taken many knocks. More knocks than we would like to have. But I will tell you this much, although you're battered and bruised at all of this, we simply never go away, and we try and learn a lesson from each knock, and we try and learn that lesson just once. Then we have to modify strategies from those learnings. I believe that if you've been watching our results over the last period, you'll see a demonstration in these results, and you'll see the future as well, which shows how resilient this business and how well we learnt and how we take those learnings to drive future growth. Talking of future growth, I come to sizzle. What is sizzle? That's something that gets you, wakes you up and gets you excited and positive. It's about your future growth. It's what you add onto your foundation in time as it matures. We've invested for a long time in two areas, and we're starting to see green shoots now and we believe we'll build on these in the years to come. Those two areas are steriles, our sterile manufacturing business, and our GLP-1s weight loss. We took a bet on the weight loss category long before it was popular or the category to be in. In terms of the GLP-1s, it is an exciting area for bets, and you'll see it during the presentation. The steriles is particularly pleasing to be talking positively about. It was just less than just over a year ago that we lost a contract, and at the time, I said to you, "We might have lost the milk, but we didn't lose the cow, and we're in a good neighborhood." Of course, having all the tariffs noise at that stage was also particularly amplified in pharmaceuticals. So it was a period of quite deep despair. But you'll see it's come back, and we'll talk about it in numbers and the future of it, but we're really comfortable, and we're excited about where we've invested in both of them. Then creating value. This is often a very contentious area, and I sometimes do it on a back of cigarette box and people give me lots of formulas and all sorts of other things, and it's quite hard to work out what is and isn't there. When we look at it, we've done many, many transactions over the years at Aspen Pharmacare. We've made divestments of big assets. In all instances, and you can go through the history, we've sold those assets. This is going to come to what we think about sum of parts, et cetera. But we sold those assets for double digits. For me, it's a very simple story. If you're really unsure if Aspen Pharmacare's created value, I put this to you. We've never issued shares. I'm glad to say this is the first time I'm going to say this in 25 years. We don't have debt, and we're going to deliver over ZAR 9 billion of earnings next year. So for me, that's creating. To me, that is value creation. The final point is an enduring business. An enduring business is one that has got to be able to last the distance. To be able to last the distance, in my opinion, it has to be purposeful. You have got to contribute meaningfully to society. I fully respect, and we fully respect and appreciate and focus on all those very important financial and commercial metrics. Without achieving those, it is very hard to be purposeful. But in equal measures, we focus on how we create access to medicines, access to patients. I think our track record there is well known, be it in ARVs, COVID, and access to Africa. But in this presentation, I think we are on the cusp of increasing that contribution and being able to assist those that are vulnerable even more, and with a particular focus on Africa. We will talk about that, too. When I go through those five yardsticks and I look at where we are and where we are going to, I am really comfortable we have got a hallmark of a great business. Thank you. Thank you for that. From here, let me click onto the presentation onto where we are. Let us start with the welcome. Thank you for being here. Where is this? Here we go. Sorry. Apologies. Let us look at our performance and overview. As Roy said, I am going to just give you a quick snapshot of what we set out to do, what we have achieved, and then I will hand it over to Sean, and I will come back for effectively the performance, the strategy, and the guidance. What were our six core objectives? I encourage all of you to look back over the last couple of years as to the objectives we set ourselves. These are not new objectives. This is what we told you we hoped to do last year. In terms of a dependable foundation, our commercial pharma momentum, it endures. We had a 13% growth in constant exchange rate in EBITDA, and that built on double-digit growth in FY 2025 as well. For 2027, we expect to sustain organic growth led by our emerging markets. We are starting to realize our GLP-1 investments. I will show you some charts later as to the type of growth we are seeing in South Africa. How Mounjaro powers the entire South African private market. We started a process of now registering in sub-Sahara. We commencing our GLP-1 generic global growth rollout. We have got two products registered now in Canada, and our emerging markets will follow. Brazil, we believe we are relatively close and is under review. Manufacturing growth engine. This is what caused us a bit of a hiccup in the last period. What we guided you was that we lost a contract that cost us ZAR 1 billion, and to get back to breakeven in steriles, we needed to make ZAR 1.7 billion of EBITDA, and we had to do that over two years, financial year 2026 and 2027. That is what we targeted ourselves. Sean will show you now we achieved ZAR 1.2 billion of that in financial year 2026. For 2027, we will raise that guidance from ZAR 1.7 billion to ZAR 2.2 billion, and that is a function of growing volumes, growing revenue, and reduced costs. We will give you a sense of where those revenues will get to and where the profitability, what drives it. I am very happy to say I think that this will be the primary driver of group growth. Of course, a rapid take-on of GLP-1s could change everything. Right now, if you look at where our budgets are, it is a primary driver of group growth. We also told you last year we would look to unvalue. Where we saw value beyond what we could achieve, we would look to the sum of parts, and we believe that the sum of parts of our business is not represented in our share price. We invested the APAC business for