The broadcast is now starting. All attendees are in listen-only mode. That's why I forgot to bring my glasses. No, no, that's why I forgot to bring my glasses. No, no, that's for a reason. I was scared. You probably can't even read them. This must be like the best behaved class we've ever had. It's a sound, there's a bit of an echo here. Can you just maybe, this feels a bit like quite loud. Can you, Andrea, can you hear me loudly? I just want to give it a minute or two. We're a little bit early, but you're clearly on your best behavior, so maybe I should dish out stars or something. Let's just give it a, we've got to start on time. Just give it a minute or two. You're welcome to chat a little bit too, but he's so. Good morning, ladies and gentlemen. Welcome to Curro's presentation on our Pafia results. That would be for the six months up to 30 June 2025. There was an announcement this morning, and maybe I should just deal with that first, then we'll go through the rest of our results. The Janimatorn Stichting has made an offer to acquire all of the issued shares in Curro Holdings Limited for approximately R7.2 billion. In terms of the offer, Curro shareholders will receive a consideration equivalent of about R13 per share, comprising of Capitec Bank shares, PSG Financial Services shares, and cash. That would be in exchange for Curro shares. This represents a substantial premium of about 60% to the closing price of Curro as at Monday afternoon, 25 August. Further details regarding the composition of the consideration can be found in the joint firm intention announcement that was released this morning just before 9:00 A.M. on SENS. The scheme remains subject to shareholder approval and the receipt of various regulatory approvals, amongst other things. Further details will be provided in due course. The Janimatorn Stichting S is a charitable organization which is established as a public benefit organization. The founder of the Janimatorni Stichting, of course, is Jannie Mouton, who is also the founder of Capitec Bank, PSG Financial Services, and various others. That's the news that went out this morning before our results. You know we'll take questions and things after this session. I'm going to continue with our results. Just in terms of the agenda, then, I'm going to do a brief overview of our performance for this six-month period. I'm going to share an example of Curro's excellence with you. We'll talk about our strategic focus in the future. I will hand over to our CFO, Burtie September, who will scrutinize key financial information with you. As usual, we'll take questions at the end. If we just take the highlights for the period, revenue increased by 4.7%, and that's despite a 1.4% reduction in the average number of learners that we had in our schools. Cash generated from operations increased by just over 10%, and that was well ahead of the R 264 million that we invested in CapEx. This trend of free cash generation continues since 2023. EBITDA, recurring headline earnings per share, and headline earnings per share were basically flat on last year, so substantially the same. In general, the results demonstrate the strength of our diversified portfolio of schools, our diversified educational platform, also to deliver value to families, and that would be across different school models. Our focus relentlessly is on extending quality education through excellence in an environment where every child matters. This is essential for our success and certainly essential for a brighter future for all. Curro's mission is to create opportunities for more learners. Schools are ambitiously expanding their extracurricular programs, their academic offerings to really prepare versatile learners for the future. We launched a new national football tournament, and it's one that I'm very excited about. It's called the Curro Halala Cup. We launched this recently. It was played out a few weeks ago. It was contested by top football teams from around the country. Initially, 60 teams played out across eight of our campuses in knockout rounds and eventually the top 16 through to the finals. From our perspective, it's a great example of how Curro can establish something new at a national level at scale that presents brand new opportunities for, for instance, footballers, young footballers, to show their skill, to have fun, to make friends, and to develop the kind of skills they need also to take them into life. I'm going to share a short video with you. Maybe my team will do that. Halala, South Africa. Halala. We had a lot of fun with this, but it's the kind of event that doesn't exist in football, but it does in other sports, and it should change, and we're going to change that. Let's talk about maybe our strategic focus. This is a long-cycle business. We are confident that our educational offering and the quality thereof is compelling and that it will lead to learner growth. Consumer spend remains constrained, and our enrollment did not benefit yet from softening inflation and lower interest rates. We started this year with about 1,000 learners less than where we started 2024, and that's about 1.4%, and that trend broadly continues at this stage. We have seen high levels of retention, and we believe, particularly in this climate, that that endorses our strategy to create more opportunities for learners, and it shows that parents trust the