Good morning. Welcome to the FY 2026 results, which will be presented to you today. Good morning to all our guests that are here, both in person and online, local and international. A warm welcome to all our franchisees, international franchise partners, investors, business associates, and shareholders. I would like to acknowledge our board of directors and our Spur Corp executives who have worked in unison to guide and inspire us to deliver the results you will see today. I would like to personally thank Mike Bosman, our main board chair, for his continued wisdom and direction. Thank you, Mike. It was Mike Bosman that in 2019 took the chair at the Spur Corporation board to guide the transformation of this group with meticulous governance to ensure stability and growth, which has been delivered since. I also acknowledge all our board members appointed by Mike. Some of them are present here today. Welcome to Dr. Shirley Zinn. Awesome to have you with us, Shirley. In every audience, however, there is always a not normal type of guy. Well, it gives me great pleasure to welcome our innovative founder and partner of RocoMamas, Brian Altriche. Brian, welcome. Welcome, rock star, I should say. Thank you for inspiring us to continue the ethos of this unique and admired brand, RocoMamas. In fact, there are a few other not normals here today as well, but I will not mention them by name. I would like to express my gratitude to all my fellow executives here today, as well as each and every member of the Spur Corp team who have really demonstrated their commitment to our business through their passion and hard work, and have worked closely with our network to deliver another year of results you are about to review. The alignment of the leadership team is truly remarkable. Finally, my acknowledgement goes to the customers, our loyalists and champions, who vote for us by stepping into our restaurants daily as our franchisees and their teams, a way to offer them a great dining experience and memorable hospitality. I would also like to express my sincere condolences to families who have lost their loved ones this year. We remember and acknowledge our Ops Cadet of 2023 that qualified and worked as an ops manager for two years. May your soul rest in peace, dear Kanye. We also express our condolences to the families of our franchisees who passed away during this year. Hannes de Jager from Tanda Town Spur, John Freegard from El Sombrero, and I remember many tea sessions with him, and Ezette Ferreira from Buffalo Creek in Sasolburg. If we commence with the year at a glance, and we look at Spur Corp's total restaurant sales achieved are ZAR 12.3 billion, and this increased by 6.9%. Group revenue increased by just over 8.5%, and profit before tax increased by 12.8%. Earnings per share increased by 11.6%, and headline earnings increased by 8.9%. The board has approved and declared a final dividend of ZAR 2.06 per share to shareholders. This represents a total dividend for the financial year of ZAR 3.26. The financial results have been impacted by a provision of ZAR 129 million for the GPS litigation claim, as published on SENS on the 7th of August. Pleasingly, ZAR 488.6 million cash generated from operations and the return of equity at 22.6% has not been impacted. The group's solid performance over the past six fiscals has enabled us to retain sufficient cash reserves of unrestricted cash of ZAR 494 million as at the 30th of June 2026. If we look at the agenda for this day, it gives me great pleasure to officially open up the presentation for our Fiscal 2026 results for the period 2025 to 2026. Cristina, our CFO, joins me once again, I think this is our 11th presentation, to present the financial and segmental review after the business review. Cristina, welcome. We will end the presentation today with an opportunity to engage with you on any further questions. The trading update will be presented in two parts: a brief overview of the six-year journey since 2021, and then the details of the Fiscal 2026 year performance will be revealed. Our business model and performance and purpose has guided us along the way. Our North Star, which ensured that every initiative, every action, every investment was done with the right intent to create impact to the customer, to the franchisee, to an employee, so that we could deliver results to our shareholders. We continue to create a place at the table, not only literally to sit and enjoy a dining experience, but our commitment to creating an opportunity with us. From our enterprise development projects, to our strategic partnerships with people like Vodacom, Ackermans, and more recently Sanlam, is evidence of how we want to create impact with other partners. If we look at the journey that we have traveled, and you've been with us through this journey over the last six fiscals, and you know the numbers. For ease of reference, they are tabled here and available in the online pack to review, so I don't expect you to read the small font. The share price over the last past six years is also reflected on the top in the small circles. Big share price, small circles. I would like to briefly take you through some of the impact areas that demonstrate that by fixing the culture of an organization, it guarantees to deliver performance. By understanding in our industry that a strategic imperative is to build appealing and relevant brands that ensures that franchisees realize the return on investment. And if our franchisees succeed, so do we. Let's look at some of these milestones. Leading for the Greater Good became our North Star. If we look at one major shift was in the early years, our investment in learnership and development was about ZAR 300K. This last year was ZAR 5.6 million. Every year we increased it from ZAR 3 million- ZAR 4 million, and now that investment, you'll remember the various programs that we ran, the Rising Leaders, the Ops Cadets. More recently, we've invested in a data science UCT program for all our leaders so that we all become competent in AI, which has become a huge requirement in the business. If we look at how we shifted our living wage, this was around 2023. At head office, our entry-level employees and at central kitchens were earning a minimum wage of ZAR 7,000 per month. This is now ZAR 16.5 thousand. We not only add value to these individuals by the living wage, but also to give them food hampers along the year, take them for outings. To give you an example, our central kitchen staff, in fiscal 2021, we found out that they hadn't even eaten at a Spur. Robin and Ashton and his team have been amazing to get these individuals into our brand, into our restaurants, so they know what they're producing every day. If we look at the increased annual investment for bursaries for our own employees, children's education started off at about half a million rand and now 1.5 million ZAR. There's a call for even more of an investment. As we grow, hopefully, we can honor that. We also established many relationships with small medium enterprises for annual supplier and enterprise development investments. This was led by our transformation executive together with our COOs. You can see the very minuscule investment at the early start. This year there was ZAR 5.1 million invested, and these are places like Khayelitsha Cookies, our recent Toucan Oils, which is a business run by females only that collects used oil. Lots of lovely activities happening where we're really trying to add value to smaller and medium-sized enterprises. If we look at our compliance, we were non-compliant in fiscal 2021. We eventually in fiscal 2022, got level eight, which was the start of the journey. We're now on level four. We're waiting for the next outcome in October. What is important to note, all of what we've done over the last six years was not about getting this only. This was just the requirement. We know that we embarked on deliberate transformation, which means we care and are committed to change and improvement in the business. Above all, because our business is reliant on great franchisees, we went on the journey to transform the franchisee pipeline by increasing females, which are now about 12.5% younger entrepreneurs, and increase in our Black franchisees, which currently represents 32.7% of our network, which is really awesome to see. We had set a target, I think, of 35% for fiscal 2027, and when I saw this final figure, I said to the team, "40% next year." Let's see. To look at these are some impact areas that were probably more internal. If we start seeing some of the impact on a performance level, I'll give you a couple of highlights. Fiscal 2022, Spur in South Africa's annual turnover exceeded ZAR 7 billion, an amazing milestone, after COVID and the difficulties that we went through in the market. Fiscal 2023, we celebrated the group's achievement of ZAR 1 billion in one single month, and that was December. Very important month for us, and we've managed to exceed that figure every December. Fiscal 2024, well done to our international team. Our restaurant annual turnover exceeded ZAR 1 billion. It's the ZAR 1 billion club here. In fiscal 2025, we broke that record again in another month, which is obviously also our second biggest month, which is usually school holidays, where the group exceeded ZAR 1 billion in July. This year we're celebrating RocoMamas, who's reached ZAR 1 billion in restaurant sales. Really an awesome achievement. And then above all, in the last six years, what is important to note is that our CAGR restaurant turnover growth was 15.2%. If you compare it to the compound annual growth rate reported by Euromonitor for this category, South African eating category is about 11.1%. We are really pleased to highlight some of these amazing milestones. Two more impact areas I want to briefly talk about is all the incredible work that is happening with our Spur Foundation and the impact we are creating. Training teachers, Panarottis introducing coding future programs, Sidima Sisters sanitary wear program, John Dory's focusing on the survival of children, so having survival swimming lessons. And then, of course, our target of feeding children has been exceeded. We are feeding 4,000 children now at early center development units. And this is all because of a ZAR 1 contribution that customers make