Good morning. My name is Paul O'Flaherty.

I'm the Chief Executive Officer of Metair Investments Limited, and I'm joined today by our CFO, Alastair Walker. If, I may just remind you during the webcast to load any questions you may have, and then we'll do our best to answer all of them at the end of the webcast.

You'll also note this year that when we've launched our results, we have three distinct reporting suites. We have our integrated annual report, we have separated with a standalone sustainability report, and our annual financial statements are also completely separated.

Today we'll be taking you through my update, and it's more an update around the industry, but also going a little bit into an operational review. I'll hand over to Alastair for the financial review, and then we'll deal with some outlook and prospects.

I think this slide is a really important slide, and a precursor to the discussion around the context we find ourselves in. Metair, as is a 77-year-old company, and its roots are in OEM component manufacturing.

That's how it was set up. When the OEMs entered South Africa, Metair was set up as part of the localization initiative to make the component parts for the OEMs in South Africa.

On the left-hand side, that remains fundamental to our business. We have six key companies that operate, and they manufacture for the OEMs in South Africa.

However, on the right-hand side is what we call new Metair. We have realized on the left-hand side that we face a lot of risks in this particular part of the industry, and we need to deconcentrate our risk.

We're putting a lot of attention into our aftermarket parts and retail to balance the portfolio of what Metair has to offer. At the moment, that portfolio of aftermarket parts and retail accounts for about 30% of our revenue, but we need to grow that quickly and get to 40% as quick as we can.

The map below just represents where we operate, but also indicates where our customers operate and where the vehicles that we add the component parts to are sold. I'm not going to repeat over the last 4 to 6 months many commentators in the automotive industry, particularly the OEMs and the CEOs of the OEMs.

We're definitely at a crossroads as an industry. If you look back to the South African automotive master plan, our OEM production levels for 2025 should have been around 900,000 vehicles, and we are way below that.

There is a strong influx in new vehicle sales from Chinese and Indian brands, and obviously that creates massive competition for the local OEMs. The lots of noise around industry closures, certain OEMs closing, but also extending to the wider manufacturing industry in South Africa.

We, through our industry body, support all the initiatives to ensure that government brings strong interventions to make sure that this industry can survive. If you look at the graph on the right-hand side, that's a really telling graph.

We are Metair. We are local component manufacturers, and if that local content continues to decrease, then you are destroying the manufacturing base within the country.

If you look on the left-hand side, yes, sales of new vehicles in South Africa did increase in 2025, but they're not yet at pre-COVID levels. We'd say they're stable.

Again, the big influx of Chinese and Indians into the market is a major concern. Actual production, which is what we look at because these are the customers that we support, we'd say it's stable.

602,000 vehicles versus the 593,000 last year, but 2023 was already at 649,000. Not surprisingly, Morocco has now surpassed South Africa as the largest vehicle production country in the African continent.

The automotive industry is about 23% of the output of manufacturing in the country, the whole industry is really important for manufacturing in South Africa. The auto industry has two avenues, the OEMs have two avenues for their production: local, and there we've seen the influx of Chinese and Indian; and exports.

Their export revenue grew, accounts for about 15% of SA export revenue, but the local OEMs' export sales only increased by 1.5% in 2025. The context we find ourselves in as a company, if we kind of bring it down to our micro-level with that type of industry we're operating in, and you can see why we really need to fast-track the deconcentration into aftermarket parts and retail.

Even in that industry, as Motus reported recently, lots of strong competition, but we really, really confident that we have good building blocks for that part of the industry. We did, on the left-hand side in operating conditions, have strong battery sales in Romania.

Romania had very good battery sales, but obviously whether we operate as Metair in Romania, continue with that operation, that's something that will unfold over the next year. You're all aware of the large fine imposed by the EU on the Romanian business, which has been fully accounted for by the Romanian business in the current year.

