Good morning, everybody. Thank you for joining us this morning, and welcome to our final results presentation for the year ended 30 June 2026. Today's presentation follows a structure set out on the screen. I will start with the performance overview, focusing on the key financial and operational features of the year, as well as the strategic progress made in simplifying and strengthening the portfolio. Carel Vosloo will then take you through the delivery against some of our other strategic priorities, and Neville Williams will follow with the summarized results for the year. We will then spend some time on the major investee company updates. Jurgens Myburgh, the CFO, will cover Mediclinic and the meaningful progress made on the restructure. Ronnie van der Merwe, the CEO of Mediclinic, is not with us today and will be retiring in mid-2027, post the conclusion of the operational separation of Mediclinic. We, as Remgro, are very grateful to Ronnie for his contribution over the years. It is also my privilege to announce that somebody of Jurgens' caliber will take responsibility for Remgro's healthcare exposure post the implementation of that restructuring in 2027. He will assume the role of CEO of Remgro Healthcare Holdings. The CEO of Heineken Beverages, Jordi Borrut, and CFO, Radovan Sikorsky, will cover Heineken Beverages with some very pleasing momentum building in that portfolio. After that, the CEO of RCL, Paul Cruickshank, will speak to the RCL Foods results. Finally, Dietlof Mare will unpack CIVH and the opportunities created by the completion of the Maziv transactions with Vodacom and Herotel. I will then close with a few comments on the outlook and our areas of focus going forward before we open the floor for questions. This morning, I am very pleased to present a very good set of results for the year ended 30 June 2026. This is the second consecutive year where the benefits of deliberate efforts started to come through more clearly in the numbers, as you can see. Headline earnings growth was strong, cash generation improved meaningfully, and most importantly, that translated into a significantly higher dividend for our shareholders, and in addition, created the capacity for a special dividend of ZAR 5.50 per share. We are delighted to be able to return this kind of value to shareholders. This brings the total cash payout for shareholders for the year to ZAR 11.45 per share. These are the outcomes we have been focused on delivering. The main contributors to performance in the period were Mediclinic, Rainbow, CIVH, OUTsurance, and Heineken Beverages. These are businesses where we have spent considerable time with management over the past few years and where we have supported or undertaken key portfolio actions to unlock value. It is very encouraging to see the impact coming through in the numbers. The increase in INAV is close to 5% but adjusted for distributions mainly from dividends during the year, that increases to almost 9%. Overall, these results reflect the quality and the resilience of our portfolio, the considerable work undertaken by investee company management teams, the strategic actions undertaken from a portfolio optimization perspective, and the benefits of a more focused and engaged ownership model that we have progressively embedded across the group. As I reflect on our results in the tough operating context against which these were achieved, I am very pleased to see how the stronger operational performance across the portfolio is now increasingly converting into earnings, cash flow, and shareholder returns. This is exactly what we set out to achieve. Over the years, we have reported back in a consistent manner on how we believe we have delivered against the strategic priorities that we have articulated, which I remind you on this slide again. The past year was characterized by ongoing global uncertainty, fluid capital markets, and continued pressure on consumers. Against that backdrop, I am very pleased to report what I believe is healthy progress on each of these objectives. I must remind you that this is a journey, and the work is never completed. We have a slide on each of these, so I will not spend much time talking through them here, but I will reflect on the corporate actions, and then Carel will talk about the traction on performance organization, capital allocation, and sustainability. The first objective is one we have been talking about over many reporting periods: implementing corporate transactions to reposition the portfolio. We have been on a journey over the last few years of transforming the composition of our portfolio. On the left-hand side of the slide, you will see the meaningful transactions between 2021 and this year. Although, of course, it really started earlier than that with the RMH and RMI transaction, which were the first meaningful steps on this journey. The initiative was partly about increasing the scarcity of the assets in our portfolio and having fewer listed entry points. The more meaningful theme was about focus and simplification, building the portfolio around assets where we can genuinely have an impact, where we have strong partnership for focused delivery and compounding results over time. Refining a portfolio is dynamic work and is never really complete. But we also do not want to be talking about portfolio transformation as a distinct initiative forever. With the merger of Maziv and Vodacom assets concluded, and the restructuring of our Mediclinic exposure mostly done, we are pleased to be able to draw a line under it. Over the same period, we have also exited a number of capital market exits, and we have concluded that this year with the disinvestment of our residual stake in FirstRand. Those were obviously easier to execute, but they matter and illustrate our commitment to a sharper investment thesis. So where does it leave us looking forward? We believe this transformation of the portfolio provides a new platform to build on. The last two years have been strong, and we realize things do not always move in a straight line. But let me hand over to Carel to talk a bit about how we see this translating into performance and capital allocation. I will now hand over to Carel. Thank you, Jannie, and good morning, everyone. This first slide still deals with that first priority that Jannie spoke about, which is active performance optimization. Jannie has hit the highlights already, so I am not going to repeat those. But suffice it to say that Remgro's performance is really a sum of the parts of the performance of the underlying investee companies. Credit for the strong performance this year really belongs to the management teams and the wider teams in those investee companies. As Jannie did mention, we are very proud, though, that it, for the second consecutive year, is a broad-based performance improvement across the portfolio. Comfortably more than 90% of the INAV reported an increase in earnings over the year. Some of the bigger contributors are mentioned there on the slide, so Mediclinic and OUTsurance, both at around 24%. CIVH, Rainbow, Heineken Beverages, all of those more than 100%. RCL Foods had a tough year, unfortunately, down by a third, I think for reasons that are mostly appreciated by now, but Paul will again speak about that a little bit later. Certainly, there are good plans afoot for turning that around. But I think the important point that we would like to make is that Remgro's performance is not just a function of what we buy and what we sell, but really importantly, of what we choose to hold. Then importantly, what we do with those assets while we hold them. This is where we think that our philosophy of a deeply engaged shareholder is critically important. It allows us to create an ecosystem of ongoing, continued performance improvement. We can ask better questions. We can make quicker decisions. We can join the dots between things that we see in different parts of the portfolio, hold each other accountable, and intervene when it is required. I think we have to be candid that those are not the things that will translate into earnings increases or cash flow increases from one year to another. But we do believe that those are the things that will create a culture of ongoing improvement and hopefully compounding performance over time. On the next slide, we look at capital allocation, and we have shared with you before how we think about capital allocation priorities, and we have got the four buckets there on the left-hand side of the slide. We have always said that the most primary priority for us is to ensure that Remgro's balance sheet at the center is robust. During the last year, we have increased our cash at the center from roughly ZAR 8.3 billion or ZAR 8.4 billion to in excess of ZAR 20 billion. That was a combination of operational cash flows, dividends, special dividends, and also some divestments. Neville will unpack that in a bit more detail later. But I think it is fair to say that with slightly more than 10% of our INAV in cash, that even in what we consider to be a highly uncertain global backdrop, we think that the Remgro balance sheet is very secure, and that priority is well catered for. The second priority we have always indicated is that we will also retain enough capital to be able to support our portfolio companies where those might need capital injections. During the last year, we didn't have to inject any meaningful capital into any of our portfolio companies. I think it's fair to comment that two of those transactions that Jannie mentioned, both the CIVH Vodacom transaction and also the Mediclinic restructuring, very meaningfully reinforced the capital structure of those two businesses, and they're certainly now well capitalized for growth as well. If those two first priorities are then catered for, that brings us to returns to shareholders. You would remember at the interim results, we reduced the guidance of free cash flow cover that we use to determine the ordinary dividend from 2x to 1.5 x. We're retaining that at 1.5 x, and again, Neville will unpack that in more detail. But the combination of the increase in earnings and the reduction in the coverage means that the dividend is up by a compelling 73% over the period. As Jannie mentioned, we're also declaring a special dividend of ZAR 3 billion or ZAR 5.50 per share. Indeed, very pleased that the improvement in earnings translates into improvement in cash flows, and that's translating into an increase in dividends to our shareholders. We will continue to weigh up repurchases. We feel strongly about the compelling merits of those. We'll weigh that up against alternative capital deployment opportunities that's available to us. That also certainly remains on the menu. Lastly, on new investments. At the interims, we also mentioned that we are investing more energy and resources into looking for new investments. Certainly, there are many interesting things out there that we've been evaluating and looking at, but I want to reassure everyone that we'll be incredibly disciplined in making new investments. Having spent lots of time and energy simplifying our portfolio and streamlining our investment thesis, we will need healthy conviction that any new investment will add to our investment thesis and indeed create value for our shareholders. The last slide I want to talk about is sustainability, that third objective or strategic priority that Jannie mentioned. This does sometimes feel like a topic where the words can get in the way of the message. I'll speak about it really simply. There were two themes during the year where we invested meaningful effort. The first one of those was embedding ESG and sustainability in our investment team and investment processes. Not only in new investments, where we've really built ESG considerations into our diligence processes, but also in our existing portfolio in how we engage and set expectations and also share experiences with our existing investees. This has become a much more prominent topic of discussion. I can confidently say that we've made good strides at embedding ESG and sustainability in our investment processes, and also in our risk management processes. Very closely related to this is being able to understand the data, and have good data against which we can measure ourselves. Again, not always easy because different metrics are important to different companies. Also, the scale very different across different parts of the portfolio. But I can say that we've adopted a very useful sort of tool across 80% of the portfolio that allows us to collate and collect good data on sustainability metrics. This also expands not only to our environmental footprint, but also to our broader shared value and impact on society. And that we hope in future we'll be