ZAR 28 billion. That was an 11.5x EBITDA. People I know, I am going to be asked and have already been asked, "Would you continue?" Yes, we will respond to any opportunities to unlock values for the sum of parts where it makes sense for Aspen. Big focus from Sean and the financial team and the whole of the company on free cash flows. A really commendable performance, ZAR 3.8 billion of free cash flow generated. We had net cash of ZAR 0.8 billion, ZAR 800 million in the bank. I have got to say that slowly. I remember once somebody asked me, I think in the last presentation, "What would you do?" I said, "I am just going to look at it for a while." In fact, we started a share buyback program, which was at ZAR 0.5 billion at the end of the year but has now stretched to ZAR 2 billion or 3% of the company as of recently. The free cash flows we will be driving even stronger cash flows. Very simply, we will be showing you that our EBITDA is going up, our finance costs go away, and we have very stable capital investments. We have seen significant earnings growth. That has been a priority for us. We achieved 28% growth in continuing operations in NHEPS. We expect substantial future growth in NHEPS of more than 50% going into financial year 2027, with more than ZAR 9 billion of EBITDA. Obviously the interest savings will be whatever the finance costs were in this year, which was about ZAR 1.2 billion. So those were six key commercial objectives, and they were core to us. I believe we can tick the block on all of them. You will see in our results in this period, flat revenue and a very big growth in NHEPS. Really it is the operating leverage that has driven these efficiencies. It is also some of these efficiencies that will be annualized that leads to an increase and a raising of our guidance on the sterile finished dose form. So in this year, you will see in our commercial pharma the double-digit EBITDA growth outpace sales growth. Manufacturing, we grow EBITDA despite a decline in revenue. We have got a reshaped sterile business, more than recovered a ZAR 1 billion contract loss. So when I talk about resilient businesses, these are the things I am referring to. Then we have put a lot of work into heparin, and we have got this fantastic new streamlined process, which gives us cost reductions, lower inventory levels, both in value and volume. You will see that when we talk about heparin and give you guidance later. The manufacturing has seen many sustainable benefits from the numerous restructuring processes. For FY 2027, as I said to you in the opening start, we raise our guidance for steriles by half a billion. When I say guidance, it was in the last presentation, we told you we were targeting ZAR 1.7 billion. So that has been raised. The EBITDA will increase very strongly there because the costs are relatively fixed. So you have increased volumes, increased value off a lower cost base. There will be further cost reductions as we disentangle from the divestment that we made in the APAC region. With that, thank you. That is my introduction. With that, Sean, I am going to hand over to you, and you will see me a little bit later. Thank you. Great. Thank you. Thank you, Stephen. A very good summary of a very exciting year that has passed. You can see that we have delivered on all our key all six commercial objectives, and that really marks an inflection point for us for sustained future growth. You will see that theme coming through in my presentation and back to Stephen's as we move through the discussions. Onto the numbers. On the first slide, you will note I have got a pyramid there. Those of you that have been following Aspen for a very long time will remember this pyramid from my inaugural presentation back in June 2022. I am very pleased to say that the pyramid has returned this year, and we are absolutely focused on retaining this pyramid. What does a pyramid mean? It means as you go down the pyramid, the growth gets bigger. This year, if I start at the top in constant exchange rate, our revenue was flat. I will unpack that later. In that flat revenue, we had growth in commercial pharma and a decline in the manufacturing. If we go down to the EBITDA, we have grown our EBITDA at 14%. Moving down to NHEPS, growth of 28%. Very pleasingly, as you saw from Stephen's slide, a ZAR 3.8 billion free cash flow. So a significant growth in our free cash flow. So we are very happy with the shape of the pyramid. As I say, we are absolutely focused on its retention. What is going to drive its retention is us continue to realize these efficiencies in all of our value enhancing and operational efficiency projects. What are the key takeaways from a commercial financial perspective for the year? Well, commercial pharma this year has been our primary organic growth engine. You will see that coming through all the numbers, with Mounjaro being a big underpin there, plus our organic growth in our emerging markets. On our manufacturing side, we have demonstrated operational improvement, and you will see that coming through in the numbers that I will take you through. If you take the combination of those first two takeaways, that has given us operating leverage, which has driven the EBITDA and the NHEPS growth above revenue, as you have seen in the pyramid on the left. In this year, we have also had lower CapEx and working capital investment, and that has generated strong free cash flow of ZAR 3.8 billion. That has given us the opportunity, together with the APAC divestment, to end the year with a very strong balance sheet and a net cash position of ZAR 0.8 billion off the share buybacks of ZAR 0.5 billion. As we said, I think as at two days ago, we announced the 3% share buyback at ZAR 2 billion of investment. We continue to buy back. Moving on to the group revenue. Overall, if you recall from our first slide, we ended with a flat position. If I have to unpack that into the two components and look at commercial pharma first and then manufacturing. Commercial pharma, we grew the year at 5%. That 5% was however diluted by our reshape program in China where we identified a lot of unprofitable products that we discontinued. You will note that it does not affect our EBITDA, but obviously it affected our top line, so that impacted our growth. If we take that out, our growth excluding China was 