African Rainbow Mnrls Ltd

Welcome to the African Rainbow Minerals results for the financial year ended 30 June 2025. Thank you to those of you joining us online via LinkedIn and a special thank you to those who have made an effort to be here with us in person. After the presentation, we will go into Q&A. We will start with questions from the floor and then we will move on to webcast. Please help me in welcoming Arms Executive Chairman Dr. Patricio Zeppe.

Thank you so very much. This is going to be a very brief presentation to allow as many questions as possible. I want to thank everybody, and a very special thanks to our non-executive directors, our chairman of audit, Tom Boardman. Tom is online, eh? He's online, okay? And our lead independent, Dr. Norko, and the chairman of investments, Bongani, thank you so much. Sifuwa and the whole of the board members who are joining us, and... Also a special thanks to Philip, very proud of the good work you are doing, and Sue, and Andre, Mareike, Kajal, everybody else, I see, Johan, Mike, Mikey, thank you so much, and to the rest of the management team. We are in an industry that goes through ups and downs, and And I'm very clear in my expectations. I always want us to be the best at all times because we are judged by our results consistently. And the management feels that they need to give me all sorts of explanations why... Headline earnings are down because the abnormal impact of... Where's Jacques? Jacques and Imran? Yeah, H. Diakon. Good Imran. And everybody. Roulette? H. Diakon. So they... And Tabane as well, of course. She's doing all the good work. Thank you so much. Doing all the good work to engage with our shareholders. And thanks to all the shareholders who are here and everybody else. So... It's very, very fundamental for us that despite what the commodity prices are doing, which is something that we don't control, and despite what the rent is doing, which as well is something we do not control, we have to consistently, consistently, based on results, be very competitive because the results at the end of the day you are judged by your results and no matter how justified the explanations because the facts the facts are what are we doing with our volumes what are we doing with our production What are we doing with our profitability? And very importantly, what are we doing with our dividends? Because part of our commitment is to be a consistent dividend payer. And I really want to apologize for the late trading statement because I come from a very conservative background, particularly when you know that there are issues that you want the market to be aware of as quickly and as soon as possible. and do all of these explanations in terms of the discussions relating to Poconi and we will be going on a roadshow to have detailed questions because I know many of the shareholders say that they prefer to ask some of these questions in a one-on-one and that's very very important because we have a huge obligation to at all times keep our shareholders and the market informed with what is happening and sometimes you have to focus a little bit more on the bad news and get it out and the bad news being the prices The prices. I mean, you look at Bocconi. Bocconi is world class. And Bocconi will make good money for us. And the performances in arm fairs and in the various other commodities that we have. I'm told that Sandra is here. Where's Sandra? from a song. You look as young as you've always done, Sandra. I knew Sandra many years ago. I was with Sim a few days ago, and I can't say what Sim said over the phone, not over the phone, sorry, over the, in public, because Sim was a young smartroyer at Bowman Gilfillan. Sim Chabalala, the CEO of Standard Bank. But good to see you, and thank you so much for coming and pass my regards to everybody at Assaw and to Patrick and Des. And to all our other partners who are here, thank you so much for your contributions. Now, what we usually do is we take questions and we'll take questions at the end and the management team will stay behind and there'll be a roadshow and in the roadshow some of our big shareholders and some of our smaller shareholders, all shareholders are important. Whether you've got one share, whether you've got a million shares, we've got a fundamental obligation to you. And often the ones who've got one share, they need a dividend. And we've got a huge obligation to make sure that they don't have to buy our share. They can buy many other shares, but we have to consistently give them a convincing reason and try and make them believe, based on our track record and what we do, that it's good for them to remain being a shareholder. The rest of the team will do a little bit more of a detailed presentation. on some of the issues that I will discuss very briefly, and the issues that I will discuss broadly. The headline earnings for this financial year, the past one, decreased by 47% to $2.7 billion, as I said, mainly due to the decrease in the prices of iron ore and the increased cost at Burgundy. Philip will give a little bit more details on Bocconi. We declare a dividend of 6 Rand per share. We are a consistent and committed dividend player. Our financial position remains very good, robust. We've got a net cash of 6.6 billion and you will see that we've had discussions with our partners. There's about 9.5 billion free cash flow in In Aspen, we've been in discussions with our partners to make sure that the dividend is a dividend that's good for them and good for us. It's good to have such a strong balance sheet and to have a significant amount of the attributable to its 4.5%. 