able to also collate that in the form of a Remgro impact report, where we can share with interested stakeholders the wider impact that we're having. So with that, I will hand over to Neville to take us through the results in a bit more detail. Thank you, Carel. I'm pleased to now take everyone through our financial results in a bit more detail. I will focus on three key performance measures, namely headline earnings, the intrinsic net asset value, as well as cash generation at the center. As Jannie mentioned earlier, Remgro delivered a strong performance in this financial year, with headline earnings up by 42.3% to ZAR 11.1 billion and headline earnings per share up by 42.2% to ZAR 20.03. The earnings growth momentum experienced during 2025 continued in this financial year, culminating in the strong growth in headline earnings. Referring to the right-hand side of this slide, this 42.3% increase was however amplified by once-off items amounting to over ZAR 1 billion, consisting of a tax benefit relating to the impairment of intercompany loans, as well as a tariff provision release, both in Mediclinic Switzerland division, and a once-off Transnet pipeline cost refund at TotalEnergies. Excluding these once-offs, headline earnings increased by 29.3% to ZAR 10.1 billion, which actually demonstrates the underlying quality of the results, as the growth was supported by stronger operational performances across key investee companies. The key contributors were Rainbow, up by ZAR 610 million. And that was driven by an exceptional performance by the Chicken division. Followed by Mediclinic, up by ZAR 562 million, and that's a number excluding the once offs, due to a robust operating performance. CIVH was up by ZAR 412 million, as they turned around from a loss of ZAR 93 million to a profit contribution of ZAR 319 million, mainly driven by revenue growth of 15% at Maziv. The OUTsurance Group was up by ZAR 332 million, driven mainly by OUTsurance South Africa's strong results. And then Heineken Beverages turning from a loss of ZAR 50 million to a profit contribution of ZAR 111 million as they continue their positive recovery journey. Furthermore, Central Treasury's contribution increased by ZAR 325 million through increased finance income on higher average cash balances following the FirstRand disposal. While finance costs reduced to zero after the redemption of the preferences in the prior year. These gains were partly offset by a lower contribution from RCL Foods, largely due to weaker performances from Sugar and their Pet Food operations. The investment portfolio contributed ZAR 9.9 billion to headline earnings adjusted for once-offs, representing an increase of 23.4% on the prior year. The in-bar labels show each investee's contribution to headline earnings adjusted for once-offs of ZAR 10.1 billion. As you can see, the top three investments contributed 57% to headline earnings adjusted for once-offs. Mediclinic is the largest contributor with 29%. OUTsurance Group contributed 17%, while Rainbow delivered outstanding growth, contributing 11%. Jurgens will unpack Mediclinic's results later in the presentation, while OUTsurance and Rainbow have already released their results in the market. I will quickly talk to Air Products and Siqalo. Air Products contributed ZAR 686 million to Remgro's headline earnings, representing an increase of 6.7%. For the 12 months ended 31st March 2026, turnover increased by 5.8% and operating profit by 6.7%. The onsite plant and pipeline business recorded moderate growth, with stable and reliable plant operations supporting cost containment. Their packaged gas business achieved steady volume growth across all segments, with margin gains and ongoing cost efficiency improvements contributing to the overall performance. Siqalo Foods' contribution was broadly in line with the prior year. The result was resilient in a challenging trading environment with ongoing pressure on consumer disposable income. Sales volume performance remained constrained, declining by 1.8%. As a result, their operational EBITDA decreased by 4.2%, reflecting that impact of lower sales volumes and the deliberate increase in brand marketing investment. For completeness, Central Treasury contributed ZAR 606 million, while net corporate cost reduced the headline earnings adjusted for once-offs by ZAR 378 million. On the valuation of the top five unlisted investments, I will start by making a few comments about our valuation methodology overall, before I speak to certain specifics. Firstly, our valuation process is robust, market benchmarked, and subject to strong governance oversight, including review by the audit and risk committee, its valuation subcommittee, as well as the independent auditors, Ernst & Young. Secondly, we apply standardized methodologies consistently from period to period. Lastly, we continue to use the discounted cash flow methodology as our primary valuation approach and use observed peer multiples as reasonability checks of our outcomes. Just some context for this year-end valuations. The cost of capital fell significantly in FY 2026, with that benefit landing in the first half to 31st December 2025. Against this, we moderate the terminal growth assumptions to reflect lower implied long-term inflation. In the second half, long bond rates rose slightly, and we are seeing that trend continue since year end too. Despite the slightly higher risk-free rate in the second half, we have kept our moderated terminal growth assumptions as we believe conservatism is suitable at this time. The continued tough economy, along with the second order effects of the Iran war on our economy, especially through increased energy cost, inflation pressures, logistics, and weaker demand are reflected in management's forecast and in the risk discounts we apply in our valuations. So we believe the outcome is valuations which are reasonable but conservative. The graphs show the movement of the valuations and implied multiples of the five largest unlisted investments in Remgro's portfolio across the three reporting periods. These five investments represent 83% of Remgro's unlisted portfolio at 30 June 2026. In summary, changes in valuations have mainly been driven by the lower cost of capital, but with downward adjustments to financial forecasts and a moderation of terminal growth assumptions in most cases. Overall, the multiples have remained reasonable when compared on a marketable, non-controlling basis to the observed peer set. Please note that Mediclinic's valuation reflects Remgro's 50% ownership in Mediclinic Holdings at 30 June, which includes 100% of each of Mediclinic South Africa, Mediclinic Middle East, and Hirslanden in Switzerland. The Mediclinic ownership restructure was implemented on 1 July after year-end. Referring to the table on this graph, the unlisted valuation process resulted in a modest 1% increase in the unlisted portfolio to ZAR 94.3 billion. Inclusive of dividends received from these unlisted investments amounting to ZAR 5.2 billion, the cum div growth was 6.5%. The listed investment's market value decreased by 8.3% to ZAR 58.2 billion since the prior year, mainly due to the disposal of our interest in FirstRand. OUTsurance and Discovery contribute approximately 83% to listed value. The INAV bridge shows cash at the center increased by ZAR 12 billion as the FirstRand disposal converted listed value into cash, with listed assets such as Discovery and Rainbow contributing steady double-digit growth. The INAV per share increased by 4.6% to ZAR 305.80. Including distributions to shareholders during the year under review, consisting of the final dividend of 2025, a special dividend of ZAR 2 per share, as well as the interim dividend of 2026, together with the eMedia unbundling. The total growth was 8.9%. Turning to cash at the center, we ended at ZAR 20.4 billion at year-end. On the 1st of July, Remgro received an equalization dividend of $129.7 million, approximately ZAR 2.1 billion, with the implementation of the Mediclinic restructuring, increasing the cash at the center to ZAR 22.5 billion on 1 July 2026. The free cash flow at the center is an internal performance measure focused on cash generated at Remgro's corporate center and is disclosed in the interest of transparency. Free cash flow at the center and adjusted free cash flow at the center constitute pro forma financial information, non-IFRS, and are presented to assist users in assessing operating cash flow generation at investment holding company level. At Remgro at the center. Remgro delivered strong free cash flow at the center in FY 2026, increasing by 105.6% to ZAR 8.3 billion, mainly driven by higher dividends received, including the ZAR 3.1 billion of pre-implementation dividends from CIVH following the CIVH, Vodacom and Herotel transactions. Excluding these special dividends from corporate actions at investee companies, the adjusted free cash flow increased by 28.6% to ZAR 4.95 billion or ZAR 8.91 per share. This increase was supported by a 23.8% increase in ordinary dividends received to ZAR 4.6 billion. This bridge explains the ZAR 12 billion increase in cash at the center during the year. The increase was driven mainly by the free cash flow at the center of ZAR 8.3 billion, together with net proceeds from the FirstRand disposal of ZAR 7 billion after CGT and ZAR 1 billion from BAT. These inflows were partly offset by cash dividends paid during the year. This slide shows the growth in adjusted free cash flow since 2021, the COVID period, and this was driven primarily by higher dividends received from investee companies over the last five years. The difference between dividends received and adjusted free cash flow at the center reflects the result of Central Treasury's net finance income or cost, together with net corporate cost. Following the full redemption of preference debt in December 2024, Remgro has zero gearing at the center, and Treasury has since contributed positively to adjusted free cash flow. The board declared a final dividend of ZAR 4 or ZAR 4.22 per share for financial year 2026, representing an increase of 70.2% from the previous year. This brings the total ordinary dividend for the year to ZAR 5.95 per share, up 73% year-on-year. This 73% increase reflects the 28.6% growth in adjusted free cash flow per share to ZAR 8.91, amplified by a higher payout ratio of approximately 67% of adjusted free cash flow compared with the 50% in the prior year. The dividend guidance is a cover of 1.5 x by adjusted free cash flow for the foreseeable future. The board also declared a special dividend of ZAR 5.50 per share. These cash dividends, the final ordinary and the special dividend amounting to ZAR 9.72 per share, are payable on the 26th of October 2026. This concludes my results presentation. Thank you. I hand over to Jurgens now. Thank you very much, Neville, and good morning, everyone, and thank you for the opportunity. What I'll do this morning is talk through the results for the year ended 31 March 2026, with reference to the priorities we set ourselves, provide a strategic and operational reflection on the restructuring of shareholders' interests, and set out the priorities that we set ourselves going forward. For the year ended 31 March 2026, Mediclinic Group delivered a robust operating performance, navigating a fluid geopolitical landscape and a persistently challenging market environment. Adjusted revenue increased by 11% to $5.4 billion, up 5% in constant currency terms, and adjusted EBITDA increased by 14% to $842 million and was up 8% in constant currency terms. Cash conversion improved to 106%, and the leverage ratio reduced to 2.7 x. The operating performance was underpinned importantly by underlying volume growth and favorable mix changes, and reflects the progress against our previously outlined priorities, which includes the successful implementation of the operating model review, which drove efficiency gains and overall performance improvement. From a corporate perspective, we implemented the restructuring of shareholders' interests on the 1st of July, 2026. In addition to that, earlier this month, the board of directors of Spire Healthcare announced a recommended offer at 250 pence per share that included our undertaking to vote in favor of the court-sanctioned scheme, which, if approved, will see us dispose of our approximately 30% interest in the business before the end of the calendar year. Looking at the detailed provisional performance in turn, very briefly on Switzerland, adjusted revenue for the period increased by 1% to CHF 2 billion and adjusted EBITDA increased by 7% to CHF 283 million, driven by an increase in underlying volumes and the effect of the ongoing turnaround project on operating expenses. In Southern Africa, revenue for the