and franchisees are willing to give up towards such an incredible project. And it is something that we have got to continue. We try and encourage franchisees to do more. We also acknowledge our franchisees who do so much in their local communities to help underprivileged facilities, old age, schools, orphans, et cetera. Just incredible, looking after that customer that one day might be the Spur customer of the future. And our endeavor to impact environmental sustainability continues. We have always been very responsible, focusing on our facilities, focusing on our company-owned stores. Monthly, our restaurants have go reports. We have the Green Feather Annual Report, which recognizes franchisees who are committed to sustainability. We have recently done a self-funding investment with an external party, where we have put in just over 400 solar panels in our company-owned Daycore warehouse facility. We already have a 53% reduction in usage, and our aim, with an additional battery that we need, is to get off the grid very soon. So well done to the team that handled this project. I realized the guy on the roof didn't have a safety thing and if we were in America, we would be in trouble. Okay, great. So let's go through the trading overview, and I am going to take you through some detail. Cristina then will top it up with the financials of the business per brand. So if we look at the year that is just passed and our supply chain officer called it the tale of two halves, and I thought, wow, that was true. It certainly was a year that was a tale of two halves, each shaped by forces largely outside of our control. In half one, the foot-and-mouth outbreak hit Free State cattle, straining our red meat supply, which has spread to all nine provinces. Even though the Minister of Agriculture was just recently, on the 16th of August, quoting to say it is under control with over 13.5 million vaccine doses imported and administered and 10 million more on their way. As the outbreak took hold, beef prices climbed sharply, 50% on beef products. Some cuts jumped even up to 30%, and by December, urban meat inflation hit 12.6%, the fastest rise since 2018. As reported at interims, the selling price on selected menu items were increased in July. Prices of beef currently remain approximately 15%-20% above the 2024 levels. In addition, in half one, the economy barely moved, just 1.1% growth in 2025, the strongest in three years, but still below forecast, with a quarterly pace at a modest 0.4% growth in quarter four and nudging up to 0.5% in quarter one. In September, we will await the quarter two stats. Of course, not to remember the booming online gambling industry with a record of ZAR 1.1 trillion wagered in a single year, which they say represents about 17% of South Africa's GDP, and that began competing for the same disposable rand our customers would spend on dining out. In H2, the pressures compounded. The escalating conflict in the U.S. and Iran and the closure of the Strait of Hormuz sent oil surging past ZAR 110 a barrel. Fuel inflation impacted consumer spend as well as put pressure on our own supply chain. Our solid relationships with our suppliers allowed us to delay the impact for a few months, but by early July, we had to take a small increase on the distribution cost, which will be adjusted as fuel prices improve. Migration tensions raised labor and stability concerns, and at the end of the financial year, the threats on safety and security leading up to the march and march of the 30th of June did not end with the buoyancy we expected. We have had confirmation that another march on march is planned for the 30th of September. Amongst all this chaos, we also have reality dawning on us as scientists warn us of a super El Niño threatening future crops and foods. So two halves, essentially, but one theme, resilience. Our stringent risk mitigation controls, our solid supply chain capability, a resilient network, and a returning loyal customer will, by God's grace, enable us to get through such volatile periods of trading. Need training for the trading. Our portfolio of brands remain unchanged. As you can see, our casual and fast casual brands sit on the top line. In the middle, our specialty brand of portfolios. Obviously, the biggest contributors there are The Hussar Grill and Doppio Zero and we will talk a little bit about each of them shortly. Then, of course, our virtual kitchen brands, of which we have six now. I still believe this is a massive opportunity in the industry. We certainly have intentions to expand it, not in terms of number of brands, but in terms of number of reach. If we look at where we trade, we currently trade in 14 countries, essentially on the continent. I see India is still there. Okay. On the continent of Africa, and that is our main focus, 112 restaurants internationally and 639 in South Africa. If we look at the restaurant count in terms of per brand, really to see obviously the significance of the Spur brand continues 48% of our count, but you will see a bit later over 68% of our contribution. But interesting, Panarottis has grown really phenomenally well, now 157 stores compared to the Spur 358. Also, wonderful growth across RocoMamas and of course, Specialty at 81 now is looking good and with a format that I am going to be showing you shortly, we expect a quick expansion of one of those formats within the Specialty portfolio. So ending the year with 751 restaurants. If we look at the number of restaurants in terms of new, closed, disposed. Disposed was the Nikos we disposed earlier in the year, we did disclose that in February. You will see 52 new restaurants. There were closures, some of those were mediocre stores trading in areas that were not optimum. Franchisees were under pressure. It reminds me, many years ago, I used to use a Forbes article that spoke about why restaurants fail or why businesses fail. Number one, they were saying it is because there is not enough cash flow, and number two, I will never forget, is that you are not listening intently to the customer. We had to close some of those restaurants. A lot of that is John Dory's. You can see seven closures. We expect to have more closures. We have budgeted for it. We do know that we are going to have to go through a rationalization process. More importantly, great to see that we managed to get into 52 new locations to be at arm's reach for our consumer. Then also a big investment by our franchisees for revamps and relocations, plus an additional 12 kids' play areas that were revamped in advance of a major revamp. We really do acknowledge our franchisees' investment of over 90 restaurants. The spend is about ZAR 200 million. We become very responsible to ensure they get the return on investment. On the whole, when we look at some of the brands, the return is evident, it is double-digit. There are some of them that are single digit, but we know that there is a huge and a much greater impact should you not decide to revamp. This is Copper Ridge Spur in Phalaborwa. You will remember this was actually one of the first Pegasus stores almost two years ago, that center caught a light. Our franchisee, who is very committed and forward-thinking, worked with Amanda and the team and set up a container for about 13 months, traded in a container. People commented that it has actually given us an idea of how we can trade as a container in certain sites. But she did relocate to a new shopping area, and this is the new store in Phalaborwa. She runs an incredible team with great customer experience. I visited the first store. I have not been back yet. Amanda has a few times, but really a huge commitment from this franchisee. Clear Waters Spur, a beautiful store as well, overlooking the beach, also was in great need of a revamp, looking stunning. This is also part of a multiple group. On the top right-hand corner, you can see an example of one of the smaller memory walls. What we have done to continue the legacy of Spur, we have captured the history of the brand, in every single new Pegasus store, which is lovely for people to read how the logo transformed, to read about the story of Spur, and to look at some of the old memorabilia. In some of the walls where it is bigger, they even have the old uniform. It has got some of the badges. It has got some of the old wooden menus, so really awesome to see. Coyote Canyon Spur, another revamp in Westville, KZN. This is Spur San Pedro in Randfontein, one of our bigger multiples. Just an incredible investment in the kids' area, a sort of three-story tower for kids to explore in and the Next Games on the bottom right-hand corner. This store was also very old-looking. The Panarottis was revamped first, and this is alongside the Panarottis. Once again, a great destination to attract your mainstream South African consumer. If we look at Red Mountain Spur in Paarl, this is an owner, Antony Botha. He owns two stores in Paarl. If you were to see his memory wall in his other Paarl store, he has every wooden menu he ever had on his wall, which is really awesome. This center is struggling a little because it is still under revamp, but at least our Spur has a new look. Falcon Arrow Spur, it is actually Brian's Spur, with his partner, Andile. Andile is a franchise partner and also on our FAC council. Many years ago, when he was a young lad, moving from restaurant to restaurant and trying to sell empty bottles and collect money, Brian gave him the opportunity to come and work for the business. I think washed dishes initially, him and his brother, helped them get some education. Today, it is incredible to know that Andile is Brian's partner in several of his restaurants. Well done to Brian. A great example of commitment to building the next frontier. Grey Owl Spur in Centurion also was in dire need of a revamp, really looking great. This is also a multiple franchisee who owns a store in Soweto. He has also identified a site in the east. Amanda showed me some pre-launch concepts. It looks like he is going to commit to building another great standalone restaurant. We look forward to that investment, and hopefully we can show you that in February. Just to end on the revamps, because I am going to cover the other brands' revamp shortly, I just wanted to mention that in Liberty Mall, just this last weekend, we revamped a very old