Strategically, and we've been talking about this for two years, we had to simplify our structure. We had to move away from a completely decentralized model where all of the companies effectively made their own decisions in terms of delegation of authority, and we've had to pull control to the center.

We've had to pull cash management to the center. We've had to pull key decisions to the center in order to protect our capital allocation and protect the assets that we manage.

We've prioritized on revenue growth, cost reduction, cash, everything in our control. Where we've had to streamline factories, we've done that.

Where we've had to follow retrenchments, we've done that. Where we've had to simplify operations, we've done that.

We've put in shared services across Metair, and we will continue to drive synergies out of these businesses and really squeeze the cost bucket while we are in this position as we find ourselves. Very pleasingly, we have finally consolidated Hesto into our results with effect from 1 April.

That has been a journey to get there, but we're there. The results that Alastair will present you now has full transparency over the operations of Hesto, which was fundamental to us.

In terms of our capital structure, when we reported this time last year, we were in the throes of renegotiating our whole debt structure. We had come out of the sale of Mutlu with debts still lingering on Mutlu.

We had started the turnaround of Hesto, but with significant investment required in Hesto and balancing of shareholder loans in Hesto. We're happy to note, and we did note it at the interims, that we concluded our SA obligor 3.3 billion debt package and our Hesto obligor 1.4 billion debt package.

Most importantly, and particularly in the SA obligor, we met all of our debt covenants, including the quite strict EBITDA requirements that we were supposed to achieve every quarter. We had a good year, and we achieved everything that we committed to do in terms of our covenants.

Important to that cash packages was the centralization of cash functions in South Africa, which we've done and that is fully operational. We still have high interest on our outstanding debt, and we continue to negotiate with our funders on how we bring down both the debt and the interest on that debt.

On the right-hand side, we've got to talk about growth, and we've launched our new Aftermarket Parts and Retail division. We've significantly changed the management within each of those companies in South Africa, whether it be in AutoZone, KSV, Muv, First Battery retail, ATE, all of the management in those operations has completely changed.

We are confident in the new management to make this really successful going forward. I've spoken about the realignment of the operating model, which was fundamental to this turnaround.

We now report in OEM direct manufacturing as a component and our aftermarket parts and retail. Those are our two distinct divisions in which we operate.

As Alastair will point out, we also bear in mind at all times the entities that form part of the SA obligor, Hesto obligor, and Rombat. It's a balance of focus in making sure that we achieve what we set out to achieve.

You'll remember this slide. I just joined Metair two years ago, actually, and the results presentation were at the end of March in 2024, and I presented this slide after a month in the seat, or month and a half.

You can see we've made significant progress in this regard. This would be the last time I'll present this flywheel.

We stabilized the leadership. We continue to hold MDs to account.

Those MDs that cannot perform, we need to move on and find people who will perform. We've appointed the new executives at the centralized level that we needed to do in order to take strategic control of the company.

Our debt levels, we faced in '24, if you can go back to those painful times, really trying to sort out a preference share that we still owed on Mutlu, the investments we had to make in Hesto, and how could we balance this whole debt package, and we've done that. Restoring Hesto to profitability: really good year from Hesto this year.

We're really pleased with the turnaround from Hesto and starting to generate the cash that we expected. On the left-hand side, we've sold and closed non-core businesses and non-core production lines.

It wasn't only Mutlu. We've closed down in the current year the First Battery Industrial.

We've closed down the Dynamic Batteries. We moved out of the East London plant and stopped the contract for Automould.

We will continue to look at our operations and make sure that the return on the invested capital satisfies the requirements that we need as a company. I'll talk a little bit about the EU COMCOM.

We now know what the fine is, but I'll point out the next steps in that regard. In December, of course as they do, just before Christmas, like they did with the statement of objection in December of '23, they came with their final decision and they imposed a fine of €20 million on Rombat.