period increased by 7% to ZAR 23.8 billion in what remains a challenging macroeconomic environment. Compared with FY 2025, paid patient days increased by 1.8%, with day cases increasing by 1.5%. Occupancy increased to 68.2%, and average revenue per bed day was up 4.7% compared with FY 2025, reflecting speciality mix changes. Adjusted EBITDA increased by 8% to ZAR 4.4 billion, resulting in an adjusted EBITDA margin of 18.6%. Depreciation and amortization decreased by 3%, with ongoing investment offset by a marginal change in estimated useful life of some assets. Adjusted operating profit increased by 16% to ZAR 3.3 billion. Net finance costs decreased by 4%, reflecting a decrease in interest rates on borrowings offset by lower finance income on cash balances. Adjusted earnings increased by 25% to ZAR 1.7 billion. In year-to-date trading, we've seen good volume growth driven by inpatient admissions offset by network activity and cost pressures. The commissioning of the new George Hospital at a cost of approximately ZAR 1 billion took place in April this year. We're excited about our improved offering in the region and are seeing year-on-year growth in line with our expectations at that hospital. The additional asset base will increase the D&A charge of the business from FY 2027 onward. In the Middle East, revenue for the period increased by 9% to AED 5.6 billion, driven by continued growth in client activity despite the impact of the regional conflict on operations during the month of March. Outpatient and day cases were up 1.6% and 8.7% respectively. Inpatient admissions were down 2.2% due to the disruption in March and the successful consolidation of Mediclinic Al Noor Hospital and Mediclinic Airport Road Hospital into an expanded Airport Road campus. Adjusted EBITDA increased by 14% to AED 897 million, driven by revenue growth and strong cost discipline. The adjusted EBITDA margin increased to 16%. Adjusted D&A decreased by 4% to AED 320 million, mainly due to the impairment of right-of-use assets, leasehold improvements, and intangible assets related to the closure of our Al Noor Hospital. Adjusted operating profit increased by 28% to AED 579 million. Net finance costs decreased by 71% to AED 11 million, reflecting high interest earned on bank balances. Adjusted earnings increased by 36% to AED 511 million. In year-to-date trading, the business has continued to perform in line with our expectations despite the regional conflict. Revenue growth is driven by outpatient and day case revenue, and the cost base has remained well managed. We continue to monitor regional developments closely as it could impact the performance of the business, but at this point can only appreciate the resilience of the region, its leadership, and its people. As mentioned earlier, the restructuring of shareholders' interest was implemented on 1st of July 2026. Under the new structure, Remgro assumed full ownership of Mediclinic Southern Africa, while Investment Holding Limited, a subsidiary of MSC, assumed full ownership of Hirslanden. Mediclinic Middle East and the investment in Spire Healthcare remain under the joint ownership structure. Alongside completing the restructuring, our focus has been on achieving the operational separation targeted for 31 March 2027 in a disciplined and methodical manner while protecting the strengths, capabilities, strategic focus, and clinical standards that have been built up over time. Throughout this process, which continues under the leadership of Ronnie van der Merwe until his retirement next year, the priorities remain clear: patient safety, operational continuity, and the retention of critical expertise. From a financial perspective, the restructuring and operational separation is expected to give rise to a modest near-term cost increase as we build or absorb the necessary local skills and capabilities and account for the acquisition of Mediclinic Southern Africa by Remgro. From a corporate finance perspective, the restructuring has seen ZAR outflows, including dividends of over $300 million, funded from available cash both at the center and within the Middle East division, which will, of course, impact finance income going forward. More importantly, with leverage ratios of approximately 1.3 x and 0.3 x at the moment, respectively, the restructuring provides the Southern African and Middle East businesses with the balance sheet capacity to fund future growth. Looking ahead, we set ourselves the strategic goals and priorities for Southern Africa and Middle East business, starting with Southern Africa. This is a mature and well-established business with a strong clinical platform, an extensive network, and clear opportunities for further growth. The external environment is not without challenges. Economic growth remains constrained, regulatory uncertainty continues, and competition for doctors and skilled clinical staff remains significant. Our response is focused and pragmatic. First, we intend to grow activity through selective expansion and broader participation across the healthcare ecosystem while maintaining and strengthening the core hospital business. Second, we will continue to improve efficiency and margins through the ongoing implementation of the target operating model review and greater local accountability. Third, the replacement of core systems and implementation of electronic health records are important long-term investments. These will provide a stronger platform for operational efficiency, clinical decision-making, and a more integrated patient experience. Finally, capital will be directed selectively to opportunities that strengthen our network, expand relevant services, and generate appropriate returns. The targeted outcome is sustainable revenue growth ahead of inflation, accompanied by incremental improvement in operating margins, noting the modest near-term impact of the restructuring on the cost base. The Middle East business operates in an attractive healthcare market, supported by strong demand for high-quality specialized services. Whilst the business has delivered resilient performance despite the broader regional conflict, we remain appropriately cautious and are monitoring developments and their potential impact on the long-term prospects and performance of the business. Competition is also increasing as existing providers expand and new competitors enter the market. Our response is therefore to invest selectively and to differentiate through clinical capability, patient experience, and operational execution. The immediate priorities are the following. First, to continue growing the existing business and improving operating margins. Second, to execute the Abu Dhabi strategy successfully, building on the consolidation of services at the expanded Airport Road Campus. Third, to expand capacity and introduce additional specialties where there is clear demand. And fourth, to develop our virtual operations capabilities so that we can engage patients more effectively, improve access, and support retention across our network. Our clinical powerhouse model and focus on client experience remain important differentiators. These capabilities allow us to concentrate expertise, strengthen care pathways, and compete on quality rather than capacity alone. Over time, we expect new projects and operating leverage to support revenue and margin growth. In the near term, however, this could be offset by the modest impact of restructuring and potential risk presented by the regional conflict, as mentioned earlier. In conclusion, the following six observations. First, the underlying businesses are sound. FY 2026 demonstrated that Mediclinic can deliver volume growth, margin improvement, and strong cash conversion despite challenging market conditions. Second, the revised ownership structure creates greater strategic focus and capacity for future growth. The Southern African and Middle East businesses are capacitated to more effectively respond to their respective market realities with clearer local accountability and more targeted capital allocation. Third, the transition is being managed with discipline. Patient safety, operational stability, knowledge transfer, and business continuity remain non-negotiable throughout this process. Fourth, we're preserving the capabilities required for future success. The expertise built within group services is being developed or absorbed into individual businesses, so that each has the necessary support, governance, and institutional knowledge to succeed. Fifth, transformation continues. The business will continue to improve efficiency, invest in technology and data, strengthen clinical delivery, and respond to changing patient expectations. Finally, the objective remains sustainable long-term value creation. Greater local accountability, faster decision-making, and focused investments should allow each business to pursue the opportunities more relevant to its market. From a personal perspective, as Jannie referenced earlier, I look forward to transitioning to Remgro over the next six months and assuming direct executive responsibility for Remgro's healthcare exposures, including Mediclinic. Mediclinic has evolved considerably over more than four decades. What has remained constant is our commitment to quality care, patient safety, and the long-term sustainability of the organization. We believe the actions taken during FY 2026 have created a strong foundation for the next chapter, and we remain focused on completing the transition responsibly and positioning the business for continued growth. Thank you very much. I'll hand over to Jordi. Thank you, Jurgens. Good morning. I am Jordi Borrut, Managing Director of Heineken Beverages, and together with Radovan Sikorsky, our Finance Director, I will take you through our performance for the year and our priorities looking ahead. Before we turn into the results, let me briefly set the context. This is our third year since the creation of Heineken Beverages. We operate across African markets with a combined population of around 200 million people and attractive long-term growth fundamentals. South Africa remains our core market, and beer is the largest alcohol category, yet our share in beer is still below 25%. That gives us meaningful opportunities to grow, provided that we do so with discipline and build a more competitive and profitable business. We also benefit from a capital-efficient regional model. Most of our production is anchored in South Africa, combined with exports and in-market distribution partners across the region. Since the integration, our strategy has remained consistent. We have three growth priorities that you can see in the bottom left: win with beer, build brands with power, and connect directly with our end customers. These are supported by two enablers: accelerating operational efficiency and building the organization and culture needed to move from challenger to champion. We are making tangible progress across all five priorities. Let me start first with beer. Momentum has strengthened across the portfolio, and Amstel is growing strongly and becoming a more meaningful mainstream proposition, which is important because this segment gives us scale. Our wider beer portfolio is also performing well. Second, brands with power. Three years ago, we selected 13 power brands from a portfolio of more than 60 brands and a concentrated investment behind them. These brands are outperforming the broader portfolio while the remaining brands continue to play valuable regional and local roles. Klipdrift is a good example. It has a national footprint, is linked to the Springboks, and has delivered double-digit growth over the past three years, whilst regional brands such as Richelieu, Olifantsberg, Viceroy, and Commando complement it with strong local relevance. I will talk about our third growth priority at the end. Let me move to the fourth one, operational efficiency. The integration created three years ago gave us significant opportunities in fixed costs, procurement, and productivity. We have maintained strong discipline and continue to invest to unlock savings. As an example, our new mega distribution centers in Springs and Sedibeng are improving product flow and service whilst reducing distribution costs. Moving to the fifth pillar, the challenger to champion, we have significantly strengthened the management team and the leadership pipeline below. We are creating a simpler and more accountable performance culture while we continue to invest in our Brew a Better World agenda, the digital capabilities technology, and the artificial intelligence. Returning now to our third pillar, direct customer connection. Our ambition is to build a stronger connection with the end customers we serve, taverns, bars, restaurants, and the