Good morning, everybody. Hearty welcome to all of you. This is your day. If you're a shareholder, the company belongs to you. If you're an analyst, the company is your responsibility. If you're interested, welcome. It's nice to have you all here. As I said, it's your day. You must please ask all the questions you want to ask, raise all the issues you want to raise, and surface the themes that you think are important. Management is sitting here at the first three tables here. Give them a hell of a hard time. We want to talk about the future, not the past, let me just briefly deal with the biggest single issue that we've had in the last year, and that was the value unlock project, of which you all know the details which have been published since. This started 16 months ago, in November 2024, when the board decided to embark on this process. The next 16 months were very, very tough. As you know, those of you who've been through it, the value unlock process is a highly specialized, highly labor intensive, but on a specialist level process. We went through that. We were superbly supported by our advisors, by the sponsors, and also by our legal counsel. I want to give thanks to them all this morning for the very diligent and professional support that they gave us. I also want to give thanks to the Libstar top management for dealing with this process while running the company. As you saw from the results of 2025, they were good results. They've done a good job on that front, they've also done a very good job on the front of dealing with the value unlock exercise. In the end, after thorough investigation, thorough consideration, as I said, the whole process took about 16 months. The independent board, as well as the board of Libstar, came to the conclusion that the expression of interest that we received did not reflect the value of the company. Frankly, left very little for the shareholders that are selling or would be selling to share in. They wanted too much upfront for themselves, therefore, we turned it down. That is now behind us, we can now focus on what really matters, that is to grow the company and improve the financial performance further. I want to share with you two anecdotes to give you a feeling for how the board is looking at Libstar at this stage. The first anecdote comes from November 2022. The new management team, Charl, Terri, and Cornél, took over on the 1st of January 2023. They were already appointed in November 2022 when we had our last board meeting for the year. Charl brought to that meeting a chap, a gentleman called David Holland. Some of you in the room may remember him. He did fantastic work about 10 years, 12 years ago on capital consumption by the SOEs in South Africa. Long before words like bailout and state capture and so on became part of our national lexicon. David Holland did superb work on that's the context from which I knew him. I walk into the board meeting in November 2022, and there is David Holland giving us quite a good workout on best practice in capital allocation. Andries van Rensburg was then still the CEO. He sat in the meeting. Charl was only going to take over six weeks or seven weeks later, but he brought David Holland into that meeting. You would see that emphasis on capital allocation and ROIC. ROIC being much, much more important than WACC, which has come through in the organization. I take it back to that moment of genesis. The second experience I want to share or anecdote happened several months later in June, July 2023. The new management team has now been in charge for six months, found their feet. The board had its regular meeting, but we had it in George. Not to be in George, my old hometown. I love it, that's not why we were there. We went to visit LANCEWOOD, which is, as you know, situated in George. The new management team presented their strategy for the company as they saw it. That's where Simplify, Grow, and Sustain, or SGS, as I like to call it. That's where it was presented to the board, where it was formalized, and that has been the guiding light, the North Star for the group since then. Those two anecdotes, the one about capital allocation and best practice around that. The second one, the strategy of SGS. Take what you've got, make it better, make it more productive, and run with it. That is the second anecdote, and that's really what I think we saw in the 2025 results. Let me just say this. It's a hell of a painful two, three years that are behind us. On both those, we've come through it. We've come through it, and we're very glad for where we are now. Looking forward, what can you expect from the company over the next while? The emphasis is on taking what we've got. We've got 15 business units in the company, making them as efficient and as profitable as is humanly possible. We're not looking at acquisitions. If something comes by, sure, then it's our duty to look at it. But we're not looking at that. The focus is on taking what we have and making it better. Jacques Hume from LANCEWOOD was telling me just before we started, he comes from sales, and it's terrible for him to see a plan where he sells less. As a salesman, that goes against your DNA. When you look at the bottom line and you see how much more money you make and how your financial metrics improve, then even as a salesman, he agrees that is the way we have to go. That's number one. We're going to focus absolutely on SGS, Simplify, Grow, and Sustain. That's going to be the focus. We are doing some very comprehensive and intensive work around some very interesting projects. When the time is right, we will share that with you. We will report back to you and tell you what it is, what we've done, and what we plan to do. But those are projects that will involve CapEx spending inside the business on things that we know and that we understand, and from which we think we can make more money. Let me make one last comment about people. In the management transition that we had, I want to pay tribute this morning to the man who started Libstar, Andries van Rensburg, who started the company 20 years ago. He was joined a short while later by Robin Smith, the two of them built up what we are looking at today. Andries, in particular, had a very strong emphasis always on people. He planted the trees from which we are currently appointing people on the principle of growing your own timber. I think growing your own timber is extremely important for continuity, for culture, for values and that sort of thing. The three people that we appointed in January 2023, Charl, Terri, Cornél, come from inside the company. The only senior person we've appointed lately from outside is Steven van der Merwe, and that's because he can speak Zulu and comes from KZN. Steven, welcome. For the rest, we grow our own timber, we put a lot of emphasis on that. There's a leadership development program. There's EDGE program. We really take a lot of effort to make sure that we grow and develop the right people to take the company over and take it into the future. We're very proud of the 20 years behind us, we're very relaxed and certain about where we're going in the next 20 years. This is your day. Ask whatever you want to, enjoy yourself. Thank you. Charl. Thank you. Good morning, everyone, welcome to the Capital Markets Day of Libstar. It's a day that we've been looking forward to share what we believe is a story of looking at what we have achieved over the past couple of years, also, most importantly, where we are going and how we are going to get there. A special word of welcome to analysts, both known and new to the company, the media. We have some of our non-execs joining us as well, Tashes and senior management, to all joining us on the webcast as well this morning. Welcome. Just to introduce the order of events this morning. I will start today just by giving some context to where we've come from, then I will hand over to Wendy Van Zyl who's our first formal speaker of the day. Wendy, our customer executive, will give you some great insight into the dynamics that drive the business that we see today, both in terms of our internals as well as the market, we'll link those two for you in order to create context to the strategy that we will be adopting going forward. She will then hand over to Cornél Lodewyks. Cornél will give each one of the senior executives an opportunity to give you an insight into their businesses, you'll get a feel for how they think about the business, what they are focusing on, what they have been focusing on, what's going to drive performance moving forward. I will then spend quite a decent amount of time looking at the investment case, focusing on the projects that J.P. was referring to in terms of the key projects. A select number of projects, but high quality projects that will drive our ambitions moving forward. Terri will close off for us, looking at the financial performance of 2025, also translating what we have spoken about today into rands and cents in terms of our ambitions. Lastly, we will close off with a Q&A session. It will just be the four executives on the stage, but we will gladly dish out some questions to the senior execs as well if we believe they can answer more comprehensively. Just to those of you who might be unfamiliar with Libstar. Libstar was founded in 2005 by Andries van Rensburg, as J.P. mentioned. The first acquisition was Dickon Hall Foods. That was early in 2006. Between 2005 and 2017, the business was essentially an aggregator of food companies that were mainly owner-managed and founded. That was a core part of the DNA, the entrepreneurial part of the DNA. The model was ran uniformly over those years, 70% acquisition initially, with a 30% retention by the owner founders. The legend goes that many of those founders made more money putting the 30% than they did the 70% initially, which is what you want to see in a partnership like that. Prior to the listing in 2017, those puts and calls were fully effected, and all of those businesses became wholly owned subsidiaries of Libstar and eventually divisions of Libstar. Over that period, it was an acquisitive strategy, and the business went through multiple rounds of private equity ownership during that point in time. Fast-forward to 2018, the business got to a size and a scale where not one single trade or financial buyer could write a cheque or wanted to write a cheque for that size. The shareholders decided that we would IPO the business on the JSE. Now, the first thing I want to do this morning is to recognize that in our strategy map, we depict the listing as a rocky road, and it certainly was a very rocky road for us. At the back end of 2017, we had made numerous acquisitions. Those were still being integrated. We were transitioning from being a decentralized entrepreneurial business into a more regulatory environment. We were under intense scrutiny. I was there on the day that we published our first trading statement saying that our HEPS was down by 56% because of an unrealized Forex loss. Because at that point in time, our hedging had not delivered the requisite results. It is important that I recognize the fact that it has been a rocky road, and it started off as a rocky road in 2018. When the perception around Libstar is that that is the same Libstar that still exists today. If there is one key message that I want to leave with you today is to demonstrate to you that the Libstar of 2018 is not the Libstar of 2026, and that is one of our key objectives today. Fast-forward to 2023, that was, as J.P. mentioned, the date of appointment of Terri Ladbrooke and myself, and we immediately decided that we would bring the senior management teams along with us and constituted a senior executive leadership team. We took quite a bit of introspection in terms of where the business was, why it was where it was, and what got us there. The consensus around the table was that Libstar always had a strategy, right? It was the right strategy. We focused on the right areas. However, our operating model, the completely decentralized, and we depict them as islands on our strategy map. Those islands couldn't operationally execute the strategy to its fullest extent. Because of that, we launched this One Libstar strategy to Simplify, Grow, Sustain, that I'll touch on later. That came with investment in people, in processes, as we matured into the listing and the regulatory requirements related to that. A foundational part of Libstar that we'll mention very often today is the fact that even prior to 2023, we constituted or we started to really invest in category management expertise. Wendy was a core part of that to ensure that we understand the categories in which we play, that we can be the insight leader or the thought leader in terms of how we manage categories and how we grow categories. Today, we see the success of that investment, prior to 2023. The strategy also turned much more organic. We were focusing on what was in front of us. One acquisition, Cape Fruits made after IPO, but much more focused on innovation and organic growth. To J.P.'s earlier comment, that will continue moving forward. That also went hand in hand with the transition from owner founder managers that were reaching retirement age, maybe not seeing the vision that we had for Libstar, and that transition to the senior management team that's here today. Many of them from the business itself, as J.P. mentioned earlier. Just to touch on what J.P. mentioned as well, to address the elephant in the room from management's perspective. The corporate process was undertaken with one objective, that's the objective we always come back to in our board deliberations. That is: Is this going to deliver value for stakeholders? We have a plan. We have a strategy. We've quantified that. It was scrutinized internally and externally. Let's compare that plan to what the non-binding offers will deliver in terms of an unlock for shareholders. The answer to that was that there was really a material differential between what this plan can deliver versus what the non-binding offers were willing to put on the table. Just a reminder for those who are unfamiliar in terms of what our strategy, what Simplify, Grow, Sustain really means, we're just going to touch on the three elements of that this morning as well. Simplify really has two elements to it. The first one being the portfolio itself. Prior to 2023, there were four food categories, one non-food category, some subscale businesses, some businesses that were detracting from a cash flow perspective as well as from a returns perspective. We needed to take a look at where we wanted to play from a portfolio perspective. Also, even if we retained those businesses within the portfolio, how would they operate together in order to deliver the outcomes that we were seeking? There was an operating model simplification part to that as well. Growth is a pretty obvious important theme, we wanted to grow the categories that we believed would deliver the necessary return profiles and invest in those categories whilst also exiting the underperforming categories, also invest in under-indexed channels. We are a mainly retail-facing business, but we operate across four channels, and the question was how could we deliver accelerated growth from our non-retail channels whilst retaining the growth momentum in retail? To JP's point as well, how could we ensure that we built the necessary management talent, middle management talent, supervisor-level talent in order to support this moving forward? The Sustain pillar was an extremely important third pillar. When you think of Sustain, you think of an ESG component, and as champions for good, that's important. We need to look after the planet. We need to look after those aspects. At that point in time, and as Terri will allude to later, by mid-2023, our gearing levels were at 2.1 x, and that was an uncomfortable position for us to be in. We needed to focus on improving cash generation, reducing gearing, whilst continuing to invest in projects that we believed would deliver our ambitions. The Libstar of today, what does it look like? Previously, we had five categories, as I mentioned, four food categories, one HPC category, 20 business units. Each business unit would have someone who called themself a general manager or a CEO or whatever the title may have been. The titles differed. They would have their own infrastructure, their own CFO, their own head of people, their own head of technical. 20 completely independent, decentralized business units ran by 18 managing executives. You ask, why does 18 run 20? There was some double-hatting between some of the divisions at that point in time. As I mentioned earlier, the portfolio comprised either subscale or detracting businesses, some of them noted on the slide. Chet Chemicals, Denny being a perpetual headache, if I could refer to it so crassly. Umatie as well, which is a category which was under a lot of pressure at that point in time. The Libstar of today has been simplified into two super categories, ambient products and perishable products. Those 20 business units, we don't view them as business units. We view them as seven coherent subcategories, and we'll demonstrate to you today how we operate those seven coherent subcategories. 18 managing executives turned into nine managing executives. That not only comprised the parting of ways, but it also comprised, in certain instances, the reallocation of senior people into strategic roles. With that also, and this was work that Terri diligently executed over a number of years, and that is the closure or sale of those non-core or underperforming or subscale businesses. The sale of Chet Chemicals, the sale of Denny operations, the sale of Umatie back to the founding members, the closure of Chamonix Spring Water. A lot of work going into that simplification theme. Completely different business framework to what existed in 2022. Libstar on a page. Libstar on a page, there's one element missing here. One Libstar, because that's what drives our culture. Two core categories, three brand solutions, four channels. There was no marketing team involved in that setup. On the two core subcategories, we operate in ambient as well as perishables. Ambient, longer shelf life. Perishables, shorter shelf life, refrigerated or cooled. In our ambient category, there was a lot of integration that took place. There's a logo missing in the dry condiments subcategory on the left-hand side, that's that of Khoisan Tea, which was a bulk tea export business that was integrated into Cape Herb & Spice, Paul will tell us a bit more about that later. Select products, that's a new category for us. We used to refer to it as meal ingredients, snacks and spreads. MSAS, that's not a great acronym to have as your business name. We refer to it today as select products. That comprised the integration of the retail-facing businesses of Cape Coastal Honey, Rialto Foods, as well as Ambassador Foods. Wet Condiments has been a star performer for us over the past two years, that was driven by the integration of those businesses, we'll tell you more about that a bit later. In terms of our brand solutions, three brand solutions, that column comprises about 81% of our revenue. The elements not included would be contract manufacturing and some of our QSR unbranded business. That comprises three elements, private label and dealer-owned brands, Libstar brands or licensed brands, as well as principle brands. We're very proud to represent multinational brands and to be given that opportunity to distribute these multinational brands. We'll tell you a bit more about General Mills and the success we had a bit later. In terms of the four sales channels, at this point in time, retail and wholesale is 55%, just over 55% of the business. Food service, just over 20%. Exports 11%. Industrial and contract manufacturing, 12.5%. If you looked at this two to three years ago, you would have seen retail and wholesale at 60%, you would have seen food service at about 18%, and you would have seen exports at about 10%. We're already starting to see that mix change in terms of our channel exposure towards especially food service and exports. When we started our strategic journey in 2023, we didn't start from a position of strength. I'm not going to go through each and every financial metric on the slide. Safe to say that it clearly shows that at that point in time, the business had shown multiple years of declining financial trends, both in terms of EBIT and EBITDA, the bottom line headline earnings, as well as the return on invested capital. 