In terms of their rules, there's a presumption under the EU rules, which we absolutely refute and we will challenge, that there is parental liability. That they look through the corporate veil, and there there's a presumption and an assumption that Metair must have known.

If you recall, we we acquired Rombat in 2012. The the statement of objection or the first investigations were in 2017, and it was for practices that had been going on since 2005, way before Metair's involvement.

Nothing in the due diligence, and we've been back through all the files, we've been back through all the detail, nothing in that due diligence reflects or reveals any any knowledge of any undertakings by Rombat that they were doing something illegal. We're very, very clear from a Metair perspective that there is no parental liability.

Of the €20 million fine, the EU has associated 11.6 of that as joint and several with Metair. What are we currently with?

We are currently We've lodged an appeal against the fine. We lodged that on the 27th of February, and that appeal follows process.

Three major arguments: firstly, the joint and several. We dispute that.

We dispute the parental liability. The gravity of the fine: Rombat was a 2% player, a 2% player in the European battery industry, and got a fine of €20 million versus some of the bigger players who got a lesser fine or a fine that is not proportionately make sense to us.

We're challenging the gravity of the fine and the gravity of how the fine was determined. The third issue we're challenging is the inability to pay.

Rombat today, in its financial condition, how is Rombat going to pay €20 million? Yes, the Commission has given it over 4.5 years, and we don't think that's doable, and so we've challenged the Commission on that.

From our perspective as Metair, where where's an there's a presumption that there's joint and several, well, quite frankly, in the Hesto obligor and the SA obligor, all our assets are secured to the banks. There is no outflows that that can be attributed to this fine.

We will follow the appeal process. Our understanding is, if you recall, the statement of objections was was landed in December of '23, it took two years to get to a final judgment.

Our understanding from an appeal process is another two years. We'll see it as it unfolds.

However, from an accounting perspective, because now there is a liability, it's not just a contingency, Rombat has provided fully for the effects of that fine, and Alastair will talk about that in his presentation. Our new Aftermarket Parts and Retail division, this is a really strategic focus for us, with five distinct parts to this business.

We have our AutoZone, which is our retail shops. We have our Muv, which is our outlet for workshops and mechanics in terms of aggregated procurement for those industries, we be the main buyer or the main seller of the inventory required in workshops and fleets.

We have ATE, which is a brand that we own and are registered to own in South Africa, and that is for our brakes. Our First Battery Retail, we've spun off our First Battery Retail from the manufacturing operations.

The reason to do that is to make sure that the manufacturing operations are actually producing at the cost required in a very competitive market for the First Battery Retail. Then obviously our KSV, which is our warehousing and wholesale distribution of our aftermarket parts.

Very fragmented market, and AutoZone operates in the niche of that market, and we really need to go back to the fundamentals of AutoZone prior to its troubles through business rescue. It's a path for scale.

We're confident in the new management team, and they've already started to make a difference in the performance, and we can see it as we track the daily sales. We're also looking at Africa, as we spoke about.

We did a full investigation of Africa last year. We understood all the car parks, we've understood all the risks in those countries, we've understood all the regulatory environments in those countries, but we have a perfect footprint to leverage off.

We own 25% of Associated Battery Manufacturers in Kenya, and it has good footprints in Tanzania, good footprints in Uganda, good footprints in Rwanda, and we're looking how we can capitalize on those footprints for other aftermarket parts through those channels. To make sure that this unit is really focused on sales and customer service, all the back office, finance, HR, and IT, is done from a centralized manner so that they can really focus on what they need to do.

Operationally, if I talk about our performance, we really are operating in in the four buckets: the left-hand side being the the OEM automotive component manufacturers, and the right-hand side being aftermarket parts and retail. Hesto, great performance.

For the full year, Hesto's revenue 5.9 billion, up 8%. Good EBIT of 454 million, up 79%.

EBIT margins at 7.6% and compared to a last year of 4.6%. Really good turnaround continuing to drive the profitability.

