Thank you, Cynthia. Good day, and thank you for joining UAC's results call for the 2025 financial year.

Funke and I will go through our prepared remarks, after which we will leave ample time for Q&A. Today we will cover the 2025 operating environment, key initiatives we executed during the year including the acquisition of Chi, financial performance, our dividend proposal, and our outlook for the business.

We wouldn't go through each slide verbatim, but we would reference slide numbers which you can find at the top right of each page for ease of reference. Please turn to slide 5.

UAC is a house of scalable quality brands with a clear emphasis on packaged food and beverages as a core growth pillar. In October 2025, we bolstered our position in this key segment with the acquisition of Chi Limited.

This was an important transaction providing us exposure to large growing markets, quality talent, excellent brands with very strong market positions. Chi is market leader in Nigeria's drinking yogurt space, a top two player in juices, nectars, and still drinks, and is home to iconic brands like Chivita and Hollandia.

The business is the number two player in the sausage roll category with the SuperBite and Beefie brands, which complement UAC's Gala and Kingsway brands. Our combined food and beverage businesses, Chi and UAC Foods, now command meaningful leadership positions across multiple attractive categories with scale and portfolio depth to effectively compete.

The acquisition impacted UAC's reported numbers for 2025, with Chi's performance consolidated from the fourth quarter. There were also one-off costs and gains related to the acquisition that were captured in our audited results for the year.

In 2025, we reported profit before tax of ₦16.4 billion, 36% lower than our profit before tax reported in 2024. This was however impacted by almost ₦11 billion in net one-off items related to the acquisition.

Stripping this out, underlying profit before tax was ₦27.3 billion, almost 70% higher than levels recorded in 2024, and is a truer reflection of our underlying operating performance. Revenues grew 73% to ₦340 billion, and this growth reflects three months of contributions from Chi plus very strong continued performance from our existing businesses, particularly our packaged food and beverage and paints businesses, which performed strongly.

Overall, 2025 was a year in which we experienced meaningful increase in scale of our business, and our focus going forward will be to integrate Chi under UAC's ownership, continue our work to drive margin expansion and accelerate cash generation, and our success in doing so will impact the next chapter of UAC's growth. We will now take you through the operating context and key highlights from the year before handing over to Funke to go through the financials in a bit more detail.

Please turn to slide 7. On this slide, we outline the macroeconomic backdrop against which we operated in 2025.

Overall, this was a year of meaningful improvement relative to 2024. Inflation, which had peaked above 35%, moderated progressively across the year.

The naira stabilized and actually appreciated in sharp contrast to the recent severe devaluation we had to navigate. Real GDP growth continued to strengthen, reaching just over 4% in the fourth quarter, and bond yields trended lower reflecting an easing monetary environment, which positively benefited our borrowing costs.

These are genuine improvements that created a more constructive backdrop for businesses and are the fruit of difficult reforms enacted by the government. On slide 8, we show the movement in our key input costs, and here we saw input prices moderating across almost all of the categories we track: maize, soybeans in the agricultural space; resins, titanium dioxide for our paints businesses; and flour, vegetable oil, milk, sugar for our packaged food and beverage segment.

We also saw petrol prices decline from highs reached in 2024, which positively impacted our distribution expenses. These tailwinds benefited us, and we captured them as is evidenced by the margin expansions you see in our businesses, most notably food and beverages and paints.

On slide 9, we show the sharp decline in agricultural commodity prices, which actually created a challenge in our feeds businesses. The reason for this is in these businesses we typically stockpile agricultural raw materials in the fourth quarter of each preceding year to cover a meaningful portion of the succeeding year, and so we entered 2025 with maize and soybean inventory procured in 2024.

You would see on this chart that prices meaningfully declined over the course of the year, which impacted us twofold. One was constant pressure on selling prices as the replacement costs declined, and in the fourth quarter we had to take a one-off charge to bring carrying value of our agricultural raw material inventory in line with net realizable value, and this was a ₦4.1 billion charge recorded in the fourth quarter.