2023 and 2024 were not too much different in terms of the financial performance. That was the time period during which we were making some really difficult calls in terms of exiting the portfolios, the underperforming businesses. We were investing in people, we were integrating businesses, and there was a lot of investment ahead of that. However, in 2025, there was a clear turning point in the performance of the business. We had arrested a multiyear decline in EBIT and EBITDA. HEPS and EPS was above 2022 levels, return on invested capital at 10.9% was very close to our calculated 11% weighted average cost of capital. There's so much more to do in terms of what we will drive moving forward to achieve our ambitions. Before I hand over to Wendy, you will see this slide quite a few times today, and it's really important because it links the key market dynamics to the opportunities within our portfolio. We will spend quite a bit of time on that. Without going into too much detail at this point in time, it's very clear to us that consumers remain value-seeking, and there's a lot of down trading. We'll talk about how we address that. We've seen multiyear rapid growth in private label. Tiering of private label between value, mid-tier, premium has increased. We will talk about private label also having its own dynamics over the past year and how we respond to that. The premium segments in which we participate continue to deliver resilient results, and that's something we want to protect, and that's something we will also talk to a bit later. Pressure on consumers means lower volume and deflation, lower volume growth, and that requires an agile response in terms of diversification of our channel exposure. There's been a resilient growth in food service, out of home consumption, driven by tourism, driven by various factors. That has been a core theme that we will also speak to this morning. With that, I will hand over to Wendy to take us through the first section. She is our category executive responsible for really ensuring that we remain relevant in terms of the categories in which we participate. As I said, we'll show you some of the positive outcomes from that in the remainder of the day. Thank you very much. Sorry. Thank you, Charl. If I can just have one second to power up my system here. Good morning, everybody. It's nice to see a full room. Just one second. Taking slightly longer. I'm unfortunately not an MC, so I can't do the whole entertainment part. There we go. Right. Thank you, Charl, for taking us through that introduction and the journey of reframing our strategy for the future. Good morning, everyone. My name is Wendy van Zyl, and I'm the category and customer executive at Libstar. Over the next 20 minutes or so, I'll take you through our market realities, how they're affecting us, and more importantly, how we are responding to them. The market environment is not only changing at a rapid pace, it is increasingly dynamic. This makes it far more unpredictable, and as a result, the need for agility and the ability to adapt has taken on an entirely new meaning. Let's start by stepping back, looking at the external forces that are changing the shape of our world, and as a result, influencing trading and consumer environments that we operate in. Why external factors matter for the South African FMCG environment. We operate in a highly constrained consumer environment that is characterized by low GDP growth, high unemployment, persistent inflationary pressure, and high inequality and price sensitivity. These external forces therefore directly shape affordability, availability, value perception, innovation, and shopping behavior. Geopolitics, the economy, climate change, and technology are increasing costs and uncertainty in FMCG. South African shoppers are responding by prioritizing value, promotions, and essential purchases. While technology and AI improve convenience and relevance, affordability remains the dominant driver, with consumers trading down rather than exiting a category. Across both retailers and manufacturers, these external forces are structurally reshaping the FMCG profit model in South Africa. Near-term growth will remain pressured while value creation is anchored in execution discipline, margin management, resilience, and cash generation rather than top-line expansion. Let's take a closer look. AI is changing the whole world around us, including how grocery shopping is being done. In the previous world, the retailers and brands had the power. In the new AI world, the algorithm has the power. Going forward, all AI will make commerce better and more personalized for consumers, but radically more confusing for brands. Gambling is an economic siphon. It drains shopper wallets. The impact of online gambling in South Africa is staggering and makes up more than half of all spend classified related to recreation, sport, and culture. What is worse is that the money for online gambling is coming from household grocery budgets. It shows up as the second in top how-to searches on Google, with 39% of gamblers saying they are gambling more often than a year ago. This, however, is not a local problem with countries like the U.K., Italy and Spain, and the U.S. also reporting increased online gambling activity. Moving closer to home, a key question remains: with whom does the buck stop? There seems to be a blurring of lines in terms of responsibility between the public versus the private sector. Last year, the president reached out to the Big Five retail companies to play an even bigger role and a stronger role to make food more affordable for South African households. Historically, retailers have always been able to assist during tough times, but are now under increased pressure and struggling to do so. Don't forget the generational shifts. Locally, Gen Z makes up to 20% of the South African household grocery shopper. They are transforming grocery shopping from a chore into a social destination, demanding tech immersive, trend-led innovation in the shopping experience that blend digital discovery with authentic community connection. A space definitely to be watched. What is shifting our goalposts? The South African FMCG trading landscape is fragmented as consumer spend shifts from a few dominant retailers toward a broader mix of formal, informal, and value-driven chains. The power is no longer concentrated in big brands. FMCG retail used to be much simpler, fewer retailers, fewer brands. The landscape has fragmented and will continue to do so. The lines in South Africa's FMCG market are blurring because consumers are more mission-driven, retailers are more brand-like, brands are more retail-like, and value is redefined on a daily basis, not by price alone, but by convenience, quality, and context. What is changing? Brand versus private label. Private label now competes head-on with brands on quality, innovation, and trust, not just price. Channels are merging. Consumers fluidly switch between supermarkets, discounters, e-commerce, and spaza shops based on their specific shopping mission and the occasion that they need to purchase for. Price tiers are collapsing. Value, mainstream, and premium coexist in the same basket, depending on the category and the occasion. Formal versus informal trade. The informal trade is integrated into FMCG strategies. This they do through tailored packs, pricing, and distribution. Retailers as brands. Retailers are increasingly own product innovation, shopper data, and customer relationships. All the while, empires are still being built. With grocery margins under increasing pressure, retailers are scrambling for revenue and margin outside of their core business. For example, through retail media networks, reward programs, private brand portfolios, and by growing their e-commerce strategies. Retail media networks aren't new. Retailers have been selling advertising space in these stores since forever. The growth has come from the digital side of things, however, trending more towards brand investment, with higher expectations from suppliers. Globally, 65% of marketers expect retail media networks to play an even bigger role in the media mix than before. Loyalty programs go hand-in-hand with retail media networks in terms of sales attribution in the context of the broader shopper preferences and their behavior. General trends are towards more personalized, increasing partnerships, integrated payment, and the incentivizing of niche benefits. Local retailers are still bullish on private brands as it gives them greater control on their shelves and higher margins. Digital commerce, while currently a very small share of total grocery sales, is still the fastest growing channel. The competitive landscape will, however, mature and intensify. E-commerce will become a core source of market share gain and not only incremental sales. From a discounter and independent trade perspective, the store numbers are driving footprint growth, contributing to the rise of the discounters, valued at approximately ZAR 54 billion annually. Discounters are performing very strongly in South Africa's FMCG environment because their operational model is exceptionally well-aligned to the country's current economic consumer and retail dynamics. The outperformance is structural rather than short-term. They are performing so well because they sit at the intersection of four key drivers, namely value, proximity, simplicity, and trust. They are also aligned to the sustained consumer pressure that currently exists with structurally lower cost and better price execution. Their footprint expansion is significantly faster in underserved areas with strong private label economics that captures volume while others defend margins. From a strategic perspective, discounters are not benefiting from a cycle. They are benefiting from a structural rewiring of how South Africans shop for food. The other channel that has shown very strong growth is the independent retail and wholesale environment. Although wholesalers have grown steadily for the last three years, the independent retailers have seen very strong growth outpacing that of wholesale and gaining share. Our growth story is still unfolding. By intentionally moving into overlooked areas such as the independent trade, we believe we can selectively unlock a new phase of sustainable and profitable expansion. Traditional trade outperforms modern trade. The bulk of FMCG retail sales for the year of ZAR 513 billion went through the modern trade channels. Those are such as supermarket chains, franchise grocery stores, and e-commerce platforms. Traditional trade channels, which include the independent superettes, spaza shops, taverns, racked up around ZAR 170 billion in sales. Convenience is one reason for traditional trade's outperformance during 2025, with more than 140,000 outlets versus the mere 11,000 outlets in modern trade. Traditional trade outlets offer unmatched accessibility to meet shoppers where they are. Not only that, traditional trade is also benefiting from a trend of households going to shops more often, buying smaller packs, and purchasing less per trip. All the while, formal retail is impacted by shopping trips that are shifting, not spend disappearing, and baskets that are shrinking. The informal trade and discounters are structurally more advantaged with private label and buying down compressing value. Legacy store formats are misaligned to new shopper missions. This boils down to a share and mix problem and not a demand collapse. Taking a look at the informal trade. Within this channel, the food service trade, best known as street vendors, takeaway traders, home-based cooks, quarter and fat cook sellers, shish nyamas, taverns selling meals, is outpacing most of other informal FMCG channels due to a convergence of economic pressure, structural demand, and behavioral shifts. The informal food service sits at the intersection of economic stress, urban lifestyle realities, daily hunger needs, and low-capital entrepreneurship. It is not growing despite pressure, it is growing because of it. The private label landscape within South Africa, as FMCG sector, is entering a period of significant transition. This flux presents both risk and opportunity, as winning propositions will increasingly depend on scale efficiency, brand architecture, innovation capability, and alignment with retailer-led growth strategies. All of which Libstar not only already participates in, plays a leading role with key customers and will continue to do so. Private label share dwindles as the traditional trade expands. Subdued growth in the modern trade sector contributed to a slight decline in private label share of total retail sales. Excluding the tobacco and liquor sectors, private label accounted for around 17.7% of FMCG sales value in 2025, slightly down from 18.3% in 2024. Private label sales grew at 4.1% in 2025 to nearly ZAR 106 billion, compared to sales growth of 8.1% the previous year. Private label in South Africa is not in a decline. Its growth has normalized. As inflation eases and competition intensifies, the value now lies less in share gains and more in execution. Tiering, margin resilience, and brand differentiation will determine which retailers outperform the others. In the South African FMCG environment, small changes in price, pack, or promotion can create a disproportionately large or negligible shift in demand. Value does not move in straight lines. In SA FMCG, value is created at the right moments in the right places, not through blunt across-the-board price actions. Oh, sorry, I didn't hit slide. Here we go. Oh, there we go. 2025 saw increasing pressure on price and promotions as retailers and manufacturers scrambled for volume and market share. South Africa has a high and increasing reliance on special offer discounts and promotions with different attitudes towards promotional intensity levels. While some retailers are embracing their high levels of promotional intensity, others are very concerned about the erosion of margins. While the FMCG sector in South Africa continues to face significant headwinds, we remain committed to finding opportunity within challenges. By staying close to our shopper, partnering closely with our customers, and executing with excellence, we continue to drive and grow our brands and deliver results that prove growth is still possible in this market environment. We're experiencing a fundamental shift in retail. Grocery stores are moving away from being mere sellers of products to becoming orchestrators of data and services. The sustained value seeking and down-trading by consumers is structural, not cyclical. A fundamental shift in how South Africans spend on food is not a temporary blip. The rapid growth in private label offerings that are increasingly tiered into entry level, core, and premium ranges will provide consumer choice while protecting retailer margins. The relative resilience of premium retail segments that is supported by a growing middle-class consumer base and continued demand for quality and convenience will remain. Pressure on domestic retail volumes are still a key factor, requiring suppliers to diversify into under-indexed channels, export wholesale, and the independent trade to stabilize volumes and to utilize capacity. There will be a continuous focus in food service driven by tourism recovery and increased out-of-home consumption as mentioned by Shaw. For the South African shopper, this means the value you receive will no longer just be a cheaper price on the shelf, but a highly personalized ecosystem of rewards and services designed to keep you loyal. So where does this leave us? The market is not standing still, and our challenge is to ensure that our portfolio, capabilities, and trading model remain aligned to how growth is now being created, not how it was created historically. We are operating in a market that is redefining success faster than legacy models can adapt to. Introducing our house of specialists, our economic engine that will drive the business forward and not just a talent model. What does this really mean for Libstar? The famous saying goes, "A jack of all trades is a master of none." Oftentimes better than a master of one. In food manufacturing, serving the FMCG trade in South Africa, success depends on speed, margin protection, and reliability. A jack of all trades adds value because they understand how decisions in one area directly impact the other. Also how it affects customer relationships, and how it also affects it throughout the whole value chain. I would rather like to reposition it as being commercially versatile with strong cross-functional capability. Being a jack of all trades is highly beneficial in an FMCG environment because these environments are fast-paced, complex, and constantly changing. A broad skill set allows individuals to understand and connect production, supply chain, quality, finance, and commercial teams, enabling quickest problem-solving and better decision-making. This versatility improves agility during disruptions, it also supports continuous improvement initiatives, and it reduces silo action functions. With just over a third of our turnover measured through formal retail, known as our defined basket within the retail environment, these would include the Shoprite Group, Pick n Pay, Makro, and SPAR. For this read, SPAR has unfortunately been excluded because of challenges with their data read. Despite a challenging macroeconomic environment, the business is not just maintaining its position, but growing across almost every category. Libstar has achieved a total growth of ZAR 323 million within our defined basket. This growth is well-balanced across the two primary pillars of the portfolio, namely perishable groceries, contributing ZAR 184 million in growth, and the ambient groceries providing a strong support at ZAR 139 million in growth. Our total annual sales value currently stands at a significant ZAR 3.7 billion, which gives us roughly 15% share within a total defined basket of ZAR 27 billion. The business is built to ride stormy seas because it possesses a diversified revenue mix. By having high growth categories in both perishable and ambient sectors, the company is protected against specific supply chain disruptions or shifts in the consumer shopping behavior. Libstar is seeing healthy upward trajectory in the formal retail environment. In a stormy macro environment, consumers prioritize fridge staples and pantry essentials. Our portfolio is heavily weighted towards these non-discretionary items, which protects our margins even when consumer spending tightens elsewhere. A data-led and science-driven business uses real-time data, analytics, and scientific principles to make better decisions across demand, manufacturing, supply chain, and product development, improving margins, resilience, and growth. Our data-led, science-driven operating model enables us to make faster, more accurate decisions, optimizing manufacturing and supply chain performance, and sustainably grow margins in a volatile South African FMCG environment. The next slide is evident in our key partners and stakeholders, delivering value through us to our customers and consumers alike. In our business, we don't make product pricing or expansion decisions based on intuition alone. We combine market data, consumer research, and global FMCG trends to make informed scientific decisions that reduces risk and improves the likelihood of commercial success. Market data helps to size opportunities before investing, which allows for avoiding over or underinvestment. Tracking of competitive activity and pricing pressure makes us more aware of what is happening in the market and how we respond to that. We also identify gaps in the market through looking at the data, and that helps us to respond early to inflation or cost pressures, or even consumers down trading. Before committing to innovation or packaging changes, we test ideas with real consumers. We research needs, usage occasions, price sensitivity, and brand perceptions, particularly with a diverse South African household in South Africa. We track global FMCG trends such as value-seeking behavior, health and wellness, sustainability and convenience. We don't apply them blindly. We assess how these trends translate into the South African context, where affordability, access, and practicality matter. Research doesn't sit in reports. It directly informs our manufacturing, sourcing, pricing, and pack sizes, as well as our go-to-market decisions. This allows us to optimize margins while remaining accessible to consumers under economic pressures. By combining data, consumer insight, and global trends, we run a more predictable, lower-risk FMCG business. This approach improves our success rate on innovation, it strengthens our brand equity, and it allows us to deploy capital more efficiently, which ultimately drives sustainable growth and returns. Being a trendsetter in the South African FMCG means shaping where consumers, categories, and retailers are going. By deeply understanding local trends, moving boldly, credibly, and ahead of the market. In the food industry, most people mistakenly think setting a trend just means inventing a new flavor or alternatively, a quirky food hybrid. While product innovation is important, to truly set the trend, you must look beyond the product itself. Libstar is a unique and powerful player within the South African market. Sorry, let me just get that right. We are the invisible trendsetter, which means that gives us private label leadership. Libstar is a partner behind some of the South Africa's most premium retailer-owned brands. Instead of just competing with retailers, Libstar partners with them to design what the future of what the grocery shelf and the category would look like. High-speed agility. Most large food manufacturers take years to bring a new product to market. Libstar operates in an agile and decentralized model, which makes us a lot quicker taking products to market. Technologically advanced. Libstar often evaluates the current technology alongside investing in manufacturing technology to solve consumer problems. The global flavor transition through brands like Cape Herb & Spice, Libstar monitors global culinary shifts like the rise of the chili crunch, the Asia in the Middle East, and translates them into the South African palate. They move the South African pantries away from basic salt and pepper towards clean label, non-GMO, no MSG seasonings, effectively educating the local consumer on global food trends. One Libstar, the ecosystem model. Libstar isn't one giant factory. It's a house of specialized units. The model sets a trend for a portfolio of specialists. Each unit stays an expert in its niche but shares the distribution and data analytics power of the group. There we go. I think that is my story. Let me just get to my last point. That brings my section to a close. Apologies for the glitch. I truly believe that the insights that I've shared would shed some light on our reality within the FMCG industry within South Africa, the challenges we are faced with on a daily basis, but even more so, the great opportunities that are out there to be capitalized on. Next up, I'd like to invite Cornél Lodewyks to join us on stage. Cornél is an executive director on the Libstar board and the category executive for our dairy and convenience meals cluster. Cornél will be introducing our versatile and exciting super categories along with the Executives who lead them. They'll be sharing their personal stories, what they love about their business, and how they're currently performing, and the plans they have in place for the future of