retail outlets through our route to market partners, including distributors, cash and carries, operators, and retail chains. Our commercial execution has improved materially over the last year. There is an independent annual survey of 65 major customers that is called Advantage Survey, which ranks alcohol suppliers across a range of performance criteria. I am pleased to say that Heineken Beverages was named South Africa's number one alcohol supplier. We moved from ninth place in the previous survey to the first. This independent recognition reflects the progress we have made in the quality of our customer-facing teams, customer plans, trade marketing, insights, promotional execution, and portfolio offer. With that context, I will hand over to Rado to cover the overall financial performance. Thank you, Jordi. Good morning, everyone. Just going through the revenue slide, you can see that we have quite a significant improvement in the operating profit results, in the headline earnings results of the company. Let me first focus on the revenue. Revenue was broadly flat at ZAR 55.3 billion. Just putting some context into those numbers, we need to look at the different categories and also our footprint, African footprint. Within the categories, there was strong beer performance. The revenues grew strongly, whilst we were softer in the spirits and wines category, which also have a higher revenue per hectoliter, and that has a mixed impact on the revenue growth. In the second half of the year, we also had some headwinds in our African markets, which impacted revenue growth, whilst underlying performance in South Africa revenue remained strong. On the reported headline earnings, we are pleased to show a significant growth of 320% and excluding amortization, ZAR 1.1 billion. We can go to the next slide, and I can give a bit more detail. It gives us pleasure to show a nice, strong, improved headline earnings for 2026. Whereas last year we reported a headline loss of ZAR 268 million, this year we had a strong headline profit earnings of ZAR 589 million. I will break it down into three elements. Firstly, the underlying performance of the business. It is nice to see that there is now a sustainable growth of our headline earnings generated by the business, driven by the operational performance, but also to what Jordi mentioned, focusing on productivity and cost discipline. We also see improved operating profit margins and also healthy gross profit coming through despite the flat revenue, which is very nice to see, where we seek to really go for value and sometimes are a little bit less aggressive on the volume part of certain categories. In terms of the second element, the reduced IFRS amortization impact had an upside of ZAR 194 million, as certain of the assets come to an end in terms of the amortization. On the other third element, we see ZAR 351 million growth, and this is a combination of taxation, equity income from some of our investments that we have in Africa, and also the impact of lower NCI, which combined give us that impact. We have also lowered non-recurring costs from integration coming through, and we are cycling these from 2025, which is also having an impact. Just to summarize on that, it is nice seeing the nice growth in our reported headline earnings coming through and the sustained growth in the business going into future years. Jordi, I hand over to you for the revenue. Thank you, Rado. As Rado mentioned, looking at the portfolio, the picture is mixed but clear. Beer delivers strong revenue growth with resilient contribution from Amstel, Windhoek, and Heineken. Cider was stable with Bernini performing particularly well. Wine was softer, mainly because of pressure in the South African value segment, particularly with Paarl Perlé and 4th Street. Spirits also declined, especially in gin, where Old Buck faced intense pricing and promotional pressure in a declining category. At the same time, several priority brands performed strongly, including Klipdrift, Amarula, and Bernini. This reinforces our view that focused investment behind the right brand is working. If I look at now revenue per entity, South Africa continues to generate the majority of our revenue and also produces a significant share of the stock supply to our international markets. Heineken International, faced a difficult macroeconomic and trading environment during the year. The result was disappointing, but the long-term opportunity remains attractive. We have strong brands, a regional model that combines local production with exports from South Africa. Namibia delivered another resilient performance. It remains profitable, creates both operational and trade benefits, and continues to gain share across key beer and cider categories despite an intense competitive market. Looking ahead, I will close with the outlook. We expect modest economic growth in South Africa. Inflation and energy stability have improved, but consumers remain under pressure. Currency volatility and geopolitical tensions, particularly in the Middle East, continue to create cost and supply chain risk. Despite that, the alcohol market remains resilient. Beer and ready-to-drink products are leading the category growth, while competition and promotional intensity remains high. Illicit trade, particularly in spirits, continues to distort the markets. Consumers are also balancing two needs. They want innovation and premium choices, but affordability remains critical. Against this backdrop, our next phase must deliver stronger and more balanced revenue growth. We will continue to accelerate beer, cider, and ready-to-drinks while rebuilding competitiveness in spirits, with particular focus on strengthening our brown spirits. In wine, our priority is to recover the right mix. We will not pursue volume at any cost. The focus is on profitable growth and gross profit contribution. Commercially, we will build on the substantial improvement already made. We will keep strengthening execution across channels and concentrate resources behind priority brands with the potential to build equity and pricing power. We are also transforming our route to market through a more active omni-channel model. Our sales force, call center, and digital platforms are beginning to work together to capture orders and improve customer service. This is still at a very early stage, but it's an important capability for the future. Finally, we will maintain strict financial discipline. We have improved the cost base and expanded margins, but our operating margin remains well below our ambition and the Heineken group average. There is still substantial work ahead in productivity, simplification, and margin improvement. The early progress is encouraging. We have a stronger organization, better commercial execution, stronger cost discipline, and a clear portfolio priorities. Our focus now is to convert those capabilities into sustainable mid-single digit revenue growth and continue to operate in margin improvement from the current high single digit to a double digit. With that, I'll hand over to Paul. Thanks, Jordi. Good morning, everybody. I am just going to start with a few key features, which I will unpack in more detail in the presentation. Suffice to say, it was a challenging year for RCL Foods results, mainly driven by sugar and pet food operations, which has been previously mentioned. I will talk to sugar in a bit more detail, but the increased imports due to the ineffective tariff having material impact on the results. Our food safety production challenges in pet food disrupted our plant, had a material impact on volume sold and produced through the period, as well as mix in terms of our higher value brands. The market remains subdued with volume under pressure across a number of our categories. With that context, continuous improvement in revenue management remain key initiatives, and they delivered well for us in FY 2026 and supported our margin protection in an environment in which price increases were few and far between. Finally, on the positive, we entered into a binding agreement with Martin & Martin for the acquisition of that business, which will strengthen our pet food portfolio of brands. It is very complementary to our existing dry pet food brand portfolio. With most of Martin & Martin being leading wet pet food brands. This remains subject to the Competition Commission's approval, which hopefully we will see in the next few months. Just to unpack some of the highlights of FY 2026, and I will start with the strategic priorities delivered. Despite the results and the challenging performance, we made good progress in our top strategic priorities in FY 2026. Starting with our first strategic pillar, people first. Driving a high performance culture is an imperative for us in a low growth environment, and we have done significant amount of work of mapping our strongest talent to our highest value or most important strategic priorities work across the business. This will be a continuing process, which we will do over the next 12 months. Under Rightgrowth, we had two successful launches in the year. One in baking with the Sunbake sourdough launch, and the other in pie meats, where we are pivoting pie meats into more frozen convenience category in the freezer shelf space within the retailers with the new pockets launch, which was well received by the market. Under Future Fit, we advanced the next phase of our SAP RT roadmap. This is a six-year project that we are entering now into year three, and it will have a material and positive impact on the group from a control environment, and access to data perspective, and get all our operating units onto a consistent platform. Finally, sustainability. We made good momentum in the year and have taken a process of embedding our sustainability KPIs into our operations, and this has gained good momentum in FY 2026. From a results point of view, EBITDA down 8.6% and down the headline earnings level drops to 27.1% down. The difference between 8.6% and 27% is largely a result of Royal Eswatini Sugar's performance in the year. For the first time in their history, making a loss. Their challenges are largely the same as our sugar business, as well as some agricultural challenges on their part. So having a material impact on our ultimate headline earnings. Our return on invested capital, we had gained good momentum and we were on a good journey with our ROIC, getting our ROIC to at or above WACC in the end of June 2025. Unfortunately, this year was a setback with both our statutory and underlying ROIC in single digits, and we need to bounce back quickly from that. One just further point on the slide is despite the challenged results, we continued to invest behind our capital in our plants as well as our brand portfolio, and did not cut any investment in this period, which will be important in the upcoming years. From a market share performance, I always talk about the relevance, and maintaining our relevance in the market. Our three culinary brands at the top continue to perform well and are within our tramlines, and acceptable levels for us. It is a careful balancing act to balance market share, volume, and margin. We are very clear on what our aspirations are in each of those areas. Unfortunately, pet food, you can see the impact of the pet food supply to the market on all of our brands, materially decreasing between Bobtail, Catmor, Feline, and Canine Cuisine. I will come back to pet later in the presentation. From an EBITDA performance perspective, the majority of the reconciling items in the statutory 15.2% decline are in the prior period, with only IFRS 9, which is a continuing annual adjustment, being relevant in FY 2026. In the middle section, you can see the impact on groceries and sugar, which I will unpack in more detail. Just to unpack a little bit more detail on each of the business units, I will start with groceries. Culinary and beverage performances were strong in the year. They were more than offset by the pet food production challenges. Culinary in particular performed well. Our market shares remain intact, despite the volume pressures across our brands. Our brand equity scores have also increased significantly. There is significant price competition in the market currently. In pet, we took a cautious approach following the recall in March, in terms of testing and product release approaches. This maintains our commitment to the highest food safety standards. Unfortunately, the consequence of that was a 20.5% reduction in our pet food volume for the period. Recovery in that remains key in FY 2027 and probably into FY 2028, and I will come back to that. Bread.. All round bread performance was good except for Sunshine. We delivered improved performance and manufacturing efficiencies