Next we'll go over the highlights for 2025, and this starts on slide 11. On this slide, we touch on the Chi acquisition, and I won't spend too much time here as we had a call to go over this in November last year, and the presentation is on our website.

Just a few highlights: Chi with just under ₦500 billion in revenues for the full year 2025 adds meaningful scale to our business. It contributes excellent manufacturing capabilities and bolsters our house of scalable quality brands.

We paid a consideration of just over ₦180 billion for the asset with total transaction costs of ₦8.5 billion. Because the initial consideration was denominated in dollars, we hedged, and as the naira appreciated, that hedge cost us just under ₦7 billion in hedging costs.

As mentioned, the net impact of these costs plus a bargain purchase gain was ₦11 billion in our 2025 income statement. Work to integrate Chi with UAC's ownership is underway, and the focus here is governance and the governance model, financial controls, technology, and people.

These are our top priorities, and we are fortunate to be implementing these alongside the strong team we inherited at Chi and are happy with our progress thus far. Slide 12 covers other initiatives we worked on across the group in 2025, and we can summarize this in four areas.

The first and by far the most important continues to be talent, and here we continue to work to fill executive roles across the group. I should add that we benefited from prior investment in talent with certain roles being filled internally.

We focused on leadership development through our UAC Academy, which continues to grow, and through advanced programs in partnership with Oxford University and the Nigerian University of Technology and Management. We also continue to work on designing incentive schemes to align our employees with long-term value creation.

We continue to focus on growth, and here we deepened our retail footprint, particularly in our paint segment, with 136 new stores and retail touch points. There were product launches in our food and paints segments to offer the consumer a broader range of offerings.

In technology, you will recall that we transitioned to SAP S/4HANA in 2022. That system was due for an upgrade last year, and we successfully executed that upgrade and now run on a more up-to-date version of the SAP S/4HANA system with meaningful cost savings in our cloud infrastructure and better data quality across the group.

We have also discussed in the past that we have a technology hub that continued to develop and fine-tune proprietary tools used to digitize and automate our core business processes. When talking about the hedging cost, I mentioned that we financed the Chi acquisition initially with a US dollar bridge loan, and we had mentioned in November that the plan was to refinance that loan in naira within a three-month timeframe, which would have been sometime in April.

I think Funke and that team deserve special commendation for executing this in record time with the naira refinancing done by December of last year. The short-term US dollar bridge has been turned out into seven-year naira financing.

I will now hand over to Funke to walk us through the financial performance in detail.

Thank you, Fola, and good afternoon, everyone. Please turn to page 15, which provides an overview of the group's financial performance, comparing 2025 results with 2024.

UAC Group recorded consolidated revenue of ₦340 billion in 2025. This was 73% higher than the prior year.

When you strip out the one-off acquisition-related costs as well as the bargain purchase gain recognized because of the Chi acquisition, our underlying performance is strong. Underlying operating profit of ₦33 billion was recorded; this is 73% higher.

Our underlying profit before tax was ₦27 billion, 68% higher. Our reported earnings per share was 362 kobo.

However, on an underlying basis, when we adjust for acquisition-related costs, it was 734 kobo, 1.5 times higher than the 497 kobo recorded in 2024. We generated free cash flow of ₦14 billion compared to ₦2 billion in 2024.

That's a sevenfold improvement and reflects the addition of Chi to our group and the cash-generative nature of UAC Group. We recorded 6.8% return on invested capital.

Please turn to page 16, which shows the revenue contribution per segment. The key factor, as you'll see on this slide, that impacts the year-on-year comparison is the acquisition of Chi.

The 73% increase in revenue from the ₦197 billion recorded in 2024 to the ₦340 billion recorded in 2025 reflects the consolidation of Chi's performance from the fourth quarter of the year. Our revenue growth was also supported by strong performance from our paints business, which grew top line 24% higher year-on-year, and our existing packaged food and beverage business, which was up 28% year-on-year, and that more than offset the sales decline in the animal feeds segment.