Libstar. Thank you. Thank you, Wendy. I suppose I'm giving my age away, but Gen X still prefers paper. There's a feel of paper, and I see our chair as well. Good morning, everyone, and good morning to our guests online. Today, I have the honor of taking you on an exciting journey through our various categories and sub-categories, our brands and our people. You will gain valuable insights into our business, the way we operate, what we actually do on a daily basis, and what we manufacture. Like our chair mentioned, you will meet and engage with our various business executives here in the front row. Charl did mention our operating model structure earlier on. This is again just a snapshot. What operating model means to us is the bridge between our strategy and execution. This is our first point of call when we established our new strategy, we said, "Listen here, we need to change, and we need to simplify things for us to execute our strategy." It's real simple. It's simple to explain. You can even put it on one page. Two food categories, ambient products, perishable products with their respective subcategories below. Turning our attention to the ambient products category, some of these slides you might be familiar One back. There we go. You might be familiar with these Oh, my word. Apologies for that. You might be familiar with these slides we did present it in our results presentation a week or two ago. Ambient products category is our largest category in terms of revenue and EBITDA. It contributes 51% of group revenue, and 62.7%, close to 63% of group normalized EBITDA. Revenue growth last year, 7.4% up on the prior year, driven by wet condiments and the demand in retail, and the contract manufacturing channel. Normalized EBITDA increased by 3.1%, and gross margins improved to 25.9%. Going into a bit more detail into the segments. Our largest subcategory in ambient select products includes the business, or business like we used to refer to them or business units, Rialto, our Ambassador Foods, our snacking business, the nuts business up in White River and Cape Coastal Honey in Vredenburg. Revenue increased by 5.7% with food services up 6.8% and retail up 6.1%. Our second-largest segment or subcategory, wet condiments. They manufacture a range of sauces, vinegars, soups, stock powders, baking aids, to name a few. Businesses included in wet condiments is Montagu Foods, Retailer Brands, Beacon Hill, and Cecil Vinegar Works. Revenue increased by 15% last year, driven by strong retail and industrial demand. Production throughput and production efficiencies aided the segment and the group in improving its gross margin. Our dry condiments segment, Cape Herb & Spice and Cape Foods pack spices and seasonings for the local market and for the international market as well. Revenue increased by 0.8%, mix improvement of 3.4%, we see a positive shift towards our own brand, Cape Herb & Spice. We will elaborate a bit further on the success the team had abroad. Last but not least, the baking, which includes Amaro and Cani. They manufacture a range of artisanal breads, croissants, hot cross buns. Tony, I'm sure your factory must be very busy. Easter weekend is upon us. Rusks, cookies, gluten-free products, and wraps to name a few. Revenue grew by 9.1%, supported by food service recovery and a resilient retail demand. Looking at select products, we have two leaders, Ryan Downing and Derek Couzens. Their roles are split between channel and brand. Ryan looks after private label and retail, and Derek Couzens head of food services and retail principal brands. Brands like Häagen-Dazs, Kikkoman, Tabasco, to name a few. Amazing leadership team. All their decisions are based on data, very data-driven business. Derek won excellence awards earlier this year for leadership, and that was a leadership award because of the establishment of a completely new food service structure, and then obviously performance from principal brands, which the two of them will elaborate now. Enough of me. Let's listen to Ryan and Derek. We are Libstar Select Products. Libstar Select Products is a uniform cluster comprising Rialto, Ambassador, and Cape Coastal Honey. In the past, we were called Meal Ingredients, Snacks and Spreads. It was quite a long name, we consolidated those, and now we call ourselves Libstar Select Products. Who are we? We essentially are a private label business that's partnered with one key customer in South Africa. We provide them with over 600 products across three main categories that we call chilled groceries and snacking. We develop across subcategories, almost 20 subcategories within their business. Everything from frozen to daily meat, to cheese to pantry. We even started with in-store patisserie last year. What makes us us is going to sound like a massive cliché, but it's our people. We're a bunch of foodies that really love our products and love what we do. What makes us unique? There's a couple of things that makes us unique. I think for us, we embrace the difficulty as a mindset in our business. We like to do the things that others don't like to do. Smaller runs, more products, something that's niche, whether it is for special occasion over Christmas or Mother's Day, that's something that excites us. On our network of products, when we talk about international suppliers, it's a vast network. When we deal with products, our Asian products come out of the East, our Indian range come out of India, our Italian range come out of Italy. It really is going back to the source, going back to the provenance and bringing that to our customer because I think that's what our customer wants. We play in a premium section of the market, and that's the differentiation that we bring to the market. Lastly, I think with that vast network of suppliers that we work across the world, what's really interesting is that when we want to bring a product to the market, it doesn't cost us that much money in terms of CapEx because we tie in with their manufacturing capabilities. When we want to develop a product, yes, we can do something for a trial, or we can just launch something and see how it works in our market because we don't need to invest millions upfront for that product to get to the market. Last year, a lot of our focus went into putting these three businesses together and to fixing what needed to be fixed. That's done now. We have one leadership team looking at the business and running it on a day-to-day basis. This year, the focus is in how to strengthen that team, strengthen that leadership, more importantly, look at opportunities to bring things together and learn from each other, get efficiencies out of this. An example would be from a procurement team that traditionally, Ambassador imports quite a bit of product themselves. Rialto import a lot. Where we all had our own imports teams, now we consolidated those teams and bringing all of that under one roof. Through that, there's a lot of efficiencies that we gained. Product development side, specialist or the speciality that's sitting across the group now is just so much more strengthened, the same with technical as well. It really is about upskilling the teams, upskilling the people and looking at how to explore that. Through that, there's new opportunities in products, there's new opportunities in categories that's coming out of it, there's some stuff that we'll share in the future on that. On our side of the business, we're brands focused. We're working with brand principals in order to unlock value, sustain growth within both food service and retail within the Southern African setting. Very importantly, it's a business that started off in 1997. The packaging started off in 2012. Both businesses acquired by Libstar. 2021, we got the merger. It really was the forerunner of what was to come in terms of the simplification process that for the last 18 months we've been so preoccupied in terms of the strategic reset. In the middle, in terms of the structure, sits a central service orientated business, HR, finance, BI, IT, supply chain, then you have your four distinct channels and commercial teams that drive the growth. That being food into food service, food into a retailed environment, packaging into food service, and food packaging into retail. Our point of differentiation is we're one of the few that present and provide a full end-to-end service. If the principal brand is sitting upstream, we will give them three month, four month, six month forecasting and feed that into their production facilities. We collab on marketing, be it above the line, below the line, be there necessary synergy on some global campaign that we would do. We would then globalize that within the South African setting. NPD and innovation we'd work. Very importantly is the technical and compliance. Government in this country is incredibly strict around label and food labels, we need to go through that. You have your supply chain, a full national footprint, at the front of the business, you have your commercial teams, key account managers, customer and channel focused, then all the support services that come after it. In terms of numbers, projecting the success and portraying the success of specifically food service was the discussion within a simplification process and the strategic reset was to take quite a few of the brands that were under indexed in the other Libstar ambient categories, put them into the Rialto basket through training. Our sales representation could then take them out based on a national footprint. What that enabled us to do was to considerably grow ahead of the market and graphs will show you that. From a retail brands perspective, the highlight must certainly be the very rewarding feeling getting going through a huge due diligence and at the end of the day being awarded the General Mills brands. These are iconic global brands, Häagen-Dazs, Old El Paso, et cetera. The fact that they've given us that responsibility is really cool. I think that on the packaging side, that we're making huge inroads into sustainable packaging, coming off 30%-35% of our packaging being fully sustainable, either compostable or fully recyclable. We're now getting close, certainly in the next year, in two years to being at 50%. Being able to work with brands like Plato or VVE or Wimpy, these are iconic brands that have seen the benefits of going into eco-sensitive packaging, and yeah, it's good for the soul. Really, the numbers don't lie. If one looks at this business over the last five years, in terms of compound average growth on the top line, we've shown really good, solid double-figure growth, which you don't see often. On the EBITDA line and on the EBIT line, those numbers are actually a little bit higher than the top line. It's simple. The key is to ensure that your contribution percentage growth is outgrowing your operational cost structure, because that incremental growth is going to drop down to the bottom line. We have been able to achieve it over the last five years by being able to unlock value and leverage off this hedging model that has proved pretty successful over the last five years. Depth of knowledge and obviously passion. A business driven by innovation. I can tell you, it's not a type of business that you can run out of Bolt Avenue in Montague Gardens. You need to hit the road and visit those factories in Europe and Asia. Always very proud to see those products on shelf. I wish I had a drum roll. The wet condiments segment under the leadership of Ingrid Heys, it's been our star performer for the last two years. We're immensely proud of what this team has achieved. It's a case study of note. They even won two awards earlier this year. The first one was an excellent award for category and channel growth, and the second was the North Star award, the highest accolade with Libstar. Enough of me. Let's listen to Ingrid. We are four business units previously operating as separate islands, now coming together as one wet condiment category. We have Cecil Vinegar Works, and they produce naturally fermented vinegar for private label and for retail purposes. Of course, they are a big player in the industrial channel, whereby we deliver vinegar to other operation facilities in South Africa. We have the sauce factories, Montagu Foods and Dickon Hall Foods. At those sites, we produce the Denny brand, the Goldcrest brand, and recently the Red Lion brand. The Red Lion brand, we introduced specifically for the wholesale because that was an under-indexed channel for the wet condiments category. We contract manufacture as well, and we deliver delicious sauces to the QSR market. We also export a few sauces through the Cape Herb & Spice, sister company of ours. We have Retailer Brands, and they produce under the Robertson's brand and the private label brand, baking aids, baking agents, as well as colors and essences. If you look at your pantry, there's a 99% chance that there is somewhere in that cupboard, there is something that the wet condiment category has produced, whether it's chutney, baking powder, vinegar, honey, or even a pasta sauce. If you are too tired to cook and you order takeout, and you're eating your scrumptious, delicious burger, the chance is very good that your burger is so delicious because of the sauce that's on it that was produced by us. In the last two years, we have established a wet condiment category ExCo, which is a team of people that lead the wet condiments category team as one. We talk the same language, we live the same values, we drive the same KPIs, we operate the same way, and we process the same way. We have one ERP system, one BI tool that we work on to make sure that we align on everything that we do. This has established the building block for the wet condiment cluster for future development and future growth. Let's take Retailer Brands as an example. In 2023, it was a loss-making business, and in early 2024, we moved management from Montagu Foods to Retailer Brands. We reiterated the processes that we currently run at Montagu. We've established a few procedures that needs to be done at Retailer Brands, and the service level went from 63% in the beginning of 2024 to astonishing 97% at the end of the year. The wet condiments category had a fully absorbed margin of 21.6% in 2023, and that grew to 26.3% in 2025. In only two years, more than a 20% improvement over those two years. It didn't happen overnight, and it didn't happen by chance or luck. We had a focused approach in the beginning of 2024, and we assigned the four projects to four different champions, and it was executed to precision in 2025. The first project was our strategic promotional grid. We assigned certain categories to be promoted at a certain time, making sure that the volume uplift runs through the factory, decreases our overheads, increases our recoveries, and increases our margin. We made sure that our PIs were executed timelessly with our customers. Thirdly, in the wet condiment category, we have appointed a head of procurement, and her focus was dual fold. Firstly, she had to ensure that we get secondary suppliers for all our raw packaging material that were critical to our products to ensure that we are never out of stock. Secondly, which she has done phenomenal work, her and the team, is to ensure that we use the WCC volumes, to use it as bargaining power when we negotiate with the suppliers to get a decrease on our input costs for our recipes, which definitely increased our margins. Lastly, we requested from the site operation manager that they do efficient production planning. They ensure longer runs, less downtime, less changeovers between products to maximize the outputs, increase our margins, and increase our volume. What makes the Wet Condiment category distinctively good is the people that we work with. It is the people driving the business. If I just look at the Denny Brand, five years ago, we sat around a table and we decided we wanted to double the Denny Brand. It has got legs and it can move. We sat with a plan, who is in charge of what department in that plan, and I am very proud to say that in 2025, when we looked at the numbers, we more than doubled the Denny Brand from 2021 - 2025. The Wet Condiment category has a very solid base to work off, and I am very proud of the base that we have set, and I am looking forward to the future. There is 90 SKUs that we launched in 2025 alone, and we are planning to launch another 33 SKUs in 2026. This will either be strategic, like the Red Lion that went into the wholesale channel, or it will be customer-facing, that a customer specifically requires a SKU. In 2026, we will be focusing on the transition from Tekeno Foods to Montagu. We saw what the collaboration between the sites can do, and we are looking forward to what this can mean for Libstar. This is the second part of the simplification process within the WCC. We are really looking forward to 2027 when all the factories will be up and running. We will do capacity utilization, we will do capabilities overview, make sure that the right products are run on the right line to ensure that our volumes are the same or even increase on 2025. We will source new customers, we will increase our customer base, and we will make sure that we deliver profitable and sustainable growth for the WCC. Finally, for that 1% of pantry shelves that are still without the Wet Condiments category products. You can see that energy runs high in Montagu Park. It's something quite special and it's something actually quite tangible. I'm sure you'll feel it when you walk into those factory or factories tomorrow. It shows you what passion, agility, and execution of plans, economies of scale does to a business. Ingrid, well done to you and your team. Looking at dry condiments subcategory, the two leaders is Paul Jibson, responsible or accountable for Cape Herb & Spice, and Gerhard Martin of Cape Foods. Two entrepreneurs at heart. They understand brands. They also captain many export initiatives in the group. They're the expert when it comes to exports. Over to them. Dry condiments, a super category inside Libstar, focused on, well, ambient dry condiments. Seasonings, the spice category is an inherent part of that. We have Cape Herb & Spice, and we have ourselves, Cape Foods, that actually play in that category. Cape Herb & Spice typically focuses more on the export and the branded products, whereas Cape Foods, we have a branded component, we have export component, and we have a renewed focus on the local market. Our business at the moment is 85% private label. These would include global reputable retailers. Your Trader Joe's, Woolworths Australia, Coop in Switzerland, private label into Japan. These are premium retail stores that we've been servicing for over 20 years. 15% is what we call our gem, which is our brand, Cape Herb & Spice brand, which we've seen significant growth over the last three years. We are innovation-driven, and we're uncompromising on quality. We have the ability to design and differentiate products across four retailers across premium, mid-tier, and discounter level. We've got quite a good market segmentation strategy, which benefits the customer, but also allows Libstar to maximize sales revenues from appealing to a wider market. Our largest markets is South Africa, North America, Europe, Australia, and Japan. Cape Herb & Spice also caters to the demands of customers for high quality, clean label, sustainable, traceable sourcing, and innovative flavors. Big wins would have been consolidation of Khoisan into Cape Herb & Spice. We integrated that business into Cape Herb & Spice, resulting in cost savings, improved efficiencies, and still managing to secure a lot of their sales and hold onto their sales globally. Our second significant win is the Cape Herb & Spice growth, in high-value markets, over the last three years, and we will continue to invest in that brand. The brand offers us sustainable, profitable growth, and gives us some sense of earning our own destiny. Cape Herb & Spice has a global reputation for both innovation and quality. Our plan is to obviously simplify our warehousing and facilities operation. We operate out of four fragmented sites at the moment. We are looking to consolidate those four sites into one site this year. That will streamline operations, reduce costs. Create a standardized value chain. We will continue to push private label, but more emphasis will be on our brand and investment into our brand. On our side, we have an export component, we have a branded component, but our big focus is private label, specifically in the South African market. Between that, it offers Libstar the opportunity to offer a comprehensive spice solution to any customer in South Africa or wherever. Part of our big focus is obviously the I Love brand. We identified niches in South Africa, mostly around spice grinders, Himalayan salts, air fryer seasonings, and popcorn seasonings, where we have the I Love brand that's available, and we just love our brand. What's not to love? We innovate within that category. We've just launched I Love Braaibroodjie. How unique can that be? The I Love Ranch Seasoning, which is something new from America, and I Love Gin Infusions. I think that's very exciting stuff. We're always looking to innovate within that category, and the I Love gives it a fun component. That's going to be our baby to work on. What makes our business good is we've got, first of all, a diversified customer base. We've got export customers, we've got our own brand that we look after, and then we've got private label, where you are dependent actually on the success of your customer. That gives us scale benefit, which allows us to be a very cost-effective manufacturer without compromising on quality. We've been innovative with products, allowing us to come to the market with new products like we're doing now for the lower end of the market, coming up with new packaging solutions. We've got three main markets. The first one is export, where we have customers right from Japan to America and many in between. We supply some of the biggest retailers in the world with their private label products. Secondly, we