Well, I think it's time for us to start. Thank you, everyone, for attending analyst presentation for the second quarter results.

Well, the presentation today is probably not going to focus much on the results, which we have already digested anyway. We will recap it a little bit at the very end of the presentation.

But I would like to call out some of the recent developments, strategic move and other highlights that I'd like to call out that happened in the second quarter and also in the second half of the year as well. I have to do it in English for the benefit of a lot of people online that dialed in as well.

Maybe we start off with what the agenda is recent development, I said earlier, strategic highlights and also financial highlights. Start with the recent development.

If you look at the new openings in the second quarter, we opened 7 hotels and rebranded 1 property in the second quarter of the year. We further expand our asset-light portfolio across both existing and new markets.

And if you look at the destination that we went to, we continue to deepen our presence in the existing markets that we already had our footprint, including Thailand, Italy, Australia, Zambia and Laos in the second quarter. For Thailand, in particular, we're increasing -- we increasingly leverage brand conversions as an effort route to expansion.

We have Avani Koh Phangan and we have Colbert Collection in Samui. There are management contract conversions from other brands.

I wouldn't mention what brand we converted from, but it's also amplify our ability to show a capability that gain trust from the owners and switch the brand to use our brands. And for Colbert Collection that I mentioned also marked the debut of Colbert Collection in Asia.

If you remember, we announced the 4 new brands last year in addition to the existing brands that we have. Last year, we announced the Wolseley brand, the Colbert Collection brand, Minor Hotel Reserve Collections and iStay, if you remember.

But now we make it happen with Colbert Collection debuted in Asia in Samui. In Italy, Tivoli Palazzo, 880 Lecce Hotel brings Minor Hotels portfolio in Italy to 60 properties already, and it represents conversion from other brands as well.

And those brands -- and that particular brand that we convert to is [indiscernible] [ Elite ] brand. So that show that we can convince the owner to switch from another [ Elite ] brand to our brand.

In Australia, Avani Mooloolaba Beach Hotel is the first internationally branded hotel on Queensland's Sunshine Coast in the past 40 years. That's the first international brand that happened in that particular location.

So we are quite proud of it. In Zambia, Anantara Kafue River Tented Camp extends the Anantara brand into a differentiated luxury safari experience in Zambia.

This is the first tented safari camp for Anantara brand. But if you recall, we have other tented camps elsewhere under other brands, especially Elewana brand that we work with the partner.

But this is tented camp under Anantara brand. For Laos, if you follow us closely, you travel to Laos before, you're probably familiar with Avani+ Luang Prabang, which is quite popular among us all.

But we opened another one, an Avani+ Lanexang Vientiane Hotel just opened and becomes Avani second property Laos. At the same time, we entered a new market in Turkey through Anantara's Kocatas Mansions Istanbul in the heart -- in the city of Istanbul.

This is a brand conversion from another renowned international brand, too. I won't mention the brand, but it shows that we can convince the owner to switch to our brand.

Finally, the rebranding of NH Collection in Italy. We rebrand NH Collection into Porta Rossa NH Collection in Firenze.

This is a well-known property under NH Collection for a while, but we rebranded into Anantara -- we rebranded into Colbert Collection, a new brand of ours, which demonstrates the flexibility of our broader brand architecture, providing owners with more options to join Minor Hotels platform under the brand best suited to their property and their positions. So -- next slide, we talk about the asset-light pipeline.

We try to accelerate the signed contracts. A lot of people ask whether we're on track.

We've been delayed. We're ahead of the promise that we made to the investment community.

I have to say we -- it's beyond -- a little bit beyond our expectation. Our asset-light strategy continues to gain momentum.

We signed 9 contracts in the first quarter of the year and 21 contracts in second quarter of the year, gaining stronger momentum in the second quarter, bringing the total to 30 new contracts, new fee-based contracts in the first half. And we remain on track to achieve more than 50 signings for the full year that we promised at the very beginning of the year.

Now we had more than halfway through. And the pipeline is geographically diversified across Asia, Middle East and Europe.

You look at some examples in Asia, we signed new projects in Thailand and India, including Avani Koh Phangan, I alluded earlier last flight, Colbert Collection and Anantara Mussoorie, [ Zingen ] and Anantara Varanasi in India as well. So that's some of the examples in Asia.

In the Middle East, we strengthened our presence through signings in Egypt, Saudi Arabia and UAE, including Anantara Somabay on Egypt's Red Sea Coast, NH Prime Square Riyadh in Saudi and several Colbert Collection properties in the UAE. This is a conversion from another well-known brand as well in the UAE.