The rest of our manufacturing, our OEM manufactures, Smiths, Lumotech, Automould, Supreme, and Unitrade, combined 7.3 billion revenue, up 4%; EBIT of 523 million, up 40%, really good performance; and EBIT margins pleasingly at 7.1% versus last year at 5.3%. If we look on the right-hand side for our aftermarket parts and retail, in the top quadrant, our battery businesses, revenue at 4.3 billion, up 2%, really tough market, particularly in South Africa.

We've seen lots of strong competition in South Africa in our battery business, particularly from imports. EBIT up to 292 million, up by 4%.

We had some some one-offs in First Battery last year, those didn't repeat, so that business has been under challenge, but a really pleasing performance from Rombat. Overall EBIT margins at 6.8% versus '24 of 6.6%.

ATE, AutoZone, Muv, and KSV, which is pure aftermarket parts and retail, revenue at 1.8 billion, and a loss of 46 million. We we recorded a loss at the half year of 24 million, and I said to you our target was to break even by the end of the year.

We haven't achieved that. We had a loss of of 22 million in the second six months, and and where we judge it, we're about 6 to 9 months behind our turnaround plan.

The good news is that the months of November, December were definitely in profitability, and we can see the swing through January and February. We're still confident on this, it's just not at the perhaps aggressive timelines that we set.

I think I just want to talk a little bit about this. This is really important to Metair.

We've published a separate sustainability report. We've spent the year really debating and focusing on our 15 key areas from an ESG perspective, using a double materiality impact assessment.

Under climate and energy, our Scope 1 and Scope 2, we're in the process of negotiation negotiating PPAs, putting solar on the roofs of many of our factories to bring down our carbon emissions in Scope 1 and 2, but also, and most importantly, reduce operating costs compared to these significant electricity prices that we seeing. On from a per per-person hour worked, our Scope 1 and Scope 2 emissions actually decreased, which is a good which is a good sign.

Health and safety: no work-related fatalities, and our LTIFR still below 1. Unfortunately, increased to about 0.34, we need to get that back down again, lots of focus on that.

In terms of water and waste, another key focus area for us, our average scrap and 2.5%, we've been really focused in those factories. Not only cuz scrap is a waste, but it's cost us, it costs us money, there's a lot of focus in that.

Pleasingly, what we need to do in our factories is not put any of our waste into landfill and rather recycle what we use. We our total non-hazardous waste to landfill decreased compared to the prior year, we we really happy with that.

Water consumption per person-hour worked has has unfortunately increased, and there's a lot of focus to improve. There's a variety of issues that are spelled in the sustainability report why that happened.

Then on the right-hand side, you can see our probably our most important asset, which is human capital, and and how we promote that and how we invest in the human capital. We have 13,000 people in South Africa.

That's our core asset. That's what we need to invest in.

Thank you. I'll now hand over to Alastair for the financial results.

Thanks, Paul. Good morning, ladies and gentlemen.

It gives me great pleasure to present the results for the period ended December 2025. As Paul alluded to, when reviewing the results, it's important to note the impact of Hesto from the from the 1st of April when Hesto was consolidated into the accounts.

It has had a significant effect on these results. Notwithstanding the impact of Hesto, the group's delivered a very solid set of results with improved margin being the key feature as the benefits of the rightsizing and restructuring initiatives that started in 2024 are bearing fruit.

The group delivered an increase in revenue of 57% to 17.9 billion, but as mentioned, this does include Hesto for 9 months from April, but also AutoZone for the full year. EBITDA was up 99% to 1.7 billion, and EBIT was also up 99% to 1.1 billion versus the prior year, which reflects the improved operating margin for the group.

Group net debt finished the period at 3.9 billion versus 2.7 billion in the prior year. This increase largely reflects the inclusion of Hesto's debt from April 2025, and the net debt comprises 5.1 billion of gross debt offset by 1.2 billion of cash at the at the period end.