looking John Dory's. It was still the yellow and blue, a very tired-looking store. It had been sold by the franchisee, and a new multiple franchisee bought it, decided to invest. We had a phenomenal start to the weekend. I hope that trend continues, but well done to the John Dory's team who have been taking quite a lot of strain recently. Let us pause for a moment before I go through some details for the group. If we look at the South African food service market in terms of different channels, and our focus goes on the eating, I must just caution you that the definitions often of the Euromonitor studies is not exactly aligned to ours. For example, they will gather data from different brands, but some have got different fiscals. If we just look at this reported period where they spoke about the category being ZAR 76.4 billion, we estimate our share is around 15.16%, could be a little higher, because we did work on the 2025 figure. Just to look at some projections, when they define it by category, they are only projecting eating to be 4.2%, up to 2030 in terms of the CAGR increase. Just to note that when I study the previous reports, Euromonitor are usually quite conservative. I am sure this category will beat that growth figure. When they look at it split by chained or limited service or independent restaurants, you can see the CAGR projection is about 7%. I think that is quite useful always to just check how we are fairing compared to the industry. If we look at the turnover for South Africa, the restaurants, ZAR 11 billion was generated. You can see Spur, 5.8% change. I looked at last year's growth, I think it was 4.8%, so it is really fantastic to see. ZAR 7 billion. We wanted more, so did Amanda, but that June month did impact us, unfortunately. This is a big brand, and if there are no customers in the malls, just for one weekend, it impacts turnover, but still a very good result for a solid, mature brand that is turning 60 next year. Well done. Panarottis just a phenomenal performance, sustaining this performance for now onto its third year. Well done to Cornelius and the team. ZAR 1.2 billion. John Dory's not a good performance, and it will continue to decline for a period before it turns around. RocoMamas, as we said, it is ZAR 1 billion. Specialty brands, now a prominent portfolio, second after Spur. Overall, a 6.6% growth in South Africa, and we will talk about like on like shortly. I know you always like to see the turnover monthly trend. You can see the dynamic is fairly similar. We did have a better start to the fiscal, but that is all dependent on when the school holidays fall. We have started seeing a gradual increase in customer counts for the group, and I will talk about some individual brands just now. That was also amplified by the strong promotional and marketing activity that our marketing teams developed. You can see that little decline in June. We only had six restaurants closed in some of the city centers and high streets, but footfall overall was subdued, not only on the 30th, probably about 10 days leading up to the march in March. Then, of course, let us not forget the exit of the foreign nationals who are also people who consume food. Customer count, if we go onto RocoMamas in a bit more detail. Interesting, RocoMamas has achieved 84% of Panarottis' customer count. It is a great benchmark, Rocco's, to set your target for next year, but starting to show how significant the RocoMamas brand is becoming to the industry. This is the Clear Waters Mall in Roodepoort, a great site owned by a multiple owner. That is one of our ops managers, Sam, looking cool. Brian, forgive us for the exposed photo of the yellow sign. It is orange, so we do follow the brand CI. Fourways Mall, owned by two female franchisees, DK and Tumi. I think this is their fifth or sixth store, but really doing really well. They have also, with our support, branded an airplane which stands outside this store in the shopping mall, which is an area where kids can run in and explore. That is also branded RocoMamas. We have not shown you a pic of it, but a great mall, really doing well. All our brands now have been revamped in that mall and are performing phenomenally well. Except John Dory's has not been revamped yet. Hout Bay Spur, this site was actually a John Dory's that converted to a RocoMamas. It is owned by our biggest black multiple, Powers Motsieleng. I think this is, he has got about 18 restaurants now. I should have mentioned him on the impact area. I think when I met him in fiscal 2021, I didn't even know we had a Black multiple owner. I bumped into him in a store with Amanda, and I said, "What? Hello." He owns 18 stores now. Phenomenal. We've got an aim. I told him, "As soon as you become the biggest multiple, I'll retire." In Lenasia, a new RocoMamas Halaal. Just incredible the results of the store. When you bring a wanted item close to the community, it's phenomenal the response you get. So really awesome to see. Of course, the billion-rand restaurant sales wasn't achieved just like that. It was a lot of marketing activity, a more focused approach to brand building. RocoMamas, I think, leads the way with innovation when it comes to smash burgers. Every three months, they introduce a new range. You can see Road Trip Legends. They've got some exciting sponsorships coming up that we'll expand on when we next meet. If you look at their Two Way Treat and their Triple Treat, these have become synonymous for them, almost like the Streetwise of KFC. Then, of course, the Fire Wings Challenge has become a benchmark. Sometimes we do get a bit of flak on social media, but overall, just a phenomenal response of people participating, and just the social media exposure is phenomenal. So certainly has set it apart from other smash burger competitors. If we now move on to international, and we look at the ZAR 1.2 billion restaurant sales generated this year in 112 outlets. In Africa, the continent hasn't been easy. We've had lots of currency devaluations in markets like Zimbabwe, DRC, and even Zambia. But if we look at the performance, a 9.8% growth. Mauritius is one of our biggest areas. I don't want you to be alarmed by the 0.9% drop. That was a nine-week downtime. Absolutely no trading for Apache Spur, which revamped in Mauritius. Pleasingly, by August, it's trading between 4.5%-5% growth already. So that's a good sign of a turnaround, and I'll show you a picture of that phenomenal site shortly. Then if we look at our top six markets on the continent in the rest of Africa, Mauritius being the leading one with 19 restaurants. Namibia is still very strong for us. Zimbabwe is starting to perform well but also underwent some challenges with the currency. Zambia pleasingly has recovered from its energy crisis. Our franchisee is very buoyant again, starting to revamp. He's also the franchise partner that's going to reenter Spur in Tanzania for us, which is awesome. We have two Panarottis in Tanzania with him, so look out for that. That's imminent. Nigeria, pleasingly, I remember in fiscal 2021, we couldn't get our money out of Nigeria. But a complete turnaround, and I thank our COO and the team for the incredible work done and with Cristina's support. We're now doing well in Nigeria. Turnover's increasing. Their willingness to expand continues. Then, of course, Kenya, also an important territory, and we believe a territory that still has a lot of opportunity for the group. This is the Apache Spur. It's in Bagatelle. Just a prominent site. It's that entire corner that you see. It's two levels. It's a magnificent site. This is a very popular destination. Just further down the mall, if you walk inwards towards the mall, you'll find the biggest Panarottis in the world, which does really well, owned by the same franchisees. This store was looking quite old. I remember having my first meeting with the Ho family, our franchisees, in this very old-looking environment, so a huge commitment from them. You can see them photographed there with our head of operations and our head of marketing. Well done to the team and our franchisee. I think this is being well received by the local market as well as the tourists. This is Mowlana, Gaborone. We have had a new partner there that was appointed just a couple of years ago with a strong development plan. We now have three Panarottis Pizza with the same partner, and then we also have other brands in Botswana. Then Mazabuka in Zambia. This is a Panarottis Pizza that is relocated to a new area. One thing you will find in Africa, the Panarottis branding and significance of the pizza format is fantastic. Obviously, we only sell pizza. I think do we sell some pasta or none? No pasta? A little bit of pasta as well. So really looking awesome. Then hot off the press, in fact, one of our international ops managers was there in Kenya on her birthday, sent us these photos. This is also a relocation from one of our multiple franchisees. He owns stores in South Africa as well as in Kenya. Relocated to a new mall, Galleria Mall. We are looking forward to improved results there. But really wonderful to see how this brand is expanding on the continent. If we look at the group total turnover, system-wide sales, I showed you earlier, but I know we all like to focus on like-on-like, which is always representative of the health of the business in a market that is a bit deflated. If I look at competitive performance, I think ours is well above that, which is really pleasing. Spur 3.8%, our target was 4%, but I think June messed it up a bit. Panarottis, fantastic double-digit like-on-like growth, which continues from a good year previously. For the group, 3.6% like-on-like growth. If we start looking at some specifics in terms of our regional growth and contribution, you can see Gauteng, obviously a very key area for us, followed by the Western Cape. Gauteng showed a pleasing result this year, but remember, Western Cape came off a very high increase the previous year, but a 6.6% growth in Western Cape is still good. Then if we look at certain categories, breakfast gains for the group. Our breakfast sales are up by 8% for the group. This has also come because of a lot of the focus on breakfast and of course, our specialty restaurants. Let us not forget that Doppio Zero's day part, half of that is breakfast, so there is an