education that we deliver. I'm briefly going to recap our strategy, which is clear and unwavering. We've generated strong growth momentum, and that is focused on achieving the kind of operating leverage that's available in our operations. We've established the schools. We're at about 70% of capacity, and there's much operating leverage available to us above that. It means that we can, should, drive up our operating profit by growing revenue, by improving our operating margin, and by containing CapEx to generate more free cash. You saw evidence of that in this set of results. Revenue growth is a function of the number of learners and the fees charged per learner. As I said, this is a long-cycle business, and we are confident that we can attract many more learners. With nearly 14,600 new enrollments for this year and over 70,000 or nearly 72,000 learners in our schools, there can be no doubt that there is sustained support and enthusiasm for the quality education that Curro offers. There can be no doubt. We have valuable unutilized capacity to add thousands more learners in our current facilities. Generally, tuition fees for this year increased by just over 5%, and fees will increase by about 4.5% going into 2026. Schools will publish their fee letters in the next week or so. Affordability remains a challenge for families in the younger grades. We're very sensitive to that. We continue to invest in both our service offering at those levels, but we are also adjusting our price architecture to really accommodate and to try and make it as easy as possible for our families to come to us and for us to recapture some market share that we've lost in the early schooling stages. Curro will contain fee increases for the next year in our competitive pre-primary and primary markets to well below 4%, with high school fees increasing by about 6%. From an operating margin perspective, I mean, I warned in our previous results presentation earlier this year that I expected a lower operating margin for this year. That was directly due to the lower learner enrollment. This did restrict revenue growth for this year to about 5%. It does inject some negative operating leverage where we potentially couldn't respond with, you know, on the staffing front relative to a few less learners in classes. Our operating margin for this period did reduce by about 1%. I think we should contextualize that. We increased our operating margin by about 4% over the last four years. That was despite the relatively tough trading kind of environment, high interest rates and the like. We're confident that we can and will continue to drive operating margin higher over the medium term, and that we are managing costs closely, but that we will not curtail the ambition and the high-quality education programs in our schools. From a CapEx perspective, I mean, Curro has reached a stage where it consistently generates more cash than what it requires for CapEx. We are confident that this trend will continue, and you can again see it in this particular period. Cash generated from operations should consistently exceed future Capex requirements. Excess cash, of course, should go to shareholders. Just to round things off in that context, I mean, we're in a healthy financial position. Our business is resilient. Our balance sheet is in good shape. We refinanced debt during this period at lower costs. We had great support from the banks. Our debt level's also low at the end of this interim period. We're very confident that buying back shares was a smart capital allocation, that it's created permanent value for shareholders. In that regard, really, over the last kind of three years, we've repurchased 33 million shares for about R327 million. Just to close off before Burtie September kind of takes you through the financial numbers, Curro really built up significant momentum over many years. We've created a brand that is synonymous with quality education. Our models are efficient. They are scalable and very capable of optimizing service and profitability. The slight decrease in learner enrollment in 2025 throttles the pace at which we can achieve our return objectives over the medium term. Curro is resilient, and we very much remain on track to achieve our shareholder return objectives. Our learners continue to record remarkable achievements, and there's certainly much, much more to come if you look at the video we just watched. I'm going to hand over to Burtie to take us through the financial numbers, and then we'll take questions and things after that. Thank you. Thank you, Cobus. Good morning, ladies and gentlemen. I will provide a commentary on our financial results and the key drivers of earnings growth for this period. In particular, I'll provide a detail on revenue and operating expenses, explain the status of our trade receivables, review the earnings of the group for this period before reflecting on our funding and CapEx plans. Total revenue increased by 4.7%, driven by annual school fee increases at the beginning of the year, higher in salary income, despite a decrease in the average weighted number of learners. We reported in March that Curro had 1.4% less learners enrolled at the beginning of the 2025 year than at the beginning of the previous 2024 year. Curro's average weighted number of learners, therefore, decreased by 1.4% in the first half of 2025 to 71,749 from 72,758 