4.5 more or less, eh? 4.5 billion as we stand right now. Okay. Okay? Alright, we go to the next one and I like it when there are women in the photos, you know, they make the photos look much smarter and they perform, at some of our operations, the best drivers of these These big underground trucks are the women. Anyway, good. And you will see that the headline earnings, Amferes decreased by 31% to 3.5 billion. Amplatinum decreased by 42%. Now, this is at the end of June. You saw that the price of PGMs have risen significantly. which is good, so we expect that in terms of, in the medium term, we expect that the prices will more or less stay in this positive trend. And then AMCO went down by 88%. So this is the sort of industry we are in, and there are times when things are very positive, and you've got a super cycle, and we've got a huge amount of excess cash, and you take that cash This is where the $6.6 billion comes from. Put it aside for times when there are challenges, and when there are challenges, that's when you grow. That's when you make deals, and that's when you create opportunities for partnerships, because when everybody makes money, it's not a good environment. So you have to make sure that the $6.6 billion, as well as the attributable $4.5 billion at S&M, And our 6.6 in particular, you keep your powder dry and positioned for growth. We've given everybody a copy of the booklet, so I'm not going to go into greater detail because you can see what is contained in the booklet and just ask whatever questions. Now, if you look at our dividends per share, you look at 2022 very well. You look at 2021, 2023. You look at 2024, and then if you go backwards, before 2020, you will see this continuous cycle. There are times of good performance, and your management has to focus 100%. It's not what we say, it's what we do. And what we do is reflected in our results. And we are unforgiving and unrelenting and uncompromising. So, and of course, Alison says, why don't I say hi to her? Hi, Alison. So, and Vusi as well, of course, and everybody else. I always get into trouble. Why do you identify others and don't? So, you see where the dividends are, and we've kept this philosophy, this policy, this principle. The aim is always to make sure that the second half of the year that we maintain that process of an increase, even though in 2023 the first half was higher than the second half. Dividends received went down by 10% to 4.5% and the dividends received from the investment in harmony. I'm always surprised when shareholders who've been with us for many, many years say, Dr. Motsepe, if we look at the name Harmony, we see the Arm logo there, because those of us who were there in the beginning have a key understanding that Harmony is a merger between Arm Gold and Harmony, and at the time of all of these discussions, are we going to call Harmony and Arm Gold, or Harmony Gold, Arm Gold, let's just call it Harmony, but in the logo. leave the ARM. And, you know, some shareholders say, we want to talk to you about ARM. And then they say, no, no, we have a clear understanding of what the plans are. We're as confident as we've always been. And, you know, we've been in this company for many years. We don't just invest in ARM, we invest in various other companies. We understand the mining industry. It's this harmony that we want your thinking as a partner. I'm not the, you know, we are not the executive. I'm not the executive. Chairman, hold on. Arm and you in particular over the last 20 years have provided a huge amount of confidence and stability and a huge amount of the success in Armony. is because of the excellent leadership that has been provided at the board and the role that the chairman and various, so they give us and they give me, and I can say that a little bit more credit than we deserve because I'm proud of what Bayer is doing and I'm proud of what Massemullah is doing and the team. But as I said, and thank you Bongani for the excellent work that you are doing there as well. So Harmony is doing well and our strategy in relation to Harmony, we said it and it stays the same and will continue along those lines. And as I said, you must ask whatever questions you want and our primary concern is at all times to do what's in the best interest of our shareholders. Segmental avatars split by commodity. it's there for everybody to see significant segmental avatar contribution from IONO. IONO is very important. Many, many years ago we said we want the other minerals and the other portfolio assets we have to significantly contribute to earnings and to growth and to dividends without the ferrous decreasing. And you saw that there were two or two years where we were laughing with Andre when the platinum was contributing more than unfairness and Andre said we'll fix that but it's part of the plan and you will see that we've looked at copper in Canada we're engaged in discussions in South Africa and worldwide to identify the appropriate opportunities, because this is a mining industry. You've got to think three, five, seven, ten years. And the problem with copper in particular is that because it's a commodity that is in so much demand, the prices are exorbitant, and you've got to be careful because you can overpay. But we are confident that in the medium to long term, we will continue to grow ARM. And the performance of ARM in the first instance and the assessment is by our shareholders. Just put aside what we are saying. We say what we have to, but what is more important is to hear what the shareholders are saying, as well as the investment community