increase. We also, as a group, are on a big coffee innovation drive. So we are increasing coffee and breakfast touch points. We are increasing breakfast and snacking moments. We also have a barista academy that is in training. We have appointed a barista head. We are busy setting up an enterprise development barista academy, where we are going to support a local talented individual. We have employed 10 unemployed youngsters that have been trained as baristas, and we have got a big strategy across the brands to really amplify our breakfast experience through becoming specialists in coffee. We will tell you more about that when it is in the public domain. If we continue with the day part, we spoke about breakfast. You can see that dinner is a very prominent contributor, really because this is done by value. Lunch, also important to us. We know that dinners have become a lot earlier since COVID, but a pleasing result still at 6.7% for lunch and dinner. I think those were mixed up a bit. Breakfast for Champions. This is a drive that our marketing teams put together with our proud sponsor of the Springboks. A lot of you would have seen the campaign. I am not going to play it for you, and you can see our regular diners here enjoying a breakfast. We have had great success with the association with the Springboks. At every opportunity that we are given, we leverage it for our franchisees, from live broadcasts to events for children, for mascot sponsorship. This was an event that happened in Emerald Creek in Bryanston, where we hosted 80 Springboks. It was a great evening of hiss with customers having photos with their favorite players. If we move on to off-premise turnover, we know that off-premise is going to be growing in the industry. We just know that we need to get a share of it so that when our own customers want their favorite Spur meal or Panarottis pizza, they can get it through any channel that they would like. Our prominent channel is obviously still sit-down, and our 12% off-premise represents click collect and call. Obviously, that is with the two main third-party aggregators, Mr D and Uber Eats. Pleasingly, our virtual kitchen brands have grown by 6.4% on previous year, with the leading brand being Pizza Pug. I was actually looking at the stats last night. I think of all the virtual kitchen brands, Panarottis is the one that has the highest number of participating restaurants. Almost 89% of the Panarottis franchisees have bought into the concept of virtual kitchen brands, so that is amazing. A big opportunity for us to grow that category. Panarottis celebrated its 100th store this year. Really awesome. I think we played the clip to you as everyone was arriving. Wonderful. We already have 102, and I think as I talk, another one has been built. 55 in the rest of Africa, so a huge milestone for the brand, and I applaud our franchisees and our team and our leader at Panarottis for the great success. As you saw on the clip, the 100th store was celebrated at the Prince Buthelezi Mall in Empangeni, a beautiful restaurant owned by an up-and-coming new multiple, who really believes in building great stores, so he is not scared to invest, and he is getting his return on investment. So really awesome. I have not seen the store yet, but I look forward to the visit. Panarottis has done a phenomenal job with its marketing, big on pizza, big on friendship. First time they went out with really a great billboard campaign, really trying to capture the experience of eating pizza at a table versus our competitors who eat it out of a box. It continues its growth. You saw the numbers there. They have had a 12% growth in customer count coming off a high base. Last year, it was 16%. So really a phenomenal and continued success. Another important thing to mention, and we all believe it, if you get behind a strategy that you believe in, we believe pasta is a big growth category. We focused on this year. The marketing teams came up with great campaigns to promote both pasta and pizza, and this brand has delivered a 22% growth in pasta sales. It is still relatively small to pizza, but just shows that consumers want a choice, and pizza is such a high-margin category for franchisees, easy for anyone to eat, including the little ones. We now move on to Spur, our mother brand, our hero brand, our cash cow, the one who pays our salaries. We celebrated 100 Spur new looks this year. That included the nine in international. We now have 104. If I look at two new ones, and there were many more, it was interesting, you saw the growth of the new stores, I think 11. Incredible that this brand, being at a mature stage, we know when we look at our penetration model, it still has lots of leg room, but obviously is more mature in terms of its reach, has managed to open 11 stores this year. This is a new development. I think it is called Garden Walk in Hartenbos, Lynx Creek Spur. A beautiful store. We visited it recently. Franchisees who still own stores in Klerksdorp, they want to migrate, I almost said, move to Hartenbos. They have moved already. They are amazing. We walked into the store. The franchisees were on the floor talking to customers, picking up paper, serving customers, clearing tables, just an amazing duo. And we know that this brand in that region is in good hands, and we hope to expand with them as well. So awesome store. Hope you can visit when you are on holiday. Midstream, you all know the Midstream Living Estate, very popular in the Centurion area, sort of an upmarket sort of consumer. We are in it. We took the Wimpy site there, built a beautiful little store. It is not big, but it has got a lovely outside seating area. It has been phenomenal. It has been packed. People love it. They love the food. We are getting great feedback. And we are hoping to grow with this franchisee as well, who just offer great customer experience. If you look to the back of that store, you can see another memory wall there, which is really awesome. Then, of course, the biggest highlight for us as a company this year and for the Spur brand was the development of what we are calling our Spur Prime site. This restaurant is an investment of a franchise family. The franchisee is Jacques du Plessis. His mother and father were workers of the public sector, who about 25 years ago cashed in their provident fund to invest in a Spur in the Queenswood area. Ran the store really well with their two sons. The one sadly passed away in an accident about six years ago, and the eldest son runs the business with them. They traded in the same location for about 25 years in an area that did not have enough parking space. They were always known for their good play areas, and his dream was to own a property himself and build a standalone restaurant. This is what he has done. The store opened on the 26th of June. It was a phenomenal success. The first month was chaotic. We never realized this was going to happen. We were not prepared for the lines that we saw. This is just the evening view of the restaurant itself. You can see the queue. At some nights and some mornings, the queue was running on both ends. We subsequently have had to put up marquees, and we have had to supply water because people were standing in the queue for two and a half hours just to play. There is a parking area of about 160 - 180 parking bays, obviously with required security because it is a standalone. Just a phenomenal play area, which I will take you through. You can see the electronic slides, the little junior play area, which his wife designed. They have got two smaller kids, so they knew exactly how to trial that. This is a unique modular. It is a CROSHET modular from China, the first one in the Southern Hemisphere. The entire investment for the kids' area was about ZAR 3.1 million. The investment for the store itself was about ZAR 14 million, and obviously you can imagine the property and the development itself. This has really gained such attraction. It has got three levels in it, so it is like a kaleidoscope, and you climb in it. I tried to go up, but then I decided to stop, might break it. My team were definitely in it. They even filmed the inside. This is a day view of the queue. It is a different day. You can see the queue goes further back. I am going to play this very quickly. What is good to see is just the amount of consumer-created content that went on social media for the store was phenomenal. This was the afternoon queue. You can see it is on the opposite side. This is a clip that was- [Presentation] Okay, so really incredible. I think our franchisee even bought, obviously with the approval of the brand, 10,000 little Spur socks, which the kids wear while they are playing. So the experience has been phenomenal. The bathrooms have got dedicated standalone bathrooms with a basin, so mom can go in privately with her child, for women, for men, just all the facilities that you need for a great dining experience. The opposite side of the play area has got a dining area, which is more for adults, a patio area, even a smoking area because Pretorians still smoke. So really awesome. Well done to the Spur brand. We look forward to this store, which is now in the top five, to continue to perform well. We are going to move on to what we have called the innovators of trading formats this year. We have had some trading format trials. We have got something really smart up our sleeves for RocoMamas, which we will talk about once we have rolled out the plan. But certainly, in the specialty category, our innovators of the trading formats has been the Doppio Zero brand that introduced Doppio Cafe, Doppio Bistrot, and Doppio ROAM, and I will talk a little bit about it shortly. So we have 27 Doppio Zeros, which is the core of this portfolio. They opened several new stores, Irene Village in Centurion, Garden Walk in Hartbeespoort, the same place where I showed you the Spur, and also East Rand Mall in Boksburg. East Rand Mall is not doing so well as a mall, so I hope that store does well. But you can see just wonderful ambiance, beautifully crafted food, as well as advertising. As we had mentioned to you before, Doppio in Mediclinic, this is the hospital format. You can see it has got retail, the things that you normally see in a hospital, a little shop and grab-and-go items. Phenomenally well. I know I shouldn't