In Europe, we secure opportunities in Italy, Switzerland, Hungary, all HMA or management contract conversions from local brands, further expanding our footprint in established tourism markets in Europe. That's Minor Hotels.

For Minor Food, this is slide Minor Food, we're growing portfolio across brands and geographies. For our strong business, the focus remains on innovation, expansions and creating new growth platforms.

Firstly, we launched new concepts, Chicken Tendies, I don't know if you try this concept. We have The Pizza Company come up with the new crispy concept, chicken concept.

We transformed the brand from full-service dine-in into quick-service restaurant concept with -- we pilot certain number of the outlets that we have. You probably remember The Pizza Company, a more casual dining restaurant concept in the past with selling not only pizza but pasta, salads, other dishes, but now we try to pilot certain concepts for certain outlets that we have, scope down to quick service restaurants with self-ordering kiosks for self-ordering stations and menu items are streamlined for more operational efficiencies with serving time reduced in 2 minutes only for this concept.

So new product categories will be Longzilla chicken. It's a long pizza, long chicken and long [indiscernible].

And we opened -- we pilot 1 in Suvarnabhumi outlet, Robinson Suvarnabhumi. And by year-end, we target to have this kind of key outlet of about 7 to 10 stores by this year-end.

But by next year-end, we hopefully will get to hopefully 100 stores for this concept. That concept will transform and increase and drive TPC sales under our strategy.

So that's Pizza Company. And we have some new brands in Singapore.

Kaji, a contemporary Japanese Western dining in Singapore. And we come up with new concept, Big Bake-It-Babe in Singapore.

It's the Bangkok originated premium banana cake concept. So we still have like this cross territory across country expansion with different brands.

For product innovation remain a key driver for us with strong launches across several brands. You probably experienced and heard about these new launches, Bonchon's new Ramyeon, rice series, K-Pork, not K-Pop, Korean Pork offerings, drove both same-store sales growth for us and transaction growth, demonstrating the sales growth was driven by higher customer traffic rather than easier lever of price increases.

And with jazz up Sizzler, we have Sizzler Special concept. It's an elevated salad bar concept, which was a key contributor to strong same-store sales growth for Sizzler.

And why Swensen's and The Pizza Company is to benefit from successful menu innovations, including if you went to Swensen's, I just went 1 yesterday, we have Young Coconut & Pandan series by Swensen's. And also at The Pizza Company, we have Croissant Pizza.

So we never stop innovating with new products just to jazz up and create excitement in the market. And Dairy Queen and Swensen's, if you noticed, we capitalized on the very growing gelato craze with the launch of their Ultra-Smooth series, helping both brands achieve nearly 20% same-store sales growth.

We just capitalized that very quick, some viral drama that happened over 1 weekend, and we did it over that same weekend, and that results in a very impressive sales growth for these 2 brands. Next slide, growing -- it's still Minor Food.

We're still growing portfolio across brand geographies. Brand momentum also continue in Thailand and international markets.

In Thailand, we continue to roll out Swensen's, the Steak & More, Dairy Queen and GAGA still -- it's still our driver in Thailand. Internationally, we continue to roll out in Singapore, Vietnam, Indonesia and India across several brands.

I won't go into detail. You probably have some details in the slides already.

If in the interest of time, I'm just going to focus on a high level. And another important milestone this quarter was our partnership with PTT OR.

We're targeting more than 150 outlets under The Pizza Company, Dairy Queen, the Steak & More, and we create new brands just for OR called CHIHO Ramen. So this will be in PTT OR stations nationwide.

This provides a highly efficient way to expand multiple brands using an attractive capital-light model and strong partnership with the prominent company -- another prominent company in Thailand. Minor Food also entered into an agreement to acquire -- well, this is the news that we released, I think, before public holiday yesterday, we acquired -- we entered into an agreement to acquire ownership of Bonchon's intellectual property rights outside the Americas, which include 8 Asian countries.

I think currently, we have about 345 stores in Thailand, the Philippines, Vietnam, Myanmar, Taiwan, Laos, Cambodia and one to come in Malaysia. So the acquisition is financially attractive and strategically aligned transaction with Minor Food asset-light strategy with a net investment of $50 million or roughly about THB 1.6 billion.

And the transaction, I have to say, will be earnings accretive from day 1 and supported by Bonchon's highly franchised and royalty-driven business model. Going forward, we'll see further value creation through network expansion franchise growth and Bonchon integrated sauce supply chain.