7% in constant exchange rate. Within our prescription division, the China discontinuations resulted in a - 3% decline there. If I move on to injectables, there we grew at 16%, and Mounjaro, obviously the momentum in Mounjaro in South Africa was a key growth driver there. Very pleasing, next year you will see the rankings change, but injectables is now our biggest revenue generator. It has now outperformed the prescription division at ZAR 9.2 billion of turnover. OTC had a strong year. Unfortunately, it was diluted by the impact of the Middle East, where we have quite a strong OTC presence. We grew at 3%, but unfortunately the strong performance was diluted by the Middle East conflict. On the manufacturing side, we had a 10% decline in revenue, and that was driven by the loss of the mRNA contract that Stephen spoke about earlier on. Moving on to our key segments in the business. What I have got on this slide is on the left, I have got the commercial pharma revenue and normalized EBITDA comparing 2025 to 2026. On the right, I have got the manufacturing with the same comparators. If we start with commercial pharma revenue growth, which I have taken you through already at 5% in constant exchange rate. A nice steady and strong growth of 13% in EBITDA, and that was underpinned by good organic growth in our business. Very stable gross margins. We have been very proud to have kept our gross margins stable over the last five, six, seven years. Then obviously we also had the benefit of the reshape in our China business model, and that gave us operating leverage to drive 13% and double-digit EBITDA growth. Also pleasing to note that obviously resulted in an increased EBITDA margin. EBITDA margins in commercial pharma have hopped up from 25.6% to 27.1% in FY 2026. Moving then to the right, to manufacturing. I think we have covered the revenue already. The EBITDA, a 21% increase in constant exchange rate, moving from ZAR 647 million EBITDA last year to ZAR 828 million, just under a ZAR 200 million increase. Two moving parts there. We lost a ZAR 1 billion of mRNA contract. However, through our reshape program in our FDF sterile, we were able to grow that EBITDA by ZAR 1.2 billion. More than offsetting the ZAR 1 billion loss and resulting in a net just under net ZAR 200 million increase in EBITDA. These are only the initial benefits, and obviously going into FY 2027, we will see the annualized benefit of these reshape program benefiting the growth in the new year. On to our group normalized EBITDA. I'll just quickly talk you through the table so you can absorb it. We take you through revenue, gross profit, right the way down to normalized EBITDA. I am comparing FY 2026 to FY 2025 reported, and next to that I've got constant exchange rate FY 2025, and all the growth factors on the right. I am going to keep to constant exchange rate trends. What I'll start with is our gross profit. Gross profit grew 4%, ahead of the flat revenue of 0%. A nice jump in the gross profit percentage, up from 41.6% to 43%. What drove this increase? Certainly the key driver was our sterile finished dose form recovery that I've talked you through already in the previous slide. There was a strong augmentation of the gross margin. It was also underpinned by very stable commercial pharma gross profit percentages. A nice overall trend there. When we look at operating expenses, we've enjoyed a decline in our operating expense base of 4% this year, driven by the reshape benefits. Expenses coming in at just under 25% of revenue as a ratio. That is well below last year's 26%. You can see if I flip then down to the normalized EBITDA, if you take the 4% gross profit and the saving and expenses, how that leverages you to a 14% growth in normalized EBITDA. That's a really pleasing result, and our EBITDA ending the year at ZAR 7.7 billion. Based on our guidance for 2027, we do expect our EBITDA margins to continue to increase, well increase in FY 2027. Probably my favorite slide. We generated a very strong free cash flow this year of ZAR 3.8 billion, and we look to sustain this growth in FY 2027, and I'll talk through that in a later slide. Just to unpack this slide, if you look at the graphs, I've got a comparison from FY 2024, FY 2025, and FY 2026. The first bars are our cash generated from operations. The blue bar next to that is our CapEx spend. The very dark blue is our free cash flow that we've generated, which is the net of those two numbers. Looking at our cash from generation, you can see cash from operating activities. You can see we took a dip in 2025. We went down from ZAR 6 billion to ZAR 5 billion, and this year we ended pleasingly at ZAR 6.8 billion. A nice growth over the last two financial years from a cash from operating activities perspective. In terms of CapEx, a very nice trend there. You can see we started 2024, we were at ZAR 5.5 billion of CapEx, down to ZAR 5 billion in 2025. This year we ended the year at ZAR 3 billion. When you look at all of that from a free cash flow perspective, ending the year at ZAR 3.8 billion this year. Last year, almost a breakeven free cash flow, and the previous year, ZAR 700 million. A significant leap in free cash flow, and certainly something that we're going to continue to drive going forward. What are the contributors to this strong free cash flow? Our strong EBITDA growth of 14% is a key underpin. We've also continued to drive more than 100% operating cash conversion. Our working capital ratio this year ended at 44% of revenue. Last year it was at 47%, so a nice drop in that ratio. Our finance costs were lower this year due to our better cash flow and the benefit of the APAC divestment in the last month. Very importantly, our capital expenditure was ZAR 2 billion lower than that of FY 2025, as you saw, from ZAR 5 billion down to ZAR 3 billion. If you remember from the previous two presentations, we were guiding CapEx of ZAR 3.8 billion. We have managed to generate ZAR 800 million of CapEx savings this year. Of that, ZAR 400 million is a real saving, and ZAR 400 will be carried forward as CapEx into the new year. But all in all, when you put all of that together, you can see a very good trend there, and obviously it gives credence to the pyramid that we spoke about earlier on. Then moving on to the APAC divestment itself. Really an intrinsic value unlock, and