give you figures, but this one did close to ZAR 2 million last year. Last year, last month. So just a phenomenal response. This is the Doppio Cafe in Marriott Sea Point. This is a hotel format. This one is doing well, not as well as we want, but obviously it does have a captive audience, being the hotel customers, the hotel guests who essentially have breakfast there. But also a beautiful restaurant with a beautiful deck that is lovely for cocktails or evening drinks. Doppio Bistrot we spoke to you about. This is in a lifestyle development called Nine Yards in Rosebank. A beautiful restaurant doing phenomenally well. It has got a private dining, and I must tell you, it is still trading without a liquor license. So really doing nicely and hopefully will increase even further. But a beautiful looking store and has really gained a lot of attraction. This is a company-owned store because we also own the two company stores in the same vicinity. So in order not to cannibalize the business, we didn't want to franchise it yet, but perhaps in the future. And then our most- [music] We've got to wait for it to end otherwise it will keep going. [music] It's not looped, hey? Good. Yeah, we stop it. Good. This is Doppio ROAM. This is our new sort of food on the move, grab and go concept. It launched in July, so it's actually in the new financial year. It's launched in Irene Village Mall in Centurion, just opposite a brand new Checkers. It's a beautiful restaurant owned by an existing Doppio franchisee. These kind of stores will probably be satellite stores for franchisees that own stores. Then a lot of the production of bakery items will happen at the main store and then be brought to Doppio ROAM. I think what this format is now representing is the opportunity we were looking for for many years is, how do we develop formats that attract a younger investor, an investor that maybe only has ZAR 1.3 million or ZAR 1.8 million? The concept can work on 50 sq m, so it can just be a counter that is serving coffee, and it can have a little bit of seating and go up to 120 sq m. This particular store was a ZAR 1.3 million investment, serving baked items, healthy meals, and also lots of retail product. We are going to see a scale in this format, and we believe it is going to be really popular for the business. If I move on, I want to end on probably what is our most elevated experience and portfolio that we have in the group, and that is our The Hussar Grill. That has had 60 years of legacy and 60 years of manners, and it is something that we will maintain and continue. This team has really surpassed our expectations in terms of elevating the customer experience. I did not want to show you three clips. They did give me three clips. Just to show you the type of work they are doing to engage with customers who want to celebrate, whether it is their anniversary or their birthday or a special milestone, where the tables are decorated as you would expect in a home. The service ambassadors are serving them with great customer touch points, customized menus. That is the elevation of the experience that we want to see across all our brands. Obviously, for a specialty restaurant, it will be of this level. For a family dining, it will be of a different level. Great clip, which I do want you to watch. It has no sound. This was the millionth customer at The Hussar Grill Willowbridge. They had a look of who was doing the booking and for their millionth one decided to turn this into a big experience. Here they are treating the millionth customer and welcoming. You can see our franchisee personally welcoming, you saw it earlier, and inviting their friends to enjoy a meal from the restaurant, but just to celebrate success and really something there is, greeting them personally and enjoying that celebration. Congratulations to our The Hussar Grill team just for wonderful touch points and also showing that just ordinary people want to have that affordable, attainable experience which is also come at quite a good price. Well done and congratulations. Leading to a close, I wanted to talk a little bit about our focus around the customer. As we know that we are all about Leading for the Greater Good. When I talk about the road ahead, we are going to tell you about what we are doing to elevate our experience and our key differentiators. One thing we introduced at the time when Vuyo Henda joined was we introduced a consumer insights capability and team. This has ensured that our brand teams and our operational teams are constantly understanding the customer, the customer needs. What are the pain points? What are the highlights? What do we need to do? How do we segment it? We have a lot of work happening around our CRM segmentation, and we are going to share more of that at the next results. But we also know that we have to embrace the next generation, the next generation of families. If we look at Gen Zs today that are aged 18 - 28, a lot of that older category of the Gen Zs already have young families. We know that that makes up about 34% of South Africa's population. They are important because they will choose a sit-down for an experience. They talk about 68% will choose casual dine-in. We know that the older skew will choose it even more. They will even attempt fine dine-in. This is our future market. We know that they estimate there will be an annual spending power of ZAR 1.1 trillion plus, so very key to us. They are also our employees at the moment. At Spur Corp, it is only 10%. We have got a bigger cohort of millennials. I think the important message I want to deliver to the investors this morning is our process and our thinking and our innovation is consumer-led, and it will continue to be that. We need to understand our customer and build and develop our brands and our brand communication to meet their needs. Our customers themselves give us a lot of recognition. You can read these at your own time, but the usual accolades of the industry. We also have two more awards that are going to be given to us on the 26th of August. There is an embargo, so we look forward to hearing what those are. I wanted to close before I hand over to Cristina to tell you about an activity. Do you want to give Shirley some water? Activity that happened at the World Retail Congress in Berlin. This is a global congress that happens annually. I think this year it is going to happen in Milan. The universities around the world were given a challenge to come up with an innovative retail concept. We were approached by the South African Council of Shopping Centres to say, could we help the students with a bit of information? We thought they are going to pick another brand. They decided to pick Spur, and all we gave was our time. We had a small team that gave time to engage with the students. We are not able to share the project with you. It is going to be revealed at the South African Council of Shopping Centres Conference in October. Our chairman was there, happened to be there. They got onto the stage. They were really clever to capture what everyone can relate to, and that was a birthday celebration. They delivered an innovative proposal which was AI-led, and they won. Suddenly, Spur was on the global platform, being accepted by an audience that was filled with retail experts from everywhere in the world. Well done to the Spur team who dedicated time to give back to these people. Well done to our students. We did entertain them for a special lunch at our Santa Ana Spur store in the waterfront, and we hope we have built a relationship with them going forward. Now it is time for me to sit down and to kindly ask Cristina to join up here to take us through the financial and segmental review. Cristina, over to you. Good. Thank you, Val. Good morning, ladies and gentlemen. Let's start with the income statement. This first slide is our reported income statement. I will highlight only a few metrics, namely Val highlighted a 6.9% sales increase, which as you can see on the top right, converted to an 8.5% revenue growth. I will go all the way down because I will show you a bit more detail on the income statement on the next slide. Profit before income tax is actually a negative 19.4%, and that is due to the inclusion of the GPS litigation claim provision. The results then in a net profit of 34% down, and as you see on the bottom right, earnings per share 36% down, and headline earnings per share 38% down over the prior year, respectively. On the following slide is our reported income statement, but adjusted only to exclude the provision for the GPS litigation claim. We believe that this information assists shareholders in understanding the underlying financial performance of the group by providing a basis for comparison with the prior year, unaffected by this once-off non-trading item. The 8.5% revenue increase obviously remains unchanged, not impacted by that. It has largely been driven by, as you see, the 10.6% increase from our sales to franchisees and external retail sales sources through our outsourced distributor, as can be seen on the slide, complemented by a 6% increase in local franchise revenue and 9.2% increase in international franchise revenue. Pleasingly, the gross margin then is 30% or so. The gross profit is reflected there at ZAR 1.3 billion, and it is 31% versus slightly lower than last year's of 32% at the prior year. Other expenses, excluding the provision for the GPS, you can see have increased by 3.2% to ZAR 914 million and are made up as follows. Marketing is ZAR 362 million of that increase. It represents a 4% increase on the prior year. Retail company stores, the non-food cost related element, is ZAR 133 million, representing 7% increase. Operating expenses are at ZAR 180 million and represents 11% increase due to the change in operating model in managing our retail source business. Administration expenses of ZAR 260 million, which is what makes up the total ZAR 913 million, increased by 6.6%, and that is unpacked a little bit later in the disclosure we have in the presentation. The operating profit margin before finance income, that ZAR 434 million that you see in the middle of the screen, that is now at a 10.4% margin to revenue, which is up from 9.7% in the prior year. So an enhanced operating margin for the year. Moving on to net interest, you will see ZAR 