and the market. And as I said, what I at times want to focus on is, Those areas where the market is saying that there are areas of weakness, there are areas where there can be improvements, those are the things we focus on. Because it's important for us that we take account of that and consistently show positive results. We may not always agree, but the starting point is to get exposed. And safety and health, critically, critically important. I think I want you just to go into a little bit more detail. because we are spending so much time at our operations and you and Mike and the team and Andre, you guys and Tango and Johan do excellent work. Safety is a critical, critical part of operations. We've got a huge, huge obligation and commitment to every one of the employees that we have the privilege to work with. And we cannot do more than enough to make sure that there's zero harm and zero fatalities. Responsible environmental management. We are committed to climate protection and people talk about climate change. Our strategies, we are a responsible company globally that has a huge obligation to nature, to conservation, to the environment. And we do, in relation to coal in particular, we fully support this process of the just transition. But we are part of the ICMM, which is the largest and the most successful mining companies in the world. And it's a privilege to be there. I sit there with the top CEOs in the world and you get exposed to the huge commitment. We have to deliver competitive returns to our shareholders consistently. And side by side with that, we've got to be a responsible miner that is that is aware of the obligations we have to our communities in the first instance, but also to rehabilitation, the areas where our mines are, and contribute towards the reduction in global emissions. Okay? My apologies. And then the ARM strategy. We've spoken about it many times in the past. We are an owner-operator. We've got an entrepreneurial management, we invest in our employees, we partner with communities and other stakeholders, critically important. Partly why we've been so successful in Bukwani despite the challenges. Why we've been so successful in Mutiquan and in various other operations is just the huge amount of trust that we've built with the communities. I will be visiting Kumani next week Monday on the 16th or something I'll be visiting Kumani. I used to spend a lot of time visiting operations and sometimes the management complained and said every time you come the workers demand even more money and the communities demand even more jobs and demand even more tenders and it just please can you just come as little as possible and then because we meet we work with all of these communities through the Motsife Foundation and also through the good work that African Rainbow Mineral is doing through the trust and various other deep deep obligations and commitments we have to the communities where we operate but also a deep obligation to the country and the people of this country okay I'm now going to ask that we clap hands to our young CEO who's going to come and continue with the operational review. Philip, can we clap hands?

Thank you. Welcome to everyone, those who are attending in person and online. Thank you very much, Chair, and also to our non-executive directors in attendance, our joint venture partners, the executive team and the operational management at large. Despite the tough market and operating environment, we were able to achieve the following. Production volumes at our iron ore and manganese operations increased by 3% and 4% respectively. underpinned by improved water supply at Kumani, also addressing the critical skills shortage and all qualities at Black Rock Mine. You'll remember that during the financial year, those were identified as challenges in that mine and pleased to say we have really got ahead of the action plan to turn that operation around. Despite the fatality and excessive rain in the first half of the year at Mudikwa, Production in the second half increased, resulting in an overall improvement of 1% on the damages that were produced. And that really continues to remind us that safety is our license to mine, and that a safe mine is a productive and a profitable mine. Over the past 12 months, we have faced numerous challenges, including low commodity prices, a weaker dollar and logistic constraint. Cost containment remains a key focus and progress is reflected in our divisional unit cost performance, basically continue to emphasize about those things that are within our control. Given the volatile PGM market, we took a prudent decision to stop the early ounces at Bukoni and suspend the ore and mining and milling at the operation by the end of the financial year, and I will deliberate as we proceed. We remain focused on enhancing quality, making sure that we improve grade, that we basically mine to reserve grade, and that we reduce waste and dilution. Ampharas headline earnings were 1% lower, driven by a 15% reduction in the USD price. That was partially offset by a 120% increase in headline earnings in the manganese division as a result of additional volume performance and also cost control. Higher headline earnings in the manganese division were driven by an increase in manganese oil sales volumes and also by prices. And then just going back, sorry, on that as well, just talking to the Amplatinum, the PGM sector basically had losses increased by 42% due to higher operational losses at Bukoni. And I've basically mentioned the issue of early arms project. In the financial year 2025, Bukoni ramped up its