have our own branded product that we sell mostly in South Africa. Thirdly, the component that we're focusing on a lot and that's actually growing and where the possibilities are quite substantial is the private label, either for the retailers in South Africa or under our own banner. We appreciate that customers have a choice where they can buy. You don't accept that they're just going to buy from you continuously. You have to work on that. You have to make sure that they're getting good service, good quality, and be a reliable supplier. The biggest exciting part now at the moment is the lower end of the mass market that we're going to start penetrating. The local South African market, the neighboring countries, and as I said, some selected African markets, that's where the big opportunities are. We are fully geared for it. We've got the capability, we've got the knowledge, we've got the capacity. We can really grow the markets in those countries, and that's actually where the excitement lies. I know how difficult it is to build a brand locally. It took many years for Lancewood to achieve that status as market leader. Imagine doing that abroad. The team have been very successful in parts of U.K. and Europe. Imagine the opportunity it poses for Libstar. Last but not least, the baking segment, which includes the Amaro and Cani business. We even have the bakers here today. Tony is here. Zach is hiding there at the back. Tony's dad started Amaro Foods in the early '70s, and today, after five decades, more than five decades, they're still supplying their key customer. A business with a lot of heritage and quality. When you walk the stores, again, also products that we're very proud of. Cani, also a smaller business, packing rusks and cookies for private label, but also a small brand that we are very excited about, Cani. During the break, please try some of Zach's rusks. The first thing that I do in the morning when I have my first cup of coffee is a Double Bran rusk. I can really recommend that. Over to the gents. The baking category supplies a diverse range of products, from rusks, biscuits, to flatbreads, specialty breads, and rolls. A breakfast category, which includes croissants. The two businesses involved, the two specialty businesses involved, is Cani Rusks and Amaro Foods. We essentially are a bakery. We bake products every single day. The one thing that we do make is rusks. Brings joy to us. The people who actually make our product have a lot of fun making it, and I think that's what actually defines the process of making it. We market and sell our brand known as Cani. We've been around since the early 2000s. We also manufacture and supply private label. The other thing that's really contributed is we've done a lot of work in optimizing our business, looking after our efficiencies, doing some standardization exercises, driving key efficiencies, especially around wastages and yields, and that has created a massive positive effect on capacities and capabilities within our plant. Our service levels, which we struggled with in the early years, in the last three years, we've been above 90% service level on average to our customers. That's something that we are really proud of. It's taken a lot of effort on our part to get it right, but we are really proud of that, and the team has really come to the party. We've seen really good growth over the last three years, and that is due to a few things. One is focus on our brand. We've really been passionate about our brand, and we've been putting in a lot of effort to try and grow and market it out there. One of our main ambitions is to double it. We want to double this business. How we're going to achieve that is really focusing on our brand. We want our brand to become a major component of our business. We essentially want it to be 50%. How are we going to do that? We want to expand further into other categories, other product lines such as cookies, gifting line item, shortbread, et cetera. We also want to grow the business by expanding our channel footprint. We currently are a retail-facing business, and we are very under-indexed in other channels such as export, food service, et cetera. We believe there's huge opportunity for us as a business, and we want to explore those and obviously, grab those opportunities as they come by. We are really passionate about our products. We believe we make the best rusks in the world, and we'd like everyone else to obviously try them and enjoy them the way we do. There's no specific occasion you need to eat a rusk. You have my permission to dunk a rusk. Amaro Foods has grown from being formed in 1991. There's now four facilities that we operate from, an exceptionally diverse range of product, from gluten-free to flatbreads to speciality rolls and buns. Something I'm exceptionally proud of, it employs 650 people across these four facilities. We supply high-end retail, which is exciting. It allows us to create niche products as well. That's really the business, supplying 108 products across those four facilities. 78% of the business supplies into retail, a diverse range of product across all four of the facilities. 22% is into food service, QSR, and that is primarily wraps. We're now venturing into par-bake frozen product as well. I think with the complex range of product that we produce, and the complexity that we produce for today, the majority of what we produce is for today to be dispatched today, we really need to lock down efficiency, because things can, if not done correctly, really go wrong. The focus moving forward is to simplify the business and to focus on people. That is really what it is. Rationalize what we do, understand what we do well. A big focus on facilities with a link to automation and simplification as well as the product range itself. What should we and shouldn't we be doing? Then a big focus on people. By focusing on the right categories, we can ensure that we invest in the right equipment, in the right resources, train people in the right skill sets, and what that allows us to do is really ensure that we grow the business the way that we need to with the capabilities that we will invest in. We've seen phenomenal growth when we have done that, and that's the focus for 2026. Those three categories being our flatbread category, which continues to show phenomenal growth. Our par-bake category, which really is into retail primarily, where we've seen phenomenal growth in our in-store bakeries. Then lastly, our sourdough category, which also continues to grow, and really it's connected to the health trends and connotations surrounding sourdough bread. By implementing category management correctly, we can focus on what the customer wants, where they want it, when they want it, and the price they want it at. That's exciting because I think when we've done that correctly, we've seen phenomenal growth in those categories. I can tell you don't want to walk those factories on an empty stomach. That concludes our overview of the ambient products category. We will now break for tea, eat some of Zach's rusk and some other delicacies made by Libstar categories. For those who are here, please enjoy those products and just please allow a few minutes for the teams to set up. For our virtual attendees, unfortunately, you can't have some of our products. You must come and visit us. Please do so, but please remain online, and we will return shortly. Thank you. [Break] [Break] 'Cause I've been laying under palm trees waiting for the summer, knowing there's nowhere to go. 'Cause I am happy on this island. Wanna be my partner? I don't ever want to leave. I'm in a tropical. I'm in a tropical. If we can just take our seats. Yeah, welcome back, I hope you enjoyed our delicious products. We will focus now on our perishable products category. Perishable products category contributes 48% of group revenue. Last year, revenue grew by 9.2% with a price and mix improvement of 9.1%. Volumes were relatively flat. Gross margins improved to 17.5% from its contribution to Group 36.5%. If we go deeper into the sub-segments. LANCEWOOD, the biggest subcategory in the group. LANCEWOOD manufacture a range of hard cheese, soft cheese, yogurt, butter, and powders, to name a few. Core category volumes grew by 4.4%, and for LANCEWOOD core categories is obviously soft cheese, hard cheese, butter, and then yogurt. Margins supported by factories throughput. We also gained market share in the natural cheese category as well as the yogurt category. Also improved RONA, working cap and cash conversion. Value added meats, the Finlar business, they're the experts when it comes to crumbed chicken and beef products. They manufacture a range of whole muscle and bone-in products for QSR and retail. Revenue increased by 11.5%, driven by strong retail and wholesale sales up 12.5%, and food services and QSR up 15.1%. Our Millennium Foods business, they sell a selection of fresh and frozen meals on a private label and also under their newly developed DINE-IN brand. Revenue increased by 9.4%, supported by own brands and private label growth. If we look at dairy, Jacques here will take us through the category. I must just share, Jacques also looks after the supply chain. He's not only a salesman. He's got a difficult job. He's a salesman, supply chain exec, and also accountable for profitability. That's a hell of a difficult job to do. Jacques has been with us for more than a decade. Very proud of his contribution. Also, award winner. He won the Impactful Change Award that was linked to LANCEWOOD's improvement in working cap, RONA, as well as lower inventory levels. Those things had quite a big impact on group ROIC contribution. Over to Jacques. Firstly, the dairy category, things moving quite quickly, they never stop. I think one of the key successes of Lancewood has always been our agility and our ability to quickly react to changes in the market, while still keeping our heads focused on our end goals and being 100% aligned as a team. Lancewood is one of South Africa's most trusted dairy brands, that's evident in the very short time that Lancewood became the number one position in most of the key categories that we play in. We have three facilities in George, Swellendam, and Cape Town, where we produce award-winning cheese, yogurt, butter, milk products that consumers buy every single week. Lancewood operates across retail, wholesale, and food services, supplying major retailers, restaurants, fast food chains. We're also very proud that most of our leading retailers in South Africa trust Lancewood to pack dairy products under their own private label. Over the last few years, Lancewood has won numerous awards at the SA Dairy Champs and at the World Cheese Awards. Our recent gold and bronze medals that we won at the World Cheese Awards just further entrenched our position as South Africa's most awarded soft cheese brand. On top of our own brands and our private label brands, we also have the privilege to be the distributor of iconic international brands like Lurpak, Kiri, and The Laughing Cow in South Africa on behalf of the brand owners. Our brand has grown phenomenally over the last few years, you can clearly see that in the market share that we've gained and the trust that our consumers have in our brand. What is amazing for us is that a lot of it is organic. That real unprompted social media shares that real people have when they enjoy our Lancewood products at the social braai, at the lunchbox, at a birthday cake. Those are real Lancewood moments shared by real people. We've got more than 1 million followers on Facebook. We are the most active Facebook page on food in South Africa. We've got 5 million website visits every year, downloading millions of recipes every year. That kind of real brand love is not something that you can buy. If you talk about growth, one of the big success stories of Lancewood is as well the exciting and relevant products that we bring to the market that excites people. The trend all around the world at the moment is protein. Last year, we launched our Greek Delight high protein double cream yogurt, it's literally flying off the shelves. The social media is going crazy. The retailers love it. There's a lot of combo promotions that's now being driven. I think recently what you would've seen on TikTok and on Facebook, everybody doing the Japanese cheese cakes with Lancewood Greek yogurt and Biscoff biscuits. After that, you could really see how Lancewood pulls new consumers into the premium dairy market that wasn't shopping there before. What is pleasing for us and what the retailers also like is you'll see a lot of those new consumers are the younger generations that is now entering the dairy market and trying Lancewood first. The last two years, our focus has been on introducing some amazing products into the market, enhancing our production efficiencies, and also deliberately changed our product mix towards more profitable categories and products. That has really enhanced our margins and our GPs, and allowed us to focus on what will deliver the best results. Currently, we are focusing our teams and restructuring our teams to be able to focus on opportunities that we have not fully captured yet. There's export markets that we want to penetrate, that we're working actively on. Then there's also the wholesale channel and the food services channels. If you go into any top market restaurant, chances that you'll have LANCEWOOD cream cheese and LANCEWOOD cheese being used in preparation of your delicious food is good. There's also outlets still out there that we're not in. The way to do that is to partner with the right distributors to get your products to every single consumption point that we have in South Africa. We are deliberately trying to decommoditize our business, moving away from commodity products into products that is high in demand and is also high in profit. At the moment, obviously, the economy and the consumers are under pressure. In terms of dairy and specifically yogurt and cheese, people do not compromise on that, or consumers don't compromise on that. LANCEWOOD has consistently outperformed these categories that we play in, and that is driven by a strong consumer demand for indulgent and premium dairy offerings. We like to say that we don't work for LANCEWOOD, we work for each other, and we make sure that we all know where we want to go and what your part is in reaching that end goal. You go and you deliver that because you don't want to disappoint the guy next to you. Also very proud of the achievements on the brand. Who could have imagined LANCEWOOD, the small, call it small, dairy in the Southern Cape, won the best cream cheese in the world recently. Also, having a followership on social media of more than a million active, highly engaged users or followers is a huge asset. It brings us very close to our customer or our consumers, which is quite valuable. Once again, very proud of the marketing team that work very hard to achieve that in a small period of time, a short period of time. Moving to value-added meats, the crumbing experts, the chicken and beef people under the leadership of Steven van der Merwe. He's the new kid on the block. He brings a fresh new perspective, new eyes to the business. We, as a management or exec team, really believe that there's lots of opportunity within the Finlar business. Let's listen to Steven, what he has to say. Finlar Fine Foods is been in business since 1994. Why are we in business and why are we still in business, in a great business, is because we do world-class crumbed chicken and coated beef for some world-renowned quick service restaurants and retailers. With some of our retailers, there's a half percentage of what we do is what you call fresh chicken. Chicken that you can buy today that is fresh, whether it be in a strip, chicken strip variety or whether it be in full muscle fillets or fresh schnitzel. We also do quality equivalent frozen variants. Any South African consumer from all walks of life, you will know our products. If you walk into some of the biggest quick service restaurants in the country, you'll taste our products. Your children know our products. What makes us different? Well, we have a 30-year history of building capability in crumbing chicken, producing coated beef for burgers. We constantly replicate new development and product technology from all over the world by visiting their facilities. We are constantly having to turn away new customers because our focus is really on, at the moment, on developing capabilities with South African world-class retailers and quick service restaurants. We employ about 900 people. It's a national footprint in Johannesburg and in the Cape. Our people love to work with us. We have very high retention. Finlar Fine Foods is really here to stay and grow. At any given time, we'll be looking at producing a range of up to 150 products across chicken and beef, although mainly in chicken. We are a substantial brand because for a world-renowned quick service restaurant, we have managed to replicate new development processes that they found difficult in other parts of the world. We managed to do that successfully. With one of the largest retailers in the country, we managed them to help them develop the third biggest SKU in that store in over a two or three-year period. That's the kind of capability, commitment, and excitement that we managed to infuse into our people, and get them behind us. We travel extensively. We go and track international trends. We work out how we're gonna replicate and give that to you back in South Africa. Equally, we look where those things are less affordable for you, and we look at saying, "How can we give you something that is a good eating experience for you?" We have all of the national certifications. We work hard to beat and meet our previous audit scores. That is also challenged by always looking to invest differently, whether it's in metal detectors for products in the plant, whether it's for enhanced tracking procedures, whether it's to create capacity for new product development. You're only as good as your last production run. What differentiates Finlar? It really is that our people, many of them at all levels in our business in our Cape Town plant have been there since the beginning, since 1994. You can't buy that in a hurry. You can buy some of the equipment. You can replace it with updated technology. You cannot buy the processes that we've learnt. You cannot buy the intimate knowledge of how we give you what we believe is the best crumbed chicken in the country and possibly in parts of the world. Finlar is at a point where we need to reinvest in capacity. If we want to continue growing at the pace that it has grown, particularly in chicken. We need to reinvest. We are seriously considering options and various combinations of options at both of our facilities. All of our customers are crying for growth in chicken, and new customers. Our focus is always on the customers we have. They've been loyal to us, and we want to find ways to always be transparent about what the future looks like. We are working very hard at the moment to understand the level of investment required, what that looks like, and what it means for each of our key customers, and to take them with us on that journey, and how that unfolds. If we make a commitment to you, we want to deliver on that consistently every time. As you can see in those videos, those are state-of-the-art facilities. It's not just a copy and paste. I believe that they are the best in what they do. There's not a lot of businesses that can produce those type of quality. When you eat a schnitzel or a piece of chicken from McDonald's, you know it's a Finlar product. All the best, Steven. Last but not least, convenience meals. This is a very exciting business, a business driven by innovation, fast-paced, also high growth categories. Unfortunately, the category executive, Katrina Samul, can't be here with us. She's in New Zealand. I'm sure she's thinking of us. Let's listen to Katrina. Like I said, very exciting business and category to be part of. We play in the convenience meal space, manufacturing private label goods for some of the major SA retailers. We also have our own brand, DINE-IN, which you'll find in the freezer in most retail stores. We play in both the fresh and frozen space. On the fresh side, we do salads, single serves, and family-sized portions. We do soups, the 600g doy bags, sides, so something like creamed spinach, pumpkin fritters. On the meal side, we do family-sized portions and single portions, so that would be lasagnas and cottage pies and delicious pasta meals. We also do cold desserts. We specifically also produce some kids' meals. On the frozen side, it's meals for single serves and family portions. I encourage you, if you haven't tasted them, to please do yourself a favor, and specifically our new soups. They're little soup pots, super convenient, single serve. We've also recently launched a new beef pie and a chicken lasagna. Please, do yourself a favor. Give it a go. Great for pantry loading, great for convenient every night or any day of the week when you just need something to pull it out and have a meal ready. I think our ability to cater to the fast-paced innovation. It's a space where the only constant is change, actually. You are constantly innovating, renovating, rotating products through seasonal products. Soups change every year, salads change every year, you're constantly rotating. We're equipped to deal with that. We're geared for it. From a private label perspective, we are able to meet that demand. On our brand, on Dine In, there we have the advantage where we can develop to a price point and make that range more accessible. As I alluded to, just the convenience of being able to pantry load and have something convenient to pull out of your freezer and have a meal on your table tonight. We really have a state-of-the-art facility, and as I mentioned earlier, we really do supply a broad range of products in fresh and frozen across many sort of subcategories. We really have the capabilities for all of those