Afternoon, and welcome. Thank you for attending our FY 2026 results. Before we get going, please feel free to post your questions in the link online. We will look forward to answering them at the end of the presentation. Ready to start off with. Absolutely delighted to present another set of excellent operational results in both South Africa and in Spain. Tremendous performance in both markets. Also some very significant deal activity through both recycling of assets and also the deployment of fresh capital to mark what has been another transformational year for Vukile. As always, our focus is on growth in FFO per share and dividends per share. Delighted to report growth in both of them ahead of guidance at 9.3% in FFO and dividends per share. What I would like to do is sort of focus on our strategy in action in the past financial year. This is a graph, or rather schematic, that you would be familiar with from our last results presentation, where we spoke about having four pillars of our growth strategy overall. Really the organic growth coming from operational excellence and executing on value-added projects, then augmenting that with corporate activity through bolt-on acquisitions in our core markets of South Africa and Iberia, as well as looking to enter new geographies and strategic deals. How have we done in the past year? If you look operationally, tremendous performances. As I said, NOI growth of 10.3% in South Africa and 7.9% in Castellana. Itu and Alfonso will take you through that in greater detail, but I think suffice to say, we really have ticked the box in terms of our operational delivery in the past year. Looking at the value add projects, we have concluded successful expansions in both Nonesi, a repositioning at East Rand Mall, and then in Spain, it is really the two main projects at El Faro at a yield of 11.2 and Vallsur of 6.3. Again, delivering on what always makes Vukile and Castellana unique, and that is our ability to add value through value add projects. A real highlight of the past year has been the significant activity in terms of acquisitions. We closed ZAR 1.7 billion of transactions in South Africa and just over EUR 900 million of deals in Spain. We will talk about all of that in great detail in the presentation, but really I think the key is we have delivered on what one of our objectives was in terms of growing and deploying money very accretively in this past year. Then also a landmark transaction for us was the acquisition of a 35% stake in Pradera, a Pan-European retail specialist. Off the back of the knowledge that comes from Pradera, specifically in Italy, we have been able to enter into the Italian market, which we will speak through as well. We have really ticked the box in all of our four key pillars over the past year. Putting that together, we have been able to deliver our growth in dividend per share and FFO per share of 9.3%. Importantly, the prospects are in place for good, strong, real growth in FFO and dividend per share over the next number of years. I would now like to ask Itu to delve more deeply into the South African numbers, and we will then take it from there. Itu. Yeah. Thank you, Laurence. Good day, everyone. It really gives me a great pleasure to present the South African results for the period ended 31st of March 2026. The portfolio is now valued at ZAR 19.5 billion. It has seen a 12.3% increase in like-for-like valuation in the past 12 months. This increase has been driven primarily by the strong growth in like-for-like NOI, at 10.3%, a real significant highlight of this reporting period. Key to the net operating income growth has been a razor-sharp focus on the following key levers. The letting environment. We've continued to see improvements both in terms of quality and quantity. Vacancies remain steady at 1.7%, with 20 of our 34 malls fully let and an additional 11 malls with vacancies under 1,000 sq m. We've seen an improvement in the rental reversionary rate from 2.4% at FY 2025, now at 3.7%. More importantly, with the quality of the reversions improving, 90% of all of our renewals are either flat or positive. We've also seen a pleasing 5.2% increase in new deals relative to budget. There's also been continued traction on the revenue and margin gain from additional sources of energy and water supply, solar now accounting for 29% of our portfolio energy needs. All in all, when one looks at the performance overview, we're really happy with the performance of all of our key levers. With regards to our trading efficiency tab, we've seen a steady increase in trading densities, which are now up by 5.3%. Quite pleasingly, trading densities increased across all five key segments, which we track across the portfolio, which I'll touch on a bit later in the presentation. We've seen a significant improvement in our net cost to income ratio. This has decreased steadily over the years from 16.8% in FY 2024 to 15.3% in FY 2023, and now down to 12.4%, with further potential to decrease this to a sustainable level just below 12% in time. This has really been driven by a combination of top-line growth and savings across all major line items in our expense base, most importantly, without sacrificing our delivery to our communities. To summarize the performance over the past year, the portfolio is in good shape. Significant number of operating strategies which we've deployed over the past five years are really coming together nicely to drive outperformance in our leasing, sustainability, asset management, and investment approach. A key focus area in our day-to-day management of the portfolio has really been to augment our rental revenue with additional sources of income while actively managing our expenses. Over the past five years, this has resulted in a 50% compounded growth in our overall net operating income. Focusing on the top line, rental has grown by 5.3% per annum. Still with leg room to grow further if one considers our through rate at 189 as well as our portfolio-wide effort rates, all significantly lower than industry averages. Our energy as a profit center has been a major driver of growth, growing by 45.2% per annum, and now represents about 4.4% of our gross income. Alternative income, driven by specialized kiosks, digital and static billboards, cell phone masts, fiber to the business, have grown by 40.8% per annum, and also represent 1% of our gross income. Our turnover rental has grown materially due to the outperformance of trade within the portfolio. We underscore, however, that it still represents less than 1% of our gross income, with 99% of our revenue contractual and annuity in nature. Therefore, the top-line focus areas have thus added significant value over the past five years. Looking at the bottom half of the slide with regards to cost containment. Soft and hard services, as well as maintenance costs, net of statutory increases, have grown by a very conservative 2.2% per annum. We've deployed a whole range of strategies with our partners to achieve those using technology and also looking to reimagine the model. We've decreased our arrears by close to 60% through active management and weekly tracking. Lastly, we've increased our smart metering coverage of utilities to 98%, which will generate just under ZAR 5 million in the current year, and more in the future. When one consolidates this on the right-hand side, it has resulted in an average NOI growth of 8.4% per annum over the past five years, with 10.3% growth in financial year 2026. We're projecting a similar growth in financial year 2027. Really satisfied with the deployment of these strategies to achieve such significant growth over time. The main underpin to this growth, however, remains our portfolio composition, support from our communities through increased footfall, which drive the turnover growth. If we move to the next slide, we take a look at our footfall and sales. The support from our communities in terms of footfall and spend remains strong. Year-on-year sales have increased by 5.4% and continue to grow across all major segments and categories. Overall footfall has grown by 2.2%. The commuter rural-urban malls showed the highest growth in sales, while the township portfolio continues to grow from a high base of 7.8% in the preceding year. All segments showed growth in trading densities, but we've seen strong resurgence in the CBD commuter malls in the past 12 months, growing by 7.5% from 3.8% last year. It has been encouraging that on the back of the concerted effort to increase promotional activity by about 56% in the past year, we've seen that the footfall has also increased in line with the investment in promotions. The township and rural portfolio, which represent approximately 60% of our portfolio, has shown sustainable performance over time, but the strong performance of our urban and commuter portfolio in the past 12 months indicates how having the right assets, even in these segments, drives overall growth through the cycle. Moving on to our retail category performance. We continue to see strong category trade across the board, which really drives top-line growth. Growth momentum was achieved across 12 of our 14 categories and tenants, with our top 10 tenants growing by 5.6% in annualized trading densities. Our top three categories, which account for 64.1% of all of our turnover, being