then moved us into a net cash position together with our strong free cash flow. Just unpacking some of the elements here. This transaction was completed effective 31 May. ZAR 28 billion gross proceeds generated with a profit on sale of ZAR 2.4 billion, which benefited our earnings per share. But the very important point I want to make, this is an indicator of the underlying asset value of the sum of our parts at 11.5 x multiple. Certainly a big indicator of what value we have created in this business and what value can still demonstrate if we continue to look at our sum of our parts value unlock strategies. From a financial effects perspective, the APAC divestment has resulted in a materially stronger balance sheet. It has also given us flexibility for capital allocation opportunities, hence our movement into share buybacks. I just wanted to alert you that we obviously will lose free cash flow with the divestment, and that is around ZAR 600 million that we will lose. That is a combination of losing ZAR 1.6 billion of after-tax earnings. We do, however, save interest after tax of just under ZAR 1 billion and a little bit of CapEx. So net-net, we are going to lose ZAR 600 million. So when I talk about driving stronger free cash flow in 2027, we have got to cover this ZAR 600 + to get to a better landing next year, and that is our target for 2027. Moving on. This year, you will have noticed we had three different buckets of large earnings adjustments, be they in the normal earnings or the headline earnings or our normalized earnings. The three buckets are intangible asset impairments, our restructuring costs, and the profit on the sale of APAC. Coincidentally, all quite similar numbers in absolute terms. So maybe if I start with the intangible asset impairments, there we picked up a charge of ZAR 2.3 billion for the year. Bearing in mind that there is no cash impact for this is an accounting entry. For this year specifically, the impairment was mainly as a result of increased discount rates because of geopolitical and macroeconomic volatility. So certainly something outside of management's control, and a technical impairment. If you look at our overall intangible asset portfolio, we retain a valuation of more than 45% above carrying amount. Unfortunately, in accounting terms, you only write down, you can't write up above carrying amount, so you have to take the impairment. Just important to note that this premium of 45% is supported by the sustainable organic growth in commercial pharma, which Stephen has spoken about and that we've demonstrated as part of our DNA and our deliverables over two decades. Moving on into restructure costs. There we've picked up a charge of ZAR 2.3 billion for the year, of which ZAR 1.4 billion is a cash impact, and about ZAR 900 million relates to impairments. These restructuring costs have been incurred to drive sustainable efficiency benefits. Not only we've enjoyed some of them this year, but also it's sustainable benefits into the future. Basically, based on the programs that we've already implemented, that's given us the confidence to raise our sterile EBITDA growth guidance that Stephen spoke about, where we're confident to now raise that by ZAR 0.5 billion to ZAR 2.2 billion based on the efficiencies that we're going to be driving out of these restructuring projects. On the profit of APAC, profit on sale, that speaks for itself. It's ZAR 2 billion, and that's all cash. That came from the ZAR 28 billion proceeds unlock. I think the two important takeaways from this slide are, the one is that if you look at the net cash impact of those three buckets, the cash outflow, which is the ZAR 1.4 billion in the restructuring bucket, is more than offset by the ZAR 2.4 billion. So you've got a ZAR 1 billion surplus there in terms of the three when you're looking at it from a cash perspective. Very importantly, the restructuring related costs have been incurred to drive sustainable returns, not only for this year but for the future. Stephen will unpack that in some of our outlook slides. Moving on to next year. We have guided substantial normalized earnings growth for next year for FY 2027 and stronger free cash flow. If we look at the two elements of that, what's going to drive that? Well, in our guidance, we've guided that we're going to get to a normalized EBITDA of at least ZAR 9 billion in 2027, which implies that you're going to grow your normalized EBITDA over FY 2027 by ZAR 1.3 billion, being the difference between the ZAR 7.7 billion and the ZAR 9 billion. That is underpinned by our sterile growth being the main driver of growth and also solid and continuing organic growth in our commercial pharma business. On top of that, we're going to save interest. Obviously, we don't have debt anymore. We're going to have the interest saving of more than ZAR 1.2 billion. If you just take the after-tax impact of those two elements together, that gives you an earnings benefit of over ZAR 4. So when you look to the right, I've got the stepped program of where we see our NHEPS progressing. So looking at FY 2025 to 2026, moving from ZAR 6.25 to ZAR 8.02, a 28% growth that we've spoken about early on, and we look to be driving substantial double-digit growth, in FY 2027 of more than 50%, being the more than ZAR 4 over the ZAR 8 that we did this year. Looking at the free cash flow, we look to drive stronger free cash flow in FY 2027. As you picked up from the previous slide, we have got to still recover the APAC free cash flow loss. The underpins of this are going to be our EBITDA growth, lower finance costs, stable capital investment, and really just continued discipline in our capital allocation. We are very happy that we are confident that we will drive stronger cash flow. You can see, again, just to repeat what I showed in an earlier slide, our free cash flow in 2026 was ZAR 166 million up to ZAR 3.8 billion this year, and we are looking to drive stronger free cash flow into the new year. That is all on the profit and the cash flow metrics, but as Stephen Saad said, we never take our eye off our very important ambitions and sustainability, our projects. As you know, we have got 16 goals that we aim for across the group, and those have been published. Of those 16 goals, we have got four key pillars that we have put an absolute target on and