It is important to note, as Paul alluded to, this debt is housed in three separate ring-fenced obligors: being SA obligor, which houses all the SA assets excluding Hesto; Hesto as a separate obligor; and then Rombat in Romania as a standalone ring-fenced entity. Our measure of HEPS performance is from continuing operations before exceptional items, i.e., the Rombat fine.

This rose significantly relative to the prior year to 191 cents per share, which compares to 105 cents per share in the prior year, and demonstrates the strong operational and financial performance over the period. ROIC increased to 11.1%, up from 7.2% in the prior year, primarily due to the improved earnings.

Turning to the results presented on this slide, which is a summary of the key income statement and balance sheet numbers. On the left-hand side, we've got the key income statement items.

I've spoken to revenue, EBITDA, and EBIT. To highlight some of the other items which which are which are meaningful: The Rombat fine is reflected as an exceptional item, and this amounts to 413 million rand, which is the rand equivalent of the €20 million that was imposed the fine that was imposed against Rombat.

This has been fully provided for in the accounts of Rombat, and as mentioned, Rombat is a standalone ring-fenced entity. The results also include a 312 million rand capital loss, which is mainly the fair value adjustment in terms of IFRS 3 to record Hesto as a subsidiary from an associate.

Net interest has increased from 222 million rand in the prior period to 532 million rand in the current year, mainly as a result of Hesto's the inclusion of Hesto's net interest for the period, as well as the effect of the higher interest rates following the refinance. I'll comment on the refinance in a later slide.

This all results in a loss after tax for the period, after capital items, of 294 million rand versus a profit in the prior period of 312. This is due to the capital loss on accounting for Hesto, as well as the impact of the Rombat fine.

On a cents per share basis, continuing operations pre the Rombat fine, HEPS is at 191 cents per share and EPS is 31 cents per share. On the right-hand side, we set out the key balance sheet items, which reflects our investment in non-current assets of some 5.5 billion rand and current assets of 7 billion.

This is offset by current liabilities of 3.9 billion and long-term liabilities, which mostly comprises gross borrowings, is 6.4 billion rand. Net working capital is 2.7 billion at year end, which is higher than December 2024, but which includes the Hesto's take-on working net working capital of just over 1 billion rand at April 2025.

It's important to note that the net working capital cycle for Metair is fairly cyclical, with a reduction at year end as the factories close, and a restocking in the first half of the year as the factories reopen. Given the significant increase in sorry, given the significant investment in working capital, this is a key focus area of ours to ensure it is tightly managed and controlled across the group.

Our gross third-party borrowings amount to 5.1 billion, less the cash at period end of 1.2 billion, results in a closing net debt of 3.9. This cash balance peaks at December following the inventory reduction at year end, meaning the sustainable net debt to EBITDA is closer to 4.5 billion.

Our NAV per share is 11 rand 35 per share, compared to 13 rand 88 per share at December 2024, which decline year-on-year reflects the loss mainly due to the net fair value adjustment, which results from the consolidation of Hesto, plus the Rombat fine of 413. As mentioned at the interims, and Paul alluded to earlier, we've redefined the verticals on which we report to reflect the strategic realignment of the group and core strategic focus, being the OEM segment, which supplies components manufactured and supplied directly to the original equipment manufacturers; and then aftermarket parts and retail, which primarily serves the independent aftermarket and retail distribution channels.

The OEM segment highlights: OEM production volumes were relatively stable in the period, up 1.5% versus the comparable period. Despite these flattish volumes, operating margin increased for the segment 2.5% across the segment, which results largely from the restructuring initiatives.

On a like-for-like basis, i.e., including Hesto for the full 12 months, OEM revenue would have increased by 5%, and EBIT by 56%, which again reflects the margin improvement over the period. For context, Hesto delivered 4.9 billion rand of revenue and 400 million of EBIT since being consolidated.