groceries grew by 6.1%, fashion up by 3.3%, and fast foods up by 5.9%. We continue to see strong growth from our cell phones and pharmacies growing at 7.3% and 4.7% respectively. Department stores, which account for 5.3% of all of our turnover, grew by 11.6%, the highest growth in trading density in this year. Key contributors were three very interesting turnaround stories in our top 10 tenants that are performing well. Eight of our top 10 tenants showed growth in trading density through the year. Really impressed with the category performance of the portfolio across all of the 14 categories that we measure. Looking at our leasing activity. Leasing activity continues to be vibrant, with strong support across all segments. Overall, we've seen a 4% growth in rentals on deals concluded, 3.7% on renewals, and 5.2% on new lets. 78% of all of the leases that were renewed were concluded with national or emerging regional tenants, with particularly strong support from listed fashion retailers. Our weighted average lease expiry on recent renewals and new deals is higher from 3.5 to 4.2 years, really highlighting the strong support for longer tenure that we're getting from our tenants. We continue to see very strong support from our top 10 tenants, concluding 38% of all of our renewals and 30% of all of our new lets. The category mix of our leasing activity remains the same, with most deals being done by fashion and grocery retailers. Moving to the cost-to-income ratio, we continue to drive strategies to decrease our cost-to-income ratio in a sustainable manner. Top three cost line items receiving significant attention and strategic intervention are electricity, municipal costs, and water. The biggest contributors to savings in the past year have been the 40.3 MW peak of solar, which we have now augmented with six battery energy storage systems with a capacity of 6 MWh. We've also completed six alternative water projects in financial year 2026, producing just under ZAR 10 million in savings for the year ahead. We have a dedicated strategy on water management and have identified six additional water backup projects in financial year 2027, which will potentially double the current savings. Part of our key priorities is to derive a strategy for all of our expense line items that drive value, and this will be a continued focus area in the year ahead. Looking at our valuations, the valuations are really an outcome of the key net operating income growth message, which I've communicated in this presentation thus far. The combination of growth in base rentals, high occupancy, value add activity, low cost-to-income ratio really drive the resultant value. 9.3% of the growth is due to organic growth and income profile adjustments over our DCF period. We've also seen a 2.4% positive impact due to exit cap rate compression over the period, across the portfolio. The 12.3% increase still has a conservative resultant value density under ZAR 25,000 a square meter and a portfolio yield of 8.5%. Over the next slides, I will highlight a few acquisitions and just an update on value add projects that we've taken on in the portfolio. We've concluded the acquisition of Botshabelo Mall, which is in Botshabelo in the Free State. It's just under 21,000 sq, which we've acquired for ZAR 433 million at an anticipated net initial yield of 8.6%. It has a high national component at 88% with a very strong trading density of just under ZAR 50,000 a square meter, and really good potential when one looks at the rent to sales, which is currently at 5% for further growth. The catchment remains strong. As a team, we've identified key value add initiatives such as adding solar, adding base. We're investigating a potential pad site and really doing some work on improving the tenant mix. CompCom approval is well progressed. We anticipate that transfer will occur in the next couple of weeks. In December last year, we acquired 50% of Chatsworth Centre, a dominant shopping center in Chatsworth, KZN, with over 1 million footfall monthly in support. It has been a core shopping center destination in Chatsworth community since 1989, one of the original township malls to be built in South Africa. The investment was for 50%, ZAR 620 million at a yield of 8.7%. The trading statistics remain impressive with a trading density of ZAR 46,000 and rent to sales of 6.5%. Since transfer, the asset has traded ahead of budget, with high occupancy and income already 5% ahead of our business plan. Jointly with our co-ownership partners, we have already commenced with the multi-year reinvestment program, looking at improving our roofs, our HVAC, water resilience. We are also scoping solar and base improvements. We will also, as a Vukile team, lead the leasing business case in the year ahead to really drive value with our retail tenant partners and improve the growth in the NOI of the property. Moving over to value add projects, which we have embarked on in the past year. The Nonesi Mall was an expansion of a top 10 mall within our portfolio. We really have embarked on this to increase the offering and become a complete shopping destination in Komani. We have maximized our bulk to increase the mall size by 17%, spending ZAR 76 million at a first year yield of 9.5%. The mall has consistently showed growth, at 5% annual growth rate in trading density over the past couple of years. We have also had a waiting list, prior to the redevelopment. The expansion was pre-let. There has been a strong preference from the management team to include banks, pharmacies, and butcher, that aligns with our strategic leasing approach and intent at the center. The mall will be relaunched in the next month and will continue being the dominant shopping center destination in Komani. Really, this slide just shows how we have managed to add the value. If you look at the slide where you have got the dark blue, that is the addition of the 3,200 sq that we have added. An additional value add project that we have executed on in the past year has really been this conversion of ex-cinema space of about 5,000 sq, which has seen more significant decline in turnover in the prior 36 months before we did the conversion. The mall at East Rand Mall was sitting at a vacancy of 0.4% prior to taking back the space. We had significant demand from two categories which were underrepresented at the mall, namely pharmacies and restaurants. We took back the space, reconfigured it, and introduced five key tenants, to really speak to the underrepresented categories within the mall. This addition will increase shop experience, increase the category mix, and has unlocked strong growth prospects into the future for that area of the mall. The project has been completed. The tenants are now starting to fit out. We are looking forward to seeing them trade in the next couple of months. Therefore, to conclude on the South African side, the portfolio has continued a strong performance, maintaining sound occupancy, growing through rentals with tightly managed costs. We expect the momentum achieved in the past year to be maintained in the year ahead. With that, I would like to thank you for your attention, and I'd like to invite Alfonso to provide an update on a very exciting year for our Castellana team. Thank you, Itu. Another great year on the South African side. Congratulations about that. [Non-English content] It is a real pleasure to be back here, in what truly feels like my second home. Thank you as always, for such a warm welcome. I am also delighted to share with you another set of outstanding results delivered in what has been a particularly complex year. The high level of transactional activity has created many moving parts and placed considerable demands on our teams, but they have managed the process with great diligence and discipline. As a result, we have successfully integrated these changes, and we are able to present these excellent results that I will now take you through. To begin with, here we can see the key metrics of the Castellana portfolio for the year-end, worth highlighting that we have delivered a strong operational performance with like-for-like growth of 6.2% in revenues and 7.9% in NOI, further consolidating positive momentum of the business. Asset values have continued to increase with like-for-like growth of 6.6%. We will cover that in greater detail later in the presentation. We will see that NOI growth remains the primary driver for this uplift. During the year, more than 300 lease agreements were signed, achieving average rental growth of over 9%. We have maintained the portfolio at virtual full occupancy, while also achieving rent collection ratios that continue to outperform market benchmarks. This all is supported by a high-quality tenant base with comfortable occupancy cost ratios that provide a solid foundation for continued rental growth in the years ahead. Gross rental income reached EUR 127 million, with like-for-like growth of 6.2%. This year, we moved from GRI growth of 6.2% to NOI growth of 7.9%, mainly driven by cost optimization, a reduction in asset leakage, and greater economies of scale. Looking ahead to FY 2028, with acquisitions and our value-added projects stabilized, we expect potential GRI of EUR 170 million. Castellana Properties has once again consolidated a positive trajectory in both footfall and