Conduit Holdings Limited

Good day, everyone, and welcome to Conduit's 2026 Interim Results Conference Call. Thank you for joining us. On the call are Neil Eckert, Chief Executive Officer, Elaine Whelan, Chief Financial Officer, and Stephen Possilway, Chief Underwriting Officer. Please note our disclaimer language on slide two. I will now turn the call over to our CEO, Neil Eckert.

Thanks Brett and welcome everyone. Today's presentation will cover our business performance for the first half of 2026 as well as an update on market conditions and the outlook. Steve will cover performance in each of our segments and Elaine will provide some additional detail on our financial and investment highlights for the period before closing remarks and time for questions. I'm pleased to report a solid first half performance for 2026. We generated comprehensive income of $80.3 million and a return on equity of $7.8 while growing tangible net assets per share by 8.4% during the first half and 23.2% over the past year. These are strong levels of shareholder value creation and a meaningful improvement compared to our performance in the prior year. As market conditions have become more competitive, we have remained disciplined in our deployment of capital. We continue to grow in areas where we believe pricing remains attractive, particularly casualty, whilst reducing exposures in parts of property and specialty where rates no longer meet our return hurdles. This included a reduction in certain quota share treaties as we continue to rebalance our portfolio. Gross premiums written were $789 million, down 1.8% from the prior year, reflecting this deliberate portfolio management. Underwriting performance benefited from a much more benign catastrophe environment compared with the first half of 2025. Our undiscounted combined ratio improved to 92.6% compared with 122.1% in the prior year period. On investments, our managed portfolio grew approximately $375 million over the last 12 months to $2.3 billion. Our growing asset base continues to support higher net investment income, which increased more than 20% year on year. Investment income of $46.7 million during the first half contributed meaningfully to our earnings and is expected to continue to support our overall earnings going forward. Our investment results in the first half was impacted by rising Treasury yields, which resulted in unrealised mark-to-market losses and a lower overall investment return of 0.9%. We also remained active in returning capital to shareholders. During the first half of the year we repurchased 6.8 million shares for $38.9 million, while also returning $28.7 million through dividends. These actions, combined with solid earnings generation, contributed to tangible net assets per share increasing to £5.70 as of June 30th. Lastly, we have continued to attract talent to the organisation and strengthen our personnel with new hires across several key functions. We have recently hired an experienced Chief Operating Officer who will be starting shortly and have several senior additions to our property team that will join the company later this year. Turning to our underwriting performance, our focus throughout the first half has been to protect margins, manage volatility and position the portfolio for the next phase of the cycle. Overall, gross premiums written were down 2% year over year. This reflects continued growth in casualty where rates have remained stable, offset by reductions in property and specialty as we responded to softer pricing conditions. Across the portfolio, risk-adjusted rates declined approximately 6% during the first half, While pricing remains broadly adequate, we have continued to see increasing competition as the year has progressed, particularly in property and certain specialty classes. Terms and conditions have also begun to ease modestly in selected areas. Despite those pressures, underwriting performance improved significantly from the prior year. The undiscounted combined ratio was 92.6%, benefiting from a relatively benign catastrophe environment. Results were impacted by some modest exposure to events arising from the Middle East conflict and other risk losses, but those losses remain below our reporting threshold individually and in the aggregate. Importantly, we have also increased retrocessional protection during 2026. Whilst that has increased seeded costs, it supports our objective of stabilising underwriting results and protecting our capital through the softening phase of the cycle. With that, I will hand over to Steve, who will present on performance and market conditions in our three segments.