Please turn to page 17, which shows a summary of the income statement. I've spoken to our top line, I'll start with the gross profit, which improved 69% year-on-year.

Our gross profit margin, however, contracted by 51 basis points to 23%, and this reflects the impact of the inventory write-down in our edibles and feeds businesses. We recorded operating expenses of ₦58 billion.

However, underlying operating expenses was roughly ₦50 billion, 69% higher year-on-year, again driven by the inclusion of Chi, this impacts year-on-year comparison. It's worth highlighting that despite inflationary pressure and the higher absolute value of expenses, our underlying operating expenses-to-sales ratio improved by over 100 basis points to 14% from 16% in 2024, and this reflects our ongoing focus on operating efficiency.

The next line item I will speak on is net finance costs. We recorded ₦15.5 billion in 2025, and this reflects the higher borrowing and one-off hedge costs incurred as part of the acquisition of Chi Limited.

The share of profit from associate companies was ₦3.4 billion compared to ₦723 million in 2024, and this was supported by improved profitability at UPDC PLC and MDS Logistics, as well as the sale of non-core property assets at MDS Logistics. Please turn to page 18, which shows an overview of the group's financial position as at 31st of December 2025.

We have roughly ₦70 billion in net assets, and net debt increased to ₦294 billion on account of the inclusion of Chi Limited. Following the acquisition, the group's net debt to EBITDA ratio is 3.2 times, and as part of the value creation plan, we're focused on cash generation and expect leverage to moderate over the medium term.

Capital expenditure of ₦7.3 billion was incurred across the group. This spend is roughly 2% of group revenues and focused on maintenance capex, replacing and upgrading assets to support operations.

The group cash cycle increased by 5 days to 111 days from 106 days in 2024, reflecting the higher inventory days at Chi Limited. Please turn to page 19, which shows an overview of the group's net debt profile.

The key takeaways are that 54% of the group's debt is short-term in nature, and this is working capital financing, while the balance 46% is long-term debt attributable to the addition of Chi Limited to the group. The holdco's total debt of ₦107 billion, which is roughly 30% of the group debt, reflects our group treasury structure whereby UAC and the holding company raises debt centrally and on-lends to subsidiary companies.

This is part of our strategy to optimize our finance costs as it gives us flexibility to access a broader range of sources. At the end of 2025, our weighted average cost of borrowing was 16.3%, which is below the monetary policy rate, and we were able to achieve it because UAC carries an investment-grade credit profile.

We are A and A- rated by DataPro and Agusto, which gives us access to the capital market at competitive rates. In 2025, UAC issued commercial papers as well as a seven-year callable bond to refinance debt, and this is in line with our focus on securing the best possible price financing.

This is the end of the financial highlights, I will now hand the call back to Fola to take us through the next section of the presentation.

Thank you, Funke, and please turn to slide 21. Here we set out our plans for the current year.

Our priorities are clear: the first being to continue to focus on integrating Chi under UAC ownership; the second being to continue our journey of improving our margins; and finally, ensuring that we convert profitability to cash. The work to integrate Chi with operating model, as I mentioned, is underway, and we're quite pleased with progress around the governance, the controls, the deploying of our technology tools, and ensuring that we have the right people in the right roles.

We have a detailed roadmap and we're executing against this. We are benefiting from the improved scale of the business across procurement, manufacturing efficiency, spreading our overheads across a much larger revenue base, and we think that these are going to support improvement in overall profitability and margin profile.

One of our core focus areas and value creation levers is capital allocation, and we aim to utilize this focus on enhancing our cash generation via working capital optimization, being very disciplined and rigorous in capital expenditure assessment, continuing to seek financing at the most effective possible terms, and importantly, divesting non-core assets. In addition to generating capital from divesting non-core assets, it also frees up meaningful governance and management bandwidth to focus on our core.