sales, with portfolio-wide growth of 3.6% in visits and 4.5% in sales. Our assets have performed exceptionally well. It is worth highlighting that the Portuguese portfolio, which reached an all-time high of more than 35 million visits, sales also grew by 4.1%, with Forum Madeira standing out at 8% growth. The Spanish portfolio also delivered very strong results, with footfall up to 4.1%. In particular, El Faro in Badajoz, where following completion of the extension and reconfiguration project, footfall increased by an outstanding 25.3%. Centers such as Vallsur, Puerta Europa and Habaneras recorded their highest traffic level since 2019. Bonaire is fully operational, and one year after our acquisition, footfall has returned to pre-DANA levels, the storms that provoked the floodings, with several months already above 2024 levels. From the leasing perspective, the portfolio delivered a very strong commercial performance during the year, with 303 lease agreements signed. Across our assets, these agreements represented more than 58,000 sq m of lettable area and EUR 20.2 million in new contracted rents. This level of activity also translated into average rental growth of 9.1%, particularly supported by new leases, although renewals remain very positive with 2.57% above inflation. This reflects the strength of occupier demand, as well as the effectiveness of our active portfolio management approach. We continue to achieve market-leading occupancy levels with the portfolio remaining close to 99% occupied, alongside a rent collection rate of 98.6%, which is also ahead of the relevant market benchmarks. These results reflect both the strength and resilience of our tenant base, as well as the effectiveness and discipline of our asset management approach. Turning to valuations and to ensure a meaningful like-for-like analysis, we have excluded the retail park portfolio from these figures, as it no longer forms part of our perimeter. Accordingly, the graphs shown here reflect the evolution of the shopping center portfolio only. The shopping center portfolio has recorded its strongest valuation uplift in the past six years. As in previous valuation cycles, this performance has been primarily driven by sustained NOI growth, supported by our active asset management approach, of course. What is different in this cycle is that this growth is now also being complemented by a moderate compression in yields that the market is beginning to reflect. When looking at reversionary yields compared to exit yields, we see that all the hard work that our team delivered in the assets has created embedded value in the portfolio. This continued growth in NOI reinforces the operational strength of the portfolio and its ability to generate sustainable and growing income over time. It is worth highlighting that it has been just over 18 months since we entered the Portuguese market. During this period, as we have progressively implemented our asset management processes and strategy, we have consolidated the portfolio in record time, delivering a significant improvement across the main operating indicators, reaching all-time highs in footfall and further strengthening both sales performance and asset quality. Footfall has increased to 35.4 million visits, 5.4% above the pre-acquisition levels, while sales have grown by 7.8%. In addition, occupancy has increased to 99.1%, while rent collection has improved to 97.4%. That's more than six percentage points above the level recorded at acquisition, clearly demonstrating the strength of the portfolio and the quality of the management delivered. Over the past 14 months, we have completed transactions totaling close to EUR 1 billion, of which EUR 686 million has been allocated to acquisitions. After several years of active management, we concluded that the retail park portfolio had reached maturity. We, therefore, consider it the right time to recycle this capital into shopping centers with stronger income growth prospects, while continuing to improve the overall quality of our asset base. Some of these transactions we see here were completed after our financial year-end. Nevertheless, the sale of the retail park portfolio has enabled us to reinvest in prime assets in key markets such as La Rioja, Barcelona, or Madrid, thereby enhancing both the quality and growth potential of the portfolio. As of June 2026, Castellana Properties' portfolio comprises 15 assets with close to 600,000 sq m of gross lettable area and gross portfolio value of just over EUR 2.2 billion. Gross rental income projection increases by 26% to EUR 170 million, reflecting the contribution from recent acquisitions, as well as the continued operational improvement of the assets. Leverage remains at conservative and solid levels, with an LTV of 32.1%, once again confirming the company's disciplined approach and its continued capacity of sustainable growth. One of the assets in which we have reinvested this capital is Berceo, located in Logroño, the capital of La Rioja, a region internationally recognized for its wine industry. Through this acquisition, we have strengthened our presence in Northern Spain by adding La Rioja's leading shopping center to our portfolio. Berceo is a dominant asset with high occupancy, a strong footfall, and clear value creation potential through a more active and specialized management approach. At Berceo, we are currently undertaking several value-added projects with a total investment of EUR 1.9 million, which are already beginning to generate tangible value for the asset. These initiatives include a targeted improvement of the tenant mix through the replacement of a former department store, strengthening the fashion offer, as well as the transformation of existing spaces to introduce a broader and more attractive food and leisure proposition. We have acquired our first shopping center in Madrid, Islazul, a prime asset in a high-growth area such as the Carabanchel district, with a strong operating track record and clear potential for future growth. Islazul is a benchmark shopping center in Spain with a comprehensive tenant mix, high occupancy levels, the highest global sustainability certification, an annual footfall of more than 12 million visits. At Islazul, we are implementing an ambitious EUR 23 million transformation plan focused on enhancing the customer experience, strengthening the tenant mix, and continuing to increase both footfall and dwell time. This investment is expected to generate additional NOI and create further long-term value for the asset. Finally, we have acquired a 50% interest in Splau Shopping Center in Barcelona, one of the dominant shopping centers in the southern Barcelona catchment area, located next to the RCD Espanyol football stadium. Splau is a prime retail destination in a growing catchment with high occupancy, a strong footfall, and trophy asset characteristics that made it an excellent addition to our portfolio. The acquisition has been completed through a joint venture with Unibail-Rodamco-Westfield, with whom we have a strong and highly complementary relationship. With these last acquisitions, we now have dominant assets in the three main cities of Spain, that is Valencia, Barcelona, and Madrid. As you know, at Castellana Properties, we specialize in repositioning our centers through active portfolio management, whether by continuously improving the tenant mix, increasing footfall, or delivering value-added projects. A clear example of this approach is the project currently underway at Los Arcos in Seville, where we are undertaking a EUR 32 million value-added investment in the growth corridor of Seville with more than 2,000 new resi units coming up within the next year. As you may recall, the project involves integrating a former office building into the existing shopping center. We are particularly pleased with the response from retailers, with those brands showing a strong interest in the project. As of today, 100% of the space has already been pre-let and the rents secured, allowing us to move ahead with the transformation of the asset with full income visibility from the outset. Despite the delays experienced during the works, the first phase of the reopening is expected to take place in the coming weeks, with the project due to be fully completed next year. Another clear example of our active management approach is the repositioning of Vallsur, where we have invested EUR 16.7 million to transform the shopping center. The project has involved a complete reconfiguration of the first floor, the introduction of new brands, and a significant enhancement of the retail and leisure offer. For me, Vallsur is a compelling business case. The results through our specialized skills and depth of the Spanish market clearly show an exceptional recovery in the asset's key operating metrics, particularly footfall and sales, providing a solid platform for continued NOI and value growth in the coming years. We have created a new food and beverage area, La Chismeria, which has performed exceptionally well. More than 18 months after opening, there has not been a single restaurant rotation, which is highly unusual for a newly launched concept. We have also incorporated new and exclusive fashion concepts into the project, including the largest Alvaro Moreno outlet in Spain. We have also introduced two new