For the 12 months, Hesto was up 79% at an EBIT level, which is due to the significant operational improvement assisted by stable volumes. In the OEM in the AFM segment, this segment reflects growth of 42% period-on-period, which includes AutoZone revenue for the full 12 months.

However, the segment delivered a mixed bag in terms of operating performance. First Battery experienced a challenging market, with volumes marginally down 1.5% relative to the prior period, but the margin reduced from 13% in the prior year to 9% in the current period, which results in an EBIT of 168 million for the period, down from 236 million in the prior period.

As Paul mentioned, AutoZone delivered an EBIT loss for the full year of 46 million, which is 6 to 9 months behind the recovery plan as it emerges from business rescue, but we remain confident on the prospects for this business. Rombat had a had a good period, with a strong second half, with higher volumes and price increases coming through, which delivered an EBIT of 53 million rand for the period, compared to 19 million rand in the prior year.

Overall, the AFM segment delivered an EBIT of 246 million rand versus 267 in the prior period. Turning to the cash flow bridge for the period.

The group generated 1.676 billion of cash, and liberated a further 207 million rand from working capital. That was largely inventory reductions offset by payable reductions at year end.

The reduction in inventory, as we mentioned, is largely due to the factory closings at year end. Given the cyclicality in the business, a lot of the a lot of factories restock in the first half of the year.

The group paid interest of 578 million rand for the period, which is a result of including Hesto, as well as the higher interest costs following the refinance, and the group paid tax of 173 million rand in the period. The investing activities include capex of capex spend of 490 million rand, as well as 185 million rand, which was a shareholder loan advanced from Metair to Hesto to allow Hesto to partly repay disproportionate loans to Yazaki as part of the overall Hesto obligor refinancing.

Finally, the group had a net outflow of 179 million from financing activities, which reflects the net cash flows of of the refinances, plus lease payments of 220 million rand outflow for the period. As mentioned, the group is managed in three separate ring-fenced debt obligors: the SA obligor, housing the SA assets excluding Hesto, the Hesto obligor, and Rombat.

Important to note, there's no link between the South African obligor groups and Rombat. During the period under review, the group successfully executed a refinance of the group's borrowings.

This was effected by way of two separate packages, namely SA obligor in an amount of 3.3 billion, which comprises a it comprises a 5-year amortizing loan and a 5-year bullet loan of 850 million rand each, totaling 1.7 billion, and a further 1.6 billion subordinated loan repayable in June 2027. That refinance was concluded in April 2025.

Furthermore, in June 2025, Hesto concluded a debt capital raise of 1.38 billion to refinance the existing Hesto debt at the time of 438 million, as well as repay Yazaki, the minority shareholder who had previously provided trade credit support in an amount of 934 million rand. Following that refinance, the guarantees that Metair had previously provided to Yazaki were extinguished.

As Paul mentioned, the security package includes pledges and bonds over all of the assets. These refinances were largely cash neutral, and the predominant movement in the total borrowings is a result of Hesto's take-on with effect from April 2025.

Important to note, all covenants and debt requirements were met in 2025. This slide sets out the group's total repayment obligations across all of the obligors: the SA obligor, Hesto obligor, and Rombat.

Clearly, the repayment requirements in FY '27 are onerous, and we are working on options in this regard. Total capex for the fiscal amounted to some 569 million, split between maintenance of 248 million and expansion- and project-related capex of 313 million.

The capex for FY '26 will be higher than FY '25 at over 800 million rand, which includes maintenance and project capex. Project capex for FY '26 mainly relates to investment for the new Hilux model changeover, which will be complete by the half year, and we then expect capex to moderate to between 400 and 450 million rand per annum from 2027 onwards.

On the right-hand side, we set out the ROIC over the last three fiscals. ROIC for the period ended at 11.1%, up from the prior year due to operational improvements.