operation. However, it was negatively impacted by operational challenges. higher fixed costs with early ounce production, and increased mechanized development. What does the early ounce production mean? When we took over, we identified an opportunity at the back of the higher PGM basket prices to recommission and restart the 60 kiloton UG2 concentrator, and also to utilize and explore all the raised lines that were actually left hold by previous owners, To that effect, we employed the services of a contracting company because it was going to be a short-term measure. However, because of the shallowness of the whole body, there has been some several challenges that were actually achieved, that were actually experienced. I mean, we've had issues of key blocks because of lack of horizontal clamping forces and other operational challenges. I mean, to that effect, a lot of interventions were actually put together. to a point of expediting and accelerating the open pit mining. Unfortunately, also there were some other challenges that we experienced in that. And to that effect, we ended up really making a decision to really put a stop on that mining and milling, and then focus on the ore reserve development to open up the ore body to at least 120,000 tonnes per month from Middle Pent Hill and to make sure that we set that mine up, even as we have already mentioned. On the AMCOL, the earnings declined by 88%, driven by a reduction in the realized coal price, as well as lower sales volumes from GGV and PCB. Just giving color to our headline earnings variance analysis. I mean, if you look at this, what stands out really is almost approximately 1.6 billion, just from the Ferrous Division. Had we not really done anything, I mean the major impact was coming from our lower iron ore prices and also the stronger rent, exchange rate. Had we not done anything, I mean we would have really lost 1.75 just from the dollar price, 450 million from the exchange rate amounting to 2.1 billion. But that being the case, the operations basically responded positively by increasing the volumes at the BlackRock and also by increasing the sales tonnages and also focusing also on costs, as I said, things that were within and are still within our control. In terms of the EBITDA margin slide, It actually decreased across the board, except in the manganese or operations where we saw a 4% improvement. Looking at the segment results variance analysis, very evident. When you look at the top left, you know, that impact of price, you can see the positive contribution from the volumes and also a positive contribution as well from others. You know, we spoke to the issues of cost, and as I said, increase of volumes as well. Total iron ore sales decreased by 15%, driven by lower offtake at Biasuk. I mean, all of us will remember that AMSA did announce in October 2024 that they'll be shutting down Newcastle. You know, that has really had some negative impact in terms of our deliveries on that. The unit cash cost at Blackrock increased by 9%. due to inflationary cost increases, higher labor headcount due to filling the key production vacancies, because we did talk to the skills shortages previously, so we were really deliberate and intentional in terms of addressing that, and also higher run of mine volumes. Just zeroing in on our iron ore business. The chairman said he will be visiting Kumani. Kumani is still our Tier 1 asset with more than 20 years of life remaining, high grade and low strip ratio, with an installed capacity of over 14 million tonnes. Weld class safety steps and our ferrous operations, both Kumani and Biasuk, are six years fatal free. Total iron ore production volumes increased by 3% due to improved water situation. You'll remember that we did mention that this has been an ongoing thing, but we're pleased to mention that during the second half of the financial year, we didn't experience any water challenges because of measures and actions that were actually put in place. Kumani's mine unit cost has increased marginally by 1%. Inflationary increases were offset by lower diesel prices and higher mining production. However, the biggest risk to our I&O business includes, among others, the short life of Biasuk because of our local customer. So given that, because we don't have any long-term customers, off-take agreement at this point in time, and also due to the status of that, we have actually taken a step, you know, to really wind down that business. To that effect, the Section 189 has already been issued, and that will impact a number of colleagues as we wind down that business. With regard to BlackRock, it's a high-grade, low-impurity, long-life ore body with an installed capacity of 4.5 million tons per annum. Production volumes at BlackRock increased by 4% as a result of addressing the ore quality issues and the requisite skill set. Production was negatively impacted by the stoppage following the fall of ground fatality in April. And also that loud message that safety is our license to operate and a safe mine is a productive and a profitable. So we are taking the learnings and making sure that we can really turn things around and continue to really maintain that lead that we have really provided within the industry. Local sales volumes were higher due to increased uptake from our local customers. Various cost-saving initiatives are ongoing to ensure that the unit costs are contained. The objective is to make sure that we are in the right quarters of the industry cost curve so that we increase our margins and have sustainable profitability. Total capital expenditure for the