progress that we want to maintain. Those are our patients, our people, society, and environment. On the patient aspect, we have now been able to quantify. It is still subject to final verification. We have been able to quantify that we have been able to reach more than 165 million patients in emerging markets with our critical and essential medicines. Obviously, our target is to well grow that to our end state point of 2030. Some of the little underpins there, we have obviously made good progress in our vaccines, the Serum Institute vaccines, and on the human insulin manufacture. You have seen the progress that we are making on our branded and our generic GLP-1s, and there is also some good progress in the AOV space, in terms of further licensing agreements for new AOV technology. Those are good green shoots to drive us for further growth in patient access. Patient access, obviously, is the DNA of Aspen Pharmacare. That is our key, our North Star. Looking at people, we are at a point where we are at 32% gender balance in our top leadership positions for women, and that is nicely up on 19% in 2020 and targeting well towards our 2030 objectives. On society, we have made good progress, in our supply chain plan. We have actually screened over 2,000 suppliers from a responsible supply chain program perspective, and we continue to achieve our growth ethics and compliance program goals. Last is the environment. At the moment, for this year, we are at 34% reduction in Scope 1 and Scope 2 carbon emissions, with FY 2020 being our base year. Maybe one call-out for this year, which we are very proud of, is we have increased our renewable energy usage to 26% from 19% in the prior year. So really strong progress in the renewable energy space. I think that is all on the sustainability. We have got lots of other goals there. Just to show we are always very balanced in looking profit, cash flow, and also our sustainability goals. I would now like to hand back to Stephen Saad, who will take you through the performance overview and the outlook for the year ahead. Thank you, Stephen Saad. Well done, Sean. Excellent. Thank you. Thanks, Sean. We can all run a business from an Excel spreadsheet, and you do start with that. What I hope you have seen through these numbers and hopefully what I present further is you have got to be able to execute on that. This is something that it has been a tough year. Reshaping is always tough. What we have got, what is clear, is that we are back on the horse, and we have got the reins firmly in hand. Sean has shown you his pyramid, and his pyramid went from a flat EBITDA, a flat revenue rather, to NHEPS growth of 28%. What I hope you are going to see now and understand for 2027 is we do not start with flat revenue. We have got growing revenue and an even quicker growing NHEPS as well. The triangle is important. It is not always easily achievable, but it is certainly a demonstration of having the reins firmly in hand. Let us have a look a little bit at the performance and the outlook for commercial pharma. Our revenue, excluding China, grew at 7%. Growth was led by South Africa and Brazil. South Africa was driven by Mounjaro, and we will look at that in a little bit of detail. The Middle East was obviously negatively impacted by regional conflicts. Before COVID, or 2020, whenever, about five to six years ago, we would have one world event and we would talk about it. Now we have an interruption in the business every year. Almost every single year we have had over the last six years or so an interruption of some sort. You get used to it. The Middle East conflict has impacted our sales, has impacted our profitability, commercial. It has bigger knock-ons. For example, it has an impact on solvents, which go into our APIs, particularly expensive in ARV APIs. It goes into plastics. We use a lot of plastics with our blow-fill-seal technologies and with our anesthetic. Of course, all the other things you hear about transport and trying to move stuff around. It has knock-on implications. I am not going to bore you with all of those because we now take that as part of running a global business. We have had 13% EBITDA growth. This, as I said in our first slide, it retained the momentum from financial year 2025. The emerging markets are definitely our growth engine. We have reshaped China, which has positively impacted EBITDA. You are seeing product discontinuations. A lot of those were former Sandoz generic products. We have more products to take out, and some of the 300 is annualized. Through all of that, you will see a declining turnover, but we will not see an EBITDA that is unfavorably impacted. The South African rand has been very strong generally against our basket of currencies, and that dilutes its reported revenue. Being a rand hedge stock is not always a positive. In terms of financial year 2027 outlook, we see our base business growing in mid-single digits, both in revenue and EBITDA. We have been very conservative in adding the GLP-1s and what GLP-1 turnover is. Of course, success in Canada, Brazil, et cetera, rest of sub-Saharan Africa will positively impact. In giving you these estimates, we have been very conservative on this. Let us have a look at Mounjaro. Mounjaro, the GLP market is unbelievably, it is nearly doubled. It has got to ZAR 2.8 billion. Mounjaro has gone over the last 12 months from 15% of the market to 53%. Mounjaro's turnover is effectively what has grown that market. The demand has surged. It really has been exponential, actually. When you have a look at the total private market in South Africa grew at 5%- 5.2%. Mounjaro alone was 40% of the growth. It's grown the entire pharmaceutical market. If you take all the other products, they account for 60%. Every other pharma, Mounjaro alone accounted for 40%. When we look at where we are in terms of the opportunities, we have GLP-1 semaglutide generic. We've got registration for a dossier in Canada. In fact, two dossiers. We had a second. Both of them are dependent on an API supply. We wait to see when that supply will reconnect. We'll have a very good position by the end of this month or before the end of this month. The next three weeks or so are pretty important. The moment there'd be no red flags, but we in the hands of how that API turns out. We've got numerous emerging market