We made good progress in 2025 with free cash flow going from ₦2.1 billion in the preceding year to just over ₦14 billion for the full year 2025, and we plan to continue this trajectory in 2026. The board of UAC has proposed a dividend of ₦1 per share, which will be put to shareholders at our Annual General Meeting in June.

The qualification date for that dividend is on the 11th of June and, subject to shareholder approval, will be paid the day after the AGM on the 26th of June. This brings us to the end of the prepared remarks.

I'll just touch briefly, though, on the external environment, and it is dynamic. We had a beneficial year in 2025 with tailwinds, the conditions were, on balance, more supportive than in 2024.

We went into 2026 cautiously optimistic about continued improvement with inflation moderating, the currency being stable, and there being growth momentum. However, we have been watching the developments in the Middle East carefully, and we have begun to see headwinds creeping into the environment with elevated shipping costs, rising prices of certain imported raw materials, delays in shipping times.

We're monitoring this very, very closely, actively managing our procurement, and in certain instances seeking avenues to sort of lock in prices and hedge to mitigate against this risk. It's an area we'll continue to focus on over the course of the year and work very hard and do our best to ensure that we navigate these challenges effectively.

Overall, we feel that we're a stronger, larger, and better-positioned business than we were 12 months ago. We feel we have strong foundations in brands, people, and technology, and this gives us confidence as we navigate the current environment.

Thank you, and we'll now take questions.

Thank you, Olasunkanmi. I think I jotted down three questions: one was segmental contribution, second integration risk, and the third was our thinking around dividends.

On slide 27, we, I think, break down our performance by segment, and you would see there that the big drivers of the group's performance were our packaged food and beverage and paints businesses. Those are the big drivers of revenue and margin, and our feeds businesses, which is the other meaningful sized part of our business, struggled on account of the sharp decline in price of agricultural raw material inputs.

We have that outlined on slide 27, but just to recap, packaged food and beverage and paints, which contribute probably 70%, 80% of revenues and maybe 90% of profitability, were the key drivers of our business last year. Integration risk, we're now six months into our ownership of Chi, and I would say it's been hard work, but we've been supported by a strong team we inherited at Chi, and I'll say we're quite pleased with where we are.

If I was going to flag one thing that I would say remains a big risk is that Chi operates on a Microsoft ERP system, the rest of our group is on SAP S/4HANA, and we're going to have to harmonize this platform. We've done it before now twice, and it went very well, but it's not an initiative to be underestimated, it's one that we're going to approach with great care and consideration.

As regards dividend, those who followed us for a while know that we try to maintain a fixed dividend, which was 22 kobo in recent times, until we change. The most recent change was a reduction, for those again who remember, as we built our capital base, which led us to a position where we made this large acquisition.

We have assessed where things are, we've assessed our view of the future, and we feel that the current level proposed is one that fits well with our plans. Although the profitability declined, as I mentioned, the underlying profits increased quite meaningfully when you strip out the one-off costs related to the acquisition.

Hi Fola. Thank you so much for your presentation.

I have two questions for you. The first question is regarding the revenue that was presented.

Last year in November, we had a meeting and it was poised that we were expecting at least ₦400 billion from the Chi acquisition, but I've seen for the 2025 audited we got about ₦127 billion thereabout from Chi. Could you please just explain what happened or maybe just provide some clarity regarding that?

Then with regards to the dividend policy, is it safe to assume that the ₦1 per share is the new dividend floor for the company or should we expect any variability in the future? Thank you.

Thank you very much, Usman. I think I'll clarify the revenue point.

Yes, we indicated, I think you're right, about ₦400 or so billion revenues from Chi. The company actually did much better and delivered revenues of about ₦500 billion for the full year, but only the fourth quarter was consolidated.

What you see is one quarter of the full year performance, and 2026 is going to be the first year in which Chi's full revenues and operations are consolidated for a full year with the rest of UAC Group. I hope that clarifies that.

Full year numbers for Chi last year were just under ₦500 billion, but what we've consolidated is just a quarter. Our dividend approach has not changed in that we will maintain a number until we change that number, yes, there should be no expectation of variability unless something changes.