We get the manufacturing capability of the sauce as well. So the whole thing will produce us with the recurring royalty fees as well as the proprietary sauce sales for us.

This opportunity emerged when the owner decided to divest the global IP, a rare event in the market. So we have to seize this opportunity.

Given our 7-year track record successfully operating Bonchon here in Thailand, we know the brand really well, and we were able to acquire it at a valuation and return profile that met our thresholds. So we see such opportunities.

CapEx didn't really go up because we streamlined down, trimmed down other CapEx of ours, and I will talk about it later on that our CapEx amount or level this year remained the same because we trimmed our CapEx somewhere else, just to get this CapEx to acquire the opportunity that we cannot refuse, which will drive out the return and accretive to our earnings on day 1. So we get that -- we have to see.

We're buying ownership of one of the leading Korean food brands globally outside the Americas. You know how successful we are in Thailand.

We're going to replicate such success elsewhere. The value comes from royalty stream, as I said, franchise growth rights and intellectual property ownership and long-term brand expansion.

So -- moving on to '26 and beyond, our aspirations. Just to recap, we talked about this slide many times in the past.

I just want to recap. overall performance for this year, '26 is expected to remain above prior year levels, I'll say, supported by relatively resilient operating performance despite geopolitical uncertainties that we have seen related to Iran, Middle East situation.

Meanwhile, our medium-term aspirations remain unchanged. So we target by '28 to reach approximately 850 hotels and 4,150 restaurants including signed contracts to by the end of 2028.

That still remain our target, even though something -- a lot of things happen this year. This expansion will be driven by a combination of asset-light growth, as I said earlier, selective new market entry and deeper penetration in high-growth regions, too.

And financially, we're targeting high single-digit revenue growth, as I said, 15% to 20% annual profit growth on a 3-year CAGR basis and ROIC of around 12%. That's remain our target like CAGR 3-year, whatever happened this year and probably we would probably going to try to drive the 3-year CAGR at the level that we commit to the market still.

At the same time, we remain focused on balance sheet strength, subject to successful execution and time line of value unlocking exercise initiatives or asset rotations. We talked about it in previous quarters as well.

Subject to this and subject to market conditions and all, we still target net debt to equity in the range of 0.75 to 0.85 and net debt-to-EBITDA to below 4, but just a matter of time line and market windows for us to execute at the best timing and best financial parameters and metrics for us. Next slide.

Just -- I just want to talk about margins. As we continue to grow, maintaining margins still remain a key priority amid ongoing cost inflation across several markets.

As you all know, with this Iran, U.S. crisis, we have to deal with top line and we have to deal with cost.

But I have to say that we remain resilient on both. And in terms of cost, labor represents our largest cost category at about 28% of our revenue base.

We're managing this through demand-based scheduling and productivity initiatives, process standardization and greater use of automation and digital tools. As a result, we expect labor cost inflation to be contained at mid-single-digit levels.

And direct costs, including raw materials, logistics, packaging and energy account for about 24% of revenue. We continue to mitigate pressures through procurement efficiencies.

I think we talked about it before. Dillip talked about it last quarter.

We have a very proactive central supply chain management to negotiate and have some bargaining power with our suppliers. And we also diversify our supplier base as well.

Inventory planning, logistics optimization and reengineering and selective pricing actions for certain products that help us, too. And in Europe, in particular, where energy costs remain a key area of focus, I have to reiterate this, more than 90% or up to 100% of energy requirements have been hedged.

You remember, we talked about it before. This provides cost visibility and reducing volatility for us.

Overall, direct cost inflation is expected to be manageable with low single-digit increases. And considering that we still managed to increase our top line or RevPAR or total system sales growth and you have to see in later slides, we start to see good traction in terms of same-store sales growth in the primary market like Thailand as well.

That will pretty much protect our margins in this current environment. If you look at other players in the market, margin gets squeezed, but we'll try our best not to get -- not to see margin coming down, at least protected at the same level.

Lease expenses represent approximately 7% of revenue. We continue to increase the proportion of variable lease structures where appropriate and providing -- to provide us with greater flexibility during periods of volatile demand or soft demand.

So that's margin. Next slide, I also talk about margin as well, '26.

It's about protecting and maintaining margin, as I said, amid external cost pressure. while '27 onwards should mark the next base of margin expansions.

From 2027 onwards, we expect initiatives we mentioned earlier to increasingly translate into margin expansion. This will also support by greater contribution from asset-light business model because it provides us with higher margins normally compared with other business model and also fee-based businesses, too.

That will further operating efficiency, digitalization and lower financial leverage. That will help protect our margins.