submissions out, many of the geographies, mainly emerging markets, because the patent in emerging markets, aside from Canada, the patent in emerging markets comes off sooner. As I said to you earlier, our Brazil dossier we believe is advancing. All of these opportunities have potential to contribute to financial 2027. Depending upon how early we get in, they should make a meaningful contribution. On GLP-1s Mounjaro, I've shown you the momentum in South Africa. We're hoping to do more than ZAR 2 billion of sales in financial year 2027. We have submitted in Kenya and Nigeria, then there'll be the next waves that follow. There's potential for Kenya and Nigeria too, to contribute to financial year 2027. Manufacturing performance. We've had EBITDA growth, as Sean pointed out, despite lower sales, and that's really been driven by efficiency projects. We had over a ZAR 1 billion swing from H2 last year. The sterile finished dose form was impacted, as we've discussed, with the lost contracts. It's been successfully reshaped for positive EBITDA in financial year 2027. If ZAR 1.7 billion was going to get us to break even, that gets us to ZAR 500 million and hopefully a little bit more. Of course, we've got turnover drivers, which we'll cover later, but the commercialization of the insulin contract in South Africa was an important landmark for us as well. I've done something which we haven't done in the past, which is to really split out the manufacturing business so you can have a look at what the drivers are and where the profits are. The finished dose form other, which is quite a big growth here, really has increased sales, but it's got limited profitability. I'd almost scratch that out if I was looking for profitability. The biggest driver of profitability is if the finished dose form steriles grow and if the API businesses turnover goes up. Just before we flick on, you'll notice that the sterile business went from ZAR 3.8 billion to ZAR 2.4 billion, which is a significant downward movement, and we'll see where that goes to now. Understand, of course, that was the contract. What is the outlook for manufacturing? We are forecasting revenue growth of greater than 50%. If you go back to the last slide, that takes you back to where you were turnover-wise with the contract. But it is of a much lower cost base now, so you are going to make much more profitability now than you did then. It has also helped us. We have raised the guidance by ZAR 0.5 billion to ZAR 1 billion this year alone. Heparin, and that is why in my earlier slide, I said I was really pleased about the process improvements and fixes in heparin. Heparin, I have told you over the years, has been a positive in our results and a negative depending upon where it is or was in the commodity cycle. We have done a lot of work to make sure that commodity cycle does not impact us. So you are going to see turnover decrease, substantial decrease in turnover in heparin. But you are going to see the EBITDA doesn't change, and that is shielded because we have got lower sourcing costs, which are matched, and they would be higher if the price goes up. So it is matched to the price, so we have managed to link that. Then these new processes we have worked through have really given us the savings and the ability to hold more and less stock. So we are in a fantastic position. It has taken 10 years to get here, but we have got a model that works. APIs, I have told you, are a very profitable section of the Aspen business, and you will see this year they return to growth. It is driven by improved supply of something called human chorionic gonadotropin. It is a product used for fertility, and you actually have to harvest the urine from pregnant women. We battled with supply, but it has been positive now that supply. We also have some new product launches. It is a business that takes on clinical products, and if one of them works or two of them work, you have got a client going forward. So it is often dependent on that, and it looks like some of those are going to come to fruition. In terms of the finished dose form, other, the sales will double driven by the APAC. But as I told you earlier, don't get excited about it. There is not a lot of profitability attached to that. So APAC is the region we sold, and we have got to now provide product to that region out of our manufacturing. So steriles. So sterile finished dose form is our primary driver of increasing in the whole group's profitability, we believe this year. The tariffs made it a very tricky time for us on top of losing the contract and there might have been some linkage there as well. But what we are seeing is an increase in clients and normal business and growth in businesses that we have. So we are forecasting revenue to grow by 50% for FY 2027. It is a significant driver of profitability. As I said to you earlier, it is a limited incremental cost, a low fixed base, and that leverage turnover up cost down is what adds to bottom-line growth. We are going to see revenue growth in both South Africa and France. There are material volume increases across both sites and with volume up, take it as revenue as well. That includes, aside from insulin portfolio expansions and just base volume increases from our clients as well. So very much more positively placed than we were a little while back. What are some of the near-term future opportunities? We have had the WHO come and visit us, and this is needed in order to get the pediatric vaccines for Infanrix Hexa and the PCV. Infanrix Hexa is six different components or six different antigens that address things like whooping cough, diphtheria, polio, et cetera. All in one, six in one. Then PCV, which is for pneumonia. It is all the variants on pneumonia. So a pneumococcal vaccine. They are both very high volume vaccines. We need the WHO PQ. PQ means pre-qualified by the WHO. They completed the inspection at Aspen. We hope to get the positive results hopefully from that. Then we are hopeful that we will have pre-qualification in this calendar year. I am happy to say when I spoke to you previously around tariffs, I said all conversations have died. There are other opportunities under discussion and some progressing, and hopefully these will sustain the momentum created in the sterile business. This is probably one of the most exciting