children's areas, La Malla, a suspended net floor space over the first-floor void, and La Collmena, the newly opened children's playground. La Collmena is unique worldwide, and it is the tallest fully indoor playground in Spain, standing at close to 17 m high. We'd love to entertain you in La Collmena, the Hive in English, that we'll include as a landmark in our next investor tour. With that, I conclude the Iberian section. Thank you very much for your attention, and I now hand it over to Lizelle to take us through the financial results. Thank you, Alfonso, and good afternoon to everyone. FY 2026 has certainly been a pivotal year for Vukile, marked by significant strategic deal-making that has reshaped our portfolio. We ended the year with property assets of ZAR 58 billion, of which 34% is situated in South Africa, 53% in Spain, and 13% in Portugal. For FY 2026, we saw growth in FFO per share of 9.3%, as well as a 9.3% growth in dividend per share. Total dividend for the year amounted to ZAR 2.1 billion. That equates to a payout ratio of 83%. Going forward, the intention is to increase our payout ratio to 85%. Total FFO for the year increased by 20%, which I'll unpack on the next slide. Net property income from the South African portfolio increased by 8.6%, stemming from top-line growth and further cost reductions. Following expansion into Portugal, Castellana's FFO increased by 31.8%. Apart from the impact of the asset acquisitions, Castellana's NOI on a like-for-like basis increased by 7.9%. Due to our proactive approach of hedging the Castellana dividend and FFO, we see an amount of ZAR 124 million being included in the group FFO. Vukile's net interest costs increased by 12.6%, primarily due to a reduction in interest income due to our short-term cash investments being deployed into assets acquisitions. The antecedent income of ZAR 117 million relates to the equity issuance that was done in October 2025. NAV per share increased by 12% due to the increase in fair value of investment property and income from our property assets. Notwithstanding the fact that we issued new shares during the year, NAV per share still increased by a healthy margin. Over the past 12 months, we accessed direct property debt of ZAR 3.9 billion, and a further ZAR 2.6 billion was accessed from a capital raise. Having deployed a net ZAR 5.3 billion in new assets, we still ended the year with cash in excess of ZAR 3.7 billion, which has, in part, been used for further acquisitions post year-end. We have exceptionally strong liquidity with cash and undrawn facilities of ZAR 7.7 billion, exceeding all debt expiring over the next 12 months by 2.3 times. As part of our funding strategy, we proactively manage our debt expiries, with only 12.6% of debts expiring in FY 2027, and that amounts to ZAR 3.3 billion. Of the ZAR 3.3 billion, ZAR 1.3 billion has already been refinanced, and a further ZAR 1 billion is well advanced. Our group ICR ratio is at a very healthy three times, which is largely unchanged from the prior year, given that our increase in net interest costs was offset by the increase in property revenue following the new assets that have been acquired. Our group debt maturity profile is also at a healthy 3.1 years, with our group hedge maturity profile at 1.8 years. Cost of debt decreased from 5.7% to 5.5% for the group, following the proportionate increase in euro debts relative to ZAR debts on our balance sheets. Looking at the cost of our euro debts, it remained unchanged at 4.1% given the high hedge ratio. Although base rates were trending down in South Africa over the year, we also saw a reduction in margins following our DCM issuances, our ZAR cost of debt remained unchanged at 8.8% as we entered into ZAR 3 billion of interest rate swaps at the start of FY 2026. From an FX risk management point of view, we entered into new FECs of EUR 109 million during FY 2026, given the increase in Castellana's forecast dividend following the acquisitions of Islazul and Splau. During the year, we also issued ZAR 710 million of unsecured corporate bonds with tenors of three, six and a half, and seven years at margins of 102, 130, and 135, being the lowest margins that we've achieved since issuing the DMTN program. The reduction in group LTV from 40.95% to 38.4% was primarily due to the equity raise in October, where we raised ZAR 2.65 billion, the increase in our property revaluations, as well as the net debt movement due to a reduction, our net debt reduction from cash retention. As cash is being deployed into new acquisitions in Spain and Italy, coupled with the disposal of the non-retail parks in Spain, we expect our LTV to remain largely unchanged at the 39% mark. With that, let me hand back to Laurence to discuss our capital allocation. Lizelle, thank you very much. As mentioned, this has been a very active year with numerous transactions. To take you through the transformative nature of this activity, I thought a good starting point would be to really contextualize where we ended the financial year, and then move from there. We ended the year with ZAR 58.4 billion worth of assets, 66% of that in Castellana, 34% in South Africa. Property net income, 61% in Castellana and 39% in South Africa. This is a slide that you've seen before. It was in the pre-close presentation. We've also gone through most of the deals in detail in Itu and Alfonso's sections. I won't focus on it, but really just we've included it to help you in building your models, because while most of the work was done on the deals in the past financial year, many of them only closed in April and May this year. This just helps you in terms of looking at each transaction, with its respective yields, transfer dates, et cetera, to help you build up your models. In addition to the very significant direct or physical asset activity during the year, we also made a very important strategic acquisition of buying a 35% stake in Pradera, which is a leading Pan-European retail asset manager. Pradera has a 26-year track record operating as a Pan-European retail specialist. They currently operate in nine countries across Europe as well as the U.K., and have deep specialist knowledge across all forms of retail. They currently manage a portfolio of EUR 5 billion AUM, spread across 58 properties, and that's managed with 150 staff members. The assets under management are diverse, ranging from dominant super-regional centers through to retail parks as well as convenience-led retail centers. What does Pradera provide Vukile? Well, number one, access to skills and knowledge. When we combine that with the knowledge within Castellana and Vukile, it really starts positioning us as a leading hub of IP on the retail landscape. Two, provides us with knowledge of sources of capital and deal flow on the continent. Even in markets that we're not operating in, not planning to operate in, it's always very important to know who the buyers are, who the sellers are, what's the pricing, and that helps us to understand pricing and opportunities in our core markets and where we see growth. Potential deal flow certainly coming from Pradera, we'll talk about that shortly. A highly experienced management team and on-the-ground skills and expertise, which significantly de-risks the entry for us into any new market. Really, the Pradera acquisition is what led to us really adding to our confidence in deciding to enter the Italian market. A very warm welcome. [Non-English content], Italia. Welcome to Esperia. Welcome to the Vukile family. That is the name of our new Italian venture. Starting of, why Italy? Why did we decide to go in the market, and what attracts us? For many of you who've been following Vukile for some time, this may feel a bit like deja vu, because many of the factors that are attracting us to Italy were equally present in Spain and Portugal, and you've seen the success we've had in building there. Really the investment case is built on four pillars. Number 1, strong and improving macro fundamentals. Italy is the third largest economy in Europe. It has outperformed the two larger U.K. and German economies over the last number of years, there's very solid and strong fiscal reforms driving improved macro credibility, lower inflation and unemployment, we've seen unemployment dropping from 10% to 6%. Italy is also characterized by high levels of household net wealth and low private debt, which underpins the consumer spending capacity. Then just as we've seen in Spain and Portugal, a very strong tourism sector as well, with 70 million visitors in the past year, that is expected to grow in the year ahead. The second pillar really talks to the resilient consumer that supports retail performance. Italy has a large population, just under 60 million people, with a strong GDP per capita of EUR 38,000, which compares to Spain as an example of around EUR 32,000. Fundamental to Italy also is a deep-rooted consumer culture prioritizing discretionary spend, particularly around fashion, food and beverage, and experiential retail. That really augurs well for retail. From an e-commerce point of view, penetration is very low at 10%, that just highlights the indispensability of physical retail in the market overall. Italy ranks second in Europe for cumulative tenant sales since 2019, second behind only Spain, evidencing the strength and