in the first half of 2024. Fee revenue is the main component of Curro's revenue and increased by 4.1% in the first half of 2025. Average fees per learner increased by about 5.1% at the beginning of the year. Fee revenue is reported net of discounts. The process of granting discounts is discerning and disciplined, and this expense is well controlled. Ancillary revenue consists of non-tuition fee revenue lines being rentals, boarding school fees, aftercare fees, bus services, and other income. Ancillary revenue increased by 10.8% on the first half of last year. Growth in ancillary revenue over the last five years is higher than the increase in the total school fee revenue. We are pleased that ancillary revenue has recovered to pre-pandemic levels. Learner activity drive operating expenses. Total operating costs increased by 5.4% from the first half of 2024, which exceeds the increase in total revenue of 4.7%. Total staff costs constitute about two-thirds of operating expenses and thus increased by 3.5% from the first half of 2024, whereas other expenses increased by 8.8%. If the cost to execute the increased ancillary services revenue is excluded from other expenses, the other expenses increased by 4.9% compared to an increase in fee revenue of 4.1%. The increase in operating expenses is driven by Curro's mission to create as much opportunity as possible to our learners and to continue to expand school activities, as well as rising learning engagement in sports tournaments, leagues, and a comprehensive range of extra-mural activities across our school. We are very pleased with the enthusiastic levels of participation and proud of the educational enrichment for our learners. We will not curtail our ambition to provide exceptional experiences to our learners. Facility costs increased by 6.3% to R224 million in the first half of 2025. The learner-to-teacher ratio for the group decreased slightly during the first half of 2025 due to lower learner numbers in our pre- and primary schools. Additional teachers were appointed in the high schools to support our learner growth in this stage. Our focus on operational efficiency and disciplined financial management positioned us to benefit as economic conditions improve. We expect a relatively even distribution of earnings for the year, subject to containing bad debts and facility costs in the second half of 2025. Gross receivables increased to R557 million at the end of this period, from R546 million on 31 December 2024 and R522 million on 30 June 2024. The expected credit loss provision is now at 42.2% of gross receivables, slightly higher than the 41.8% on 31 December 2024. In addition to the provision for expected credit losses, Curro also incurs other bad debt-related costs, such as collection fees. The total bad debt-related costs, expressed as a ratio to turnover, increased to 3.9% in this period. The group's provisions against long outstanding debtor accounts are prudent and consistent with the provisioning policy applied at the end of 2024, where we increased provision rates for older ageing categories. Given the increase in the provision rates at the end of 2024, the bad debt-related cost in these interim results is higher than the 3.4% recorded in the first half of 2024, but below the 4.3% for the 2024 year. Collections remain a key focus area for us. This graph tracks the change in trade receivables and provisions in the first and second halves from 2022- 2025. Curro recognized expected credit losses of R96 million in this period. We wrote off R90 million of debtors and sold this non-performing portion of our debtors' book, which relates to learners who have left Curro. The expected credit loss provision of R235 million well exceeds the provision balance of R161 million in June 2024. After writing off the oldest account balances against both the debtor and the provision balance, we managed risk prudently in our debtors' book. Trade receivables are split between active accounts where learners are still enrolled in our schools and inactive accounts where learners have left our schools. The remaining debtors' book, net of expected credit loss provision, consists of R 242 million of actively enrolled accounts and R 80 million of inactive accounts. This slide confirms the earnings per share numbers. Headline earnings and recurring headline earnings per share were substantially the same in the first half as for the first half of last year. Earnings per share on 30 June 2025 included a loss on the sale of assets of R 7 million, net of tax, and in payments of land, health, or future developments of R 74 million, which explains the difference between the recurring and headline earnings per share. The group's balance sheet is well structured to support our growth ambitions. Existing debt facilities totaling R 2 billion were successfully refinanced during April 2025. Curro concluded new debt facilities totaling R 2.4 billion on more favorable terms than the refinanced facilities. Total net debt decreased by R 156 million to R 2.99 billion on 30 June 2025, from the R 3.15 billion on 31 December 2024. The global credit rating company reaffirmed both the positive long and short-term national scale issuer ratings assigned to Curro. Net finance costs decreased to R138 million in the first half of 2025, from R 157 million in the first half of 2024. Cash generated from operating