Thanks, Neil, and good morning, everyone. Through the mid-year renewals, the team work hard to secure our positions on renewals and select new business that aligns to our portfolio objectives as we seek to gradually shift towards excess of lost business in property and specialty segments, protect our margins as pricing soften and manage underwriting volatility. We are comfortable with the portfolio reducing modestly in this environment as some business will not meet our technical pricing requirements. Turning to the property segment, Gross premiums written declined 9% to $454.8 million. This reduction was anticipated and reflects our continued strategy of reducing gross share participations with more marginal profitability characteristics, while selectively increasing excess of lost business where we believe the risk return profile is more attractive. We have also been successful in securing international opportunities which add diversification to our portfolios. We remain committed to progressing the portfolio towards a greater proportion of excess of lost business which should improve portfolio margin and provide a more balanced risk profile over time. Property risk adjusted pricing declined by approximately 10% during the first half with some acceleration observed during the year as we expected. Industry capital continues to grow supported by strong returns over recent years and increased participations from both traditional and alternative capital providers. Property cap excessor loss rates were generally off 15% to 20% at mid-year, with some variation around that range. The gross share of treaties saw continued upward pressure on ceiling commissions. Despite the softer market backdrop, fundraising performance improved materially year over year. The property undiscounted combined ratio improved to 72.8% from 130.5% in the prior period, reflecting the absence of major catastrophe losses such as the California wildfires that affected results in 2025. Turning to casualty, in our view, casualty continues to represent an attractive segment of the market, although some classes demonstrate firmer prices than others. We've continued to focus on areas of the casualty market with more sustainable pricing momentum. During the first half, gross premiums written increased 21% year-over-year to $217 million, consistent with the growth rate we achieved during 2025. Growth was driven through expanding our relationships with preferred clients that continue to demonstrate disciplined cycle management behaviour in their underwriting approach. These broader client relationships have added diversification in classes and geographies to our casualty portfolio. We have also selectively trimmed or non-renewed areas of the portfolio where loss experience or the underwriting approach didn't align with our objectives. Pricing remains relatively stable with risk-adjusted rates down approximately 1% during the first half, demonstrating the relative resilience of the casualty market. Market conditions vary across classes and territories, but overall remain broadly consistent with our expectations. We continue to find attractive opportunities to deploy capital. The general third-party liability class continues to see the strongest original rate increases and has driven much of our growth in casualty. Under-rising performance remains stable, with an undiscanted combined ratio of 102.9%, broadly consistent with the prior year period. We remain aware of industry loss trends and carefully consider frequency and severity dynamics in our pricing approach. Our reserving philosophy remains consistent and the portfolio continues to perform in line with expectations. Turning to specialty, competition continues to increase and we have scaled back the portfolio slightly during the first half, with premiums reducing 5% compared to prior year to $117.2 million. We have reduced participations in classes where competitive pressures increased or pricing no longer met our expectations. While overall market conditions have softened, the specialty segment remains highly diverse. We continue to find opportunities in selected areas where pricing is improving, including aviation, political violence and terrorism classes. In aviation, we saw strong submission activity. and have successfully written several new attractively priced excessive loss and quota share accounts at mid-year. Risk adjusted rates were down 7% during the first half. Attractive diversification characteristics continue to draw capital from new and existing markets into many specialty classes. Recent loss activity has helped stabilise pricing in certain classes but we expect the market will remain competitive. The underscanned combined ratio during the first half was 104.8%. This result includes the impact of losses associated with the conflict in the Middle East. Overall, our approach remains highly selective. We will continue to prioritise margin over volume and focus our participation on opportunities where expected returns remain attractive. We also remain ready to capitalise on any class-specific shifts in pricing as we are actioning in aviation currently. One of the most important strategic actions we have taken over the last year has been to strengthen our retrocession programme. As market conditions become more competitive, reducing volatility and protecting capital become an increasingly important part of our underwriting strategy. During 2026, we expanded our retrocession coverage across both peak and secondary peril exposures. This included increased limit and lower retention within our core programme. We also maintained cover for second and third event scenarios. The benefit of these actions can clearly be seen in the reduction of our modelled net PMLs, both at the 1 in 100 and 1 in 250 year return periods. Net exposures are lower than they were at the beginning of 2025 and 2026, with further improvement achieved at the 1st of July 2026. While this enhanced programme increases retrocession costs, we believe it provides valuable earnings stability and balance sheet protection as we move into the peak Atlantic wind season. I will now hand over to Elaine to go through our financial and investment highlights.