What's notable is that ROIC has historically tracked volumes. As Paul alluded to earlier, 2023 volumes were 649,000, in 2024 were below 600,000, and have recovered slightly in 2025.

However, we expect ROIC to be less volatile going forward as we diversify revenues and profit through increased exposure to the aftermarket segment. We remain intensely focused on disciplined capital allocation for investments in capital in capex as well as working capital management.

ROIC is our key metric for all opex, net working capital, and capex deployment. We also analyze return on assets, IRR, and paybacks to ensure that investments meet the return requirements.

In terms of our financial priorities for FY '26 and beyond, we are intensely focused on the following: reducing leverage and improving the net debt to EBITDA ratio through reduction in debt and driving EBITDA; ensuring covenants compliance; focus on free cash flow, we've centralized the we've implemented a centralized treasury system with daily sweeping of all cash and daily requisitions for funds from the businesses, we also undertake weekly cash flow forecasting, which has significantly enhanced our visibility of the cash as well as planning; as mentioned, the group has sizable swings in net working capital over the period between the first half and the second half, we have implemented inventory reduction measures and we are assessing all options on receivables and payables, including a supply chain finance solution to reduce receivables; however, due to the elevated capex in FY '26, we do not expect significant degearing in the FY '26 fiscal, but thereafter we expect improved cash flow generation; capital allocation, rigorous focus on deployment of capital for opex, capex, and net working capital, we're laser-focused on ROIC and use a range of measures to ensure to ensure the minimum return thresholds are achieved; finally, operating margin, we've seen an improvement in the operating margin in FY '25 due to the work commenced in FY '24 to rightsize and restructure the businesses, we will continue to monitor the split between variable and fixed costs and drive targeted reductions in cost-to-revenue percentage metrics and thresholds, whilst supported by the implementation of shared services across HR, IT, and finance. Thank you.

Thanks, Alastair. I'll deal with the outlooks.

As we said, the automotive manufacturing sector is at a crossroads. We support our industry body in all of the lobbying and all of the information that's necessary.

This is really about stakeholder engagement to make sure we get the right outcomes from all of those discussions. From an operating environment, we actually very happy with our results for the year.

That Rombat fine predates any executive management, or in fact any board member at Metair, and it'll be dealt with, but it's ring-fenced for Rombat. Going forward, a major customer is introducing a new vehicle, that comes with its complexity.

We've been very close to the factories to making sure that they have readiness for that launch in May. Another key customer, as we announced previously in October, announced reductions in its plant and reduced volumes of production this year.

We've proved over the last two years of our ability to flexibly adjust in our factories. We put significant effort in those factories, and you can see it coming through in those margin improvements of how we're able to flex with production in from the OEMs, provided we have forewarning of where they're going.

It's close interaction with our customers. Post 2026, capex should return to normal levels as Alastair said, of around 450 million.

The large outflow in the current year is related to the new model, and there were deferrals in that expenditure from 2025. We believe we're making good progress in this turnaround strategy, but it's, all hands on deck here.

We have to really boost ourselves in the aftermarket parts and retail. We're applying the resources, strengthening the management, making sure we have the capital allocated to make sure we become very successful.

We're confident we'll meet our debt covenants. We have very good relationships with our funders and keep them informed all the way.

As Alastair said, working capital, ROIC, key metrics alongside EBITDA and margins in this company. It's about, what I've spoken about for two years.

We can hear noise from EU COMCOM, we can have a funny little accounting entry for accounting of Hesto of 300 million. Focus on what's important: focus on cash management, focus on margins, focus on what we can do, focus on making sure we get the best out of our assets and the best out of our people.

Really a lot of focus this year in that aftermarket parts and retail, and then slowly look at that entry into Africa. We are in Africa.

We're in Associated outside of South Africa. We are in Associated Battery Manufacturers, we do have export channels currently out of First Battery Retail, we do have AutoZone franchises in Sub-Saharan Africa.