across most of the operating units in baking. Sunbake performed well. We repositioned our pricing strategy in Sunbake, and volumes recovered nicely in H2. Sunshine remains a challenge. It is a KZN only brand, which we acquired a few years ago. Following on from the strike in December 2024, we have struggled to recover our volume and market shares in Sunshine. As a result, there was an impairment in FY 2026 results. Pies and speciality delivered a strong result, particularly in the second half of the year. Sugar, where the most material impact happened, was the 212,000 tons of deep sea imports, up 24.2% on the prior year. This was largely as a result of the ineffective tariff that was in place. And obviously having a material impact by displacing the 212,000 tons into the export market. Just to make matters worse, the international price of sugar decreased over the period. So we lost on the local sales price, and we lost on the deep sea import price. Other than the external factors, our overall performance and operational performance remains good. All mills are crushing well, including into this season, and a significant step up in Malelane, which has been particularly challenging for the last few years. It is our most complex mill, but it has performed well in season 27 so far. Then just to show our longer-term history, splitting the groceries and baking from sugar, you can obviously see the volatility and the commoditized nature of sugar playing out over the years, peaking at ZAR 1.2 billion in FY 2024, then dropping to ZAR 755 million EBITDA in FY 2026. In this data set that you are looking at, only FY 2025 and 2026 had imports flowing. There were no imports in 2022/2023. So you can see an improved through the cycle earnings in sugar, despite the challenges that we had in the year. Then importantly, the bottom part, which shows our branded part of the business, the trajectory that we have been on from 2023 to 2026 continues to improve. Despite PET, we still managed to be more or less in line with the prior year. Then just looking forward, three call-outs on this slide. Key innovation launches in baking will be critical into FY 2027, then further innovation coming in FY 2028. CapEx lead time driving that. So quite excited about some of the things which are coming at us in baking. In PET, our focus is on recovery, recovering our volume and our market share. We do have a detailed action plan. As soon as we can get to minimum stock levels, which we will implement, which includes investment behind our brand, both through price and marketing spend, to regain our market share. That, coupled with which hopefully approved Martin & Martin transaction, will require some integration in FY 2027 and beyond, and position those brands together with our brands carefully in the market. Then finally, on sugar. Whilst FY 2026 was extremely challenging and largely macro conditions, focus on items within our control remains a key theme for 2027. The sugar tariff was implemented as our results were released into the market, and that will have a positive impact into FY 2027. We know we have a good to excellent crop in the Nkomazi area, and we are busy crushing that. Post year-end, we did have a strike, which has now been resolved, and the race is on to finish crushing our crop by the end of December so that we can have a positive impact into FY 2027 financial year for sugar. With that, I will hand over to Dietlof. Thank you, Paul. Thank you. I would like to go through the financial results for 31st of March 2026. If you look at the results throughout the group from a CIVH point of view, we are seeing very strong performance year-on-year. That is basically driven through strong organic growth throughout the segments within the company. We are seeing de-gearing happening, and then we are also seeing two landmark transactions being closed, which is fundamental for us as a group. It took nearly four years to actually close these two transactions, which is very positive to report on. If you look at the financial period under review, we are seeing revenue growing by 14% year-on-year to ZAR 7.6 billion. That is pulling through all the way to operating earnings, growing 36% year-on-year. Even more positive is headline earnings. We are seeing a swing in headline earnings of ZAR 723 million, resulting in a positive profit of ZAR 560 million for the year under review from a negative loss of ZAR 160 million the previous financial year. From a de-gearing point of view, we are seeing the net debt going down by ZAR 3.7 billion to ZAR 17 billion. That is because of the Vodacom merger and the cash inflow from the transaction that happened. From corporate activities point of view, we delivered on the two transactions. Vodacom was implemented on the 1st of December 2025. We saw ZAR 11 billion coming into capital injected by Vodacom. ZAR 6.1 billion of that was cash, and then ZAR 4.8 million was asset contributed from a fiber point of view, fiber to the home point of view, and a transfer asset point of view. I am glad to say that both those transactions have been incorporated, and assets have been incorporated into the organization, and they are fully integrated into the current operations of Vuma and DFA. Vodacom then contributed another ZAR 1.8 billion to up their shares then to 30%. Vodacom owning 30% of Maziv and CIVH 70%. From a Herotel point of view, Herotel not consolidated in this reporting period, but from the 1st of June 2026, full consolidation will happen from a Herotel point of view. What we are seeing is Herotel contributing 620,000 homes passed to our current network, which is phenomenal. Subscribers, 350,000 additional subscribers will come into the group. 300,000 of those subscribers are linked to fiber connections and 50,000 to wireless connections. I think more positive is the footprint of Herotel. We are seeing that they are covering 550 towns across South Africa, and these are secondary cities and urban and remote towns throughout the country. We are looking at, obviously, looking at technologies, building out fiber, putting wireless solutions in, and then also partnering with Amazon and the Leo partnership, where we can actually start giving satellite services on the footprint throughout South Africa, connecting farms, connecting lodges, and actually building out different technologies as we go forward on expansion. If I look at the main drivers for performance, it is firstly customer connections. I think we saw very good organic growth, firstly driven by Vuma's customer connections. We are seeing uptake increasing and that directly resulting in positive revenue growth. Then we are seeing enterprise annuity stability, and then disciplined cash flow conversions and working capital management. From a Maziv point of view, we are seeing very strong revenue growth. Revenue going up 15% year-on-year to ZAR 7.7 billion. EBITDA up 14% to ZAR 5.3 billion, and a very positive headline earnings result of ZAR 856 million, up from ZAR 22 million the prior financial year. Vumatel is definitely our growth engine, and I think it will stay our growth engine. We are seeing big good penetration uptake within our base, trying to get to a terminal penetration rate of 70% over time. That is obviously tying in then with the revenue upside of 15% year-on-year growth of ZAR 4.4 billion. An EBITDA growth of 19% to ZAR 3.2 billion for the year under review. The demand for fiber-to-the-home build is still there. We believe that we will start building out quite radically. We started building in the last quarter of the last financial year. Today we are actually building and passing nearly 50,000 homes with fiber every month as we stand today. That will continue. Obviously focusing then obviously on connections and uptake on these homes that we pass, additional homes that we pass throughout the network. From a DFA point of view, this is our stable underpin from an annuity point of view, long-term contracts with the mobile network operators. We are seeing active links increasing 9%, very positive and lifting revenue up to ZAR 3 billion for the year. EBITDA, strong EBITDA uplift of 11%, very strong cost discipline, and we are seeing EBITDA going to ZAR 2 billion for the year at a very strong margin of 66%. Both Vumatel and DFA, very strong EBITDA margins and that will remain. Fiber to the tower, this is where we believe that the underpin happens. We are tying up with long-term 15-year contracts, 20-year contracts with the mobile network operators. We are also then seeing scaling on the fiber to the business side, in line with the rehabilitation and the modernization we did on our network in getting closer to the customer and expanding our footprint in the metro areas with the re-architecture that we did in the last 12 to 24 months. If I unpack the financial results, CIVH is growing 14% revenue year-on-year, 11% EBITDA, and that is underpinned by Maziv's performance. Maziv's performance is underpinned by Vumatel and DFA. As you can see here, revenues growing very strong, double digits, 15% on Maziv year-on-year, 14% EBITDA. You see the same happening in Vumatel with 15% and 19% EBITDA growth, revenue and EBITDA growth respectively. DFA the same, 9% strong growth, 11% EBITDA growth. I think what is even more important here is the operational operating leverage that we are seeing here, where EBITDA is growing faster in all these segments, faster than revenue. That is through discipline that we are doing within the organization. I would like to unpack a little bit the growth of the financial year because of the transactions that have happened. I think if I can highlight the strong organic movement, and growth within the organization. What you are seeing in the consumer segment, which is your fiber to the home segment, we are seeing Vumatel growing year-on-year reported 15% revenue year-on-year and 19% EBITDA year-on-year. If you look at it from an organic point of view, if I exclude the Vodacom assets, organically, Vumatel is growing 13% year-on-year in revenue and 16% on EBITDA. The Vodacom contribution for the four months from consolidation, from when the transaction happens from December to March, contributed ZAR 100 million to revenue and ZAR 78 million to EBITDA for the four months under review. Strong homes passed operating figures that we are showing 15% reported. We only started building in the last quarter of the financial year, so organically we only grew 7% year-on-year on homes passed. 15% reported because of the fiber to the home assets that got transferred in from the Vodacom deal. Subscriber growth reported 19%, but a strong organic growth of 12.4% underpinning the organic revenue growth of 13%. Fundamentally, we are seeing very, very strong organic growth within the traditional Vumatel business and the consumer segment that we believe will continue. From a DFA enterprise point of view, we are seeing revenue growing reportedly 9% year-on-year, 11% EBITDA. From an organic point of view, we are seeing revenue growing 6% and EBITDA 9%, still strong growth underpinned by long-term contracts and fiber to the tower M&A support. Vodacom contributing ZAR 69 million to the revenue and ZAR 43 million to the EBITDA leg. Strong enterprise links growth of 9% year-on-year, 8.3% organic. Fiber to the tower, we are seeing a decline of 7%, basically driven by three things. Organic growth. We saw strong organic growth of the towers. We will be connecting towers, and we are changing it from microwave to fiber. We saw Vodacom assets coming in, obviously nearly 2,000 links to the towers coming in. But then we had an offset of the Cell C terminations of their links that obviously had a negative impact on the link count for the year. This is a once-off transaction. We believe that we will continue going into a growth period on the fiber to the tower links, if we look at the period going forward. From a market point of view, really, I think we have two segments in the DFA side driven by the 5G rollout and densification. We are seeing demand for access to data increasing. We are seeing the quality requirements increasing. We believe that there is still huge opportunities for us in the fiber to the tower space, where a lot of the towers are still connected with microwave links. We believe as demand for data and as demand requirements increases, that we have to get solutions around this, and that the MNOs will start pushing for fiber connectivity to these towers. We are really positive on this line of it, a line of the business. These are long-term contracts. They underpin the cash flows and the annuity revenue within the group. 