Next slide, just to highlight some of the enterprise technology and digital initiatives on our side. Technology is still a core margin lever for us, not just a cost line.

It supports both our efficiency agenda and our customer strategy. And it's central to how we get to our medium-term to long-term margin and ROIC targets.

We -- oftentimes, we talk about margins in terms of cost of raw materials, cost of labor, cost of lease and all that. But longer term, we overhaul, streamline, transform our back office just to make it scalable, standardized in a way that creates more efficiency and reduce costs and improve margin over the long term, something that I would love to share with you, too.

We have 2 core pillars. We have a lot of work streams now within the organization, but I just scoped down into just 2 core pillars just for you to easily understand us better.

Back-up house driver cost out and scalability and customer-facing drive revenue and loyalty. So -- and then we have AI layer on top, which is embedded across both pillars.

So backup house efficiency and cost leadership, as I think I shared with some of you before in several meetings, we have done enterprise platform modernization. We migrate our ERP system from EBS to Oracle Cloud, the journey that we've done for a year or 2, and we're still in the middle of it.

We're standardizing finance, supply chain, reporting. We are embarking on enterprise performance management, which will automate our reporting system globally because you all know, we have very operation in different geographies with different systems, with different reporting framework.

But now we try to streamline everything to be 1 global standard for the sake of standardization, which will have the financials or the reporting in time in a very quick manner for us to make decisions faster. So that will help.

We're targeting at least 20% process efficiency gains from this exercise. Secondly, we have vendor AI and outsource that let us scale without scaling costs.

We're shifting activity to lower-cost hubs. We have a business process outsource.

We outsource some of the transactional activities to India. Accenture helped us with this.

So the -- some of the examples is outsourced transactional accounting. And we're also partnering with major consultancy for complex works, and we overlay this with enterprise-grade AI on top to lift productivity and eliminate operational pain points so the efficiency gains keep building.

For customer facing, we have done hyperpersonalization. We have said it many times about our dynamic pricing strategy.

So we have dynamic pricing to optimize revenue in real time. We have contact center overhaul and use AI to improve response time and reduce service failures.

It frees our agents to focus on upselling and experiences instead. And we personalized service and targeted marketing move us from mass to one-to-one engagement, the right offer to the right guest.

I have to say we have -- I said we have quite a few projects underway now. But I have to share with you that the transformation is happening, and we're going to see the result of this transformation in no time.

The Guest data platform also ties together. Data is something that we're -- we think it's critical.

Customer insights will drive conversion and enhanced loyalty platform, which also support our direct bookings and sales through our own direct channels as well. These initiatives, I'd say, it's not just about cost cutting or cost savings, but they're built a more scalable data-driven and customer-centric platform, the standardization in a unified platform, global unified platform instead of fragmented all over the place.

This unified platform can also help support our growth and ambitious expansion plan that we aspire. Next 1, Minor Hotel expansion pipeline, we talked about in the past before.

Now we'll talk about the future. Our expansion strategies remains intact, prioritizing quality over quantity, not just that we have to get the number of managed contracts to the point where we aspire, but we want high-value contracts too, not just a contract, but high-value contract.

We remain confident in achieving at least 50 contracts signing this year, and we have already signed 30 contracts so far, as I said, in the first half. More importantly, the Middle East conflict has not disrupted our discussion or contract signings with asset owners as the region's medium- to long-term growth fundamentals remain compelling in our view for Middle East.

In fact, more than 40% of our hotels signed in the first half were in the Middle East, demonstrating continued owner confidence and strong demand for our brands. Next slide, feature some new hotel openings that will happen in the second half.

This is just some examples. The pipeline is already translating into openings now in the second half.

We expect at least 11 additional openings, but we only show 6 pictures with the limited space that we have here. The 11 additional openings across 8 countries and 5 continents, showing how our brands are expanding globally across region and segments.

And most of these are managed and franchise properties, supporting our asset-light strategy. In Europe, we further strengthened our presence in Italy, and we're entering Malta for the first time.

And across Asia and Indian Ocean, we're adding properties in Malaysia, China and Australia. And in the Americas, we're expanding into Mexico and entering into the U.S.

I think the slides show you The Wolseley in New York, Sharjah Collection -- Colbert Collection in UAE, Anantara Xiling Snow Mountain in China, Residences Guadalajara in Mexico and Anantara Shaoxing in China and the first multi entry, which is NH Collection Sliema Bay. So that's some examples of new hotel openings that are going to happen at least in the second half of the year.