consistency of the consumer recovery. Really, the strong consumer provides a very strong background to the expected growth that we are looking for going forward. The third pillar is really looking at the deal level. We're seeing attractive pricing in the Italian market, with some very significant structural supply constraints overall. Italian shopping centers generally trade very well. High sales densities, resilient footfall, stable occupancy. Tenant sales are up around 15% since 2019, with OCRs of only 12%. It really gives you a very clear indication that rents are not only sustainable, but that there's meaningful upside going forward. Despite the strong performance, operationally, the yields are wider than what we're seeing, for example, in Spain and in Portugal, therefore it provides a very attractive entry point for us to get into the market. We expect to see further growth in net rental income. Because of the restrictive planning regime, we think that the likelihood of new supply coming to the market is exceptionally limited. If one is able to buy nodally dominant centers, you are really buying a position that should be there for many, many years to come, with a very low probability of any new competition coming into the market. Then another commonality or similarity with what we saw in Spain, it is a very fragmented market. Lots of ownership by private equity firms, family offices, opportunistic owners, hedge funds, et cetera, all of whom at some point need to exit, but all of whom operate with a very light touch asset management approach. In other words, we think there are under-managed assets, and you have seen the tremendous ability that we have had in Spain to add value to those types of assets. We think we can do something similar in Italy, and therefore there is the opportunity to build a platform for institutional permanent capital, and a scaled specialist platform can certainly unlock income growth through active management, strong tenant partnerships, and lower cost of capital, replicating the Iberian success that we have had to date. Esperia will be owned by Vukile and not Castellana, and that has been driven primarily by two considerations. Number one is tax structuring. It is more efficient to structure it via a Luxembourg holding company, which will be owned by Vukile. That in turn will own a SICAV, which is the Italian vehicle, which is the most optimal way to flow income through under Italian law. There will be minimal tax leakage through the structure. That is below 5%, we believe, in that structure. That was significantly better than if it was structured via Castellana. Another reason, and perhaps maybe even the more important reason, is to ensure management focus. Iberia still constitutes the vast majority of the assets and income in the group, and I think it is important to make sure that Alfonso and his team remain focused on Iberia and not to distract them in terms of looking at the Italian market. The Italian business will be run by Roberto Limetti and Stefania Emanuele. Both of them are with us on the roadshow. For those of you that we are going to be meeting in the next few days, we look forward to introducing them to you, and Roberto will be joining us for the Q&A afterwards. Please feel free to put questions into the chat for Roberto as well. They will both be reporting to me as CEO, so you can see that we are keeping our structure very clearly set of Itu running South Africa, Alfonso, Iberia, and Roberto running Italy, and then obviously I will take overall group responsibility. Roberto and Stefania are certainly acknowledged as two of the strongest players in the Italian retail market, and I think it really augurs well for our future going forward with the two of them at the helm of our operations in Italy. Just turning to the deal that we have done, and to talk a bit about that. The deal actually closed on Monday, so as of now, we actually own the three shopping centers, which we are delighted to do. Just to explain our thinking around this portfolio, we felt that it was a small but meaningful entry into a new market. It was the appropriate way for us to enter a new market, to learn, to grow, to develop, really sort of replicating the way that we entered Spain initially, then Portugal. It's building a base, establishing it, and then looking to grow from that knowledge as you move forward. Important to say that these are assets that have a long and stable track record. They've been around for many years. There is stability in the income that we are underwriting, and that we have very deep institutional knowledge on these assets because Pradera, in fact, have managed them for the last 10 years. Really, it's a seamless handover from the seller to the buyer, and we really just carry on with all the knowledge that we've had in the management on these assets for the past number of years. The seller, in this case, is a private equity fund, where these are the final assets in their portfolio. They were looking to unwind their portfolio, and we were able to secure them at a very attractive entry yield. That entry yield sort of really has allowed us to set up our structures in Luxembourg. In Italy, it costs quite a bit to set those structures up, but those costs are now fully amortized in this year, the deal is still accretive, and this becomes the ideal platform from which to grow our portfolio going forward. Just looking at the assets in a little bit more detail. It's a diversified and stable convenience shopping center portfolio located in established catchment areas and anchored by owner-occupied hypermarkets for a combined footfall of nine million visits annually. The question then is: What's next for Esperia in Italy? Where do we go from here? Number one is to integrate the reporting and operations to align with Vukile practices, thereby quickly stabilizing our new Italian operations. We are then looking to secure exclusivity on two further assets at a combined purchase price of around EUR 200 million, which would deliver an expected cash-on-cash yield of 9%, assuming we use 40% LTV on the assets. We already have provisional exclusivity that will hopefully be confirmed in the next week. Just to be very clear, we already have the funding in place for these assets. That was part of the money that we raised in May, a couple of weeks ago. That is something hopefully quite real, and we'd look to close that before the end of summer if we do get that exclusivity. Important for us to continue building a Vukile origination presence in the market to identify off-market deals. This has really been the hallmark of how we've grown Castellana. I think given our experience and reputation in Spain, we are well set to do that. That is further complemented by Pradera's dominant position in the Italian market. We are confident that we'll be able to attract deals. Already having closed this first deal, which closed slightly ahead of plan, I think our reputation is already set in Italy. We already are getting calls from people looking to deal with us, and they're starting to see us as not only a key player in Spain, in Portugal, but now in Italy and hopefully Europe as a whole based on our track record of how we operate. We will look to build relationships with local debt funders. The intention is to fund all deals locally with local debt. Already we've had tremendous interest from Italian lenders wanting to work with us, and that's based off our sterling reputation in Iberia as well as Pradera's local market and knowledge, and that market knowledge and experience, which is critical to success in Italy. We believe that there's potential to build a portfolio over time of at least EUR 500 million in Italy, making us a significant player in the retail market there. When we put that all together, and all the deals, where are we today? Today, the portfolio has now grown to just under ZAR 64 billion. 70% of that will be based offshore, 67% in Castellana and 3% in Italy, 30% in South Africa. From a property NOI point of view, 66% offshore, 61% in Castellana, 5% in Italy, and 34% in South Africa. With that, I'd like to turn now to strategy and going forward. What are we seeing there? That really will also look to address certain questions that investors raise from time to time, and hopefully we'll give some very clear answers around some of them. The first point really is around the timing and pace of growth. Yes, we have been very active in the equity capital raising market. We raised ZAR 2.65 billion in October last year. We raised ZAR 2.8 billion a couple of weeks ago. The question is: Why have we been so active? What's been the reason behind it? I think the reason simply is that we believe that there has been a golden opportunity to buy really strong assets at accretive yields ahead of the curve, thereby driving total return growth. I think the data on the slide really speaks volumes to that. This really sets out in the top part of the graph, the assets that we've bought in Spain and Portugal since October 2024. In an 18-month period, we've grown the value of those assets from EUR 715 million to EUR 848 million based on external valuations. That means that we've increased value for shareholders by EUR 132.5 million over that period. To contextualize, that is the same amount of money in euro terms that we raised in October