5G rollout will drive densification within metro areas as well as into rural areas. From a business connectivity point, 588,000 business connections. We have modernized the network. We future-proofed our network. We are seeing huge drive from an SMME point of view and demand, where we have to give different services, different value sets that we have to build into our products, and different quality requirements by the small and medium enterprises. We believe that this is the growth engine, especially if you look at the fiber to the business connections. They grew 13% year-on-year on our new modernized network. We believe that the future growth will actually come from this segment. From a Vumatel point of view, I think we have 18.5 million homes in South Africa. On the core market, I think it is quite saturated. There is quite big overbuilt in these areas. Our focus in the core market is to drive connections and retentions in these markets, in the different segments that exist in these markets. From a reach point of view, 15 million homes available, 3.7 million homes addressed at this point. We are sitting with 12 million homes that we can still build across South Africa. The market is quite active in this segment, and we believe that we will play a big part in covering some of these areas and as well as using Herotel to actually cover some of these areas. Homes passed increased 13% year-on-year to 1.2 million homes passed. We only started building in the last quarter of the financial year, so we will see this momentum going up. But we saw a very positive growth on subscriber numbers of 22% year-on-year to 555,000. Very happy to say for the first time, we exceeded the million active subscribers for a month. We saw a 19% increase in subscribers on the total base of just over 1 million subscribers on a base of 2.3 million homes passed. Herotel, I think this is the exciting part of it. For me, the benefit here is really the reach. We are seeing 550 towns, secondary towns, regional towns, rural reach, actually increasing our footprint. And I think this is where the opportunity sits. How do we actually capitalize on this? But with that, we are seeing 620,000 homes passed at this point. And then what we are seeing is also a very strong subscriber activity ratio. 300,000 of those are fiber customers and 50,000 wireless site. From a revenue point of view, we are seeing 14% growth on revenue year-on-year. EBITDA 21%, so also very good operating leverage within the organization. EBITDA 41%, little bit lower than Vumatel, but remember that is a totally integrated network with an ISP in. Operating profit, very positive growth, 48% year-on-year to ZAR 270 million. And then a turnaround for me, which is quite positive on headline earnings from a ZAR -37 million to ZAR 44 million for the year to date. We will obviously enhance this with the Amazon Leo and future opportunities with the Amazon Leo contract that we have signed exclusively with Amazon, where we will then obviously expand our footprint and go into areas with different technologies where we can cover the farms, we can cover the national parks, and we can cover more remote areas across South Africa. I think from a cash flow point of view, CIVH cash flows 100% consolidated. We are seeing very, very strong cash conversion within the business and strong operational performance. What we are seeing is, we are seeing cash flow before CapEx increasing by roughly 36% year-on-year to ZAR 1.5 billion. And that is on the back of EBITDA increasing 11%. We are seeing also interest paid decreasing from ZAR 2.1 billion to ZAR 1.7 billion, and that is because of lower interest costs and the de-gearing that happened in the last four months of the financial year. CapEx increased from just over ZAR 1.8 billion to ZAR 2.6 billion, and this is because of the accelerated build that happened in the last quarter of the financial year. And this obviously drives the strong net cash surplus then. Even with the higher CapEx that we have spent, we are seeing a very, very positive movement in the net cash surplus of the organization. Future outlook is really, we use our scale. I think that's the key thing. We're sitting with 3 million homes passed, by far the biggest fiber provider in South Africa. Use our scale, if you look at it from a Vuma point of view. The growth areas will be the reach and the key areas. There are two areas we will focus on. Firstly, connectivity. We have to get the connectivity up. We have to get close to terminal penetration as quickly as possible, and we have to continue building and absolutely use the market, the 15 million or 12 million homes that is available. Try and get our lion's share or our share of that market. We will continue in driving those activities within the organization. From a DFA point of view, we really look at technologies where we can chase the towers, where we can absolutely convert the microwave links and the solutions around the mobile towers to fiber towers using the Herotel network in the remote areas. I think there's a natural fit to actually get Herotel to connect some of these towers, and then we will obviously also expand our current footprint to get to these towers in different ways with different solutions. So fiber to the business, a big opportunity for us on the 588,000 businesses out there. How do we get affordability into those businesses with reliable quality services backed up by a quality network? Herotel, I think this is where a big thing is happening, really looking at extending our addressable market. That's for me critical. Using different technologies to see how we can actually satisfy different needs within the organization. Where will we focus on next? I think we will stay very close to our core belief and our purpose is we have to close the digital divide. I think that's critical, and we are not going to change that. How we are going to do that is we are going to connect people, as much as possible derive and create that digital divide closure. The main objective is to change people's lives across South Africa. Thank you. Thanks, Dietlof. I will now conclude the presentation by looking ahead. I think it doesn't take a genius to realize that we are entering the next phase from a much stronger base than five years ago. Five years ago, 2021, the effects of COVID had flowed through into our portfolio, and we were actually having a few problems with some of our underlying companies. It's fair enough to say that the external environment remains uncertain. The geopolitical risk continues to escalate. Technology disruption is accelerating across industries, and we believe global capital market conditions are quite precarious at the moment. However, uncertainty doesn't only create risk, it also creates opportunity for disciplined long-term investors with liquidity. We believe that South Africa continues to present attractive opportunities in sectors where capital is constrained and where active ownership can make a meaningful difference. The combination of a stronger cash position, a more focused portfolio, and demonstrated execution capability means we can act when the right opportunities emerge. But optionality only has value when combined with discipline. We will continue to be selective, patient, and focused on opportunities where our ownership model and partnerships can create differentiated outcomes. As we look ahead, our focus is shifting from portfolio transformation to value compounding. The transactions we have completed over the recent years have created a strong foundation. We have simplified the portfolio, strengthened the balance sheet, and clarified where Remgro can add the most value as an owner and partner. The first priority for us is continuing the efforts on portfolio performance and composition, including ongoing efforts to balance our capital allocation priorities. The second priority is to look for opportunities to accelerate growth, whether that is through new opportunities aligned with Remgro's strengths or to further scale existing platforms where we see accretive opportunities. Lastly, building on our sustainability foundation and leveraging the power of our portfolio to have a positive impact on the environment, the communities within which we operate, and indeed our country, will remain a high priority to Remgro. Across these priorities, we also see AI as an increasingly important lever to be applied across our portfolio to accelerate the execution of each business's strategic priorities. During the year, we undertook a deep dive across our portfolio to understand AI maturity and we were excited to see the breadth of use of cases and also the opportunity to share collective experiences as we navigate this fluid landscape. We are excited about the scope for exponential progress, but equally, we shall remain focused on the risks of disruption and the need for careful governance. As I said, we enter this next phase from a position of strength. The goal is to convert the foundation we have built into sustained growth, strong cash generation, and long-term value for shareholders. The future is even more unpredictable today, as you know. But with our foundation, we believe that we can adapt to this uncertain environment. I am grateful for the tireless work of our business management teams and my team at Remgro, and I am encouraged by what we have been able to deliver as reflected in today's results. I thank you for your time, and we will now open the floor for questions. What I will do is I will ask Claire to read out the questions that is online that you have posted online first, and she will direct them to the appropriate persons. Once that is completed, we will actually then open the virtual floor for questions from the audience on that. Claire, I am handing over to you. Thank you. Thank you, Jannie. We've got several questions online. The first few are for Mediclinic, so perhaps we can start, Jurgens, with you. Question from Jared Houston at All Weather. What is the pro forma impact on earnings of the Mediclinic restructure? Is the accretion of the lower multiple paid on the South Africa business enough to offset the once-off restructuring costs? Thank you, Claire. Thank you, Jared, for the question Perhaps two ways of answering this. The first, I would say that, if you look at the adjusted earnings of the South African business and the Swiss business, which included in our detailed results release, you will see that they are very equal. Stepping away from 50% of the one and taking over 50% of the other, on a pro forma basis, would probably get you to more or less the same result in terms of earnings, or adjusted earnings for Remgro, coming out of the Mediclinic stable, so to speak. The second way of looking at this is just to, as I indicated as well, we are building and developing, or to an extent absorbing skills within the divisions that used to sit at a group level. That is going to show up in the cost base. Alongside this, we are leveraging scale as well as the continued implementation of the operating model review. We had looked at these to be able to set off, but it is worth highlighting that we are absorbing and developing skills because of the restructure, and that is why I mentioned it earlier. Staying with the restructure, Carel, this one is probably for you from Jared again. What is the pro forma EBITDA multiple of the Mediclinic business post-restructuring at the current carrying value? Thanks, Claire, and thanks, Jared. I cannot tell you exactly what the pro forma EBITDA is, but I think on Neville's slide, he showed it was 8.8 for the current portfolio construction. I suspect it will be slightly lower, but not completely dissimilar. I can guide you to say that the South African piece is at mid six and the Middle Eastern piece is just shy of 10. So it will be a mix of those two. In time, obviously, we will show you how the pro forma translates into actual valuation. A question from Warren Riley at Bateleur Capital, again on Mediclinic, so for you, Jurgens. In FY 2026, Mediclinic Group declared a dividend of $45 million or 11% of group headline earnings. Could you provide guidance on the expected payout ratio of Mediclinic South Africa going forward. My sense is that dividend flows to the center should increase post the restructuring. This feels like another question that Neville put in there. What I will say is that, firstly, more broadly on the dividend policy being unlisted and now with South Africa being 100% owned by Remgro, it feels to us like this is something we can be much more agile with. Looking at capital allocation in particular, we always start that focus with cash conversion. We target 90%-100% cash conversion. We got to 106% in this year, which is obviously a great result. Then maintenance CapEx, depending on the year, depending on the division and where you are with the investment, would range between 4% and 5.5% of revenue. As I said as part of the formal presentation, both