Now I would like to talk about the outlook on the book that we have. Looking into second half of the year, our on-the-books position is encouraging still, although our conditions differ by geography in Europe and the Americas, which remain our largest earnings contributor.

And on the book revenue still ahead year-on-year compared with same time last year for both third quarter and fourth quarter. Demand still supported by resilient intra-European leisure travel and strong events calendar across several of our major markets.

In Asia, booking trends in Thailand and the Maldives continue to indicate year-on-year room revenue growth too, while optimizing mix and adapt to commercial strategies to local market conditions, too. In the Middle East, represent a limited share of earnings contribution.

While geopolitical volatility may affect the hotel performance temporarily, our exposure is limited and largely asset-light. But nevertheless, as I said earlier, long-term opportunity in this region remains intact.

We still believe in long term of the Middle East region, barring what happened currently. But over the long term, it's still going to be a strong contribution for us, too.

For Oceania, like Australia, New Zealand, on the book revenues also ahead of same time last year. Majority of demand come from Australia and New Zealand.

And we have seen consumer and business confidence begin to recover since July of the year. Next slide.

We talked about branded residents before last quarter. I just want to update a little bit.

It's another important growth avenue for Minor Hotels. We currently have a pipeline of 29 projects across 15 countries, combining owned and joint venture developments with a much larger fee-based pipeline.

On the left-hand side, our selective owned JV projects provide high IRR of up to 30% in some cases, where we believe the returns justify the investments. And at the same time, the pipeline of fee-based branded residence project is expanding -- the fee-based project, I think on the right-hand side, span the Middle East, Africa, Asia Pacific, Europe and the Americas with estimated residential fee currently of approximately $65 million over the project pipeline.

This allow us to monetize our brands and operating expertise while generating management fee with no capital deployment and the flow-through of this fee will go through -- will go to our bottom line with a fat and high margin and ROIC. So that's residents.

Now I would like to touch a little bit about food growth expansion, similar to hotel strategy, our asset-light expansion remains central to Minor Foods growth model. By 2028, franchise outlets will account for a larger share of the network, supporting margin stability and strong cash generation.

So the mix, which currently own split higher than franchise, but we're going to reverse the split in the next 3 years, having more franchise, more higher-margin business model have a higher mix for us. So geographically, we are prioritizing high-growth markets such as Indonesia and India, alongside continued expansion in Thailand and broader Southeast Asia.

Next slide, growth strategy for Minor Food can be summarized, I'll say, I would frame it around total system sales growth. You look at total system sales growth, it's a function of same-store sales growth and outlet expansion.

The first component is same-store sales growth. We are driving this through new brand concepts, menu innovation, marketing agilities and new store formats, new brand concepts, Swensen's The Creation, which offer a more personalized customer craft ice cream experience.

I don't know if some of you have tried it before. TPC's Chicken Tendies, I talked about it earlier, the quick restaurant concepts to extend the brand into the QSR segment and Sizzler Special and Sizzler Sun & Moon, which demonstrate the elevated salad bar offerings with the Sun & Moon introducing differentiated day and night menus, some of the sister Sun & Moon, you've got to try.

It jazz up the excitement and even the brand has been around for so long. This effort has made the brand fresh all the time.

Menu innovation, continued product launch across key brands, including Bonchon, I talked about it before, Rice Bowl series, K-Pork, Dairy Queen, Belgian Chocolate Ferraro, The Pizza Company, Croissant Pizza and marketing agility, I talked about it already. We ride on market trend fast, introducing Dairy Queen, Swensen's Ultra-smooth series, and we would keep continuing to ride on trend.

Any trend, any craze, any viral, we capitalize on that in a very timely manner. New store formats, Dairy Queen's modular and TPC modular format, which have lower CapEx, longer operating hours and higher sales per square meter and also TPC Express concept, which also increase occasions to individual servings will help drive same-store sales growth for us as well.

So these are just examples of how we drive or propel our same-store sales for Minor Food. Second component which drive total system sales is outlet expansion in which the majority will be through franchising or asset-light.

We're expanding our new store format and geographic footprint through both domestic and international outlets. Domestically, we continue to scale brands such as Dairy Queen, The Steak & More, GAGA, Bonchon, The Pizza Company and Swensen's.

Internationally, we're expanding into markets such as Indonesia, Vietnam, Laos and India. And the third is creating and scaling new brands.

We built new brands. Well, we talked about The Steak & More before.

Now we scale it up to more than 10 outlets now. We have other new brands, THE STONE brand, [ GrubCroub Station ], I don't know you try it or some of the new brands that happened outside Thailand like Dim Sum Club or Kaji in Singapore.