Thanks Steve. Gross premiums written of $789 million are down 1.8% on the prior year. We mentioned front-loading our book a little last quarter as we expected the market outlook to worsen and that has certainly been the case, particularly in properties. We non-renewed a few quota share deals this quarter that no longer hit our hurdle rates. We've also taken a more conservative view on our premium estimates given our market outlook and that's also part of the reason for the small reduction year-on-year. While we are still seeing adequately priced business as the bulk of our book is written in the first six or seven months of the year, We would now expect our gross premiums written for 2026 to be a little behind 2025's levels. We have reinsurance revenue of $455.9 million versus $433.3 million at the prior half year, a 5.2% increase year on year. While business mix has an impact on reinsurance revenue, with excess of loss rising and earning faster than quote to share, We continue to see some benefit of prior underwriting years earning into this year. CD3 insurance expenses, which are essentially our CD premiums earned, excluding reinstatement premiums, were $73.3 million for the first six months of 2026, compared with $53.4 million for the prior year. Our hours cover has increased year on year due to additional cover purchased with the aim of reducing volatility. On losses then, For the first six months of 2026, we were relatively light from an event perspective. The Middle East conflict had an impact for the industry, along with various severe convective storms and other smaller natural catastrophes. We haven't recorded any particularly material losses, but did put some reserves up for the Middle East conflict in our specialty division. 2025, of course, had the California wildfires, and our undiscredited net loss, net of reinsurance and reinstatement premiums at June 30 last year, with $118.3 million, with that number holding relatively steady through this half year. The California wildfires contributed 31.6% to our underscouted net loss ratio last year. A reminder that our reinsurance service expenses includes both loss and loss-related amounts, but also reinsurance operating expenses and an allocation of some other operating expenses. In our Interim Financial Statement Segments Closure, We've provided a breakout of that number into the loss and expense components so that you can see those separately and also to help with calculating our net loss ratio. Our undiscounted net loss ratio for the half year was 80.7% versus 109.6% for the prior period. Our discounted loss ratio was 68.5% for the half year this year and 95.8% for the half year last year. Our combined ratio for the half year was 92.6% on an undiscounted basis and 80.4% on a discounted basis, compared to 122.1% and 108.3% respectively for the prior year. Our comprehensive income for the half year was $80.3 million compared to a comprehensive loss of $13.5 million for the prior period. Lastly on this page, on ROE, we have adopted an amended measure which is the internal rate of return of the change in fully diluted book value per share. This measure of ROE versus the previous measure of return on opening equity is a more sophisticated, holistic and comprehensive measure of return which captures all aspects of performance and capital management actions. Under this method, our ROE per half year is 7.8% versus a negative 1.4% for the prior period. ROE has also been presented on the prior basis for comparison, and we also have some more detail on comparatives in the appendices. On the investment side, yields have increased this year, although spread borrowing has offset that to a degree. The portfolio is generating a good level of income though, maintaining a current book yield around 4.2%. Overall for the half year, we returned 0.9% versus 3.9% in the prior year, where we saw yields move the other way. We remain relatively short duration and our focus is on maintaining a high quality, highly liquid portfolio. Duration is currently 2.7 years which is in line with our net reserves. Average credit quality is AA and you can see the usual pie chart here with their asset allocation and other than cash, cash equivalents and short term investments reducing a bit which is largely timing, no real changes from prior quarters in that other strategy. On this slide you can see that as the business continues to grow and we remain highly cash generative, our invested assets also continue to grow. As our portfolio has become higher yielding over time, we produce more income and as our investment leverage increases over time, that contributes more to our ROE. I'll now hand back to Neil for closing comments.

Thanks Elaine. Let me conclude with a few observations. We've delivered a strong first half result, producing $80.3 million of comprehensive income and a 7.8% return on equity, whilst continuing to grow our tangible book value per share. Our underwriting strategy is evolving as we carefully manage the pricing cycle. We are growing where returns remain attractive and scaling back where pricing no longer meets our standards. We have continued to strengthen the resilience of the business through an enhanced retrocession program with broad coverage for all perils. We continue to effectively manage our capital to increase shareholder value. During the first half, we returned approximately $68 million to shareholders through dividends and accretive share repurchases. Looking ahead, who expect competition and price softening to persist across many lines of business. In this environment, our ability to be nimble and focus on capital discipline and margin rather than market share will become increasingly important. We believe Conduit is positioned to navigate these conditions. The last 12 months has been continuous enhancement in terms of people and process, Reaffirmed ratings and results that have been at or in excess of market consensus. This is an ongoing process and our focus remains on generating attractive risk-adjusted returns, preserving balance sheet strength and creating long-term shareholder value. Thank you and we can now open the call for questions.

Thank you. Ladies and gentlemen, if you are dialed into the call and would like to ask a question, please press R followed by the number one on your telephone keypad. Once again, if you are dialed into the call and would like to ask a question, please press R followed by the number one on your telephone keypad. Our first question comes from the line of Ben Cohen with RBC Capital Markets. Please go ahead.