ranges. That really makes us unique. On the other side of things, people. People will be surprised at how labor-intensive the production actually is. There's somebody cutting those baby marrows. There's somebody slicing those radishes that go into those salads. There's somebody at the end of the line assembling it. Our people really are. We focus on upskilling them, developing them where we can. From a management team, we have got an incredible depth of knowledge and experience across the function. From an operational perspective, technical, new product development, which is really key on the brand side, and marketing, on sales. Really a depth of knowledge. That, I think, also helps us stay ahead. I really challenge you to just go and taste our meals. They taste like a homemade meal. There's a fine balance between automating and over-automating, and also maybe, on the other hand, it being too artisanal. It's that fine balance between having the best of both worlds. In terms of unlocking efficiencies, we need to see where it warrants from a volume perspective or where there are bottlenecks in the facility. For example, at the moment, we've got manual sealers, so we're investing in an automated sealer so that you can push more meals through as you're sealing the film onto the foil. We're looking at bigger cooking pots so it allows you to produce more at a single time. We recently invested in some new soup equipment with us doing some more soup launches. We're in a good position in terms of convenience remains key. There are a lot of busy South Africans working hard and don't have the time to really prepare meals from scratch every evening, so I think we're catering to that audience. From the South African retailer, a lot of them, this is a strategic category for them. We need to be sure that we can service that demand, and that we also source more strategically, ensure that we're not over-engineering our products. The same breadth in the facility as well, ensuring that we are operating as efficiently as we possibly can. The facility and the breadth of what we cover, in one week, we are doing four fresh drops. You are preparing, you are making, you're assembling, and you're getting that to store across all of these subcategories. You as a consumer, you're buying a soup. Another person is buying a salad. Another person is buying a family 2 kg meal. Another person is buying a dessert for the evening. That is all coming out of this one facility, four times a week, made by hand by people. That is, I think, just really the beauty of this business. It is intricate, it's complex, it's fast-moving, but it's hella exciting. It's an amazing little business, and those pumpkin fritters are highly addictive. That concludes my presentation and flow jokes. I'm going to hand over to Charl now. He will take us through the investment case of Libstar. Over to you, Charl. Thank you. Is everyone still present? Now that you've heard from Wendy, what's driving the market dynamics, and you've heard from the senior management teams what drives the internals of the businesses, it's my privilege to take you through the investment case. As I would like to see it, what makes Libstar unique, and what are we most excited about for the future? To start, the first slide that you've seen multiple times today, and I would like you to indulge me, that if we listen to Wendy, and these key market dynamics are driving behavior at the moment in the FMCG market, then firstly, what thematically makes Libstar well-positioned and makes Libstar unique? And then what makes each one of our individual businesses unique and able to respond to those key market dynamics? Starting on the far left with sustained consumer value seeking and down trading, if we assume that is correct, I would like to, almost like an advocate, put it to you that we are aligned to how South Africans shop, and to how consumers and shoppers shop. That is achieved by our ability to engineer pack price and value SKUs at scale, and scale is important. We spoke about scale in Paul and Gerhard's presentation. We spoke about scale in dairy. We spoke about scale in wet condiments. That gives us the ability to engineer pack price and value at SKUs. That also gives us the advantage of being a low-cost manufacturer. Cost leadership enables us to then protect margins, to be able to deliver more profitable bottom line from the volumes that we push through our factories. Lastly, having the ability to have flexible manufacturing arrangements that cater to rapid innovation. That is something that you would have seen in most of these presentations by management, is our ability to quickly respond arguably faster than others to changing market dynamics. If we move on to the second market trend being rapid growth in private label and increased tiered offerings by retailers, I would argue that Libstar is significantly. We are embedded in the retailer strategy. Why we are embedded is most importantly, actually the last point on the slide, and that's because we follow a category management approach. We are not just a single provider of a single product to a single customer. We provide a basket, whether it's in food service, whether it's in dairy, whether it's in wet condiments, in dry condiments. We provide a basket of products, that puts us in a position where we believe we partner with our customers as opposed to being purely a transactional relationship. What I spoke to previously on the previous slide around capabilities and flexibility, that also allows us to develop tiered offerings for consumers. Wet Condiments is a prime example of that. Red Lion intended for the wholesale market, right up to the premium dealer-owned brands. Ability to support multiple tiers simultaneously. That really makes us unique, and it would have been visible in those presentations earlier. Thirdly, if you look at the resilience of premium segments, I said earlier, we are selectively defending our premium market positioning. Many of our premium categories are shopping destinations. In other words, consumers go to our customers to shop that particular category. That is something that we want to defend and that we want to grow upon. We want to support that not only with our own brand, but also with our private label relationships. That allows us to then balance our volumes, margins, and the like across those tiers. It's really important that we hold onto our premium positioning in categories such as snacks, as one example, premium spices and seasonings in our brands, premium dairy, and that's really important to protect. If volumes are under pressure and we accept that it is a requirement that we diversify into under-indexed channels, I would argue that we are in a position where we have a very strong footprint in retail. However, we have a growing contribution, as I spoke to earlier, from those under-indexed channels. Wholesale is still a very small channel for us. We've seen Red Lion grow from nothing to ZAR 5 million -ZAR 10 million, we'll push ZAR 20 million, I would believe, shortly. That is important for us in terms of moving forward. The food service structure, which has now been fully established, that is a fundamental growth driver for us. You've listened to Derek in terms of how that is set up and why we believe it can deliver future success. Finally, also exports being a core driver, not only in the herbs and spice and seasonings categories, but also within the likes of wet condiments. We have BRC approval that happened last year, and we're really pushing hard to enter the export market at scale with our condiments offering. The diversification is already visible in the numbers when you look at the channel mix. To somewhat repeat what I said earlier, the resilient food service growth that we're seeing in the market due to tourism, increased out-of-home consumption. There, what really gives us the edge in food service is the sheer depth and breadth of the offering that we can It's a very competitive market. Please ask Derek all the questions in the break. He will say to you that it's a highly competitive market. You often have entrants and exits within the food service market. What really gives us the edge is our national footprint at the necessary quality standards and the sheer breadth of the range that we can offer, not only to restaurants, traditional QSRs, but other sub-channels like catering, et cetera, in that channel. Those are the elements that really differentiate Libstar from others. If I then bring that together in a short slide, how we think about it is there are three elements to our differentiation. Firstly, the fact that we manufacture at scale, because we are embedded in a category approach that makes us a preferred partner to our customers. Our group expertise, our people. Steven spoke about institutional knowledge. We are the crumbing experts. We have achieved product innovation or been able to deliver product innovation that theoretically should have been possible with the same equipment, but somehow it wasn't. Finally, in terms of differentiators, our embedded customer relationships, Amaro Foods being a supplier to its key retail customer for over 50 years, that is true for many of our retail QSR relationships. If we then bring these elements to life in terms of our two core categories, starting with the ambient category. In wet and dry condiments, we have significant scale in manufacturing. That wasn't true necessarily three, four years ago. We were on a journey to define the categories in which we wanted to play. I still remember those meetings that we had, we were worried about the volume and achieving that scale. We've now achieved that scale, which makes us be able to deliver at a cost-effective as well as from an innovation perspective, far superior to our competitors, I would like to believe. Scale manufacturing across both our branded and our private label offerings. The rest I've already covered. Select products, we listened to Ruan. You saw that we were benefiting from scaled procurement and the fact that we are entrenched in a premium segment of the market, in a long-standing relationship with our key retail customer. In baking, we listened to Tony, and he explained to us that we are capable of delivering artisanal capability, premium retail partnerships, and a cost-effective solution for our QSR customers, particularly in baking, being able to produce a wide range of products. If we then progress that to the perishable products category, in dairy, the first and most important part is our market leadership, our brand leadership. We occupy more than 27% of the natural cheese market, and we have listened to Jacques and Cornél explain how difficult it is to build a brand from scratch. As one of our board members said recently, what an achievement it is to be able to continue to grow even when you are the market leader through innovation, which we have been able to do now consistently. Our manufacturing sites, some of you might not know, our manufacturing site in George is situated quite close to the milk band, the milk sourcing area. We do not truck milk around as much as others, and that, we believe, is a competitive advantage as it relates to our cost leadership. Then finally, being able to combine our brand with the private labels in order to deliver category growth. When we looked at Wendy's presentation, we saw that dairy, which was over 40% contribution to our basket, that was growing, and it is growing ahead of the market. The category is growing not only through branded offering of LANCEWOOD, but also through the private label partnerships that we have with our customers. Moving on to value-added meats, not to belabor the point, but our manufacturing capability is specialized. We are the crumbing experts. There are very few in South Africa that can replicate our technical capabilities. Then finally, convenience meals is a very labor-intensive exercise, a very labor-intensive process, not a lot of room for automation. Notwithstanding that, we are able to deliver consistently high service levels to our customers and able to deliver that complexity, with an embedded customer relationship as well, and supported by the not so recently launched DINE-IN brand, which is also allowing us to replicate that LANCEWOOD model of having the brand and the private label complement each other within that category. For the sake of ensuring that we repeat our core messages, the wholesale channel is a channel which we view will leverage our manufacturing base. It is not a channel which I want to over-accentuate. However, it is a channel that we are investing in in terms of understanding the market. We are spending time with leaders in the sector in order to understand how we can improve our participation in wholesale. And why we think we can participate is because of the scale and the cost leadership in terms of our manufacturing capabilities. Food service, our national footprint, I spoke to that. It is an attractive growth channel. It seems like there is still runway in terms of the food service sector, with tourism and increased out-of-home consumption. Finally, again, export capabilities, being able to leverage our scale manufacturing in order to ensure that we also diversify our revenue base through a bit of hard currency. If I were to summarize, Libstar's positioned to win by supporting tiered private label, but also developing and growing our own brands, maintaining our selective premium exposure, and embedding ourselves into structurally attractive channels. That's underpinned by our operational scale, our category expertise, and our deep customer relationships. That is what will truly deliver earnings resilience and earnings quality moving forward. In the next section, I would like to spend a bit of time on what we are most excited about, and we're going to deal with that under our existing Simplification, Growth, and Sustainability themes and headings for a very good reason. This is not a new strategy. We are going to leverage our strategy moving forward in order to deliver our strategic ambitions. Spending a bit more time on the detail of the next two financial years, we shared this slide with you at the results presentation. The number one question that we received after the results presentation was, "Is this just an ambition? Is this something that you hope to achieve? Is this something that's somewhere in a spreadsheet?" The emphatic answer to that was, this is built up from the ground. The benefit of the corporate activity was that we had time to really scrutinize where we could deliver value and what was realistic. With that in mind, the different growth initiatives that I will be talking to, they are all designed to ensure the improvement of our margins, ultimately to achieve our weighted average cost of capital plus 2%, our 13% ROIC target, whilst maintaining cash conversion and reasonable or within our targeted band of gearing. Working capital was a significant component of the 2025 outperformance. We managed to release about ZAR 160 million worth of working capital, ZAR 100 million in dairy, ZAR 60 million in bulk tea. That ensured or that allowed us to then reduce our working capital investment to a normalized level. We think there's still further opportunity in the medium term, although in the shorter term, we will most likely remain at the 18% level. I don't want to create the impression this morning that this is now either, to the Chairman's point, an acquisition strategy or a CapEx drive, a mega project CapEx drive. You will see from Terri's slides that we still intend to be only slightly above our usual targeted range around CapEx, because we are picking a select few, but high quality projects in which to invest. If we look at what success looks like for us from a Simplification, Growth, and Sustainability perspective, I want to remind you that simplification has two elements to it. The first being the portfolio and the second being the operating model. I'm going to put them in a bit of a reverse order and start with the operating model, and that's the important capital project that we will embark upon actually from today. Today is D-Day, 1 April, or tomorrow, sorry. The Montagu Foods mega source factory that many of you will be visiting tomorrow, that is intended to house the remaining business of Dickon Hall Foods, which is some contract manufacturing for retail as well as QSR, into a newly established site next to the Montagu factory. There is a lease cost attached to that on the right-hand side, ZAR 25.6 million, and then a capital investment cost of just over ZAR 55 million. Our payback is between three and four years, and that is supported by essentially a savings on rental. There is a significant saving in rental of the new premises relative to the old Dickon Hall Foods site, as well as a significant cost per kilogram reduction in labor. Those two elements are the key drivers to our payback assumptions. It will also be driven by a planned pipeline of innovation, with the capabilities that come with that machinery. Our timeline, we are starting tomorrow, and our initial integration will take 8 - 12 weeks. During that time, we will incur some double expenses, hence our guidance to the market that the first half results or the second half results will drive more of the full year financial outcome this year. It is important that we reiterate the slide that you will see, or you have seen from Ingrid, as well as you will see tomorrow, and that is how innovation, the number of SKUs that were launched last year, the number that will be launched this year, and when you listen to Ingrid explain how we are going to utilize that capacity within the source category, and even look into adjacent categories where we have the capabilities, but we do not yet participate, both in brand as well as in private label. The second significant capital project is that of a site consolidation within the Cape Herb & Spice business. As Paul mentioned in his presentation to us, we have two manufacturing sites. One is in Westlake, one is in Maitland, and then we have two warehousing sites. One is in Montagu Park and one is in Montague Gardens. What I want to point out is you can see how fragmented our footprint is. Where we have warehouses in place, we are occupying a part of the building. Where we have manufacturing sites, we are occupying multiple buildings. Multiple roofs, multiple costs around technical. To exacerbate that impact, on the far right, you can see how geographically spread these sites are. This is Cape Town, a map of Cape Town, and I want you to imagine what it would cost to drive and transport raw materials to a site, blend, pack, transport it back to the warehouse, and there are multiple trips between these sites on any given day. Geographically spread, and that was born out of the rapid growth of the business over time. It is now no longer fit for purpose in terms of our needs when we need to remain cost competitive in the market. I hope I've made that point. In terms of the rands and cents, this is a ZAR 65 million project. It's a full single site consolidation in Montagu Park in Cape Town. It's a relatively new asset compliant site for us under one roof. The payback at the moment is 6-7 years, and you might gasp or think, "Well, why would you accept a project like that?" The reality is that we've been extremely conservative in calculating that payback number. Because we will be exiting leases on four different sites, there will be a period where we will be incurring leases on the one side whilst also incurring a lease on the other. Even despite that, it's a 6-7-year payback, and our ability to exit those leases earlier will or could and will drive an acceleration of the payback period. Again, the IRR there is above our cost of capital. It's a healthy 10-year return with lease savings on the consolidated premises of ZAR 12.5 million per annum. We've started planning. The technical drawings have been done, but the physical move will commence around Q3, for completion into 2027. The drivers of that payback, just to reiterate, around the duplication of costs. Four facilities result in a tremendous duplication of costs. We will reduce our intersite logistics costs, operational efficiencies, eliminating duplicated activities. Security is but one example. Technical handling, double handling, and the process lead times because of the logistics timelines between these sites. Improving our oversight of inventory, not having them in third-party warehouses, having them under one roof, reducing our risk of any stock shortages as well. That's the simplification part dealing with operating model. Now over to the simplification elements of the portfolio. To that end, we have explicitly said that we will continue to seek options that will allow us to exit our remaining HPC business, Contactim, and that remains a firm intent in the short term. Finally, I'm also pleased to advise that we are in advanced stages of exiting our Vasanta crawl, remaining venue property, at a higher valuation. I think that's what we intended initially. In terms of the portfolio, there are always questions around is there more simplification to come? Are there other businesses? The reality is that at this point in time, we are comfortable with our portfolio composition. The One Libstar operating model on the right-hand side, we've got Genevieve, our new People Executive in the room. We have developed and approved by the board a 10-year people strategy. Why 10 years? Because there's a lot of work to be done. One of the key questions that we get is, are you now a centralized business? And the answer is no. But we want to be a more standardized business. And one of those elements where standardization can deliver the highest returns is in terms of our people strategy. How we onboard talent, how we retain talent, how we remunerate talent, how we communicate, how we train, that will be a key element of our people strategy that will be unified under a center of excellence at the center under leadership of Genevieve. Standardized systems. Although we operate one ERP across the group, we had multiple instances of that