So we create new brands all the time with this competitive environment with new concepts coming out, we never stop innovating or refresh our existing brands all the time. All right.

That's growth strategy. And then as I said, you have probably seen our results before -- second quarter results and first half results.

I just want to recap very quickly. We delivered core revenue of THB 82.8 billion, which represents a 3% year-on-year increase.

This was driven by stronger performance across the owned and leased hotel portfolio and mixed-use operations as well and restaurant business as well. And looking at the core net profit, we achieved THB 3.7 billion, which is a growth of 6% year-on-year from ability to capture demand and operating discipline, which helped absorb higher operating costs across selected regions.

As a result, core net profit margin improved by 10 basis points year-on-year. Now I'm going to scope down into each business unit, starting with Minor Hotels.

In first half '26, RevPAR, I'm starting with the operating stats first, RevPAR increased across most of our major regions both in first quarter and also in second quarter. I have to say, second quarter, I would frame it as a resilient quarter.

Despite everything that happened, we still managed to get our RevPAR growth across the regions, especially our bread and butter like Europe or even in Thailand. For our owned and leased portfolio in Europe and the Americas, RevPAR increased 5% year-on-year in euro terms led by ADR growth.

And in July, we just got the numbers, also increased also by 5% year-on-year in July in Europe. Italy remained a standout market, benefit from major events such as Winter Olympics in the first quarter in Milan and Italian open in room as well as continued leisure demand as well.

Meanwhile, Spain and Central Europe also recorded solid growth as well. For Thailand, RevPAR also surged by 11% year-on-year, driven by room rate uplift and targeted sales initiatives, which focus on high potential source markets.

Resort destination continued to outperform the broader market. This is supported by recent leisure demand and strong to both domestic and international guests.

The Maldives increased 4%, supported by higher occupancy and diversified feeder market mix. And in Australia, RevPAR was slightly softer, down by 1% only.

Stronger performance in Sydney and New Zealand. was partially offset by softer results in Melbourne and Brisbane.

So we have fewer major events compared with the same time of last year. That's the reason why we still -- we saw a slight dip in RevPAR in Australia.

Financially, core hotel revenue increased 3%, supported by improved performance across owned and leased hotels and mixed use. In terms of profit, it increased 7% to about THB 2.4 billion.

So let's shift to Minor Food performance. It delivered 4% year-on-year growth in core revenue in the first half, supported by top line growth across all key hubs, including Thailand, China, Singapore, Australia.

We saw all improving revenue or top line. Moving to operating metrics.

Thailand delivered positive same-store sales growth, up 0.8% and total system sales growth of 4.3% amid concern on macro back and everything. We still managed to beef up our same-store sales growth and total system sales growth.

Brand momentum was led by Bonchon, Dairy Queen, Swensen's, supported by product launches and network expansion as well. China performed strongly as well.

Same-store sales growth up 8.2% and total system sales growth of 8.6% and growth was driven by higher traffic, broader customer base, strong brand awareness, effective marketing and social media engagement and product innovation, including additional protein options and wider range of grilled fish sauces. And earlier this year, we launched what we call Riverside 2.0.

They include new menu, new store design, more efficient operation and these results have been more than, I'll say, 50% above our internal sales target beyond our expectation. We're now rolling out this format across the rest of the network in China as well.

In Singapore, same-store sales were softer, but total system sales increased by 5% as we continue to expand the network and into new brands, to say, Singapore is a very fast dynamic market. We have to keep producing, launching new brands just to keep up with the trend and the competition in the market.

So total system sales probably matter more to same-store sales at this point. Australia saw higher average ticket value and stronger growth from NOMAD of coffee roasting manufacturing.

Total system sales and same-store sales were nevertheless impacted by lower franchise store base and softer transaction volume, reflecting cautious consumer spending and ongoing cost of living pressures in Australia. So on the bottom line, Minor Food core profit was up 3% to THB 1.3 billion despite a challenging consumer backdrop.

I have to say, second quarter gaining more momentum than first quarter, profit grew by about 5% in the second quarter. Slide 24, CapEx.

I alluded to it earlier when I talk about Bonchon. For '26, we expect total CapEx of about THB 15 billion to THB 16 billion, pretty much the same as we expect in the previous quarters.

We have cut down some unnecessary and low priority CapEx. And we also deferred certain CapEx, particularly at MSGA, which efficiently offset the incremental CapEx associated with the planned Bonchon acquisitions, too.