Oh, hi. Thanks very much for taking that question. Thank you, everyone. My first question was really just in terms of how we should think about the combined ratio going forward. I mean, firstly, on the reported undiscounted combined ratio, I don't know if you could say anything, you know, what you see as maybe good luck is the wrong phrase, but, you know, sort of better weather than normal or low cap losses. And from that start of 92.6, given the rate decline that we see in your book, is it reasonable to to kind of take those rate declines and see those increasing the combined ratio as we look forward to the second half of the year and maybe typically into 2027. Hi, Ben.

We're not giving any specific combined ratio guidance on there. It's obviously been a relatively benign first half. We have had a few business pieces coming through in the first half though in terms of the Middle East losses that we have in there. Nothing particularly material. We do have more casualty business so that impacts the combined ratio so a different business mix than we've had in the past but we're not giving any specific guidance on that. On the rate defying we are looking at that and factoring that into how we price, how we reserve so we're hoping that we've captured all that as well.

Could I ask a follow-on question just in terms of The guidance that we've given before is in the 200-300% range and we're very comfortably in that

Sorry to tell you we're not giving any solid guidance on that one either, but we have got a strong capital position going into wind season and we'll wait and see what happens over the wind season and then we'll make some decisions on that towards the end of this year. So that's really our November board conversation.

Thank you very much.

Our next question comes from the line of Abid Hussain. Samir Hibberi, please go ahead.

Hello. Hi, everyone. Thanks for taking my question. I've got three questions, I think. The first one was on the pivot to excess of loss line. Just wondering how much further you would go on that pivot towards excess of loss. I appreciate that you could give a true move in the first half of the figure round and set that property line in excess of loss. And then the second question is on Casualty books. Just wondering how much further growth can you achieve here if pricing remains steady? If pricing does remain steady, would you look to continue to grow in the prosperity books? And then the final question is on growth versus capital distribution. Should we be expecting a balance between growth and distribution to shift from this year onwards, i.e. more for emphasis on distributions from this year, perhaps next year onwards. Just any sort of colour or guidance around that, please. Thank you.

On the first question around the shift towards excessive loss, I would say there is still room to move on that. We are targeting a kind of 50-50 split on property over time. but that is going to be something we move towards over the next 12 to 18 months so I expect that to continue most likely also in specialty to some extent but to a lesser extent. I think your second question was around growth within casualty. I mean we very much target a specific set of preferred partners in casualty and what we're looking to do with those preferred partners is we're looking to deepen our relationships Deepen our participation so we could potentially see some continued growth with those preferred partners and we're trying to shift away from things that are more opportunistic. So I can't tell you how that balance will play through and we don't give guidance on growth obviously but I would imagine and we certainly have been successful during the course of the first half in shifting towards our preferred partners. Those preferred partners by the way are those that we believe are underwriting with the most discipline and in the way that we would Thank you very much.

are all areas where we would see opportunities and where we may trim some of the renewing book. There are still other areas that we can go into and find business that meets our hurdles. I'd probably use the slide that we've got in our deck on how we think about capital. So it's really an exercise in terms of what we want to underwrite and then we match the capital to that and then anything that's left over and one should put headroom on top of that is what we designate for capital returns and Again, my last comment for Ben, that should be an October-November kind of consideration once we get through in-season and see if there's been anything interesting that's happened this year and then what we want to do with our capital for next year.

Thank you.

Our next question comes from the line of Michael Hutner with Derenberg. Please go ahead.

Fantastic. Thank you so much. I had lots of little niggly questions. The one that you mentioned, softening terms and conditions, and I just wondered whether you can give us a little bit more color on that. On some of the... I'm not quite sure... Could you explain why there's no number? I think in the past you have tried to provide a number for the half-year stage. I'm not 100% sure, but the fact that there's none, it always raises questions. You know, people kind of think, well, is something wrong? You've increased your PML, so my guess, exposures, I guess, I don't know, to Asia. And with El Nino, so obviously there's been a few more events then, you know, floods in China and stuff. Is anything there... Worth mentioning already, which I guess would affect Q3. And then two last ones. I'm curious, you mentioned the enhanced retro quite a few times. I just wonder if you can give us a little bit more color on that. I'll leave it at that. Thank you.