ERP as one example. In Ingrid's segment, she explained to us that they have consolidated four different instances of the SYSPRO system into one. That's critical because the fewer systems we manage, the more we reduce complexity and the more our costs can deliver the necessary leverage that we're seeking. Shared services. You've seen this morning in terms of how the individual categories operate. You've seen shared services within Rialto, between food service and retail, and that's something that exists in wet condiments as well. That is something that we want to develop and mature over time to deliver better efficiencies than operating these individual businesses separately. There will also be centers of excellence, people being one, industrial relations being another, at the center where we provide a service to the underlying units. In a nutshell, this is about central visibility oversight. It's not about centralization. We remain a decentralized business. Moving on to the growth pillar. A key element that I think would have been evident from Wendy's section is the importance of mix. Simplification has meant portfolio simplification, operating model simplification, but there's also a product range simplification and to Jacques's earlier comment, improving our mix away from commoditized categories. That is a critical focus moving forward. I've spoken about channel diversification and discipline. You would have heard the businesses talk about better visibility around service levels, around efficiencies in the factories, and people and culture being a core element of our people strategy. On the topic of growth, one of the questions that we often receive is the question around, it's phrased in different ways, how do you retain pricing power? How do you ensure that you have pricing power? I think the first element I want to emphasize is how the brand and the private label works in a symbiotic relationship. We've seen that within the wet condiments category. We've seen that within the dairy category. We're seeing it in the spice category, that is the way in which we approach category management. You would have also seen that there's been a large number of references to investment in our own brands, that is something that you may not have seen in the past. Whether it is from a LANCEWOOD perspective in continuing to grow already as a market leader, or whether it is a small starter brand like Red Lion that ensures that we have access to the wholesale market that we didn't previously have, leveraging the Denny brand, which a few years ago didn't exist. Having innovation drive in Robertson's DINE-IN brand that you heard from Katrina. Some that aren't even on the slide. I think my latest stat was that we are now the number five seasoning brand in the U.K. in Cape of four? four. The fourth largest spice and seasoning brand in the U.K. in our Cape Herb & Spice brand. That is a tremendous achievement for a business started in the waterfront in Cape Town. We will continue to innovate in our brands, but alongside private label, there's that symbiotic relationship that we explained earlier. Informal trade, you've heard me say this a number of times, it's important. Informal trade at the bottom of that left hand is an estimated ZAR 90 billion market where we are currently under-indexed in. There's a reason why Wendy showed us that food service, when you think about informal, you think about spazas and about how you participate there. Informal food service is an opportunity, and we're looking at ways in which we can participate. Food service, QSR now equals full-service restaurants in size at ZAR 40.5 billion, That gives us the confidence to continue to invest in our food service structures. Exports is also underutilized at this point in time relative to our capability and our cost leadership. That will continue. If we were to go a bit deeper into the individual subcategories and look at our focus areas moving forward, in ambient products, we onboarded the General Mills brands last year and in 2026, we will have the first full year benefit to that. We think that through improved listings, improved distribution, there is still some ways in terms of growth to deliver there. Ruan spoke to us about 2025 being a year of reset in terms of the snacking category. It was an underperforming category. It resulted in the impairment that was recognized in the financial statements. That pain was required in order to set us up for improved service levels, which we duly delivered in the second half of the year, and a pipeline of innovation in that category moving forward. Critical to our success being an improvement in that subcategory. Baking, I don't want to create the impression that having more SKUs is always a benefit. You can create a lot of complexity in that, and therefore you've heard Tony speak about investing in our plants, simplifying our plant layouts, simplifying our product offering, but then also ensuring that we invest in our people in that category. On the perishable side, I've been very cryptic here. There are two projects that are currently in advanced stages of assessment that will not feature in the numbers that Terri shares with you, That can drive a significant improvement in the perishables, firstly the dairy and secondly the perishables category margin profile and cash generation moving forward. Those projects relate the first one to the theme around improving our mix away from commoditized categories, The second one is a bit of a blue sky project, That is really attractive from a margin perspective. When the time is ready, we will share more with you in that regard. We've also, you will hear Terri speak about the impact that the loss of beef volumes have had on the value-added meats category, That cannot be understated. However, we still believe that we have a unique advantage in that category, but it will require an agile response. In that regard, we are taking the time to do a proper assessment around what commercially and from a CapEx perspective will be required to ensure that that business is as sustainable as possible moving forward. When we're ready, we will share those plans with you as well. Lastly, just to reiterate the informal trade acceleration via those brands that we spoke to earlier. Very important to us has been the element of people. I would love to believe that when you listen to the videos today, you heard similar ways of thinking about things, similar ways of speaking, or at least that's the feeling I got aside from the passion for the business. That has been a long road in terms of culture, ensuring that at the lowest levels of the business, we know what Simplify, Grow, and Sustain means. When we make a decision, does it simplify, does it grow, or does it sustain? If it doesn't do any of those three things, then we park it. That's really important for us as a business moving forward. A big part of that has been investment in our people. Succession in the FMCG industry is generally quite difficult and therefore we've decided to invest in middle management as well as supervisor level education programs to ensure moving forward that we can produce the results that we're seeking to achieve. That's linked to our employment equity plan. I don't want you to think that we've only now developed an employment equity plan, but part of our strategy is to ensure that our leadership programs, our employment equity plan, and our business ambitions are completely aligned. That's an important point to raise. Is everyone still all right? The third and final pillar is that of sustainability. I said that has two elements, an ESG component and also a financial sustainability component. I'll start again with the second element first, that is our absolute drive to reduce our carbon emissions, our water consumption, and electricity. We've managed to do that, there are further programs in place to continue that. Solar is still a relatively small component of our green energy plan, but we are looking at ways in which to increase that in the group. Group procurement savings. Again, I want to emphasize that we are not a centralized business. That makes driving group or scale procurement benefits an important priority within the divisions. As an example, Ingrid didn't mention it explicitly, but sugar is a component within the Wet Condiments category, there was a significant drive to consolidate sugar procurement across the various suppliers. We achieved significant benefits by doing that. That is the priority, that is the KPI of the individual businesses, the individual subcategories on a quarterly basis that they report back on. However, over and above that, we have an engineering executive and procurement executive sitting at the center that has worked with partners in order to identify common spend items, pallets, plastic, and the like. We have already achieved annualized savings of about ZAR 10 million. Every bit helps, and we will continue to do more on that front. In terms of sustainability, we are not only champions for good in terms of how we look at the planet, but we are also looking to mitigate our risk of water scarcity, which has been a topical. We utilize, because a large component of milk is comprised of water, we use a lot of water in our manufacturing processes. Therefore, in Lancewood in particular, it is important that we complete a water reuse project that is currently underway. That will, in phase one, it will recirculate about 20% or 30%, and then in phase two, to be completed next year, up to 90% of water reuse. Reducing our effluent surcharges, but also then ensuring that we have a sustainable lesser of a reliance on the infrastructure within the George region. Electricity wheeling. This is an area that we've kept on the radar for quite some time. It's a very fast-changing element around energy procurement. It's a way for us to do what is good for the planet, but also reduce our scope to emissions. We believe now is the time to make a few bold calls in terms of that, not only to save costs, but also to ensure that our carbon emission footprint is reduced. We will, most likely in the coming 12 months, enter into wheeling agreements in order to establish that availability. Procurement initiatives will continue. Those were the three pillars then, Simplification, Growth and Sustainability. I just want to spend a few minutes around capital allocation, how we make decisions. JP mentioned how the light bulb went up for many within the group around how to allocate capital, how to deliver returns above your cost of capital, what that means. That was quite an education process. In these groups, you have the risk of a disconnect between a level of understanding of those principles where the rubber hits the road. We've spent a lot of time and investment in terms of educating around return hurdles. The Libstar of today uses a ROIC guided investment philosophy. All our CapEx is centrally vetted. We have an engineering executive, so that holds us accountable. We send things back multiple times before we approve to ensure that we are able to justify these projects to our shareholders and stakeholders. The return thresholds have to be met. That's the first important principle around our capital allocation. The second being ensuring that we continue to protect the strong balance sheet that has been created over the past three years. With our gearing at the moment at 0.9 x, Terri will give us a bit of a forward view on that. Also responsibly rewarding shareholders and returning capital to shareholders in a responsible manner. The repurchase program being topical there, Terri will update us on that in the next section. To summarize, the focus in 2026 is to continue to deliver along the strategy that we've set out to deliver, but stabilize the base at that level by completing the Montagu Foods integration, the Cape Herb & Spice site integration, exiting our remaining non-core businesses and that site at Sasol, implementing our people strategy. Then the other initiatives that are noted on the slide, including the rollout of General Mills distribution agreement. From 2027, we believe we will be in a position to ensure that those projects are fully integrated and return visible benefits that we will report back to in due course. The Cape Inspired consolidation will only be completed towards end of H1 2027. By that time, or actually long before then, we will be in a position to provide more detail around the Finlar capital investment, if any. Own brands will remain a focus area for us, alongside the development of profitable private label relationships and the sustainability elements that we've spoken to. It's been a long session. Thanks for bearing with me. In summary, it's important that I convey that those critical trends, key market dynamics, that we have a unique positioning within those elements. That's the first point. The second point is that the Simplified Grow and Sustain still has sufficient benefits to deliver in terms of meeting our work ambitions. We don't need to rely on elements outside of that. I've shared two capital projects with you, and two others are currently in advanced stages of assessment, particularly driving the return profile of the perishables products category. With that, I thank you, and I hand over to Terri Ladbrooke. She will take us through more of the financial detail, and give you an insight. If you're a financial analyst and you would like to model the outcomes, now is the time to listen. Thank you, Charl. Good afternoon, everybody. Welcome to the graveyard shift. Don't worry, we saved the best for last. The numbers are always the most exciting. For those that I've not yet met or had an opportunity to engage with, my name is Terri Ladbrooke, and I am the Group CFO. Today, I'm going to be building on a lot of what has already been presented, but with a focus on the financial perspective, covering our performance to date, and how we are thinking about the outlook, including capital deployment and returns to shareholders. Before I jump into the group performance, please just note that all numbers are reflected excluding fresh mushrooms, HPC Chet Chemicals, beverages, and baby food. Additionally, the 2022 and 2023 numbers have been restated in line with the restatements passed in our 2024 annual financial statements. This is to enable us to compare the information presented. Starting with revenue growth across our super categories between 2022 and 2025. In the ambient products category, revenue grew at a compound annual growth rate or a CAGR of 6.6%. During this period, the category was positively impacted by the most recent acquisition of Cape Foods, which was affected in November of 2022. However, the category was negatively impacted by the direct model implemented at the end of 2023. The direct model refers to the direct importing of products by a retail customer in our select product subcategory. In perishable products, revenue grew at a CAGR of 5.4%. The most significant impact in this period was the loss of 50% of our beef volumes with a QSR customer due to supply diversification in our value-added meat subcategory. This happened in 2024. You can see it visualized by the flat growth between 2023 and 2024 on the graph. The sales growth in 2025 is partly driven by the on-sale of raw milk in the dairy subcategory, which was ZAR 138 million in the period. This was done to balance our inventory levels due to the increased milk supply through that period. At a group level, this resulted in a revenue increase of ZAR 10.4 billion in 2022 -ZAR 12.3 billion in 2025 at a CAGR of 5.9%. This slide breaks down our revenue growth per channel. As Charl mentioned, our retail and wholesale channel is our largest channel, making up 55.6% of revenue in 2025 and growing at a CAGR of 7.3%. This growth was driven by the strong performance in wet condiments as well as baking and dry condiments, which was again boosted by the Cape Foods acquisition. Food service made up 20.6% of group revenue and was growing at a CAGR of 4.5% over the three-year period. Again, this channel was severely impacted by the loss of beef volumes and value-added meats. If we exclude value-added meats, the channel grew at 10.3% over the period. This is reflective of the positive impact which the ambient products food service structure has contributed. Exports made up 11% of group revenue with a CAGR of 4.3%. This channel was impacted by reduced volumes of beef exports into the Middle East. Excluding this impact, there was a growth rate of 7.3%. Lastly, the industrial and contract manufacturing channel contributed 12.8% of group revenue with a CAGR of 3.6%. Again, in 2025, the numbers were positively impacted by the on sale of raw milk. If we take this out, the channel CAGR was 0.5%. This does line up with the group strategy to focus on the food service and export under index channels ahead of the more volatile contract manufacturing channel. If we look at our gross profit margins per category, in ambient products, the key margin detractors during the period have been our Ambassador Foods business and to a lesser extent, our Amaro Foods business. Excluding these two businesses, the margin increased by 2.1 percentage points, between FY 2022 and FY 2025 in the ambient products category. In perishable products, commodity price changes in the dairy subcategory significantly impacted the margin post 2022. However, the recovery in 2025 reflected at 17.5%, actually increases to 18% if we exclude the impact of the raw milk sales in the year. Additionally, that 17.5% margin would have been 16.8% if we still included the fresh mushroom business. This highlights the positive impact of that disposal. What is important across both super categories is that 2025 marks a point where the declining trend decisively changes direction, with improvement being structural and not cyclical. The group follows the same trajectory as our super categories. 2025 was a pivotal year, where our strategic actions have started to translate into financial outcomes. It is the first tangible validation that the strategy is working, and it sets the foundation for the margin expansion we outlined in the outlook section. The next slides show our normalized earnings before interest and tax or our EBIT, as well as our normalized earnings before interest, tax, depreciation, and amortization or our EBITDA by category. Starting with the ambient products category, our EBIT and EBITDA grew by 3.2% and 3.3% respectively. The strong performance in food service as well as the Wet Condiment subcategory was partially offset by the direct model as well as the snacking and baking underperformance. Looking at the margins on the right-hand side, we note the declines in 2025 have been driven by the top line performance within snacking and baking subcategories. The operational turnarounds in these subcategories will drive the outlook for the margin improvement within ambient products. In perishable products, EBIT and EBITDA have decreased with a negative growth rate of 4.6% and 1.7% respectively across EBIT and EBITDA. The significant impact of the loss of beef volumes was not recovered within the super category. The impact of the loss of beef volumes equates to over 7% and 5% of group EBIT and EBITDA respectively. The EBIT and EBITDA margins showed improvement in 2025, given that the loss of the beef volumes was fully incorporated into the base. It is noted that the impact of the disposal of the fresh mushroom business has improved the perishable products EBIT and EBITDA margin in 2025 by 0.5 percentage points and 0.6 percentage points respectively. The group EBIT level has been flat or has a flat CAGR and a 1.4% EBITDA CAGR. These numbers are contextualized against the negative trend across FY 2019 and FY 2022 that was shown earlier by Charl. The 2025 outcome shows a recovery coming through and it sets the base again for the outlook targets. Looking at our margins at the group level, they remained relatively flat across 2024 and 2025, again with the impact of the loss of beef, the most significant detractor from the 2022 and 2023 levels. The capital projects outlined earlier will be the key movers in increasing the group margins in the short and medium term. This slide brings together our earnings and our returns. Our headline earnings per share or our HEPS are shown reported per year and not as restated in subsequent years. Our basic HEPS and normalized HEPS are both showing a significant recovery in 2025. Our return on invested capital or our ROIC improved to 10.9% in 2025, close to the group's weighted average cost of capital of 11%. Our dividends have followed the group's normalized headline earnings per share performance with an 86% improvement in 2025, further driven by our revised dividend policy. Cash is central to the Libstar story, and this slide shows three key measures that we use at the group. The first is our cash conversion, which again improved significantly and well ahead of our internal target to reach 95% in 2025. Second, we look at capital expenditure as a percentage of revenue, which was sustained at the lower end of our group's historic target of between 2% and 3% of revenue for the years post 2022. Third is the group's gearing ratio, which improved from the peak of 2.1 x in H1 of 2023 to 0.9 x in 2025. In summary, we have grown revenue, we've improved our margins into 2025, we've recovered profitability, and we've strengthened our cash conversion and gearing. This positions us to talk credibly about the outlook, and the capital allocation framework. The financial outlook I'll take you through has been built bottom up, as noted by Charl earlier. This is based on detailed forecasts, at a business unit level. These forecasts incorporate the approved capital projects outlined earlier, specifically the dry and Wet Condiment site consolidations. Importantly, the outlook does not include the execution of additional projects currently under consideration within the dairy and the value-added meats categories. The key point is that this is not a high-level estimate. This is a fully costed, operationally grounded forecast based on what has already been approved