18 million net finance income. It has decreased relative to the prior year due to lower prevailing interest period on period, and lower cash on hand. We have applied our cash, as you will see in the cash flow statement, to share repurchases, and we have also increased dividends, the dividend payout ratio to our shareholders in the last period, as you know. So that resulted in a decreased cash on hand. The small equity accounted investment is the profit on an associate, a Doppio Zero company that we own, an associate. That gives us an effective tax rate of 29.4%. Pleasingly, we see profit of ZAR 319 million, which then actually represents an 11.5% increase year on year as opposed to the negative 19% you saw in the previous slide. That then results in an earnings per share of 11.6% up and a headline earnings per share, which excludes profit on disposal of businesses and the like of 8.9%. To stop and reflect that we said sales increased by the 6.9. Revenue on the top right increased by 8.5%. Headline earnings increased by 8.9%, if you want to sort of have a look at understanding the underlying trading performances, excluding any one-offs. We will move on to our next slide, which I will only spend a few minutes on. It is very busy, segmental overview. Our next slide displays a consolidated view of the segmental reporting. The first column on the left reflecting each segment's contribution to group revenue. The middle two columns reflect the increase in revenue and profit over FY 2025. The two columns on the right reflect the margin percentage extraction for both FY 2026 and FY 2025. What we will do is we will unpack this information per segment in more detail on the following slides. It is pleasing to note that as per the last row at the bottom, you will see that revenue increased by 8.5%, as we said, and the profit increase was actually 12.8% if you exclude GPS provision. The margin for the year is reflected is actually 10.8%, that bottom right, instead of the 7.7% that is reflected. Some healthy sort of double-digit margin extractions, as we said. If we look at the segmental slide, on this slide you see the total South African sales, which has increased by 6%. Sorry, total South African restaurant sales, which increased by the 6% of the prior year, and that translated into a local franchise revenue of 6%. The Spur brand remains our main contributor to franchise revenue and profit. The increased sales of 5.8% by Spur, translated into a revenue increase of 5.5%, there on the top left, and a profit increase on the right of 6%, delivering ZAR 306 million for the year. The brand continues to generate the base operating margin of all the brands, and you can see it there at 87.8%, 88%. It is also responsible for 51% of all of our local franchise stores, within the group's house of brands and 66% of the South African franchise revenue. If we look at the next slide, which shows our remaining brands excluding Spur. Panarottis depicted in the teal, a star performer who is excelling with a value proposition that is appealing and sustainable and delivering a beautiful 16% increase in revenue at ZAR 56 million and a 20% increase in profit at ZAR 43 million. RocoMamas, depicted in the orange, reports solid revenue and profit growth at 6% and near 8% respectively. Both brands hold a robust net operating model at 75% and 79% respectively. Panarottis and RocoMamas represent 11% and 10% respectively of the South African franchise revenue each. John Dory's depicted in the blue at the bottom, reported a negative growth on sales and delivered a ZAR 7 million in revenue for the second half versus ZAR 9 million in the first half. However, it was able to convert this into a consistent ZAR 4 million profit per half. Growth in this brand category remains challenging. The speciality brands increased sales by 8%, with The Hussar Grill and Doppio Zero being the key brands in this portfolio. This converted into a 9% increase in revenue and a 5% increase in profit. That is really due to the loss of profit from Nikos in the second half of the year and a slight increase in remuneration costs end of Doppio Collection in order to align it more to the Spur remuneration policies. As you know, again, effective from the 1st of March, the group disposed its 62% increase in the Nikos brand. In the current year's number, you see a profit of ZAR 3.3 million included in earnings. In FY 2025, there was a similar number, ZAR 2 million instead of ZAR 3.3 million, which was the reversal of the Nikos trademark impairments. In short, excluding all the adjustments, the underlying brand performance was a 10.6% increase over the prior year, comparable to the revenue increase of 9%. I am just going to move to the next slide. If we look at the company stores, the group has 13 company-owned stores. I know it says 12 at the bottom there, but that is because it is three The Hussar Grills, 10 in the Doppio Collection. It is just that one of those Doppio Collection is not included in this segment. It is included in the associate income, the Grimaldi entity. The retail company-owned stores reported a 4.1% decrease in revenue, but that was primarily due to the sale of one Doppio Zero restaurant in the year and a Piza ē Vino restaurant in the year and a The Hussar Grill Morningside in the year. The top line was impacted by three stores out of revenue. There was also a closure of the Chicho's concept store in the second half of the previous financial year. Excluding the contribution from those stores that have exited, the revenue actually would be a + 3.3% instead of a - 4.1%. That includes some lost trading days because our The Hussar Grill, Mooinooi point was revamped during the period. If I take the lost revenue for the downtime, we would have moved that 3.3% to 3.9%. Again, it is not to keep telling you all about exclusions. It is all about just to give you a feel for what the underlying entries are when you do have these sort of once-off activities that take place. Profit is reflected at a 483% increase, but that is really just because there is a profit on disposal of businesses. The Hussar Grill in Morningside, as I said, the Doppio Zero Blue Hills and the Piza ē Vino, that is ZAR 3.9 million in 2026. In FY 2025, there was impairments of ZAR 6.9 million. The negative of last year and the positive this year is a material swing, which then results in that big 482 profit. If we exclude those adjustments on both sides, both FY 2025 and FY 2026, then profit would have increased by 56%. That was a result of efficiencies in the company-owned stores, specifically in Doppio Collection company-owned stores, and then also the removal of Chicho's that I said in FY 2025, which did not repeat. The actual underlying profitability is then actually a 12% increase in profit relative to a 3.3%, 3.9% increase in revenue. The review of the company-owned stores or the portfolio is underway, and we will consider selling further company-owned restaurants stores to our franchisees, preferably should there be interest. If we look at our manufacturing and distribution segment, revenue is up by 11.3%, and that follows the increase in sales to our franchisees and the external sales via our outsourced distributor, and profit is up by 25%. The most material contributors to profit remain the profit on procured items, complemented with profit on manufacturing sources sold to restaurants. The insourcing of the management of the group's retail products, which was implemented during the second half of the previous financial year, has delivered strong results and amplified that profit contribution. That has allowed a stronger rate and a margin expansion, and a higher contribution to the division's profitability. If we look at our marketing funds, we see a 3.9% increase in revenue than the prior year. It is lower than the increase in restaurant sales, but that is purely due to the accounting for the revenue over a period of time as opposed to a point in time, in line with IFRS 15 as is required. Adjusting for the deferred income movements in both years results in an increase in marketing revenue of 6.5, which is then more aligned to the increase in store turnover. We see a loss of ZAR 4 million as additional spend over that that was collected was incurred in Spur brand and in John Dory's, which will be recovered in the new year. A total of ZAR 15 million is reflected as contract liabilities being underspent marketing funds, mainly relating to the Panarottis, Hussar Grill and Doppio Collection funds. This liability is then matched with the cash on hand on our balance sheet, which is showed as restricted cash. This enables some further activation of customer-focused marketing activities. An activation for the small in size but bigger in heart and soul customers is the introduction of our Brave Buddies for our Spur children. You see them on the right. Meet our six new friends, Scout the Fox, Diego the Toucan, Zuko the Eagle, Rori the Lion, Robby the Robot, and Lulu the Unicorn, each with their own character and personality traits, embodying wholesome values which are aligned to our brand and to our family ethos. If we then look at South Africa other and shared services, as you know, the table on the left discloses the operating performance of the departments who are most closely linked to supporting our franchisees, namely the departments like decor, training, export, and call center. Our decor and export team remain instrumental in the period, delivering crucial support for new store openings and revamps, including the 98 stores that Val mentioned a bit earlier, which were the relocations and revamps and the 52 new stores. Export department was slightly below the prior year in both revenue and profit, but that was offset by improvements in the decor division and training. Our training department is delivering good results. It does, however, remain a cost center to the group. On the right, we reflect costs associated with support departments. We show you the revenue, and then we show the breakdown of the line items. We will see marketing fund income in line, 6.4% increase that we recovered. The rental income is slightly up. We have our net interest income that we covered in the income statement, and then the gain on derecognition offset by the loss on disposal. In essence, more relevant is the shared overhead