last year. Therefore, we feel that we've been fully vindicated in the pace at which we've been growing. Yes, we've come to the market, but we've used that to really add value to shareholders in terms of the growth in value. Importantly, there are still value add projects to do in RioSul, in Loures, in Bonaire, in Sintra. All of that is going to add further growth going forward. I think what we are demonstrating is our ability to add value not only through net income growth, but also through yield compression by buying ahead of the curve, and we believe that that window still remains open in certain markets. Not to be outdone, Itu has grown the value of Mall of Mthatha by 26% in the last couple of years since that's been acquired and repositioned. I think it's fair to say that we have a strong track record of doing accretive deals. The window does remain open in certain markets, Italy in particular. Deal flow and activity is always going to be driven by finding deals that are strategically aligned and are accretive relative to our prevailing cost of capital at a point in time, as well as meeting long-term strategic objectives. Just to dig into the issue of weighted average cost of capital. This is something that we focus on a weekly basis. We run different WACC calculations for the different markets that we operate in, always based on a 12-month forward clean FFO yield of Vukile equity. We then work on an assumption of 40% debt at the asset level. We then take our in-country borrowing costs plus margin and all the other amortized costs. It's a very comprehensive view of what the WACC is. We'll then look to evaluate that WACC relative to a property's first year NOI as the starting point, and then look to identify growth prospects and value add opportunities based on our proven underwriting approach. Ideally, we're looking to deals that are neutral to accretive in year one, but we will be prepared to take minor dilution upfront if the asset has strong growth potential and/or bring significant strategic benefits. These WACC calculations were done as of the 1st of June 2026. I, in fact, got my figures this morning. There's probably about a 20 - 25 basis point improvement on all those WACC figures that we've got up there. Just to go through, South Africa at 8.9%. We're currently seeing deals in the range of 8%-10%. Spain at around 7.2% currently. We're seeing deals at 6.25%-7.50%, although, to be fair, most of the deals in Spain are in the 6.25%-7% level. Portugal 7.2%, and the deals there 7%-8.5%. Italy 7.5%, probably also a little bit lower now, and we're seeing deals in the range of 8%-10%. With that in mind, what does our activity and deal book look like going forward? As I've said time and again, we look to do deals that are strategically aligned, they're financially accretive, and they drive long-term sustainability. We do that as opposed to having a targeted, predetermined portfolio split. We often get that question: What is the desired mix? The desired mix is where we get the most accretion for our shareholders overall, and where we build the best overall risk-adjusted cash flows for shareholders by getting diversification at macro level, property level, tenant mix to build a portfolio that's got blue-chip growing diversified income streams that are sustainable over time. We have strong businesses across all geographies, all of them are capable of growing independently of the other without putting operational and management pressure on the other parts of the business. You've seen that in how we have structured the business with Itu running South Africa, Alfonso, Iberia, Roberto, Italy, and then the capital allocation decisions are made centrally where the balance sheet is controlled at head office. We remain very positive on all of our locations and are actively looking for growth opportunities in all of them. If you have a look at the graph on the right, just to sort of talk through that, which is really illustrative. On the X-axis, you've got the relative levels of accretion. The most accretive market we can buy in today is Italy, followed by South Africa, Portugal, and then Spain. You've also got to marry that against where the availability of stock sits. Portugal, for example, is a market we would love to grow further in, but in fact, there is just very limited deal flow in Portugal. It's accretive, yes, but we're struggling to find deals because there just aren't many for sale. South Africa is a market that we would love to up-weight. We are very bullish on South Africa. You've seen the tremendous performance that Itu and his team have delivered, and we think we can keep adding that to other assets that we buy. It's a question of, are we able to find the right assets? There hasn't been that much stock available, but we are always looking. We would love to see South Africa up-weighted purely because we know we can extract value from assets based on not only our top-line strategies, but also our cost containment strategies as well. If you look at Italy, the most accretive market that we can buy in at the moment. We are seeing very good deal flow there. Hopefully, the next step is to secure those two assets we spoke about earlier for the EUR 200 million. That would be a very good next step for us there. Spain is a market where we still see availability of stock, but the levels of accretion are perhaps lower. Why? Because we got into the market earlier, and we've ridden that compression of yields going down. It's important also to say that we don't do every deal that comes across our desk. Many of you are aware that in Spain there's been that large LSGI portfolio, ZAR 1.6 billion deal. We obviously evaluated it. We evaluate everything that comes across our desk. We didn't feel that there were strategic benefits in us owning the assets. We already have enough scale in Spain to deal with the tenants. We didn't need that. It didn't add anything from a scale point of view. Certain of their assets are located in markets where we believe we have the dominant assets, so we felt that there might be asset overlap. Therefore, notwithstanding the allure potentially of a portfolio of that size, we decided not to participate for the portfolio overall. We remain very focused on which deals to do, driven by accretion relative to our WACC and strategic alignment in what we're doing. At this stage, also very important to say categorically, that we have no intention of separating the business geographically, and that Vukile will remain as a single listed entity on the JSE. We do not see any capital benefits at this stage of a dual listing for either Vukile or Castellana. It's a question we get often, but really, having evaluated it thoroughly, we just don't see any financial benefits of doing that, and therefore, we stay one point of entry via Vukile listed on the JSE. Coming back then to perhaps where we started the year, and that is to say, what does our strategy look like for the year going forward? We have a laser focus on delivery against our clearly defined strategy. Again, it's our four pillars of organic growth and organic growth. On the operational excellence side, it's looking to bed down the new assets in Spain, Berceo, Islazul, and Splau. The continuous focus on income growth and another year of inflation beating like-for-like NOI is forecast in the Castellana business. A very strong tenant and leasing focus to keep occupancies and collections at market-leading levels. In South Africa, Itu is targeting a similar NOI growth for this year. In other words, very similar to the 10% he delivered in this year. That's driven, again, by a very intense focus on the tenants, on leasing, as well as his cost strategies to keep reducing that cost ratio, which has been so effective. In Italy, we're focusing on bedding down the new Italian structure, the three assets we've just bought, making sure we get full integration of the reporting structures between Vukile and Pradera, and then making sure we achieve the business plan that was the basis for the underwriting of the deal in the first place. In terms of value-add projects, we have a very comprehensive list. I'd like to just focus on two or three. Bahía Sur, which has really been a tremendous success for us. We are now planning to build our own retail park in the parking lot of that shopping center that we recently acquired. That should deliver an expected yield of 8% and will run over the next couple of financial periods. That's an exciting one. In Portugal, Loures and RioSul both are very exciting cinema replacement projects, re-tenanting that's coming through. We're just waiting for final approval from the authorities to go ahead with that. That sort of is really, you know, a very important next step for us in the Portuguese portfolio, is starting to bring through the value add projects there as well. Equally in South Africa, we have some projects that are on the table. In terms of bolt-on acquisitions, we continue to look for markets based on the criteria that I've set out earlier in South Africa and Iberia. In Italy, we are focusing in the very short term on trying to secure exclusivity on those two assets, and if that does happen, we'd expect to close before summer. Again, just to stress, the funding already is in place for that. That was the money we raised in the May book build. We