So our capital deployment focus on value creation still, the key area of investment include ROI-driven and margin-enhancing asset maintenance and upgrades capital-efficient branded residents that I talked about earlier, where we capture both development returns and fee upside, so we have to invest in that, highly selective expansion in high-growth markets and organization-wide efficiency and transformation initiatives, including digital and operational enhancement as well. Next, balance sheet management.

Finally, this is 1 of our -- still our key priorities. Our net interest-bearing debt to equity stood at 1.1x and net debt-to-EBITDA at 4.72x at the end of second quarter, I have to say higher from the end of '25.

This was mainly due to higher borrowing and a lower equity base following the perpetual bond redemption in the second quarter. As you all know, we talked about it, discussed it in the previous quarter, too, as well as additional funding for working cap requirement during the seasonally low period in Europe in the first quarter.

So we will continue to strike the right balance between growth opportunity and deleveraging. We continue to, I'll say, proactively find ways to reduce leverage through operating cash flow generation, proactive capital expenditure or CapEx management and optimize funding.

And now we currently evaluate asset rotation opportunities to unlock capital from mature assets, improve capital efficiency and generate additional proceeds for debt reduction. These initiatives are expected to strengthen the balance sheet while preserving financial flexibility to support long-term growth.

So the capital unlocking exercise is still on the way. We are working on so many work streams, but maybe we won't be able to disclose a lot of detail about it because it could have some impact on our negotiation process and the return, the price that we like to to succeed.

So -- but rest assured that we're working on several as rotations to bring down the debt. And it also depends on the market window, the timing.

You have to -- we're well aware of the situation that we're in today, the volatility in the market, the situation in the Middle East and that creates some volatility and disrupt the market window that we originally planned. So it depend on that, which is still something that we have to monitor every day.

The deleveraging is still on the card for us, and it still remain our high priority for us. But note that in the second quarter, average cost of debt declined to about 4.1%, down from 4.4% in the same period of last year.

I think that's it for presentation slides here.

Now I'll open to any Q&A that you might have. And we are open to Q&A from people online as well.

Questions from online. The first question is on core net profit margin in 2027.

So why does the core net profit margin target in 2027 increase from 2026? Could you walk through the drivers of this expansion?

Well, a few catalysts to expand our margin. Definitely, asset-light business model that we always highlight will help expand our margin and profitability.

And also our effort to have more sales and revenue coming through our own direct channels bypassing commissions that we have to pay to the middle man that also helped improve margins. Thirdly, the efficient gains, productivity gain that we get from the back of house cost protection, the transformation in terms of -- I highlight in 1 of the slides earlier, the ERP system, the business process outsourced, the automated EPM systems, the standardization of the work process overall, will increase efficiency and productivity gain that will help expand margin as well.

So we'll see margin improvement. Actually, we are seeing margin slightly improve year-on-year in the first half already, not very much, but I would consider it as a good margin protection in the middle of this whole thing that happened around the world already.

So we still managed to protect our margins. But barring this whole situation going forward with the effort and then with the catalyst that I just mentioned earlier, the 27%, 28%, we still aim for margin expansion.

But we have the magnitude of it under our 3-year plan, but I wouldn't be able to disclose. But as I said, even the hardest hit quarter in second quarter of this year, we still protect our margin or margin improved slightly.

Rest assured that in the second half, where we see top line on the books still far better year-on-year with the same time last year, we likely -- we're not going to see margin erosion. We're probably going to see margin expansion in the next few years as well.

Anyone in question [indiscernible] clear, there's no question.

More questions from online. This is about Bonchon acquisition.

So there are like around 4 layers of questions under this topic. So the first one, what is the expected contribution from Bonchon IP?

And what's the threshold of return that we mentioned that the deal looks financially accretive? Two questions.

Right. Well, I have to say we still -- we used the word entering and then the transaction will close at the end of the month.

So I -- since the transaction hasn't closed yet, exact number in detail probably wouldn't be able to disclose. But rest assured, the return -- ROIC, it's double digit.

IRR, it's high double digit as well. And earnings accretive right away.

I'll say EPS, if you look at [ MINT ] overall of THB 10 billion net profit and earning accretive will be hovering around like low single-digit accretive growth. That's all I can say now.

But rest assured, longer term, we acquire, we transform and we scale always, you're going to see more momentum of Bonchon acquisitions, which will contribute more to our P&L. But on day 1, as I said, it's going to increase our profit right away around low to mid-single digit.