manganese ore operations decreased by 27% due to considered effort to preserve cash given the low market prices. Reminding you that when we started the financial year, the prices were as high as $9 per DMTU. And we have really seen them really go even below $4 per DMTU. In terms of the alloys, the high-carbon manganese alloy unit cash cost at Sakura decreased by 12%. mainly due to a 23% increase in iron ore prices, in manganese prices, and a 25% decrease in reduction prices. Cash costs and furnaces efficiencies were well managed despite the above inflation increases on inputs like your power and input materials. As part of our strategic restructuring, we have made difficult but necessary decisions to address underperforming and loss-making operations by closing Cato Rich. And most of you would have heard and seen that announcement. And disposing of our investment in Sakura, as well as recently initiating, as we mentioned, Section 189 on the BSUC, dealing decisively with loss-making asset. By strategically disposing of Cato Rich and Sakura, We avoided additional losses amounting to hundreds of millions for ARM. We should have negatively impacted our profitability and cash flows. And we can now focus and allocate corporate resources towards our high-potential core assets at our Kumani and BlackRock mines, thereby strengthening our overall financial position and paving the way for the future growth. Production at Cateridge ceased at the end of May. employees exited by the end of August. Now we are focusing on selling the final stocks, closure, responsible closure, and rehabilitation. By doing so, we are repositioning Arm to be a more agile, profitable, and better aligned with our long-term vision for success. And I'm confident that these steps will drive sustainable value for our shareholders and position us strongly for future achievements. Moving into the platinum business, the U.S. dollar PGM prices recovered towards the latter part of financial year 2025 compared to the prices achieved in financial year 2024. The average prices in 2025 for platinum and rhodium were raised in 6% and 8% respectively. However, the average palladium price declined by 8%. when compared to the previous year. The basket price was flat with an only 1% increase on year-on-year. Looking at Two Rivers Platinum, the unit cash cost increased by 5% due to marginally lower production, partially offset by cost-saving initiatives. Mining through very high geologically disturbed areas called for increased mining on our waste redevelopment meters, thus also adding costs that were not foreseen. Coming down to Mudikwa Platinum Mine, the unit cash costs were up 3%, mainly due to marginally lower PGM ounces production and partially offset by cost-cutting initiatives. Production volumes We're marginally down at both Mudikwa at minus 3% and two rivers at minus 1% year on year comparatively. Capital expenditure decreased by 68% to $2 billion due to considered effort to preserve cash. And you remember that in the previous year, I mean, that was really the year when we made a decision to really stop the Two Rivers and Mareski project and put it on can maintenance. Subsequent to that, we only saw a very small portion of that capex coming into 2025. We remain focused on creating mining flexibility, especially for both Two Rivers and Mudigwa, making sure that we create an enabling environment We continue to focus on great improvement, cost optimization, and increased volumes, which will have a positive impact on our unit cash costs. We continue to focus on factors within our control. Maybe just giving an update on Bukoni mine. Four things that I would really like to cover. Just to expand on the superiority of that mineral resource. I mean, this UGT resource at a grade of 6.18 is the highest and is relatively attractive, and also the relatively attractive purchase of concentrate that we have for 23 years is basically the foundation to establish a mining operation with sufficient economies of scale. 60 kilotons didn't have that sufficient scale. High fixed costs, low volumes, and as a result, we ended up really being loss-making. So the investment thesis that we have at ARM is on developing a large mechanized mining operation that can unlock economies of scale and deliver competitive RAM per ton operating costs. In terms of the early arms project, as I already mentioned, this was approved in 2023, and then we intend to put it as a precursor towards the bigger picture. We believe that the minimum optimal size for Bukoni is 240,000 tons per month, in line with Mudikwa, in line with where we started, even with two rivers. So the discipline deferral, taking into account the performance of the market and the outlook and also the PGM sector, we actually had to take a decision to defer the full implementation of that 240,000, and as a result, The 60 kilo tonne could not really deliver the economy of scale, resulting in the suspension of mining and milling at the end of the financial year. What are we doing now? We are assessing a phase development strategy, as I said, to open up the ore body, especially at middle bent hill deep line, thus setting it up for a phase approach towards the 240 kilo tonne. An update on Enkomati. We did mention that we have really entered into a sale transaction with our partners. That was actually concluded. All conditions precedent were met by the end of July, and as a result, we are now the sole owners of Nkomati. What does Nkomati bring to the table? It's an only proven nickel resource in South Africa. It's sulfide, polymetallic reserve base, and established