are ready to act on that if we get that one secured. We do believe that there is potential again to grow Italy to around EUR 500 million at least over time. In terms of new geographies, I think it's very unlikely that we'll go beyond Italy. As we look to bed down and grow our exposure to this very exciting market, we think that's the most focused place for us to put our energies at the moment. What's very much part of the Vukile DNA is to always be entrepreneurial. We are always open to value-add strategic deals in our three core markets of South Africa, Iberia, and Italy. Putting that all together, we expect to deliver shareholders growth in FFO per share of 8% - 10% in the year ahead. We are slightly increasing our dividend payout ratio from 83% to 85%, that will mean a dividend per share will grow by between 10% and 12%. Again, we believe we have very good prospects for strong, real inflation-beating growth over the next five years. Turning to our guidance and summing up. Building on a year of very strong organic growth and strategic corporate activity, Vukile has significantly strengthened its position in all of the markets in which we operate. The asset rotation in Iberia, selling out of the retail parks, buying the three core assets we have, has really, I think, led us to have one of the strongest, if not the strongest portfolio in Iberia. We've increased our exposure to the performing township and rural segments in South Africa, the acquisition of our three centers in Italy post-year-end establishes a platform to build a business in a new market with very positive property fundamentals. Looking ahead, we are very well positioned to capitalize on this momentum and achieve inflation-beating growth in the year ahead. We had a very successful, heavily oversubscribed capital raise in May 26, reflecting a very strong investor confidence in our strategy and execution. Overall, again, growth in FFO per share between 8% and 10%, assuming a currency of 1960 for the year. Dividend payout ratio increasing to 85% from 83%, that will give us a dividend per share growth of 10% - 12%. Important just to stress that this guidance is put forward notwithstanding the strengthening of the rand relative to the prior period, that highlights the strength of the operational performance we expect in the year ahead. In constant currency, in other words, the same currency rates that prevailed in the prior period, you would have seen, in fact, both of these figures higher by 1.7%. Sort of really the headwind that we are facing in this year ahead is the higher and the stronger rand that already is factored into these numbers, but we still feel that the number and the print of between 8% and 10% on FFO and 10% - 12% on dividends is a very strong and comprehensive position. I'd like to just end off by thanking, most importantly, my colleagues. I'm blessed to run a most wonderful team of dedicated and highly competent professionals here In Italy, in Iberia. Guys, this is really all a tribute to you and the tremendous work that you've done. Thank you to my colleagues, to all of our stakeholders. With that, I'd like to hand over to you, the investors and the stakeholders, for questions. Thank you. Thank you, Laurence. There are a number of questions. I am going to group them together where possible for efficiency. The first couple of questions from [Anda Tiali] from Investec Securities, and I think this is directed at Itu, although perhaps Alfonso, you can contribute to the latter question. Please, can you give us some color on trading momentum and clothing retail in light of the two-pot in the base? The second question, have you seen any impact on consumer spending intensity from increases in fuel prices? Thanks, [Anda]. Thanks for those questions. Maybe just to start, our trading stats for the prior year, which was a two-pot year, trading densities grew by 5.2%, and this year they have grown by 5.3%. When you are looking at the absolute number, there really has not been that much of a difference in the two years. What we saw in the two-pot year, which was September 2024, was not a lot of spending leading up to Christmas trade. It almost seems like people paid back debt, then from December onwards, you started seeing the ramp-up in spend all the way to March. The key categories where we saw strong performance were menswear and shoes. In the past 12 months, all of the categories have done well in the fashion space, led by unisex wear. If you are looking at the overarching growth percentage of trade across the portfolio, you really have seen similar trading stats and not a case where last year was stronger than this year because of the two-pot system. I guess the second question is on the fuel. Yeah. [Anda], I think our portfolio generally is geared at non-discretionary spend. About 35% of our portfolio is in that defensive space with essential goods. Really, over the past couple of months, we have not seen that pressure come through. It is something that we constantly monitor. I think when you look at the makeup of our tenants, our categories that we have in our malls, the price points and the basket spends generally are not the ones where you are going to see significant movement based on inflationary pressures in the first instance, because a lot of that spend is for essential purchases. It is something that we have not seen impact our trade and therefore our discussions with tenants and the growth in our NOI. It is something that we constantly monitor. We look at that on a month-to-month basis. Yeah. Probably just to complement on the Iberian side. What we've seen is several reports, especially when they talk about total retail sales, that they have been rather flat for the month of May, which has been the one impacted by the fuel increases. However, when we go and see our sales in our shopping centers, our growth over there is rather high, above the 3% during the month of May. It is true, though, that in Spain, that increase in fuel, it's been subsidized by the government for a period of time. That probably it's helped, in that, the figures haven't dropped from the previous months. Thanks, Alfonso. I'll direct the next question at you. From Mweishö Nene from Standard Bank Securities. Congratulations on a good set of results. Castellana's like-for-like net operating income growth seems very high. Can you perhaps break down what contributed to the 7.9% in the way that Itu perhaps broke down the South African NOI growth? Obviously, given that EU rental indexation is only around 2%-3%, reversions are 9%, but there do not seem to appear to be any obvious cost-saving benefits like solar PV in South Africa. He perhaps would have expected a lower number. What specifically drove that uplift? Okay. Thank you, Mweishö. Yeah, there's always some part of unexpected over there, but always in the positive side, right? Out of the 7.9% of NOI, CPI, it's been 2.2%, and the rest, 5.7%, is organic. There's different components over there, mainly driven by the stabilization of the value-added projects, especially El Faro and Vallsur. There's always a less predictable component over there. While renewals are, we know what we are going to be renewing during the following year. On the other three Rs, which are relocations, replacements, and resizings, there's an element of uncertainty on whether there's going to happen something during that year. That's another part of the growth that we are coming with this year because there were several transactions that were done during the year that were not budgeted in this case, okay? 5.7% of the growth in NOI is organic through the projects and the asset management that we do. Thanks, Alfonso. Next question directed at Itu, also from Mweishö Are you expecting any impact on turnover and/or security in the lead up to the June 30th deadline set in March in terms of foreign nationals having to leave South Africa? Any updates would be interesting, especially in KwaZulu-Natal. Yeah. Mweishö, I think it's always a concern when you have these social challenges. I think, the way that we've looked at it is we've made sure that we've augmented our security. We're getting a lot of intel from our national service providers. I guess, for me, the intel that we're getting is positive, right? That there seems to be a lot more integration, from a SAPS perspective and also a government perspective, to really try and push through intel, to manage what may be an eventuality at the end of the month. We're keeping very close tabs on that. At a center level, all of our centers, following what happened in July 2021, have been improved in terms of access points, locking down security. We've got a national agreement to make sure that there's always availability of additional security measures should we need them at a press of a button, that's something that we learned from July 2021. I think at a center level, we're quite comfortable to say that we've put in place all that we can. I guess the last one is on the insurance side. We saw how quickly we reinstated when things happened in 2021. We're quite comfortable that our insurance is kind of well-covered for these types of risks. We'll keep close to all the information and news flow that will come through in the next couple of weeks, to make sure that we can manage it as best as we can should it happen. Thanks, Itu. A