But long term, with the success that we have in Thailand, we have about 130-something outlets in Thailand. And now we have the Philippines, Indonesia, Vietnam and all that, we're going to replicate the success that we have here throughout the rest of the world, exclude Americas.

So that's -- I think that's the beauty of having Bonchon IP globally now.

Two additional questions about Bonchon acquisition. Could you please elaborate on Bonchon expansion plans going forward?

And how is the interest of Bonchon franchisees in the international market at this point in time? That's the first question.

Well, we capitalize a lot of things from Bonchon. I have to say our investment rationale, it's about -- it provides us with asset-light franchise platform to deliver strong capital efficiency.

And it's a Korean fried chicken, which stand out in terms of differentiated proposition, supported by the popularity of K-pop, our food culture, not in Thailand, not only in Thailand, around the world. So we capitalize in that trend as well.

And they have well-defined pipeline supporting growth. I have to say for -- at the moment, we roughly Bonchon outlets around exclude Americas that we have is 300 -- I'll say, 345 outlets now.

We scale it up. We -- hopefully, in the next 5 years, we get to 500 or more at least.

So that's something that we want to scale up. And you look at the footprint that we have on the food side, not Bonchon, but on our Minor Food, where we have footprint in other parts of the world, we could also have the rights to expand Bonchon there as well.

So that's -- I think that's something that we think is worthwhile acquiring at the moment, but we still maintain financial discipline by trimming down other CapEx elsewhere to maintain our CapEx and debt not to be higher than what we originally anticipated.

Final question on the Bonchon acquisition. Would you say Bonchon brand has been a success since the Thai unit acquisition in 2018?

And how will the success be measured?

Well, it can be measured by a lot of variables. The profitability and the performance it exceeds what we originally planned or proposed to our committee.

And if you look at the stats in terms of same-store sales growth, Bonchon have shown a very good turnaround in the second quarter and then in 6 months, I'll say Bonchon same-store sales growth hover around 5% to 7% in the first half of 2026 in Thailand. July is still showing positive same-store sales -- strong positive same-store sales growth.

We acquired it and during the COVID, we turned Bonchon help us with the delivery and with the cloud kitchen. We turned some of the outlets or somewhere in the shop house to be a cloud kitchen and Bonchon become popular as a delivery brand during COVID, and it helped us went through COVID successfully with Minor Food exhibiting profit during COVID, hotels losses, minor international losses, but Food Group still making profit during COVID because of the delivery that we have, including Bonchon as well.

After COVID, with Bonchon Resonate as a delivery brand, we try to convert into a dine-in brand now. And we've successfully done so.

We come up with new menu, not just fried chickens. We have Ramyeon, we have hoi tod.

We have Korean cuisine and Bonchon. So you can go to Bonchon and enjoy not just fried chicken and other things that we innovated over time.

So that -- I think that was a success, and that's why it's still -- we can still sustain positive same-store sales growth. And I think 5% to 7% same-store in the first half, it's quite something in the middle of this market condition.

And if you look at other players in the market, they still see same-store sales in a very suppressed figures. Okay.

Anything else? Okay.

More?

More question. Can you mention about the debt level and cost of debt trend in 2026 and perhaps in the first half of 2027 as well?

Well, the debt trend, it went up because of the redemption of U.S. dollar perps.

That used to be booked or recorded under equity sections. But once we refi redeem this perpetual bond using debt, that recorded in the P&L -- in the liability section instead.

And then also interest will move from equity section to P&L as well. Nothing changed cash-wise because the -- that's there, but it's just the movement in our financials.

But as I said, we continue to focus on deleveraging using not only cash flow from operating activities. We're currently evaluating asset rotations.

And with that coming through, a few asset rotation and capital unlocking exercise that we're modeling right now will help improve leverage ratio once the timing and the market window open for us. So -- but we are so committed in terms of deleveraging at this point.

For cost of funds, we -- if you remember, in 2024, it was 5.14%. We reduced it down to 4.29% in '25.

And in '26, we are anticipating it will come down further, maybe from 4.3% to about, I'll say, 4.1% to 4.2%, slightly down, but you have to bear in mind that now the benchmark rates, it's probably going to stay this level longer, probably not going to see interest rate coming down quite significantly. But we see that it's not going to go up substantially either in the rest of this year.

Next year, we have to see. But I would say next year, we conservatively project around the same level or slightly higher.

Okay. Anything else?

Okay. Well, if you have any other questions after our IR team is here, I'm here, and then we open for more questions through e-mail, and we'll address all your concerns and questions with the IR team and myself.

Thank you very much for attending. Thank you.