Thank you, Michael. The first question I think was softening T's and C's. We are seeing an erosion in certain places on conditions, expansions of coverage, and we have seen sort of modest erosion in T's and C's. There's no point in calling it anything other than that. but overall the book was price adequate and we've delivered the results we have. You mentioned PMLs in Asia. There's nothing material to report from a loss perspective there. We do over time want to diversify the property book and the increase in Asia is partially a function of our increase in international excessive loss. So I regard that as a positive really. Michael, can you remind me of the other question where you said there was no number?

I'm happy to take that. That's a year end disclosure for us, Michael, so we don't typically put anything out at the half year. I think we're comfortable with where we were at the half year and we've been profitable through the first half. There's a number of things that impact the calculation but no significant changes in terms of where we were. Is there a year-end disclosure for us?

Oh, yeah, the last one. The year-end in HANF?

Yeah.

HANF retro. So we have reduced our PMLs, as stated, for peak risk. We have bought significantly more cover. We have coverage for both peak and secondary perils all the way through the whole program. On secondaries, we attach much lower than we do on peak. And we don't disclose excess points and limits actually purchased for sort of commercially sensitive regions. But we have significantly reduced our whole account retention for events. So I would say our capital is better protected. And we also have significantly reduced volatility in the account on a net basis.

Thank you.

Once again, if you would like to ask a question, please press bar followed by the number one on your telephone keypad. Our next question comes from . Please go ahead.

Good morning, everyone.

Thank you for taking my questions.

First question is on the expense ratio, which I noticed increased versus previous years, particularly in the property segment. Is this a one-off due to some idiosyncratic reason in this period or should we expect this to continue? My second question is on the Appointments with Property book. I was a little surprised perhaps to see the loss ratio higher than in previous years despite the shift to more excess of loss. you know is this the impact of softening coming through or you know was it sort of a high level of attritional losses that maybe we I wasn't factoring in taking my questions again I'll take the question on the expense ratio I think it's probably a bit more of a geography conversation and in previous years with a higher sort of share book you get more of the CD commissions offsetting revenue

whereas with the move to excessive loss there's more brokers coming through so it comes through a different line item so it's really driven by the business mix. On the loss ratio there's not really anything specific driving that I would say it's If anything, it's maybe just a little bit more of a cautious view in how we're reserving, so I wouldn't be too much into that. Okay.

Thank you for taking my questions.

And if you, Steffi, have any follow-up from Michael Hustler with Barenburg, please go ahead.

Fantastic. Thank you so much for this. I've got quite a few more. So, specialty, you mentioned growth in aviation and aviation I suspect, but I don't know if you said that, off the lines where pricing is harder, so that's a political risk and not something else. Is it terror or something? Then I was curious about the inflation assumption you're baking into. Casualty, I suppose, is really to understand how much more cautious on reserving you are or whatever. I think you mentioned at the full year that your confidence level interval or level for reserving is towards the upper end of your target range, which I think is 75 to 85. I just wondered if you could provide an update. And then the last question is, I've got one small, but this is last for now. is, you know, you get this kind of tax benefit in Bermuda. If you think with 8 million in H1, is this kind of a linear thing? Do we get 8 million every half year? That's it. Thank you.

Yes, Steve. I'll take the first question, Michael. Yeah, I mean, we are constantly on the hunt for margin. And aviation is one of the areas that we see as being Thank you very much.

On inflation, Michael, we have different inflation rates applied to different classes and property will be much closer to conventional inflation. On the casualty lines, we load in a factor to take into account social inflation. We don't disclose our inflation assumptions but on casualty it's considerably higher than on property and I think our Leave it at that. On the reserve issue, we did disclose, I'm looking at Brett here, we did disclose at the finals, and the range we like to be in is between the 75th and the 85th percentile, and at the finals we were at the 84th, actually 83, sorry. So we are at the conservative end of the range that we like to report. and obviously there won't be, we haven't disclosed the half year but you can see from the results and the growth and reserves there won't be much change.

Right, because on the tax benefit it's not linear, it's weighted heavily to the first half of the year so we do expect to get a benefit in the second half that will be very much smaller and just to remind you that that came in late on last year and there's a phased implementation of that so there's kind of 50% benefit and we've got last year it's a 75% benefit this year and then list 100% next year so it will be different H1 to H2 but we will get an increasing benefit of that as that implementation gets phased in.

Super helpful, thank you very much.

And it seems that we have another question from Andreas Van Emden with Johan, please go ahead.