and what is within management control. Looking at the revenue over the three-year period from 2025 to 2028 by category and starting with ambient products, we have a growth rate of 6.2%, which is slightly behind our current achieved CAGR, but it's driven by the loss of the contract within our contract manufacturing business, which is effective today, as noted earlier. This impacts the Wet Condiment subcategory, which alone has a CAGR of a negative 0.8% over this period. The remaining subcategories are all showing growth in the upper single to lower double digits. Embedded in this growth is also the annualized growth forecast of the General Mills brand, which were added to the portfolio in 2025. For perishable products, the growth rate of 4.6% is also behind the current three-year CAGR achieved. The base year of 2025 includes those raw milk sales within dairy, and if we were to exclude these sales, they would increase the growth rate to 5.5%. As Charl mentioned, we're investigating projects within dairy and value-added meats, which are not included here, but these projects would look to invest in high-margin categories while exiting low-margin categories. Therefore, this could look different, and potentially lower, but with a higher margin profile going forward. The ambition is steady and executable growth and is paired with margin improvement initiatives. At a group level, this equates to revenue moving from ZAR 12.3 billion in 2025 to about ZAR 14.5 billion in 2028 at a growth rate of 5.5%. EBITDA margin improvement is a key focus across all the business units. For ambient products, the site consolidation projects at Wet Condiments and dry condiments, as well as the operational improvements within snacking, will drive EBITDA growth at a three-year CAGR of 9.4%, increasing the margin to 12.6% by 2028. For perishable products, steady performance across all subcategories will drive EBITDA growth at a three-year CAGR of 8.8%, increasing the margin to 8% by 2028, again, noting this does not include the projects currently under consideration for this super category. At a group level, the EBITDA margin moves from 8.7% in 2025 - 9.7% in 2028, with a compound average growth rate of 9.3%. Key to enabling these improvements lies within our capital allocation framework. We currently have three priorities which are being utilized by the group. The first priority is our internal growth projects. We are investing where we can see improved returns and strengthen the portfolio. Our second priority is dividends. I will touch on this in a couple of slides. Maintaining consistent shareholder return, along with our third priority, which is our share repurchases. In our results presentation, we noted the revised short and medium-term CapEx as a percentage of revenue target up to between 2.5x and 3.5x. In 2026, our expectation is to be at the upper end of this target, again, driven by the site consolidation projects across Wet and Dry Condiments. In 2027, we currently have site CapEx of 2% of revenue. However, again, this does not include the projects within dairy and value-added meats. Therefore, while it's not reflected on this slide, we do anticipate 2027 and 2028 being within that range of between 2.5% and 3.5%. Alongside our internal growth investments, we're clear on the balance sheet and the cash discipline. For net working capital as a percentage of revenue, we're currently at 18.1% of revenue with a short-term target of below 18.5% and a medium-term target of below 17.5%. There are some key changes in our working capital profile expected with the loss of the contract within Wet Condiments impacting 2026, and further capital projects expected to impact us further in 2027 and beyond. The group is really proud of the focus applied to working capital within 2025, and it continues to focus on these disciplines across the portfolio in this regard. Our interest cover and our gearing are well within the targets, and the short-term and medium-term target adjustments are to account for the internal growth pipeline that we've discussed previously. Looking at our shareholder returns, we note the update to our dividend policy, as was communicated with our year-end results. We have revised our dividend cover to between 2x and 3x of normalized headline earnings per share from the prior 3x - 4x. This has been made possible by the increase and sustained cash generation within the group. Additionally, we announced a share repurchase program, which was approved by the board, and to date, we've repurchased 4.3 million shares at an average share price of ZAR 4.59. On return on invested capital, we delivered 10.9% in 2025, a significant improvement on 2024, and just below our weighted average cost of capital. Our short and medium-term targets remained aligned to greater than weighted average cost of capital and weighted average cost of capital plus two percentage points, as noted by Charl. The critical sensitivities to the achievements of these targets will be the timing of the CapEx projects as discussed, as well as input cost volatility, which is currently being driven by the Middle East conflict and foreign exchange impact on exports. Although we hedge, there is volatility in margins with prolonged strength in the ZAR. We just wanted to highlight two near-term realities for the financial year 2026. First is our H1 and H2 expectations. Over the past few years, our EBITDA has been split roughly 45% in H1 and 55% in H2. That's over the last two to three years. For 2026, we expect this to have a stronger H2 weighting around 40% in H1 and 60% in H2, largely due to the Wet Condiment site consolidation impact. We anticipate two months in H1 where we will be underrecovering costs and overheads in the existing Dickon Hall Foods site. As a result, our H1 2026 EBITDA is expected to be flat or slightly behind the prior year. On the right-hand side of the slide, our debt refinancing. Our term that maturity was extended to the 1st of January 2028 during 2025, there's no near-term refinancing pressure. However, we will be proactively refinancing in 2026 to optimize the capital structure with a focus on improving our tenor, flexibility, and cost of funding, supporting balance sheet resilience and funding the medium-term growth strategy. In closing, if we continue to execute on our strategy, Libstar becomes a stronger, simpler, cash generative, category-focused food company with a ROIC-led compounding story. That's the outcome we are working towards, what underpins our financial targets highlighted today. Thank you very much. We will be available afterwards for the Q&A, Charl just has some closing remarks first. Yeah. Thanks, Terri, thank you to everyone for listening and for giving us the opportunity to reintroduce Libstar to you. We truly believe this is a different business to the one that listed in 2018. We've seen the initial tangible benefits of the Simplification, Growth, and Sustainability strategy. There's a way to go, we understand that. It's now for us to go and execute on the plans that we've shared with you today, we are ready to do as much. Thank you very much. We will now break for lunch, I believe. No, we'll first do Q&A. Okay, we'll do a five-minute break, then we'll do a Q&A before we reconvene. Thank you very much. [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] [Break] Okay. Good afternoon, everyone. We'll now move on to our Q&A panel session. We've got all our speakers here on the stage. For those in the room, if you have any questions, we'll start with you off first. Please raise your hands, then someone will bring the microphone to you so you can talk and ask your questions. For our virtual participants, we're also monitoring the questions online, and we'll do our best to go through all of the questions in the time that we've got. If we don't manage to get to all the questions, please send it to Libstar, our investor@libstar.co.za address, and the team will also be available for one-on-one meetings afterwards, but I'll just repeat that after the session. We've got some questions online already. Any questions on the floor that you would like to start off with? Okay. Let's move on to the first question online. Okay. Question, there we go. Hello. Hi. Thank you guys very much for hosting the day, first off. My question is really regarding the Finlar capacity expansion next year. You guys are very, and it's very worthwhile to say it, they're very proud of the Finlar and the chicken coating, and it's very advanced. What happens between now and next year's business decision? You guys say the customers are waiting, ready. They want the chicken, basically, the decision's only going to be made next year. What decision, what permutations could that look like? What happens between now and next year only when that decision is made? I'll take that one. Matthew, I think maybe I was misinterpreted, or I didn't explain myself clearly enough. The reference to next year was about the implementation of whatever decision is taken this year. We're putting quite a tight deadline on that. I would say in the next four to six months, and we would want to implement that depending on what the outcome is. At this point in time, there's a wide-ranging number of outcomes. We are, as I mentioned, we make decisions on a risk-gated basis. Investment must be able to pay back, and it may also include some form of simplification as well. Those are the options, the thematic options that need to be considered in a lot of detail. To speculate now on exactly what that will entail is a bit premature, but it should fit into those three pillars and have a decent payback. Okay. Thank you, Charl. Any further questions on the floor? If you can also just state your name. Sorry about that, Matthew. You can just state your name and then ask your question. Dean Sobel from Steyn Capital Management. Thanks again for your time and hosting us. Wendy mentioned a very strong point on consumers value seeking, downtrading, and the consumers being more of a structural rather than a cyclical thing. On the back of that, two questions. Firstly, if we see a shift towards economic expansion, easing of consumer wallets, how agile is Libstar's current model to switch back to premiumization? Second question, in your data that you're looking at, are you seeing early green shoots of a recovering consumer, or is the data still pointing towards a prolonged weakness? Thanks. Thank you. I'm sorry, I didn't get your name. Dean. Dean. Okay. Sorry. I think maybe just to quickly go to your second question. At the moment, when we look at the current trading environment, and obviously, it's been a period of time that consumers have been under strain, but it's almost like it's at a, not really a tipping point, but at an exasperated period at this point in time. I think from a retailers are chasing volume and obviously they want to increase their sales and shares. There's always going to be pressure on having products available at the right price. Now, the right price in your sort of formal environment, is very different to something in your informal environment. I'm not sure if that answers that question. The first part, I think, through the presentation, we were quite explicit about the fact that we are in a sort of a premiumized or value-added product offering range that we offer. We can dial that up or we can dial it down. I think that is the versatility within our business and our manufacturing capabilities, because it's recipes, it's ingredients, et cetera. I'm not quite sure it's going to be the one or the other. Understanding the market conditions and meeting consumers where they are, but also meeting consumers where we never maybe looked for them before. We will be able to dial up. We are very aware of what is happening globally, and we also understand the premium sort of sectors, which we investigate and sometimes we adapt, as I mentioned, to the South African context. I don't foresee a challenge to be able to do that. Maybe to add to that, it's not a or, it's and. Yeah. It's definitely an and. It's not about dialing up or down, it's about attempting to participate where we can. Maybe more directly to your second question, the trend, I think in our interim results presentation, we showed a declining value trend in retail and with a relatively resilient food service. Sorry, wholesale market performance. That trend has continued. You see a continuing declining value growth trend, in our defined basket of retailers. I wouldn't say that you see green shoots from a consumer- No. Spending perspective. Absolutely not. Maybe, Charl, just to add to that, if you look at the formal retail environment, it's been quite stagnant, especially the last year. The trend seems to be continuing, where if you look at your independent trade, and that would be retail, wholesale, that whole sort of traditional trade belt, has been showing extreme strong growth, double digits. There's obviously a lot of interactivity when it comes to the different channels. Thanks, Wendy. Got another gentleman. Thanks. Hi, it's Dirk van Vlaanderen from Camissa Asset Management. I was wondering if you could maybe just explain the competitive environment in the export spice business, particularly on the private label. I think I understand on the branded side where you would have a, I guess, competitive advantage, maybe just help us understand the competitive cost advantage we have producing spices out of Cape Town against some other very low-cost jurisdictions. Paul, can we hand that one to you? Thanks, Dirk, for the question. Interesting one. One I will try and answer for you. Yes, highly competitive market, highly proliferated shelf in the herb and spice categories. What is our compelling story that we are on shelf and someone out of India or China is not? We have a few segments that we play in, specifically in private label. One is premium, mid-tier, and then what we consider the discounter, your salt and pepper grinders. That is a highly competitive market, and to be honest with you, in some markets, we will win those tenders once a year, and the following year we will lose them, and you are talking ZAR 0.01 difference. What brings Cape Herb & Spice and Cape Foods to the forefront is, number one, a lot of those customers we have had for 20 years. We understand what their shelves need, we understand what their market needs, and we design products around that. Two, we have got scale to be able to compete at the premium end and design products there, but also compete at the bottom end. Salt and pepper is on automatic lines, and these things run, and we can produce the lower cost products for the retailers overseas. We are all certified at- High top-tier levels for food quality standard facilities. We bring that little bit of difference, but at all three tiers. I think it is also our customer relationships that we have had for a very long time that keeps us in the market. Hi, Samantha Naicker from Absa. Two questions on simplification. With regards to the efforts thus far on reducing the number of individually managed business and I guess the element of integration also, are these initiatives fully bedded down? Have we seen the benefit of that as of FY 2025? Are there still more initiatives in the pipeline, beyond the CapEx projects in condiments? The reality is that, yes, we have seen the benefits of simplification. I would say, the standout on that front has been the Wet Condiments performance over the past two years. There are other elements of simplification where I would say no, like Rialto, meal ingredients, snacks, spreads, the select products category, where that integration is really now only embedded. We still, as I sit here, integrating ERP systems, those benefits have not yet been materialized. That gives us the confidence to say that there are still further simplification benefits. Aside from the capital projects, I alluded to looking at better mix, and that's a big focus area for us. Simplification of ranges. We've done a bit of a Pareto analysis around how many SKUs contribute which levels of revenue and profitability, and we're now only starting to scratch the surface of what that can deliver moving forward. That would be a big focus area aside from capital projects. Okay, thank you. I guess that was going to be the second part of the question around SKU rationalization and if that did form part of simplification to date, and I guess how meaningful can this opportunity be? It'll be very specific to the different categories, and we need to tread lightly because our customers want to give their consumers ranges and choice, and we are able to produce that. It's incumbent upon us to ensure that we don't hamstring our customers in terms of their strategies. Similarly, it's a two-way conversation where we've maybe brought on board SKUs over time that may not be delivering the relevant hurdle rates, and that's all data-driven. Then it removes the emotion out of the conversation. It'll be really category driven. I think in the baking category, we've alluded to that. Even in the Wet Condiments category, there's some focus there. Those would be the two areas where I think we can at this point in time is the lowest hanging fruit. Thank you. Okay, thanks, Shaun. Any more questions? Hi, it's Ruan Goosen from Gryphon Asset Management. Apologies in advance for the question. I know it's a bit topical, the geopolitical environment we're in. I just wanted to find out in terms of from Libstar's side, what are you doing to mitigate the supply chain volatilities stemming from the conflict in the Middle East? Is that impacting your export lines? I've heard from a few corporates different strategies with regards to this, but I just wanted to find out how you as an executive team are looking at the situation. Thanks. If you would have asked me the question earlier the year, our biggest risk, I would've said foot-and-mouth disease. Obviously the conflict in the Middle East actually overshadowed that now. It will have an impact, especially on transport. There will be a fuel increase tomorrow. We also saw a reduction of 3% on the fuel levy, which will bring some relief. It will have a broad impact on our business across the group, not just in transport, primary transport. It'll be secondary distribution, as well as the cost of plastics polymers, because that's a byproduct of crude or petroleum crude oil. Again, we will focus on our simplification. To Samantha's question, there's a big opportunity for us. It's just obviously to innovate, but also less SKUs. Less SKUs mean factory efficiencies or production efficiencies. Then, it'll be a combination of that and price realization, especially on the brands. Brands first and private label later. So it'll be a fine balance between the two. Then obviously, I believe there's further procurement initiatives. Charl mentioned a few. Last year we did quite a big procurement initiative where we had more than 18 suppliers of corrugates, in the group. We now have around four to five. I believe we can use the scale of Libstar, and there's a few initiatives like that. So more balanced view, but still a risk. Yeah, we need to focus a lot of attention on that currently. Thanks, Cornél. Okay, some more questions. Hello, it's Matthew from Blue Quadrant again. Just going into Rialto of select products, the direct sourcing There was a bit of a blip in the prior year of the direct sourcing and removal of products there from one of the key customers. To what extent does that risk now carry over to other products in that retail supply, and how are you guys mitigating that moving forward? I'll take this one. From the beginning of the direct model implementation, there were select categories that were focused on by the retail customer. Not all of those categories have been implemented as yet. I think three of them have been fully implemented, with two further that have just started at the back end of 2025 and one that'll start into 2025, I mean 2026, I'm still living in the past. The impact on the 2026 year is around ZAR 30 million in the top line. Outside of those identified categories, there's been no further categories discussed with the retailer. I think through this process, it's all been delayed. It's all taken a lot longer than originally anticipated, and it kind of proves the point of this is a specialized skill set that we have in select products. At this point in time, there's no further categories that have been identified. Thank you, Terri. Next question. Hi, it's Craig Metherell from Denker Capital. Thanks for the presentation today. Maybe you want to share some comments around the trends that maybe weren't discussed. Woolworths buying into food, maybe some comments around that and whether you see any risk to the business or opportunities. Secondly, around obviously the chutney manufacturing going in-house with Tiger Brands. Any additional risks in that kind of as food producers take some of the production in-house. Are there further parts of the business that you need to protect against that happening, increased service levels and so on? Maybe some thoughts around that. Thanks. The honest truth is I have, and we have no insight beyond what you have in terms of what rationale drove the retail customer to acquire a supplier. However, we have coexisted with that supplier for many years. There is very limited, if any, overlap between us and that business. In fact, we supply that business with cheese and wraps as two examples. Over the short term, we have been assured that there is no need for any changes to our existing relationships. We are moving forward on our category management approaches across all of our categories. What'll play out over the longer term, I think will be determined in due course. At this point in time, I don't foresee, with the information available at my disposal at the moment, that this is a wholesale, and it was even stated explicitly that this is an action that will be replicated in other categories. Maybe let's take it for what it is at this point in time and see how things develop over time. The point you raise about taking production in-house plays into I think some of the