What changed the last time our dividend numbers changed were preserving capital that allowed us to make this big acquisition. Where we are now is that we felt we could release some of that capital given where we see things currently, and if something changes, we'll communicate again to the market.

This represents our view as of now.

Thanks so much, Fola.

Hi Fola. Thank you for your presentation.

I've actually listened to your presentation and you talked about one-off payment. Now, going forward in 2026, is there any way this one-off payment could affect the financial statement in 2026?

Thank you.

Good afternoon, Buchi. Short answer is no.

The one-off costs were related to the acquisition of Chi, so that's done, dusted. That deal was done in October of last year, there's no way that those numbers will affect our financials for this year.

Sorry, I think I said 2026. That was done in 2025, October, there's no way those figures would affect our performance for 2026.

Hi Fola. I just wanted to ask again with regards to the paint segments this time.

Could you provide any kind of update with regards to the penetration in West Africa and the niche segment that you guys plan to operate in as well? Is there any update in terms of market penetration and then revenue generation as well?

Thank you.

Hi Usman. I think very timely question.

We set out to do I think three things with, maybe four, with the paint segment. The first you may recall was, I think what you call niche, was deepening our product offering.

We were extremely strong in the premium decorative space, and we wanted to deepen our offering in the mid-tier and also in the marine and protective. We've launched, together with AkzoNobel, a new range called Spruce, and we launched that late last year into this year.

Early reaction has been very strong, and we're quite excited about the potential for this space because it opens up an entirely new segment to us that is at least as big as the segment in which we're very, very strong. That's one.

The second is that to deepen our presence in the marine and protective, we've now opened two points of presence in the south-south of the country in the oil and gas region, and we expect to benefit from the reform and growth we're seeing in the oil and gas sector. The third was our desire to expand regionally.

We have open presence in Cameroon, but we concluded that the prize of securing a meaningful position in the mid-tier and, frankly, value segments of Nigeria was far greater than anything we would get regionally. It's received a lot less priority than the two other initiatives that I've alluded to.

Then we also rolled out a meaningful number of additional retail points of presence, about 116 total, about 50 of those were dedicated to our brands, and the rest sort of multi-brand retail spaces. I would say four different things that we implemented in the paint space that we expect will drive meaningful growth going forward.

Excellent, thank you.

All right. Good afternoon, everyone.

Thanks for the presentation. My first question is relating to your comments regarding divesting non-core assets.

Just want to get a color in terms of how you're looking at it. Are you looking at it from fixed assets from perhaps Chi or any of the legacy UAC businesses, or are you looking at business segments?

My second question is on the QSR business segment. That business segment has struggled for a while.

How are you thinking about that business segment going forward? Then my third question is on the launch.

In your last call, you did mention that a bigger pack of Gala was launched, I can't remember, I can't recall, perhaps Ogbonge or a popular name, but I consciously tried to look for it on the streets and I don't think it's out there. Perhaps just to give an update in terms of the market penetration for that product.

Thank you. I have three questions, and one was just color around a non-core asset sales, thoughts around QSR, and Gala Ogbonge.

Just to address, by non-core asset sales, we mean both fixed assets and business segments, both, not one or the other. Certainly not from Chi.

From Chi, we're assessing the need for further investment in capacity. It's growing very, very, very fast.

The way we think about this is the first one is return on invested capital. Where an asset is not generating sufficient return on investment capital, we divest that asset, and we've done quite a lot of non-core real estate divestments over time because the returns on those assets were low single digits.

The second is we periodically would assess the potential for an asset relative to the overall scale of the group, and does it have the potential to move the needle of the group? I'd say those are the two lenses through which we would look at assets.

For the fixed assets, we also think about future need. Whilst we have a currently low generating asset, say a piece of land, we may think that it's strategically located and could be the future site of a factory.