the Middle East and South African businesses are relatively low geared. From there on, it becomes a discussion of balancing growth and dividends. It is a path where the dividend and capital contribution towards Remgro could be meaningfully higher, just on a pro forma basis. Because if you exclude Switzerland is capital intensive, high leverage, which these two businesses are not. So it is easily a way of a more meaningful dividend. But that has to be balanced with the growth trajectory of the business as well. Next question is for Heineken Beverages, again from Warren Riley. Perhaps for you, Rado and Jordi. Heineken Beverages delivered a ZAR 44 million headline loss in H2, which is an increased loss from the prior year. What drove this weaker second half after a robust first half? What EBITDA margin did Heineken Beverages deliver in FY 2026, and what is your medium-term target? Okay, Jordi. I will take this one, Jordi? Yes. I can break it down into two parts, really. If you look at H2 for us, the performance of HBSA was solid. We had positive gross profit growth. But we really stepped up investments in the market, in commercial activities, what we call ABTL, above the line and below the line activities. Particularly in the below the line, we have increased investments, which we believe was a choice to be much better prepared for. As you know, we are a seasonal business, so much better prepared for the season and going into 2026. That was on the South Africa side. Like I mentioned before, we have experienced some headwinds on the international markets. The volumes coming through in that H2 were weaker, but we already seeing nice recoveries going forward. Those were the two real main impacts. If I look at the EBITDA margins, I am not going to disclose exact numbers there. But we saw a nice EBITDA margin growth into 2026. We are looking at low teens. Going forward, of course, we see quite a lot of headroom for improving our EBITDA margins. Okay, a question for RCL, Paul, for you. Regarding RCL and the challenging dynamics of the local sugar market, dominated by problems in sufficient trade restrictions on imports. I took note of the SA Cane growers statement that laments how local retailers, according to them, still do not commit to sourcing locally produced sugar and how it continues to undermine local producers. Without putting you on the spot, what is RCL's stance on this issue? That's from Heinz at Netwerk24. Thanks, Claire. Heinz, thanks. Let me just start with the 212,000 tons that come in. Doesn't really matter where it goes in terms of channels. The fact is that it displaces local sugar, and that sugar gets sold at a significantly reduced price on the export market. The master plan was signed by all parties previously, which includes production as well as off-takers across the entire industry. I think that's important context for the fact that the imports still came in even though there was a master plan and agreement in place. What I can say is that, let me just segment the market quickly for you. I'm going to call it formal retail, and I think you'll clearly understand what I mean by that. The more informal retail being call it wholesalers, and then you get industrial, and sitting under industrial is a subset of beverages. They're the most material consumer of sugar in South Africa. Formal retail did not import any sugar. I can state that as a fact. There was some sugar into the more informal retail, being the wholesalers, but to a limited degree. The majority of the sugar went into the industrial consumers. So that's where it is. It's a different perspective to the SA Cane growers. I'm not aware of their comments, but that's the data that we can see through SASA. Thanks, Paul. Next question is from Richard Cheesman. Carel, I think this one's right for you. Congratulations on strong results. At what value per share is KWV currently being carried? Secondly, what is the outlook for the business, and what do you think needs to happen for performance to improve from here? Finally, given its relatively small size within Remgro, do you view KWV more as a portfolio investment, or is it a business where you would potentially look to increase your exposure over time? Thank you, Claire. There's a lot there. I will say on the carrying value, I think we carry it at around ZAR 11.70. So that's down from slightly north of ZAR 15 where we had a year ago. In December, it was somewhere in between ZAR 13, mid ZAR 13. So the CIVH is obviously facing a relatively tough spirits market, and that's a global phenomenon. That's not unique to CIVH. Ronan and the team are doing a great job at steering that business through that complicated time. I think there's patience required and investment behind the brands is required. We are confident that they're doing the right things, but we will need to be a little bit patient there. On the last part of the question, whether it's a portfolio investment or something we would think about owning more of. It's certainly, I wouldn't call it a portfolio investment. We're certainly quite engaged. They're represented on the board, and colleagues are very close to the business. It's not been something on our minds to increase our stake in it. Our focus at the moment is on supporting the team, and keeping that business stable and hopefully growing in future. That's our priority. Next question comes from Prashendran at 361. Dietlof on CIVH. Congratulations on the results. Three questions here. I'll group them together for you. Why did FTTS connections drop 7% year- on- year for DFA if the market is moving more from microwave to fiber backhaul and tower densification is increasing? Second one is, how are you defending Vuma reach markets from fiber tower, which is building where you are already? Third, please unpack how the Herotel-Amazon partnership works, and why can Starlink not do the same to enter South Africa? Thank you. Yes. First of all, I think I did explain the fiber to the tower movement. Firstly, there was organic growth in that. So we are seeing people moving from microwave to fiber. It's a little bit more difficult to do because it's longer distances. So, it's always balancing the cost of connecting a microwave to a fiber line. If you look at long distances in rural areas, if you just built for one mobile operator, it costs you roughly ZAR 33,000 a month. If you look at the microwave cost, it's roughly ZAR 6,000 a month. So we have to get the synergies right. But what we're seeing from an organic growth point of view is that there's a demand. So we're seeing Comsol really launching their 5G network. So we're connecting those towers, so we're seeing really organic growth within the segment. We also saw Vodacom. Vodacom transferred nearly 2,000 tower links to us. That was on their network onto our network. We saw actually positive growth on this segment. We had Cell C, where we discontinued some of their sites. They changed their strategy to move away from a mobile operator to an MVNO type of structure, and we discontinued some of their sites. We believe this is a once-off, but if you look at the trend in the market, the demand for fiber connectivity is really there because of the quality of the networks on the outskirts and in the rural areas. We believe if you really want to roll out 5G throughout South Africa, you will have to obviously link those sites because of capacity to fiber. Really, I think it's a once-off, and we believe there's quite a positive trend going forward in the fiber side. If I look at competition, we love competition, must say. We love competition because we compete from a very strong P&L, and we compete from a very strong balance sheet. If you look at the market in the rich and key segments, there's 14 million homes that don't have access to fiber. I think there's a huge opportunity before you start overbuilding and doing things. If you really want to close the digital divide in South Africa, listen, let's focus on the 12 million homes, and that's what we will focus on. I think, how do I compete with competition? Listen, we compete with everybody. Our network on the core is nearly 60% overbuilt at this point. I think we must just be more agile. We must be more flexible, and we must change the way we do things. I think we must keep our principles intact, focusing on quality. You get people that do things fast, quick, and in different ways. I believe in sustainable quality networks because these areas that we cover need quality networks. Disposable income is scarce. I would rather believe in investing in quality networks, making sure that we can create sustainable networks in the long term. From an Amazon Leo point of view, we got exclusivity with them, and it's a distributor agreement. We make a margin on their services. They use our license. It's a little bit different to Starlink. Starlink didn't want to give direct access to the consumer. They wanted to own the consumer side of it, and they obviously had license requirements that they had to comply with Amazon did it differently, signed up an ISP type of a service provider license using the networks within, and the companies within South Africa to actually provide those services from landing stations to end services to the end customer. What I like, because we actually have got more direct relationship with the end customer. Thank you, Dietlof. We have a question from Baron Nkomo at JP Morgan. Following the Mediclinic restructuring and the disposals/unbundlings executed in FY 2026, what does the target portfolio look like at Remgro in two to three years? Are there any concentration limits in place? What are the next concrete optimization steps that you expect to execute? Carel Thanks, Claire, and thanks, Baron. Our portfolio composition is a dynamic process. There's nothing I think that I can signal now on plans to meaningfully change it. I will say that we plan to stay on the same course. We've been on a process of simplifying the assets or simplifying the portfolio around larger assets and stronger partnerships and less noise. I think that journey will continue. But the specifics of that, we would need to see how that plays out in time. We have a question from Jaco Scholtz at Renier Investments. "Congratulations on your results. Given a cash pile of more than ZAR 20 billion, do you maybe intend to reduce the number of listed holdings further?" Second question, "Which businesses do Remgro not want to acquire in South Africa, and what do you prefer to consider?" I think, Jannie, that's one for you. I think, if you look at the past, never let the tail wag the dog. If you're going out specifically to reduce your listed holdings, you always run the risk of overpaying and doing it at the wrong time. We're very careful about that. Just to put it into perspective, I think if you look at the Mediclinic privatization, it was not something that we actively pursued. It was something that just happened because a partner approached us. Never do that just specific for that reason. We'll never do that, and we will try not to be, once we do, to overpay for the asset because you actually take away. Once you purchase, price is tied, you take away all the upside opportunity for an investment holding company. On the second question, obviously, we're not going to divulge what we're looking at and what we're actually pursuing. I'll try rather to be quiet. It's a business that you pay little, and you've got good growth and good cash flow. Those are the businesses that we're looking for. Thank you, Claire. Okay. I'm going to take two more questions from online, and then we can move to the conference call. I've got James Slabbert from Standard Bank Securities. I'll skip the Mediclinic question because, Jurgens, you've answered that. Outside of the sectors your portfolio is currently exposed to, which other sectors in S.A. would you be looking for as potential drivers of growth over the next 5-10 years? Does Fintech perhaps play a part in this view? Secondly, how should we think about the potential for a higher rate environment and how this might impact fiber rollout over the short term? I think the first one, Jannie, you can take that. Yeah, I'll do the first one, and I'll take, if you can say the second one. Maybe just quickly, not in the sector. I'm part of Business for S.A., the partnership with government, and the sectors, and I'm just talking from an S.A. Inc. perspective, so I'm not talking from a Remgro Inc. perspective specifically. They've identified four sectors for employment growth, to actually look at the unemployment problem that we've got, where you can actually employ a lot of people. Secondly, also with what is, say, seen in the South African context, where we've got a competitive advantage to actually grow economies where we can grow the