The consolidation of that and the launch for greater revenue out of those operations will be a key focus going forward. We'll pause there and take any questions that have been lodged.

I said in my opening remarks we we had to wait for the outcome of the EU Commission. Rombat, despite all the turmoil around it, had a really good year.

This year, together with the board, we will need to consider our next steps with Rombat. As we said, it's ring-fenced, it runs its own debt packages, we make sure that it conforms to its covenants, and then we focus on the SA and the Hesto obligor.

We will we will, with the board, consider the future for Rombat in the current year.

We we did answer that. The the EBIT for the first three months before we consolidated it was virtually a breakeven.

The EBITDA was about 50,

but the

the PAT was a breakeven.

PAT was breakeven, so from a from a headline earnings, no no effect, but from a a PBIT, 50 million.

Hm.

No, no, no. The these are very important distinct brands and channels that we operate in.

The First Battery channels and the franchises that we have there are very distinct from our AutoZone and our KSV and is very important for the market, as well as our ATE brand, that those channels are kept separate. We have a management team at the top, a really senior management team who make sure we we we comply with that and and we chase those channels with with different customers separately.

We still believe, you can there's always continuous improvement, right? You can squeeze these assets and squeeze the people who work with these assets more.

Some of our big initiatives for next year is looking at centralized procurement: What are those items we could do centrally and and get benefit through scale? We need to take a look at our commercial units, what is commercial in our terms.

In the OEMs, those are the people who interface with the customer on pricing, etc. We need to look at how how we maximize in in that area.

The last is engineering. Are we using our engineers appropriately, particularly when we come into big capital projects, where each of these units might look at it differently for a new model launch?

How do we capitalize on that and and make sure we we we're fit for purpose? There's always opportunities for us to improve on these margins.

I think I think all of our subsidiaries could be a beneficiary. The the important thing that that that we well know is we we service Toyota and Ford and Volkswagen, and and that's well known.

We don't really service the other OEMs in the country. What's really important as Chinese manufacturers come into the the conversation is that we have the upfront conversations, because you need to get into the design, right?

You need to be part of that design. The designers and the technical partners that service those OEMs, we that's where we need to make sure that we are understood in this market, make sure we have our credentials in that market, and that's what we doing.

We're busy engaging with those and making sure we we we fit can fit into their requirements accordingly. That would relate to all of our our OEM companies.

We engage with with all of the the new As we did with Stellantis, if you recall this time last year, everybody was talking about Stellantis, that that hasn't moved a lot. Absolutely, we continue to engage.

We need to see the investment, we need to see what they do. This is this is why the broader stakeholder conversation is so important: the APDP, the incentives for localization, etc., in in making sure that whoever enters the market is coming on complete knockdown manufacturing, which enables the local component industry to grow.

Those are the conversations that are that are very important.

You want to take that? We're looking at a we're looking at a range of options in how to rephrase, resculpt, and retranche that debt.

We're in discussions, but nothing firm yet, but we pursuing differ options there.

To just add to that, the one the one clear benefit we've had for '25 is we delivered. We were set strict targets, we hit them.

When you hit them, that puts you in a much better position because you've earned the confidence of your lenders, and and that enables you to to have a conversation.

Let's start with the medium term and different products perhaps, different type of inventory balance, but let's start with Midas: 5.5% margins. That's got that's got to be our long-term target.

Those are the margins that AutoZone were achieving in 2001, and and that's where we got to. Where we want to go with this year is get us up if if everything goes right, certainly to the that 1% to 2% margins as we as we recover, and then in the medium term of of 2 years up to the 3% margins.

That that would be our goal and also making sure that obviously we we increase our inventory our our revenue to the levels we expect.

Thank you everybody for your attendance, and and thank you for the questions, and and please look at our our reporting suites. We're we're quite proud of that feat, and and we take any recommendations and and suggestions that anybody may have in that regard.

Thank you very much.