We'll keep that kind of asset, but where it doesn't meet those tests, we divest. Similarly, for our portfolio, we have said repeatedly that we think any one of the segments UAC is exposed to, either as a controlling or minority shareholder, is a very, very attractive segment, but we have sought to allocate our time and capital to ensure we get the maximum return.

We divested out of logistics a few years ago, out of real estate a few years ago, combined our paint business, and the ongoing assessment of the portfolio to ensure that we're maximizing our talent and capital on the highest opportunity where we can win is something that we'll continue to do. QSR has struggled and frankly did a bit worse in 2025 than it did in 2024.

Quite a talented team was started with the business in January of last year, and we have seen meaningful progress to the underlying of the business, which we expect to continue over the course of this year. It's fair to acknowledge that it's quite a small contributor to the group.

I think last year it did revenues of about ₦2.5 billion in a group that recorded ₦340 billion, and that delta will be bigger this year. It's one that we're going to continue to think through: how do we support this talented management team in a framework that ensures that a business that is not as big as some of its sister companies has the best opportunity to thrive?

Gala Ogbonge, It's doing very well, actually. When we launch a new product, one of the health markers we check is can this thing get to a 5% of total segment sales?

This has shot past that very, very quickly. Happy to chat with you offline about the challenges you found with availability, but from where we see, it's doing well financially, but happy to chat offline about the challenges you found with availability of this product.

Very clear. Thank you, Oluwakemi, for the questions.

First thing I would say is that the working capital balances you see, as are spot, the working capital balances will be the snapshot as at the 31st of December, whereas the revenue numbers that you see would be UAC 12 months, Chi 3 months. Again, as we begin to see a full annual consolidation of Chi, those numbers would make a lot more sense to you.

We're not comparing apples with apples in this particular case. That said, you may recall that one of the things we focus on doing and have been quite successful at as a UAC Group is making sure that we have the optimal level of working capital.

Whilst we think the working capital balances, although they're much bigger on account of a group that has increased almost three times in size, part of our core job is making sure that those levels are optimal so we unlock capital. As regards capex, we constantly spend on maintenance and capacity expansions and small capacity expansions, but nothing noteworthy, nothing I would say nothing out of historical trend for the business.

US-Iran, the challenges in the Middle East, we've seen small price increases so far, 2%, 3% here. We've seen diesel prices almost double in Nigeria, and I'll say perhaps most concerningly is we've seen our planning be impacted.

An item should have been shipped to Nigeria with estimated two-week sailing time, we're now seeing those extend meaningfully. We've mapped every single SKU and every single location that is impacted.

We have, in certain instances, identified alternative supply and shipping routes that are not affected by the Strait of Hormuz and have begun to implement those plans, but yet we're seeing those headwinds begin to come through. We're I guess constantly looking for ways to innovate, there are small innovations in ice cream business, there are innovations in our paints business, and at Chi we're also looking at innovations.

Yes, we're constantly looking to look for ways to provide a broader range of product offering to our customers.

Shruti, thank you very much, you're very kind. You've been a supporter and pusher of us every step of the way, thank you for driving and inspiring us.

I will start with the North Star. I think my colleagues and I have a purpose.

Our purpose is to see whether we can use the work we're doing to build an example of excellence and prosperity out of this country underpinned by integrity. That's the North Star, and it reflects itself whether it's in juice, in sausage rolls, or in buckets of paint.

We want to see if we can create an example of excellence and prosperity underpinned by integrity, and by prosperity we mean shared prosperity. We pay a lot of attention to the welfare and benefits of everyone from the most junior staff, and of course to our shareholders.

Near-term for the group post Chi, I think crystal clear to us: we had a value creation plan for this asset, we need to work very, very hard on delivering on that value creation plan. We are off to a good start, but there's still a lot of work to do, so that's crystal clear to us.

We have additional work to do to simplify the group, which would unlock capital and streamline management focus. We have interesting growth levers for our existing businesses, and should we succeed in those three steps, we would, I guess, look up again and see what next.