developments in ARV, if registered in combating HIV. Before I get to that one, which is the license from Merck, let me just tell you, we also got the FDA approval for our site to make a triple dose ARV. So instead, we are now not just going to supply South Africa only. We are going to look at broader Africa volumes and the donor funding into those African markets around ARVs. But there is really an opportunity with MSD for a new product. It is a once a month oral HIV prevention tablet, so really handy to take. It is not every day, once a month. It is an innovative new dosing approach for the fight against HIV. It is currently in phase III clinical trials, and we are really hopeful that that does come through for all people across the world, and particularly for Africa. So with that, and having looked at where we were, I am going to give you some guidance as to where we are. So if you remember in the last presentation, we showed you, listen, we have done ZAR 9.6 billion of profit EBITDA in 2025. We divested Australia, and we lost a contract, and in total, although we got ZAR 28 billion, we lost ZAR 3.6 billion of EBITDA. So we got an adjusted base of ZAR 6 billion. We have achieved growth of ZAR 1.7 billion on that ZAR 6 billion, so just nearly 30% off that base for financial year 2027. Our intention is to get at least a further ZAR 1.3 billion to achieve ZAR 9 billion of EBITDA. Which if we get to ZAR 9 billion, that is 50% growth. Obviously, if we go beyond that, and we are telling you we want to go beyond that by saying greater than. But if we go beyond that, we will have to grow more than 50% off that base. What drives that growth? It is really the sterile finished dose forms driven by the operating leverage. We also see APIs contributing to growth in financial year 2027 with the new product. Then the commercial pharma base rollout and the base is in here, but a global GLP-1 rollout to contribute substantially is not in any of this guidance. So sterile finished dose form leverage from efficiencies and commercial pharma organic growth with GLP-1 additive. The last page on guidance is the targets we have set for FY 2027. We have told you about the EBITDA. That translates into ZAR 9 billion of EBITDA to at least 17%, and that is just a mathematical calculation. Manufacturing will be more than double FY 2026 EBITDA. Sterile Finished Dose Form will achieve positive EBITDA. Commercial mid-single digits in EBITDA growth in both revenue and EBITDA. Apologies. Commencement of the GLP-1s will be additive. I think you are going to see, as Sean showed you, substantial CER growth in NHEPS, more than 50%. Stronger free cash flows, disciplined capital allocation, we will touch on that on the next slide. Our tax rates are ZAR 0.24-ZAR 0. 25, a little bit higher than what were in the past. Manufacturing tends to have a higher tax cost attached to it. As with all our results this year and every other year before, currency has an impact on our reported results. We are going to look at the capital allocation because a lot of people asked a lot of questions last time and how we see it. At the end of the day, we have got a very strong balance sheet. We are in a net cash position, and having a strong balance sheet really enhances your flexibility of options. Sean has told you the CapEx will trend towards his depreciation and amortization numbers, and there is a sustained working capital focus. Big prioritization on free cash flow and returns. With the growth drivers we have got, we focused on organic growth. We do not see any large-scale acquisitions. There are always opportunities out there at some point to get bolt-on product ranges for our commercial pharma business. What are we going to do? If we have got cash, growing cash, our preferred option is buybacks. Of course, we are going to focus on organic growth. We are going to retain the dividend payout. We are going to keep looking at opportunities to unlock some of parts. That is in motion as we speak. It is always, we are looking at all those opportunities. The buybacks are, as I said earlier, our absolute preferred use of capital, particularly while there is such a big value arbitrage between what we have got in terms of assets versus what the market capitalization of the business. When you look at it, if someone says, "Oh, you are making ZAR 9 billion or more than ZAR 9 billion next year," and I put a multiple on that, and maybe that is 7 x, I do not know what our market cap is, or 7.5 x, whatever the number is. It is low relative to what we could get on our base. In addition, because the sterile business is only breaking even here, you are getting that for free in the multiple. It all does not make sense to us. While it does not make sense, it is great. It gives us a very clear and obvious place of where to put our capital. Yes, buybacks are preferred, and that is how capital will be allocated. I think that is the last slide. Yeah. From here, we can move to Q&A, Roy. Thank you everyone. Appreciate your time and attendance at our meeting. Thank you. Thank you, Stephen. Thank you, Sean. Well done. Congratulations. Thank you. Thank you to everybody that has sent through some questions and especially for the messages of congratulations on a good set of results. There's been a number of those. There's a few questions that have come through. I'll try and combine most of them because most of them are still related to the GLP-1 story. The first question to come through was from Matthew. It was very early on in the presentation, and he was asking about how we will continue to respond to the opportunities within the value of the sum of the parts and whether we are in discussions with anybody. Matthew, I hope that Stephen has answered your question as the presentation has gone through. Just now he just said it's always in motion, and obviously we'll follow the right protocol. There's always discussions. There are discussions going on. Excuse me. As soon as it becomes real and tangible, then we'll let the market know. Let's get on to Keith from Element, Jonathan du Toit from Oyster Catcher. Let me phrase the question like this. For the generalist that is now attending the presentation today, they know that there's an API supply issue in Canada. Maybe if you can just unpack what that is and what timing you expect from that. Okay. I