Yes, thank you, good afternoon. I just had a question around your premium growth outlook, particularly for that quota share book. I think you mentioned in your report that you're taking a more conservative view of the premium estimates on the quota share book you write due to rate softening. I just wondered whether you're just taking a view for 2026 or does this also include a view for further rate softening perhaps in 2027 on multi-year treaties? I'm trying to understand How much of an influence this adjustment to your quota share premium outlook influences your group revenue outlook?

Thank you. Hi, Andreas. I guess the comment was primarily focused on the current financial year, but it certainly will impact how we think about 27, if our view on current If that race environment holds then what we've done this year will hold them to 27 but if that race environment deteriorates further then we'll take further action on those. That might lead to us not renewing more contracts but that's obviously a work in progress and we can't give too much guidance on that at this stage. We just say that we expect to be a little bit behind 25 this year now. We do expect to see other opportunities in other lines of business as we move into 27, so hopefully some of that will offset some of the rating decline.

And just to get a feel for how much of that quota share book you're writing in 26 spills over in 27 and perhaps 28, what percentage do you think of that book will spill over and perhaps need adjustment if the market continues to soften?

Yeah, I think you're thinking about how the earnings come through on that. I guess 26th underwriting year will mostly be, it'll be mostly written and earned through next year. So there won't be an awful lot that, a little bit, but not too much that earns into 2028.

Okay, so it's only 27. Yeah, yeah. All right. Thank you very much. Thank you.

Once again, we have a follow-up from Michael Hutner with Theronburg. Please go ahead.

I promise not to. The first one is, I feel, I may be wrong, much stronger company than maybe 18 months ago or 12 months ago or whatever. How has that affected your relationship with the brokers? Do they now come and knock on your door or more often? Just to get a feel for kind of your market weight, if you like. And then the second is to say thanks to Elaine. I'm not sure, but I think this may be the last call you make. I'm not sure if it's true or not. But big thanks. The way I always think of you is the, in French, there's a famous play where the actor protects the war test, and that's how you've certainly kept that well in place. Thank you.

Michael, thank you. Yes, you're right, it's Elaine's call and it's been my pleasure to have worked with her particularly closely over the last 18 months. So, Elaine, thank you very much.

Thanks, Michael, for the comments. I appreciate them. I'll miss your question.

Yeah, she certainly does guard the war chest and lock and chain padlocks and everything else you can imagine. So in terms of broking relationships, yeah, we do. I mean, we are a specialist pure play reinsurer. So we obviously have extremely strong relationships with the key brokers, both as it relates to inwards and also outwards on our retrocession. So it's one of the things we major on. And being sort of relatively small, and Single Location. We work hard at it and it's not only just preferred relationships with key customers but really strong preferred relationships with key brokers and we have continued to enjoy those relationships. I haven't really... notice the shift in emphasis on those relationships yes the company you know we've been working on strengthening the teams and with that you know come new relationships with both clients and brokers but that really it's been about it was initially about stabilization We've made some good highs in the last few months and done some more changes. And so that's how I would summarize that.

Thank you very much.

And another follow-up from Joseph James with Autonomous. Please go ahead.

Hi there, thank you for taking my follow-up questions. The first is just asking for a bit of clarification, I guess, on something that you mentioned earlier, Elaine, which is that you now expect premiums to be lower than last year for this across the full year. Is that also going to be the case for revenues? That's my first question. And the second is on how the increased retro that you've purchased at the mid-years will sort of flow through. Can we expect the property retention to decline again further in the second half after your announcement today? Thanks again.

Hi, yeah, I think the comment around being lower than last year was really focusing on gross premiums written, so the revenues will be less impacted by that. It's more of an earned view and is supported by the quota share that is still kind of coming through there. from prior years, so that's a slightly different relationship there. And I guess just on the retro, it's predominantly excessive loss, it's predominantly one place, so you can think about it that way when you're factoring through in your numbers.

Yeah, there'll be no more significant average purchase during the rest of this year, so the retention will stay as it is.

Okay, thanks for terrifying.

And that's all the questions we have for today. I will now turn the call back over to Neil for closing remarks.

Yeah, so we've had what I would describe as a satisfactory first half. We've been really clear in the priorities we have, which is being disciplined, emphasis on margin, Capital Discipline, I think the company is in a good place. It really just remains for me to thank Elaine for the shift she's put in and it's been a great pleasure working with you and look forward to speaking to many of you individually over the next few months or at the Q3 call. Thank you everyone.