line, which is at the ZAR 347 million, and shows as a 73%, 74% increase in the prior year, which again includes the ZAR 129.5 million provision for GPS, which is unpacked further on the next slide. Understanding our comparable overheads in a bit of a better way, the ZAR 346 million, which we showed on the previous slide, which showed the 74% outflow, includes a number of items. What we do here to allow for comparability, we adjust, for example, the Spur Foundation, because that is not our cash, as well as the legal expenditure in support of the GPS matter. As well as you will see that the financial instrument balances offset the actual credit loss adjustments and IFRS adjustments. Therefore, the comparable overhead is actually the bottom line where there were ZAR 211 million, and an increase of 8.8% over the prior year. We do have a breakdown of those comparable shared overheads in the appendix, which lists it by department. The increase is mainly due to us bolstering our information technology department with additional resources and investments to partner with our marketing department in developing customer-centric solutions. There is a bit of slight increase in environmental and sustainability and a slight increase in the people leadership department. If you look at international, the international business is performing well with a 9% increase in revenue and a 42% increase in profit. The international team worked very hard this year to support the 10 new openings in restaurants and revamps of six. A highlight was the introduction of the Spur brand into Lesotho, as well as the launch of Panarottis in Botswana. Now there are four restaurants, including the one Doppio, now trading in Botswana. In Harare, a Doppio Zero is currently in build. I am going to move on to the next slide, which is our comparable profit analysis. We start with our profit before income tax of ZAR 323 million, which is the 19.4% decrease. We then, as we move along, we add back our marketing funds because those are not for us, and we add back the GPS legal costs as well as the GPS legal claim. Noting that the financial instrument and actual credit losses net each other off. There was an early termination of a Johannesburg offices, which is a profit, so we backed that out. There was a loss on a repair that we did to a roof of 1.5, so we add that back in. We take out the profits on sales of businesses of ZAR 7.2 million, and we take out forex exchange gains and losses, result in a comparable profit before tax of ZAR 454 million, which is an increase of 10.5%. Quick overview on the balance sheet. PPE increased by a net ZAR 9 million. Its additions of 24, reduced by depreciation of 12, disposals of ZAR 2 million and sale of businesses of ZAR 2 million. The right of use assets offset against the right of use, or at least the lease liabilities, in terms of IFRS 16. Those relate to leases on our company-owned stores and rented properties. The most material asset is the intangibles and goodwills, largely unchanged, decreased with amortization charge on licenses. Other non-current assets, as per the note, is made up of our associates ZAR 3 million deferred tax, which are all temp differences. I will cover the movement in working capital, I think, under the cash flow statement. Our contract liabilities, current and long-term, consist of ZAR 51 million, or at least total ZAR 51 million. That consists of unspent marketing funds of ZAR 15 million, as well as the balance of ZAR 36 million is the deferred license fees, which will amortize over the period of franchise agreements. Loans payable also remain largely unchanged in value, but with ZAR 15 million moved to long-term in nature as the group introduced funding in replacement of a shareholder loan in the first half of the year. The provision for litigation claim of ZAR 129.5 million is separately disclosed. As announced to the market, it is a capital sum of ZAR 74.6 million plus simple interest of 10% to reporting date, and then estimated legal cost takes us to the 129. As you know, as we have disclosed, Spur Group intends to lodge an appeal against the award, and the parties have agreed that that appeal will be held on the 1st and 2nd of February. Second last slide, I think, on cash flow. The reporting profit before tax of ZAR 324 million increased by ZAR 25 million trading non-cash movements, mainly the add back of depreciation of ZAR 31 million and share-based payments of ZAR 20 million. Then also, the further add back of the GPS provision, to end with an operating profit before working capital changes of ZAR 478 million. Working capital is reflected as a ZAR 10 million profit. You see the breakdown in terms of movements in trade and payables, trade and receivables, and inventory. 2025, the numbers look material. They were impacted by the change in operating structure relating to our retail sources. This is a more normalized working capital movement. This has resulted then in, as I said, what we think is a healthy cash generation of ZAR 488 million. If we continue with the cash flow statements, net finance income you have seen in the income statement. We then paid ZAR 400 million to stakeholders, including the receivable of revenue at ZAR 137 million, and dividends to shareholders of ZAR 262 million. Our investing activities of a net ZAR 17 million is actually ZAR 24 million CapEx spent and then disposal of businesses of ZAR 7 million that came in. Financing activities of ZAR 73 million is ZAR 61 million spent in the repurchase of shares. The balance, I think about ZAR 16 million or so, was settlement of lease liabilities. External debt was also raised of ZAR 21 million, as we said. That then results in a closing balance of cash on hand of ZAR 554 million, of which ZAR 60 million is restricted. As usual, we remind shareholders the allocation of this cash and capital is a key focus area for the board. And we obviously consider contingent liabilities, any CapEx for expansion, and investment, as well as any other activities which we think are value creating for shareholders. The company will also be distributing about ZAR 188 million of that cash to shareholders on the 14th of September. I will now hand over back to Val. Stay. Stay for questions. Are they going to stay? Oh, good. I forgot we got the way forward, but thank you, Cristina. Well done. So just a few key messages around the way forward. We continue our value creation strategy going forward, and we have added a dimension to it saying that every new, better or more value we are going to create will be done, one, with an intent that is aligned to our purpose. And we know that sustainable value creation means blending purpose with performance. This is our blueprint blossom for FY 2027. It is the element that is going to be driving our business model. Our entire business plan has been written around the blossom, which has seven strategic focus areas. The first one to be trailblazing experience architects. This is going to be the new way that Spur is going to lead the organization so that we can really elevate our experiences, whether they are family dine-in, fast casual or specialty. We have always led with experience, and as competitors start emulating us, we will lead the way with newness, innovation and surprise, but always remembering to give the customer what they want with their dine-in experience or any experience through any channel. Our franchisees' profitability and sustainability is paramount. We know that if franchisees are not making a profit, we do not. They have been under a lot of strain with a lot of operating expenses that have increased or areas that have increased not only in the recent year, but in years to come, in years of past. So it is a big focus area for us. We recently ran a very productive workshop with our franchisees to look at how we need to refine business-wide models so that we can ensure that the franchisee runs a profitable investment and gets the return on his investment. So big focus. Supply chain is critical for us. I think when we look at the threats of the El Niño, when we look at the geopolitical volatility in the world, we have to ensure that the supply chain is a strategic competency. If we do not have any food, we do not have a business. Quite simple. But we have got a very strong team led by Chief Supply Chain Officer, Robin, who is building a strong team alongside him. So we are absolutely confident that we can mitigate any risk that we will encounter by bringing better product, alternative options to the market. At the moment, only about 20% of our product is imported, so we do support a lot of local supply. ESG remains a big focus. We're going to be looking at how we've embraced it around our Leading for the Greater Good framework. You're going to see more of that happening. Again, not because we have to, because we want to. Our people leadership and culture, executive and officer, plays a significant role in helping us build an agile team that can be future fit for the future, and also build succession across all our brands, across all our disciplines to ensure that we build in not only for the short term, but for the long term. We know that our strategic partnership and also the use of data and AI is going to become significant in innovation. I'm really pleased to say that we've embraced AI as an innovation. We do know, however, that nothing's going to remove the human intelligence. No one's going to ever replace the clink-cling of glasses, cutlery, the smell of food, the taste of food. But we know that AI will enhance our human experience at restaurant level. Finally, a big drive around our market expansion beyond boundaries. We will start paving the way on what the future holds for the rest of the continent. We generally run the international with a relatively small team. As we prepare for the future, we know there's a lot of headroom in the rest of the continent, where our brands are already accepted. So we're looking at not only market expansion through formats, channels, but also the growth on the continent in the medium to long term. All of this will be done through creating new value, which is around innovation, doing more of what we do well and improving where we need to improve, but always ticking the box to say: Why are we doing it? Are we doing it because we want to joyfully serve? Are