economy. The four sectors that they've identified are mining, infrastructure, tourism, and agri. We're really already playing on the agri side. If you look at agri from an RCL point of view, the sugar side and Rainbow Chicken in the chicken side. I think the one thing that we can say about those two industries, that we're world leaders in that. If you just look on a like-for-like basis, excluding subsidies across the globe, we're actually very, very good. Our farmers, if we look at the citrus industry across that, I think we can complement the farmers, the agri industry in South Africa. We see that still as a growth opportunity to feed the nation, and I think we play an important role in that. Tourism, we all know about tourism, what's happening now. I think South Africa has become a little bit of a safe haven, especially the Western Cape and the Kruger Park are very areas that is growing quite significantly. Continuing with that, to put those two together, if you look at it from a logistics side, linking airport, linking railway lines, linking roads, getting the trucks off the road. I think the infrastructure environment is going to play a much bigger role going forward. I think there is a lot of international global partners, we know MSC, things that are willing to commit significant amounts of capital into the country. If we can just get a little bit of the red tape resolved and things like that, with opening up, the ports are happening, the railway lines are happening and things like that. I think we can create tremendous growth opportunities for SA Inc. just by looking at infrastructure and supporting the agri sector, the tourism sector, and the mining sector as well. Dietlof, if I can direct the last one to you. Do you want me to repeat the question? How should we think about the potential for a higher rate environment and how this might impact fiber rollout over the short term? Listen, the higher rate, I think, if you look at data consumption, I mean, it is increasing radically. So we are seeing, we have to bring the cost down as far as possible. I think our philosophy was always to create an environment where we give data in abundance. I think that is the key thing. If you look at the value leg of it and the value proposition side of it, you shouldn't be paying per meg or per gig. You should have data in abundance. I think we are going to keep that philosophy, meaning, the more people consume, actually, the cheaper it becomes. We are looking at homes now in Mitchells Plain using 700, 800 gigs of data a month. So what we believe is we will follow that route. We keep it open access. We create a proposition where data is in abundance. Then obviously expand. It has to make sense. We have to get the CapEx down. I think back to Jan's point as well. I think people forget the maintenance side of fiber networks. We have got nearly 90,000 kilometers of fiber in the ground in South Africa. The cost to maintain these networks up is a thing you have to plan for. So it is always a balance between what we supply and what we sustain. I believe recently, if we can create and keep the data in abundance, uncapped propositions out there, it can make sense as the demand increases. Thank you. A final question from James Slabbert at Standard Bank. "Jannie, if economic pressures in South Africa are prolonged and this has a downward impact on valuation, does an acceleration of possible future acquisitions come into play? Claire, I'm just going to refer back to my last slide where I actually mentioned, remember, difficult times and higher interest rate environment, lower valuation, create optionality and creates opportunity. But you need to do it with discipline, making sure that you pay the right price in the circumstances. Thank you. Got a final two questions here, and then we'll go to conference call. Carel, on OUTsurance, has Remgro considered unbundling this asset, and at what point would an unbundling make sense? That's from Charles Boles at Titanium Capital. Hi, Charles. Thanks. No, that's not something that we're currently contemplating. Of course, never say never. We've done many unbundlings in the past, so we understand, obviously, the mechanics for doing that. But no, it's certainly for now exposure that we intend keeping. Okay, and final question, Chris Logan at Opportune Investments. Congrats on what is overall great progress and a great result. Remgro state that with this foundation now in place, Remgro is entering its next phase of value unlock, focused on converting its reshaped portfolio into measurable value creation for shareholders. Could you please provide some more color on how this next phase of value unlock will proceed? Yeah, thanks, Chris. I think it goes back to the strategic priorities that we've set for ourselves. It clearly is focusing on the existing investment to make sure that the continued momentum is actually going on, that we grow those things, looking for creative opportunities in those existing investments, or in Mediclinic, into Heineken for new opportunities, into Maziv for new opportunities. I think that will be a focus on the existing portfolio. As we say, we're actively looking for new investments. I've mentioned some of the areas that we might be for potential growth. But if the opportunity present itself, we're, as I've always said in the past, we're open for business. And lastly, as Carel has mentioned on disciplined capital allocation going forward and looking at a combination of things, and that includes, as we've just shown, we're more than willing to pay higher special dividends. We increase our dividends by lowering the cover, as well as looking for if a capital allocation model allows it, and we see the opportunities to also look at share buybacks. So it's all of those things that we will unlock value for our shareholders. Thank you, Jannie. We have no more questions online. Irene, can you check if there are any questions in the queue on the conference call? Sure. I will just give a reminder to those on the conference call. If you do wish to ask a question, you may press star and then one to join the queue. We will pause a moment to see if we have any questions. It seems we have no questions on the conference call. Apologies, we have a question from Rey Wium of Anchor Stockbrokers. Please go ahead. Hi. Jannie, Carel, Neville. I also want to say congratulations on the results. I hope I do not offend anyone, but I think, if I look at this dividend performance of yours, it is now near record high. I think Dave Schweizer would have been proud of you and your management team of the performance that you delivered. Just quickly on my questions. If I could just start off with the central business first. I just want to get a feel. Obviously, this cash generation, you have a lovely problem, lots of cash. Just in terms of your thoughts around Discovery. That was always in the portfolio bucket. Is it still in that bucket? Carel? Rey, we've moved it to, or it's now included under our financial services investments. Discovery is a little bit different maybe from some of our other assets in that we only have 8% odd stake. We don't have board representation and perhaps the influence that we have at some of our other stakes. But it's certainly one where we've got a very strong partnership with the founders. We engage with them frequently. So it's one where we think there's more runway. But acknowledging it's a bit different to the level of influence that we have on some of our other investments. Maybe just to add to what Carel said. Exactly. I was worried you're not on the call because I was expecting a question from you. We had so much praise in the past to sell our Discovery stake or to unbundle it, which is obviously not tax effective. And I think we've been proving ourself that we kept it in the belly at the moment. So it's actually doing quite well for us, and we're quite comfortable sitting on that investment. I was unfortunately cut off during the presentation where you talked about the special dividend of ZAR 5.50. My question there was just, was it sourced from anything specific? From the sale of FirstRand or. So basically what I'm heading towards is the $130 million that was received after year-end. Obviously, that's also a nice little fill-up for the cash pile. I'm happy to take that, Jannie. Rey, not really. We can link it to the money that came up from CIVH, or we can link it to the FirstRand disposal. But in truth, we've got one pot of cash and, therefore, it comes from that. There's not a read-through on the types of liquidity that we would expect to flow up the stream. Okay. I just want to move two questions on the operations. The first is around CIVH. I just want to make sure that I heard correctly. You said that the net debt level was ZAR 17 billion. I guess your year ends March. ZAR 17 billion. So that means there is a net debt to EBITDA ratio around about 3.2x, 3.3 x. I am just looking at the growth drivers of this business going forward. EBITDA margin is sustainably at the 68%, 69%, and I would think that the EBIT margin will increase, as you sweat the assets more on the depreciation side. I just want to know whether the debt side offers an opportunity to improve the bottom line earnings. I just want to get a feel of how you think about the net debt levels at CIVH and maybe throw in there whether Herotel or what is the debt that it brings into the party. Claire, can I hand that to Byron, the CFO, please? Byron Billett. Thanks, Claire. Thank you for your question. I think there are a couple of points I think we just need to drive through. Maziv today has got a debt pile that is there to effectively launch the next phase of our growth strategy. So from a debt perspective, we are looking at targeting anything between three and just over three. That is excluding the Herotel sort of package. Herotel brings about ZAR 2 billion of debt. Again, I think Herotel, in its own right, has also got a growth strategy planned. So we will look at increasing our leverage there for the next two to three years while we expand, and then the leverage over the next three to four years will then start to decline. So while we are expanding, we are looking at that 3 x leverage on average. But obviously there are certain pockets within the stable that will be a bit more sort of higher than others. But I think that will normalize over the next 3 to 4 years as we sort of de-gear. Excellent. My final question is on Heineken Beverages. I am now going back to 2022 when the deal was announced, and the pro forma EBIT margin, not EBITDA, EBIT margin was around 12%. I do not know. I mean, obviously the disclosure is not that great for us to calculate the EBIT margin. But I just want to know whether a ballpark number of around about 7% - 8% is where you are currently and whether you are still sort of targeting that 12% level and how you will get there over the medium term. That is what I am interested in. So those are all my questions. Thank you very much. Yes, thanks. Well, we do not disclose the exact details, but we have improved our operating profit margin over the last three years, and we are indeed in the range of high single digits, as I mentioned during my conference. With that said, we are still far, I also mentioned below what we are aiming and the ambition to get much closer to the Heineken group, which trades at mid-teens, and we believe that certainly we have got the portfolio, the strength, the market to get there. But it is a progressive move. So, this is about, as I said, mid-single digits revenue growth and marketing expansions based on our portfolio. So although we do not disclose directly, we want If not, I think, is there more questions? We've got one more that's come through online. If there's no one else in the queue, again from Charles Boles. "Carel, Remgro has never had an exposure to the retail sector. Is this a function of principle and that Remgro doesn't like the sector or opportunity, good assets have not been available at realistic prices? Thanks, Claire. Thanks, Charles. It's certainly not a sector that we exclude definitively and say that we won't go into retail. But we do like to stick to the industries that we have expertise. So, in retail, we would need to develop expertise to do anything meaningful there. We are also obviously conscious of the fact that in RCL and in Rainbow and in Heineken, we've got meaningful exposure to upstream players. So, we will be quite careful on how we compete with the partners of those businesses in retail. So, it's not been a high area of priority for us in the past. Thank you. We have no further questions online. If there's nothing on the conference call, I think, Jannie, you can close. Okay. Thank you, everybody, and thanks for attending. We all have a good day. All the best.