couple more questions from Mweishö, which I'll come back to in a couple of minutes. A question from Matthew Pouncett at Laurium Capital. This is perhaps for Laurence and Roberto. Why does Italy trade at such high cap rates? This isn't explained by 10-year bond yields, which traded relatively tight spreads compared to the rest of developed Europe. Further, do you see scope for more cap rate reductions in Portugal and Spain given the performance of these assets? Great. Matthew, thank you. Let me start off, Roberto, if you can take it from there. Matthew, I think that's exactly part of the opportunity that we see, is that the yields relative to the long bond are very attractive, the yields on the shopping centers. I think it's partially due to liquidity in the market. I think it's also partly due to the fact that one really has to be local and on the ground in Italy, in our opinion, to be successful. I think it's complicated to understand the structuring of deals there. I think the tenant mix is quite different. Italy has got a far more diverse fashion sector than, for example, you may find in any other markets. Lots of regional players that one needs to know and understand. I think that is why we feel that we're in the pole seat with Pradera as our partners, because they really are those local experts on the ground. I think it's a market that's maybe a little more opaque to some investors because they know you need to sort of really have very detailed on-the-ground knowledge, and I think perhaps liquidity. With regards to Spain and Portugal, yes, I think there is still scope to see some yield tightening there. We are seeing strong demand. I think if you go to any property conference today, the most attractive destination in Europe is Spain. That's across all sectors, not only retail, but residential, entertainment, et cetera. We do think that the volume of money coming into Spain and Portugal can certainly tighten yields further, in those markets. Let me hand over to Roberto to talk about the Italian market in a bit more detail. Okay. As Laurence said, the Italian capital market has been illiquid for a long time. The big difference with Iberia is that historically, the Italian capital market for retail has never seen Italian investors. There are no local investors. This has meant that the vast majority, almost 80% of all the transactions, have always been led by international capital. For various reasons, this has not happened since COVID till, let's say, 12 months ago. Combined with the incapacity of the Italian lending banks to understand retail and to take the chance to lend on retail opportunities, this has led to a capital market that has basically been frozen for the last three years. Let's say that 12 months ago, with the inflow of aggressive American private equity, there has been a little bit of liquidity at very high yields. The market is now improving because the lenders are back. Now it is possible to find loans for new deals. That was something impossible to think about up to 12 months ago. The combination of some foreign capital coming in and the banks being willing again to open the books for new deals, have led to a little bit of liquidity in the market. The market, compared to Spain, remains anyway limited. As Laurence said, investing in Italy is very complicated. It is not straightforward, both for tax reasons and for the retail environment that requires great knowledge from a local point of view. We believe that the window is closing, and we still have, I think, 6- 12 months to take advantage of the opportunity of buying very good assets at high yields. This is basically based on the fact that the vast majority of the owners today are international players that are all German open-ended funds that need inevitably to redeem or private equity that enter the market at very high yields. Now in order to get their IRRs, they need to exit at what they consider good yields, from their perspective. That remain very interesting yields from our perspective. Thanks, Roberto. A question, I think, directed at Lizelle from Mweishö. "How is Vukile thinking about hedging interest rates at 8.8% ZAR cost of debt? We suspect there's room to improve this. Are you concerned that the SARB may be on a rate hiking cycle? Sure. Thanks, Mweishö. Although we have seen improvements in ZAR margins, we have seen that the swap curve is pricing in some interest rate hikes over the short term. In H1 of FY 2027, we now have ZAR 3.1 billion of interest rate swaps that are maturing, and that's at a fixed rate of 7.43%. When those swaps mature, it does give us the opportunity to relook at the hedging and potentially to consider using interest rate caps instead of swaps so that we can get that benefit if base rates do come down in future. Thanks, Lizelle. Back to Italy. Question from Luqman Hamid from Ninety One. "Given the attractive retail real estate dynamics in Italy, why haven't shopping center yields rerated? Italy remains one of the highest yielding regions in Europe. I think, Luqman, Roberto probably dealt most of the points on that one. There has been an element of rerating. I think your purchases have been more opportunistic capital coming in from U.S. private equity. That's tightened the market. I think where the opportunity is going to come in due course is when they start looking to exit. I think there's probably another dynamic to look at as well, and that is to say that retail has been off the agenda for many investors for quite some time. That started changing around 12 or so months ago. We are starting to see more interest in the sector more generally. I think it also is then focused more on your traditional markets, I'm going to say, like Spain. We're seeing some activity in the U.K. market as well. Germany is starting to get some attention also. I think it's a question of not only where is the money going, it's where is the retail money going. Italy is sort of not yet there for all the core players. I think it still does leave that window of opportunity open. One wants to be sure that you are ready and poised to take advantage of that window for so long as it stays open. Thanks, Laurence. A question from [Tony Berman] of Anchor Securities. Laurence, you did reference the ZAR 19.60 ZAR euro exchange. Question whether this has been locked in. Tony, just to go through. What we lock in every year is the expected dividend flow from Castellana. That is hedged forward, so I think 99% of our expected dividend flow for this year is already locked in. That is in the presentation. If you go back into the appendices, you'll find the amount of hedging over the next five years together with the appropriate rates, and then also the sensitivity to call it the unhedged portion of the FFO. Really, when we talk about exposure to currency, it's the portion of FFO generated by Castellana that's not paid out as a dividend because the dividend portion is hedged, and it's therefore the retained portion that has got that element of variability to currency. I'd encourage you to go into the appendix. Just find the right slides there. I forget them offhand. You'll have all the hedging rates there together with the sensitivity table of impact of movements in currency. Thanks, Laurence. Alfonso, another question from Mweishö. "Congratulations on the Portuguese asset improvements. Looking at the current value add pipeline, it appears there's nothing expected in Portugal. Is Castellana largely done with any value add projects over there? Yeah. Thank you, Mweishö. Portugal is very much an active part of our value-added pipeline. You heard Laurence talking about a couple of projects in Loures and RioSul. The fact that we are not publishing yet full disclosure of what we're going to be doing in those projects is that they are not yet ready to go on what we feel it should be all information to be disclosed, okay? Beyond these, we are very much working on Forum Madeira and Alegro Sintra and 8ª Avenida. All of the assets have several value added projects over there and their development in the sense of putting together all the things needed in order to go for approvals. Also the approval procedures in Portugal, they are a little bit more lengthy than we have in Spain. It takes a little bit more time. To answer the question directly, we are far from done in Portugal. Quite the opposite. We see the Portuguese portfolio as one of the most exciting value creation platforms within Castellana. We look forward to share more details once we are ready to do so. Thanks, Alfonso. Final question at this stage, perhaps for Laurence, also from Mweishö. You alluded to this, Laurence. What is the timeline of the additional EUR 200 million worth of Italian acquisitions? Should they come through? Is it FY 2027 or FY 2028? Mweishö, thank you. Yeah. If these deals close, it will be FY 2027. Thanks, Laurence. There are currently no further questions. Perhaps we can give it a few more seconds, if not, then you can close. Great. Just once again to thank everybody for your attendance. We really appreciate it. Thank you for the engaging questions. We just leave you by saying we are exceptionally upbeat about our prospects for the year ahead. The team is very focused, very energized, and we look forward to producing another set of good results in the year ahead. Thank you very much.