we doing it because we care about individuals and we want to give them the opportunity? Are we doing things that are going to build the current and next generation of employees, of franchisees and of consumers? In that, are we being environmentally responsive and resilient? So we're really excited about the future. Our plan is set out. We're quite aggressive about what we want to do, but we want to do it with the right intent and deliver a return to our shareholders. So I thank you for the time. I'm now going to cross over to Graeme to take any questions that we may have. Thank you. Thanks, Val. The first question is from [Apola Nani] from StanCapital Management, asking, what was the evolution of trading throughout the second half, specifically after the fuel price hike? Sorry, we just have to repeat the question. What was the evolution of trading throughout the second half, specifically after the fuel price hikes, and what has trading been like post period end? Okay. Just to answer your question, trading, I think, was impacted first by the foot-and-mouth disease. I think that was obviously where consumers were becoming aware of the price of beef. We are quite fortunate that in a brand like Spur, we have a range of proteins. We were able to sustain it, but I think it's more the awareness that happens in the marketplace that subdues the customer spend. The petrol hike clearly has impacted household spend, because we know that consumers have to travel to get to their work. They have to travel to dine out. We did see, at the end of June more, we saw a bit of a downturn. But we managed to hold our own, only because we believe that in economic difficulties, consumers are using dining out as an easy treat for their families. We do have a strength in the family dining restaurants where people will still use us as the alternative for entertainment. You can take your family out, your kids can play for free. I can't say there was a direct impact except the reality if you look at the network performance, there are certain markets that are more impacted, and we know that's because the consumer just simply can't manage with their household spend and the increase in travel cost and food cost. Performance post year-end has been relatively good. I can't say July didn't meet our expectations. It was a good month for us, and August seems to be trading fairly well as well. It's interesting. It is difficult out there, and I say that only because we love to see all our restaurants performing well. But we probably have 30%- 20% in different brands that aren't doing as well as the rest of the business. I hope I've answered your question. Thanks, Val. Then there's a follow-up from a corner asking, "The beef to chicken input price ratio went to extreme levels last year but seems to have retreated over the past several months. How are you thinking about this in your pricing decisions? What do you make of the Competition Commission's franchise market inquiry? Okay, so that's three questions in one. Okay. The first one, I hope I can answer it as eloquently as our supply chain officer would. I think the first thing to recognize is when the foot-and-mouth disease was at its peak, it impacted the perception obviously of beef, but also pork prices increased because of the demand. Chicken was less vulnerable for us. We have very good arrangements with the two big chicken suppliers, so we were very blessed to be able to hold a lot of our chicken prices and then only later saw some minor increases. The way we're going to respond is the way we always respond when we look at the input prices. We look at what we can pass on, what we can contain. We try and menu engineer so that we can accommodate any price increases. We do know with the talk about difficult weather conditions, we are expecting that the maize price will increase, so we're expecting some increase, let's say, from chicken. That's the way we really mitigate pricing. So that's what's really planned on the supply chain. What was the second one? One was CommCom, but I know- Yes. Just on CommCom, I think we've already looked at the papers. We've met with our risk management and legal officer to look at what the implications are. We understand that their first audit will be in franchising beauty and franchising fast food. We are preparing. We'll disclose what we've been doing. We're very pleased that we do run our business with good regulatory sort of discipline and also good commitment and ethos and commitment to transformation. So we think we're fine, and we're eager because we think they probably will talk to some of the big players. So we're waiting for it. Thanks, Val. The next question from Jamie Penfold from Perspective Investment Management, "You said that franchisees continue to demonstrate confidence and have invested ZAR 200 million-plus in revamps and rebranding. How do you continue to motivate them during tougher periods when they might not be as confident? It is a challenge at times. I think our franchisees have the vision. They've worked through many economic cycles to understand what the process is. You can never leave a restaurant looking the same way for more than six, seven years. You will detract the customer from visiting. So I think our franchisees see the bigger picture. On the whole, I think they're all committed. Are they concerned about increased operating costs and getting the return on their revamp? Absolutely. It's our role to ensure that the restaurant setup costs are attainable, that we're improving and sharpening our saw in terms of getting the product at a better price to them. We also know that we've got to amplify our marketing so when those restaurants opened as revamped restaurants, we're attracting foot counts. I think it's about working in unison with them to ensure that they realize their return on investment. The question that franchisees often ask and we often probe to them is just picture the scenario if you didn't revamp. I've got the example of Apache Spur here in CBD Cape Town. Also an old look Spur always did well in the CBD. We changed ownership, revamped it. He built a great kids' area and just flying. On the whole, the franchisees are getting their return. There are a couple of them that aren't. I think you look at some brands where we've lagged in terms of the look and feel. I think it has cost the franchisee and the brand in terms of brand perception. Yes, how do we motivate them? By continuing to build close relationships with franchisees, having enough dialogue, having courageous conversations, honest conversations, and together co-creating what those solutions are. Thanks, Val. There are two questions from Heinz Schenk from Netwerk24. He says, "Congrats on the resilience shown in these numbers. Could you please provide some context and color on why John Dory's is struggling in contrast to the other brands? Are there structural economic challenges associated with seafood? Okay. I think it's a couple of things, and I knew John Dory's would come up again, and it will probably come up until we see the turnaround. It is a relatively small brand in terms of our group's contribution. It does, however, play in a very important category in South Africa. South Africans love to eat seafood. That we know for sure. Research shows us the retail sales of even tinned seafood show us that. We know that we also make a good quality product. We understand branding fairly well, I think, as a retail business and having lots of brand expertise in our executive team. Brands have to be about building a unique and differentiating value proposition. If you do not have that and it is not clearly defined on who the market is, what that uniqueness is, what the ambience and the store environment is, it is difficult to scale and it is difficult to expand. The John Dory's brand was always successful in the KZN area. It was acquired by Spur Corporation. It moved into the inland division. It did not really succeed in the inland division, simply because the greatest competitor, being Ocean Basket, had significant presence in the inland division. I think with a lot of effort, the teams tried to change the look, move it to different areas. We are now busy with a big strategy. We have got two channels running. The one is how we manage the current portfolio, rationalize the poor performing stores, work with the franchisees, simplify the menu. On the other stream, we are busy developing what we think could be a great seafood concept where we can still bring a range of seafood products to our family diners. I do not think we must read too much into it. This happens in a portfolio of brands. You have high performers, mediocre performers, and poor performers. This is a small one. We are determined to turn it, so have patience with us. Look, the category itself has struggled, and we know even some of our competitors, there are nodes where they are struggling, and we have also converted some of their stores into our other brands. Patience, I will ask the investors on that one. Thank you. Well, then there is another question from Heinz, who says, "You mentioned the interesting potential of virtual kitchen brands. What is the general thinking about this segment? Is it merely an additional revenue stream, particularly during the times of day when a restaurant has lower foot traffic? I can do. Graeme, I will answer on behalf of the business. Yes, I think there is potential scale. It is about economies of scale and providing opportunities and differentiating to customers. The fact that it is not a dark kitchen, but a virtual kitchen, then allows the existing franchisee to use their infrastructure that is in play. Leverage their human capacity, leverage their infrastructure, and be able to generate a better return on investment on the existing brick and mortar that they have. It is pleasing both for the franchisee as well as the customers, we say, because customers are looking for diversification, they are looking for difference, they are online, and they want to try something new. I think it is just being able to leverage both. Yeah. Great. Thanks, Cristina. There are no further questions coming through on the webcast. Good. Thank you. Thank you, Graeme. Thank you for that. That brings us to the close, and the staging team can tell me when we off air. Thank you all for participating.