learnings over the past number of years around industrial and contract manufacturing channel. It can be quite volatile, to use Terri's words, but essentially it can hurt when these longer-term agreements come to an end or whether they're switched on or switched off. That's whilst industrial and contract manufacturing has a role to play, it needs to be approached with circumspection. That is part of the reason why, and a big driver of why it made sense to consolidate the remainder of Dickon Hall with Montagu Foods, because we are in doing that, diluting the impact that any one contract loss of what remains can have on the combined business. It's not that it won't have an impact, but it certainly won't have a similar impact to what we have at this point in time. In terms of other large contract manufacturing arrangements within the group, the biggest and most obvious one would be QSR within the Finlar business. Hence also the impetus to look at the strategy going forward and what the footprint should look like, what will be most sustainable so that we aren't as exposed to those decisions moving forward. Will we turn down contract manufacturing? No, there are learnings from contract manufacturing that certainly will make us a bit more circumspect in terms of how and on what commercial terms we enter into that moving forward. Thank you, Charl. Any more questions on the floor? Good afternoon. Arend from Christus Pro. Thanks for the opportunity to be here today and the presentations I could experience. I have two questions, a bit different from the earlier questions that were asked. First of all, revising your operational model, and having seen some of the videos you presented here, would you consider introducing the principle of lean manufacturing as part of your operations to optimize? Secondly, the second question, the Minister of Labor in the previous year published Let me just get my spectacles. You published specific onerous targets for your industry to be achieved over the next five years. Having adopted your employment equity plan, are there specific focus areas that would eliminate or mitigate the risks for not achieving those targets, which might in fact impact up to 10% of your turnover? Sorry, I didn't catch that. Remanufacturing? Green manufacturing. Lean manufacturing. Yeah. You mentioned operating model, I mentioned earlier that our operating model is a bridge between our strategy and execution. Part of our simplification process is production efficiencies and lean manufacturing. That's key to our simplification. We believe that, a good example is our Swellendam factory. It's the cheddar. We produce close to 7,000 tons of cheese. We also completed phase I of a water project to be also a green factory in the future. That's a good example of a long-run, single SKUs, highly efficient, low labor cost. That's something that we will replicate. We've got a few initiatives in the George factory, but also across the group. Lean, to be competitive as a private label supplier and a brand supplier, that's key to be successful and to maintain or protect your margin is to be lean. I do believe we've got lean manufacturing assets, but there's further improvement, definitely further opportunity to improve. Regarding the question on labor targets, you're quite right. Those targets have been set at onerous levels relative to where we are today. That's why I wanted to highlight that in the presentation, having the people strategy and the employment equity plan aligned, particularly as it relates to management representation. We see similar issues within our peer group within the sector. It seems like it's been a sector that's been relatively slow to transform relative to, as an example, the financial services sectors. It does concern us around the targets that have been set and our ability to achieve that. The good news is we know what's required of us, and we are putting the plans in place that will see us improve. We will do everything in our power to get to those targets, but for our industry, exceptionally high barrier, and it is a concern. Thank you, Charl and Cornél. Any more questions on the floor? Yes. Hi, I'm Kuma from Coronation. I was just interested to hear your thoughts on the renewed interest of Walmart in South Africa. Do you consider this an opportunity or a threat for a contract manufacturer like Libstar? I believe the first round of, call it restructure within Makro Massmart, I wouldn't call it not successful. Walmart is one of the biggest retailers in the world. Africa or South Africa is a big focus for them. Charl and myself went to a few stores up north recently, I was very impressed with store layout, the range of products. It's an entirely new management team at Massmart at the moment. We will continue a big focus for them, obviously brands, South African brands, imported brands. Again, a key or cornerstone to their strategy, they confirmed it, is the drive on private label. We are well suited to support that retailer in their efforts to increase their basket or its basket participation in private label. At this point in time, much more of an opportunity than a risk. Thanks, Cornél. Next question. A question on innovation. I guess innovation was a recurring theme in multiple of the businesses. I guess what I'm after is a bit more detail on the criteria to assess innovation relative to, I guess, the volume uplift that you may see versus adding complexity to manufacturing and also long-term sustainability of margins. I'll try. In innovation, I suppose the mindset that we have adopted, and it's part of our purpose, it's the core of our strategy, is consumer centricity. What it means is when you innovate, you start with looking after the needs of consumers. We do that following trends, all the data that Wendy shares with us. That's the starting point, and we've been very successful. Again, coming from dairy, we've got a few examples, different pack sizes, lactose-free, high-fat products, low-calorie, high-protein products. You need to be on trend, and it's always that, call it paradox between innovation and production efficiency. We've got cross-functional teams working together. Again, I won't say it's a new thing, but it's a newly adopted mindset that form part of our strategy. The mindset that we adopted is we want to innovate, we want to add new products, at the same time also reduce SKU. Less SKUs, more efficiencies, and obviously that plays to our margin improvement or ambition to improve our margins. Thanks, Cornél. Maybe a follow-up question on innovation. The informal market was highlighted as a potential growth opportunity, I guess the Red Lion range as the primary vehicle of this. Can you chat to the price and margin dynamics as you potentially start to, I guess, shift the sales SKU? Yes. When it comes to that sort of environment, it's a very different trading environment. If I can put it like that, it's obviously more accessible from a cost perspective, and you have a very broad distribution opportunity. Once again, it's not about one size fits all. It's about understanding different environments within that traditional trade that you want to participate in, also understanding key categories that are either growing or that you can stretch your brand into. Then just driving that with the specific group or the wholesale environment, et cetera. Thank you. Thanks, Wendy. Next question. Sure. Hi, everyone. My name is Insira, I'm from Barclays. I just wanted to find out how the company currently views the benefits of being publicly listed in supporting its strategic and operational objectives. Then I do have a second question about how technology is being deployed in terms of cost savings within your manufacturing across the business. Just in context of, we saw now Woolworths has opened a self-checkout, and a lot of the comments were around how it's going to affect labor within the company. From your perspective as quite labor-intensive, and in the South African context, it makes a lot of sense to do that. How is technology being deployed? I'll take the first question. The two of you could fight for the second question. We are a ZAR 2.8 billion market cap business. It would be much more advantageous if we could get to ZAR 15 billion. In that regard, we are aware of the fact that at the moment, the limited liquidity in the share is not favorable to all stakeholders. In that regard, we are looking at ways in which we can improve liquidity. We made it very clear this morning that I don't think anyone is walking away today thinking that we will be tapping the market for large capital numbers soon. That gives you a part of the answer. We still believe the share price is intrinsically significantly undervalued, which gives you an indication of whether we would be issuing script to buy assets. I think it's something that's always been topical for Libstar. It's not necessarily something that's under management's control, but we are looking at ways in which we can improve liquidity, but not at the cost of other shareholders. Thank you. Do you want to go first or do you want me to go? Yeah. She's back. I think for what we've discussed today and what's been highlighted, Paul mentioned it earlier, and I'm sure Cornél can touch on it. Where we've got scale, we already have long runs in terms of where we can include automation. We've got some automation in our dairy plant that was implemented about five or so years ago now. We've got automation more in terms of quality in some other areas of the business. We haven't seen a mass movement in terms of our labor force around automation. We always need to be looking at automation opportunities in order to make us competitive and to make sure that we keep ahead of the market or at least in line with the market. So far in our experience, it hasn't resulted in a significant reduction in labor force. Where possible, we always rather redeploy that labor force into our growth opportunities. Potentially, you're not necessarily growing your labor force as much as your business is growing, but you're not necessarily shrinking it as well because of innovation. It's a fine balance between robots or robotics, automation, and then obviously the labor component. We've tried it, we've tested it works well. With automation, you also lose some flexibility. Be agile and we can respond quickly. That's one thing that I noticed with. Also, we've got big factories in smaller towns, we also have a responsibility to community that we serve, especially in Montagu, Swellendam, George, to name a few. Technology in our factories, but technology that I'm very excited about, and I'll touch on it and then maybe Jacques can elaborate on that, is the use of AI prediction or behavior and forecast demand planning, because that's a really difficult thing. Sometimes there's a lot of brands on promotion. The next week we on promotion, the next week one of our competitors are on promotion. You have some sort of, call it customer concentration on the retail front. Behaviors change rapidly. We've got this, call it mindset of ROIC, where we need to manage our inventory levels, but service our customers, those service levels. There's a big opportunity for us on the forecast demand planning. Maybe Jacques, I suppose that's the reason why you won that award, because of your efforts and what you are doing from a sales and operational point of view to reduce inventory, but the use of technology. Yeah, I think if you don't embrace technology, everybody can agree you're gonna be left behind. That's for sure. I think the way that we, in the dairy side, try to embrace it is to take all the monotonous work away. Let the machines think for you or gather information for you. For instance, in terms of all the data you saw, the data that Wendy was alluding to, that we get from all different sources. I'm not exaggerating, we're getting billions of data sets in on a weekly basis. How we manage all the stocks in the stores, in retail around the country. Across hundreds of SKUs, we measure 15, 20 different KPIs every day, and that figure changes the whole time. What we do is we use AI to collect all those data, get the biggest growth opportunities and the biggest gaps immediately, and send those tasks to the right people. Instead of having 10 people sitting and gathering that information and trying to, in two days, get that data out to somebody to go sort, we'd rather use the technology to get us to the right store to fix the right problem. You can't have a whole team of Libstar employees running around in 5,000 outlets. Rather get them to the right place at the right time, that's how we're currently embracing technology. Thank you. Thanks, Jacques. Any further questions on the floor? Okay. Should we go to some online questions? I've got a few here. Let's see how far we can get through them. The first one is from Charl from Titanium Capital. What gives the dry condiments a competitive advantage in exports? Are the core or high volume lines not available from a large number of suppliers globally? Over time, it is unclear why Libstar would retain global customers. We've answered that question. Yeah, already. In summary, demonstrating that, while financial advisors say past performance is not a good prediction of future performance, our past performance in terms of retaining customers and growing customers in Cape Herb & Spice speaks for itself. The reason why that has delivered the outcomes that we've been speaking to is because we provide a category solution across tiers. Perfect. Thank you. I should just add then, if you look at economies of scale, the expertise, that is difficult to enter new categories. Sometimes businesses acquire categories because it is so difficult to enter. Paul and his team there, they have got the relationships worldwide. Also, I suppose that top of the pyramid ingredient, everybody focuses on that. You obviously acquire, and you have got the contacts to acquire the best possible ingredients worldwide. Then, like I mentioned, the economies of scale. Perfect. Thank you, Charl and Cornél, for giving some more detail. Next question, also from Charl. There was a significant impairment in Ambassador Foods in the 2025 results. Please clarify some background to this. I will take that one. I think firstly, we do not speak about it that often anymore, but in 2014, when there was a transition from one private equity owner to another, there was a significant restructuring where essentially, to make a long story short, about ZAR 3.2 billion worth of intangible assets were created as a consequence of an internal restructuring. A consequence, the balance sheet of Libstar has a more significant intangible asset component than what would have arisen had we simply acquired those businesses or what arose on acquisition, if that makes sense. In an unlisted environment, you can imagine that we would do what Telkom did many years ago and impair it all, that is not an option that is available to us in the public space. Why that's important is that it's important to note that the ZAR 200 million impairment was all due to intangibles that were created on the restructuring. Why my earlier comment is also important is that if you have two years of underperforming operational results, it almost by default places that business at an impairment risk, regardless of the positive outlook in terms of recovery, just in terms of how the math works. That's an important introduction. The business had a transition in management from owner founder to a new management team. In doing that we encountered some operational challenges in terms of our technical side of that business. As a consequence, we were not afforded the opportunity to continue to innovate until we sorted our house, so to speak. With that, again, a management change, which we now are much more comfortable with, there was a concerted effort to invest in people, but also to clean up the balance sheet. Old labels, old property, plant, and equipment that was on the balance sheet that wasn't being used. Those are not things that we are proud of, but that is how it transpired. The good news is that now it is clean. We've had much improved service levels throughout H2. Our innovation pipeline has been restarted. We've had multiple high scores on audits. That leaves us in a much better position moving forward. We would love to be able to say that the hard days are behind us. Thank you, Charl. Another question from Charl: Please can you explain the direct model? Does this mean that Libstar doesn't carry weighted capital but earns a commission or procurement fee on products sourced from customers? Sure. The direct model is implemented in our select product subcategory within the Rialto private label retail leg. It is where the retailer directly imports, and we facilitate the relationship with the suppliers and we earn a commission. We don't hold working capital in that instance, but also to note that the procurement in the ambient side of the Rialto business, you're only holding the working capital on the water. It's not a significant change in our working capital structure. It does impact it positively, but it's not necessarily a significant change. Thank you. Thank you, Terri. We've got another two questions from Connie from Infoview Systems, not Connie Rasks. Connie, on the 4.3 million share repurchase, was this conducted via open markets purchases or structured off-market through bilateral agreements? This was done on market on. Yeah. Okay. That's it. No worries. Next one is: What do you think is a fair share price of Libstar, which would accurately reflect the interest? Higher than ZAR 4.50. A dreaded question. Another one: Could you give some color on how receivables have trended over the period, particularly in terms of days outstanding and any changes in customer payment behavior? Over the last probably two to three years, our receivable days have remained constant. They haven't been a driver behind our working capital changes. We manage our receivables, obviously, at a business unit level, but it gets reported to the center on a monthly basis. It's something that we're very conscious on, and we monitor regularly. Our risk in terms of bad debts or debts as provisions have reduced, so we haven't had significant write-offs. Our risk of impairment on receivables is in a very good position. Thank you, Terri. I'm just making sure that we've answered all our online questions. Any other questions on the floor, perhaps, in the meantime? There's another one. Perhaps a question on volume losses in the business. Most materially in the last five years was Finlar, and perhaps to a lesser extent, we've seen volume losses in Rialto and Dickon Hall Foods. I guess this also creates a ripple effect on efficiencies and returns. Going forward and considering that industrial is still 12% odd of sales, and there perhaps are instances where there's lack of written contracts, how does Libstar position to mitigate these risks going forward? I think it's important to note that in many instances of contract manufacturing, especially with multinationals, there will be a contract in place. The point goes back to my earlier response around two of those three volume losses that you've quoted have arised from the contract manufacturing side of the business, and I've noted where the further risk is. We mitigate that by our simplification strategy. We've noted what we're doing on Finlar's side, and we've responded by being able to turn, I would like to believe, the lemon into lemonade between Dickon Foods and Montagu Foods. Beyond those two, the risk mitigation of moving forward is the logical answer is to only invest with sufficient commitment from the counterparty that will ensure that the necessary capital, return hurdle rates are met. That's something that we often speak to and consider when taking on new customers in that channel. Yes, where we have headroom with capacity, also, I suppose first point of call, is it margin accretive or not? Thank you, Charl and Cornél. Thank you. Any other questions? I'm just checking if there's anything online. I think that is it. I think that will conclude our Q&A session. If we do miss any question that comes through online, we will take note of them and get in touch with you directly. As mentioned, please be in touch if you would like to set up any further meetings with our leadership team. Thank you also for our leadership team for taking us through all the questions and facilitating the answers with so much detail. I'll now hand over to Charl just to close off today's proceedings. Thanks. From our side, from a management team perspective, again, thank you so much for taking the time. We know it's a busy reporting season. Many of you have been at the Sun City conferences and conferences. We really appreciate you taking the time to listen to what we believe is a new dawn for Libstar. There's still much work to do, as I've said previously, we wanted to share the fact that our plan is in place and we know where we need to execute. Thank you again for making the time, dialing in and being here in person, as well as to the media and our fellow Libstar senior managers as well as non-executive directors. Thank you so much. Please don't leave immediately. Behind you will see to those who are here in person, you will see a display of all of the products or many of the products, not all of them, we won't be able to fit all of them, but many of the products. Please spend a bit of time looking at those products, spend a bit of time talking to management. If we haven't addressed any of your questions, please do stay behind. Lastly, to those who may have listened today, digest it. We welcome any further engagement. If you would like us to visit you in terms of a one-on-one engagement, if you have any further questions or concerns that we haven't addressed today, please feel free to reach out to Natasha, and we will do our best to respond to those questions and also attend to one-on-one meetings to the extent required. That's all from my side. Please travel safe, and thank you very much. Please do stay for those engagements with management. Thank you very much