We think our hands are going to be quite full over the next sort of 12 to 24 months.

I would say in terms of the impact of the challenges in the Middle East, I would split them into maybe two, which is planning and delivery of imported materials, and those would be largely in the packaged food and beverage and the paint space, and the second would be inflationary, and that would be across the board if diesel prices double that affects all our businesses. Those are the two buckets I'd split them in.

Will it affect our performance in the next few quarters? Yes, but maybe not in the way you see, because what we're doing is we're adjusting.

We anticipate the headwinds and we adjust. What we're doing is adjusting to ensure that we're not negatively impacted by these headwinds that we see.

In terms of possible portfolio realignment and exits, all I can share is our framework, and to stress that it's not an event. It's something that I think we've done consistently over the last sort of five years, including acquiring.

You may also recall that we bought out our partners in our food business to own 100%, and we've discussed an acquisition. It's something that is part of our core sort of management process at UAC, and as soon as we reach a conclusion on the topic, we will be for sure to communicate that to you, our investors.

Short answer and long answer is a resounding no. We think we're very fortunate to have amazing brands in the snack space.

The respective teams have deep pride in their products and they compete, and I think the benefit of that is that the consumer wins. We're very, very happy with our positions in that segment.

I would have to do very rough math, but Chi has a meaningful degree of exposure to foreign imports. I would say north of 75%, maybe 80%.

Again, we need to slice this, actually, because there's the upstream imports. We import directly equipment, laminates for packaging, and milk powder and concentrate will be the direct imports, let's call that 50%, 60%.

Then there's also the indirect imports, things like flour and refined sugar, for which the upstream materials being raw wheat and raw sugar are imported. CAP also with titanium dioxide, calcium carbonate, and resins also has meaningful high imports, I would say again 75%, 80%.

Then the feeds businesses, where the biggest input there will be maize, soya, would be the ones that have the biggest domestic. The numbers by segment are a lot clearer to me.

What it comes to on a consolidated basis, we can share with you offline. It will be Chi and paints, 75%, 80%; UAC Foods, roughly 50-50; and animal feeds and edibles, more than 75% will be domestic.

Isaac, for those who've followed us for a while, we unfortunately don't give forward guidance. Good news is that in about three weeks we'll publish our Q1 numbers, which would have a full consolidation of Chi, and would give a sense of our steady state.

Funke will correct me if I'm wrong, there are no one-offs or exceptional is in there, I would say please just be patient with us and look out for the Q1 numbers.

Usman, it's a very difficult question to answer because I guess fortunately or unfortunately, in an election year, there's not only one thing happening, if that makes any sense. In the most recent election year, Nigeria was going through extremely difficult macroeconomic conditions.

Whether the market was slow because of the elections or the macro with inflation multiple, exchange rates, and so on, we don't know. Going into this year, we're seeing tailwinds, let's ignore the last few weeks with what we've seen with the challenges in the Middle East.

We're seeing a stronger consumer, we're seeing strong demand, but whether that's on account of an election or because GDP has gone from sort of 2% to north of 4%, inflation from 35% to about 15%, is difficult to isolate. We're happy with market conditions, but I think it's very, very difficult to isolate exactly what is election versus broader macro conditions in any particular election year.

Thank you, Charles. I'll point you to, let me just try and find this slide so Cynthia can move there, to slide 14.

Charles, look, we don't view ourselves as diversified. We view ourselves as just a business with scalable quality brands, and if you look at the way we've shaped the business, we exited our logistics business because it doesn't fit with a house of scalable quality brands, ditto real estate.

Now, even within this house of scalable quality brands, as I've mentioned, where things don't have the potential to move the needle or do not generate returns that are in line with our expectations, we may exit them. Crucially, this is part of our ongoing work.

It's not an event. When we reach conclusions, we take action and communicate to the market.

Thank you, Cynthia, and thank you everyone for participating in our results presentation. We appreciate your continued support, and I wish everyone a wonderful rest of the day.

Thank you.