infrastructure, provides several relatively low capital intensive value enhancing options for ARM. which are currently being considered. And what are we doing at this point in time? We have just wet-commissioned the chrome washing plant with an intent to treat the stockpile's amount into about 500,000 tonnes over the next 12 months whilst we're basically mitigating the can-mantainment costs so that we can reduce the cash calls from the centre that every business unit needs to stand on its own feet. Moving on to Amcol, GGB's average received export price declined by 8% to $82 a ton, whilst PCB's average received export price also declined by 12% to $75 a ton. Regarding the next one, with regard to due to the decrease in the coal price, tracking was significantly reduced in the financial year 2025, because previous years we actually had to bring in the tracking, but this year because of the price being where it was, it was actually not economically viable to really track. So as a result, that decision was made to stop that, and that resulted in the reduction in the export sales volume. On mine unit production costs, GGV increased by 14%, as a direct result of the reduced saleable production and reduced capitalization of box cut. Unit price at PCB increased only by 5% as cost-saving initiatives reduced the impact of inflationary cost increases. Our investment in search copper, I mean, we've announced that we took a 15% stake in this high quality copper deposit, porphyry deposit that has actually molybdenum and silver in it. And the early indications with the progress of the studies where they are now is that BERC has the potential to become a Tier 1 asset. Combining competitive C1 cash cost and capital intensity with the advantages of operating in a well-established mining jurisdiction. Given Surge's strong progress on its feasibility study, which remains on track for the completion in 2026, ARM is in the process of increasing its equity stake in Surge to 19.9% and securing a position on the Surge Board and starting to really have the meaningful input in terms of the direction that this project is going to take. ARM will continue to closely monitor progress and evaluate current and future involvement in Surge. In addition to its substantial copper endowment, the BEV project is uniquely positioned to benefit from its polymetallic resource base with significant molybdenum and silver byproducts included in the measured and indicated mineral resources, estimated at 633 million pounds and 150 million ounces respectively. With positive trends and strong demand outlook for its by-product, Molybdenum and Silver, the BERC is expected to realize substantial by-product credits which will contribute to industry-leading C1 cash costs when calculated by net of by-product. The Chairman has already spoken about our strategic investment in Harmony. Harmony is currently in a strong financial position. with a net cash balance to pursue its growth ambitions. Arm will continue to evaluate all options relating to its strategic investment in Harmony, with the objective of unlocking and creating value for Arm, its shareholders and stakeholders. Many of you would have really seen the announcement of the Harmony Caller Hedge that we entered into. I mean that ARM implemented a hedging collar transaction involving 18 million shares in Harmony Gold, representing 24% of our equity in Harmony. The collar and related arrangement provide ARM with access to funding in the future of efficient terms, if and when required, for its strategic objectives while allowing ARM to retain further upside exposure to the Harmony share price. up if that are not on the subject to call. The put option has strike price of 234.85 per share, while the call option is actually at 562.40 cent per share. What have we been doing? I mean, when we saw an opportunity to really create value for and unlock value for shareholders, we went into a mode of a shy back. share buyback activity. And to that effect, we can confirm that we really bought shares to an amount of 500 million rent, thus really reducing 7% of the shares in issue from 221 million to just approximately 207 million. The closure of Cato Ridge Works and Alois, disposal of assets of Asmang, and Asmang's interest in Sakura, those are some of the corporate actions that the team has been doing. In closing, from my side, just a focus on arms key focus areas. What are we doing? I mean, decisive actions on underperforming assets, that includes the decision that we have just made on Bukoni. The decision that we have made on Nkomati, exploring alternative options to make sure that there's no call from the, of cash call from the centre, and both the Kato Reach and Saikura closure and divestment. Discipline capital allocation. making sure that we allocate capital based on competitive margins and returns. And if you look at the year-on-year performance on CapEx, you would see that certain prudent decisions were made to make sure that we don't just spend for the sake of spending. Deferred capital expenditure were appropriate. And lastly, just making sure that we continue to pursue value-enhancing growth opportunities, and that increase of our stake in search is a testament to that. The Chrome Recovery washing plant looking at alternative revenue enhancement measures is what we are exploring across all our business. Sustainable value creation for stakeholders and various corporate actions, and we'll continue to really explore and exploit any opportunities that will really enhance value and unlock value for our stakeholders. Thank you very much. I'm going to hand over to Zu.