think for a generalist. Okay, so you have an API, that's a chemical that goes into the pharmaceutical. You have a look, it's got certain parameters on purity and all of those things that you've got to stick within, and the API has not stayed within those boundaries set by the Canadian authorities. But as a generalist who just want to know what the answer is, I think I mentioned in our presentation, we will know by the end of this month where we stand. Every day you look at your product, you look at your API and see what's it doing. From our understanding, we are in a position where there are no red flags at this point. Of course, it can change very quickly, but the next three weeks are critical, and within three weeks we'll be able to answer for that product and that dossier. I do want to point out that our GLP-1s are not confined to that API globally. We've got other API suppliers in other markets. Brazil is not dependent on that API. It's just awaiting a registration. Thank you, Stephen. Then sticking with the GLP-1s, Warren from Bateleur and another question that has come through, I think from SHARENET, just in terms of the competitive environment in the semaglutide generic in the markets that you're in, and how should we think about the growth trajectory beyond FY 2027? Yeah, it's going to be a very competitive market. It always will be. There's some nuances in this market. Firstly, I think there's simply just not enough people having access, and for those people that can get access, it's very expensive. In a world where it becomes affordable, I believe that there'll be a very big explosion of volumes, particularly across emerging markets, which have not been supplied at the volumes required. You will see an explosion in those volumes. Those volumes, because it's sterile, are not simply like making more and more tablets. There will be, in my opinion, you will see prices drop. They'll be less than half the price of the innovative products in semaglutide. I think that it's going to be very interesting to see how many. For those of you that aren't aware, there's a lot of copy products that are not even registered. Even take South Africa. I'm sure you've all read where the people are compounding these products, just going to the gym instructor, the beauty salon, wherever they are. Everyone's an expert in giving out products that are unregistered. I believe a lower cost profile will mean a lot of switch out of those products. The non-registered product is thought to be significantly bigger than the registered market. There's already a sort of black market out there, but also people who will take it say, "Look, I feel safe and confident with this medicine." I think the market is going to grow substantially, but will it be competitive? Of course, it will be competitive. We're used to competing. We're well positioned to compete with ultimately being able to move all products into our own sterile facilities. Thank you. Apologies, previously it was from [Sean Anker] asked the question. Sean, does the ZAR 1.2 billion lower finance costs take into account ZAR 2 billion share buyback already done? Junaid from Laurium Capital. Yes, it does because you generate cash during the year. If we bought up to 20%, for example, then there might be a shift into interest pay, but then you have a lot less shares. It is a good question from that point of view. It does take account of share buybacks at this level, but as you go more and more then you might be buying back more shares than cash generated. Jan from PSG. Just a bit more detail, please, on the ZAR 923 million inventory impairments included in restructuring costs. Sean, a lot of that. Would you want to come in, Sean? Yeah. Sorry. I am busy answering all your questions. No, no worries. That's part of our overall efficiency enhancement project. There are obviously, as we're changing processes and structuring those various businesses, we are looking at the inventory that supports that and those will come. An example would be, for example, the eye drop unit. We would have had to impair all of that inventory we made to close down the eye drop. That's part of it. That's a mix of products. Okay. Thank you, Sean. Maybe if you can just remind the market just in terms of what we have for general approval for share buybacks. To add what- The share 20% 20%. 20%, yeah. Just refreshing. I think I have covered all the questions. Sorry, Chipo was asking, from Umthombo Wealth, he was just asking about if there is any referring to China and the reshape, whether there is any expansion opportunities in that region. I think he was referring to that region. Yeah. If you are referring to China, yes, there are. But I don't want to bore everyone with a lot of information, but you have got to be very, very careful where you expand and what IP you get. But the very big positive is China itself is producing unbelievable early research. And one of the advantages Aspen has is to say to a developer, "We can take your product, and we would like to take it for China." It is always quite difficult sometimes to get China from Chinese developers, but we can also take it globally and put it into our market. So there are opportunities, but we will and we do look and find them, but it would be to increase your portfolio. It would be a slightly different review of portfolio compared to, say, what we do in other markets, but probably the most exciting market in terms of developing IP. I think that second now only to the U.S. Incredible from almost nowhere clinically to where they have got to. Good. I think I have covered all the questions that have come through, so congratulations. I think if there is anything else that anybody does want, please feel free to get in touch with myself or [Sanet]. Stephen, Sean, I will hand it over to you just to close off the presentation. Well, thank you. Thanks, everyone, and thanks for your attendance. It has been a tough year, but we are really pleased with where we are. Obviously, we are nearly quarter of the way through the next year, and that is so I sort of got one back in time to get you, but you are great. But just to let you know, we are really positive quarter the way through this year. What we are telling you is we are very comfortable with what we are going to deliver on. So thank you so much. Thank you. Thank you.