activities in the first half of this year increased by 10.3% to R 688 million. Curro repurchased and cancelled 10.8 million of its shares for R 116 million in 2025. Cash reserves funded a dividend payment of R 93 million in April 2025. Curro invested R2 64 million in the business in the first half of 2025, which included the following: R 136 million of expansion of capacity in classrooms and existing school facilities, R 6 million on backup power solutions, R 156 million on refurbishment, maintenance, replacement of assets, as well as R 34 million was received from disposals. Capex was funded from operating cash flows and Curro 's unutilized revolving debt facilities. Our objective is to increase capacity utilization at our existing facilities. Thank you, ladies and gentlemen. Cobus and I will now take some questions. Okay, maybe we can start in the room. Dobie, have you got a mic there? Do you mind just walking around with that if anybody has any questions? Are there any questions in the room? I'm just keeping my eye on the online or digital group as well. Thanks, Cobus, and congrats on the last half year. I'd love to, if you could shed some light on the transition to a nonprofit that was in the announcement this morning. I think you can just pause. I mean, this is an offer that's been made. We have an independent board who has to consider the offer. There's a process where regulators have to approve it. Our banks need to engage with us on the matter, and then, of course, this has to be approved by shareholders. I think it's not just a transition into a not-for-profit. If I kind of stand back a little bit, the Jannie Mouton Foundation The clue is that this is an organization, certainly as far as I understand, who is absolutely about doing the best it can for our public. It aligns very much with how we think and how we behave. Curro is a force for good already. It is a very capable force for good. If you talk to Dr. Christiaan van der Merwe, who established this operation 25+ years ago, he was always passionate. His mission was to expand education to many more high-quality independent education to many more learners. We've been doing that actively for 25 years. I don't see how a change in the ownership will have any negative bearing on that. In fact, it should sort of aid it, and it should kind of stimulate that. I think this is a process that must unfold. Of course, it's well regulated, and I think it'll be run very professionally, and we will appraise shareholders properly as it does. I don't see any questions on the online sort of app, Burtie. Are you seeing anything there? There's one here. Just if you don't mind, just use the mic so the guys online can hear you as well. Thanks, Cobus. My question is just around capacity within the schools. Obviously, we saw a slightly lower student number, but it does seem that you're providing or catering for expanding a bit more. What is your current capacity within schools, and what is the scope in terms of driving to that capacity? We are currently about 70% of the way on our capacity. We're at 71,700-odd learners at the moment, and that number is about 70% of our built capacity, which is just over 100,000. I would submit that this capacity is very much an exciting opportunity. It's a capability that we have to introduce more learners into our corridors. From our perspective, we're very, very eager to fill those seats because that's our mission. Our mission is to expand and extend education. In the particular market that we trade, if you understand that basically it's about 13% of our learners pay less than R3,500 a month, there's about a quarter of our learners who pay less than R5,000 a month. That's about 40% below R5,000 a month. Then there's another just about 24% or 25%, I think, that is between R5,000 and R7,000 a month, and then the balance of them above R7,000 a month. This is important because over the years, Curro has established a portfolio of offerings that cater to different market segments in different kinds of markets and communities with different needs, perhaps, to the best of our ability. We believe we're well positioned to take advantage of growth opportunities, economic improvement, and such like. We understand, I guess, South Africa because we trade all over it, and we trade with everybody in a sense. We're very committed to really providing a high-quality education. You can see that in academic standards, and you can see it in everything we do. The question then is, why are you at 70%? Our view is that this is a long-cycle operation. We are investing in the foundations of excellence every single day. We're investing in the excellence of our learners every day, and we believe that is very compelling. In the fullness of time, that will be recognized by many more families. We do think in a period of economic uncertainty, it is harder for the kind of middle-income market, perhaps, to really commit to some of these costs, and I think that's understandable. Maybe just on that, and I alluded a little bit to that in my presentation, we've looked very closely at our pricing architecture. We've looked very carefully at our school fees and at our offering because it really is about both. We're working very hard to provide exceptional value at the best possible price. In some markets and in some grades and in some schools, we will be tweaking fees a little bit lower and/or containing increases very, very carefully. All right. I have no questions online. Do you guys want to watch the soccer video again? On that note, I will be here afterwards if everybody wants to just chat to me. Hang on, sorry, I see there is a wharf of questions now. The first one is, how would Curro change if the acquisition were to be successful? I think it's a great question because the short answer is that the Jannie Mouton Foundation does not have 4,000 teachers, does not have the capability, the capacity, the management skill, the experience, and expertise that we have in this market, in this country to do what we do. From a school perspective, there's no change because we're going to keep serving our communities. If anything, I guess there should be more opportunities for our staff and for our learners and for everybody. I think that's a great question. Thank you for that. Practically, a change into this space may allow us to deploy more funds that previously would have gone to shareholders to our schools and to our learners. That's arguably the opportunity, and that could be a very exciting opportunity. There's a question here about you previously thought you could earn an ROE in line with your cost of equity. Has anything changed to impact this view, or is this still achievable? We must really appreciate this is a professional operation doing the best we can in the current moment, but it's a long cycle, and we're constantly investing in a future that we are very confident we'll achieve. The concept of return on equity and return on assets invested is all naturally shareholder-orientated things. As professional managers and as leaders of this organization, we take that task and that responsibility very, very seriously. We believe that we have very successfully balanced executing education professionally and ambitiously to the best interest of our learners in alignment with shareholder requirements over a long, long period of time. There is no reason why that should change. Certainly, from our perspective, if you look into a future, whether it is reinvesting returns to create more opportunities or giving returns to shareholders, they're not necessarily that different. I think the substance, the fundamental operation of Curro will be the same in the sense that we're going to provide excellent opportunities, and we're going to provide as much of that to as many people as possible. We'll do so with whatever returns we can generate out of our operations. The obligation, potentially in a different environment, would be the same to generate healthy returns to reinvest in our mission of extending education. I think that was the... Burtie, can you see there was just the two questions, right? I can't see it here. Let me just... me just... Okay, hang on. I've got it now. Thanks. There's a question. Hi, Cobus. Do the challenges on enrollments and fee collections have regional characteristics? It's a hard question in the sense that we trade right across South Africa, and our various municipalities and towns have different industries linked to them. If you recall, when we published our results earlier this year, we did acknowledge particularly kind of a little bit of concern over areas linked to the steel sector. Of course, since then, we've had some more headwinds with all sorts of tariff kind of matters that's now up in the air, and that may affect other industries. The reality is the issues of collections, they are kind of some areas you are, I guess, a little bit more affected than others. I would say, over time, it's not materially kind of different. I think we manage each situation as best as possible. In short, I don't think there's... This is not really an issue of we're trading in the wrong places or we're in the wrong areas or that kind of stuff. The short answer is the country is under a bit of pressure economically, and it shows up all over the place. I think from our perspective, we've done quite well in our collections processes and strategies to maximize what we can do. The whole tariff thing is probably the question dangling in the air, and I just simply can't answer it. It's too early to say what impact that could have on particular industries. I think, Burtie, I think that's probably the lot then. Yeah. There's a... It's like a bit of a personal question. I don't know. Reflecting on your career at Curro, this is like a bit philosophical. We need some red wine for this one. What are the main disappointments to date given the buyout offer? I've been in this organization for five years now. I don't know. Time flies, especially when you're quite busy. I'm increasingly amazed, inspired, and bowled over by the incredible potential in our corridors. I guess if there's a disappointment for me, it's that we can't have many more learners in our corridors and that we've had to show some away over the years due to bad debt or collection issues. That's probably the hardest. That's been the hardest thing for me in my five years at Curro. We're doing the right things. We're doing it responsibly. This organization is in the best shape of its life. I'm, I guess, looking forward to a bright future. Whether it's on the JOC or off the JOC, the work we're doing matters, and I think we're doing it well. I look forward to doing it for much, much longer. Thank you. I think we can close it with that. Thanks very much.