Good morning, everyone, and welcome to our 2026 interim results presentation. I'm Orla Keegan, Head of Investor Relations, and joining me is Chief Executive Officer, Eddie Byrne; and Chief Financial Officer, Mari Hurley.

Before I hand over to Eddie, please note that some statements made today may be forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. For detailed information, please refer to the Risks section of our results issued today, which highlights these risks and uncertainties.

I will now hand over to Eddie to provide an overview of the results for the half year.

Thank you, Orla, and good morning, everyone. Welcome to our 2026 interim results presentation.

I'll start with taking you through the highlights and operational performance over the first half of the year. Mari will then take you through the financial performance in more detail before I finish up with some insights into the market backdrop and our outlook.

Turning now to the highlights. The first half of 2026 delivered a very strong set of results, demonstrating the continued strength of the I-RES operating platform and the progress we are making against our strategic priorities.

One of the key features of this reporting period was the introduction of the new rent regulations, which came into effect on the 1st of March. While it's early days in terms of impact, we are encouraged by the initial signs that we were seeing in the business and in the market more broadly.

Looking at some of the key metrics of the results. We delivered like-for-like passing rental growth of 2.1% compared with 0.3% in H1 2025.

Our net rental income margin remained strong at 78.1%, up 10 basis points on H1 2025, but also building on the very strong 120 basis points improvement delivered in full year 2025 and despite a 20 basis point negative impact due to an increase in local property tax. Adjusted earnings grew by 6.2% and our EPRA earnings per share increased by 5.8% to EUR 0.029.

Our total accounting return also improved meaningfully to 6.8% in the first 6 months, up from 2.8% in H1 2025, driven by the increase in valuations, which in turn has been supported by the organic performance of our assets and the leasing activity under the new rent regime. This performance reflects our relentless focus on operating excellence, cost discipline and margin management, supported by our fully internalized platform.

Importantly, we also are growing shareholder returns. The interim dividend is EUR 0.025 per share, up 5.9% on H1 2025.

At the same time, our balance sheet remains flexible with the net loan-to-value ratio down 100 basis points to 42.6%, well within our target range of 40% to 45% and giving us the ability to use that capacity to support growth. At the 30th of June 2026, our EPRA net initial yield held stable at 5.2%.

While PRS yields are expected to tighten, we've not seen this play out yet with improved operating performance being the main driver behind improving values. Overall, the business has continued to deliver across the areas within our control, while the improving regulatory and market backdrop provides a clearer pathway for growth.

Turning now to Slide 5. Operationally, our platform continues to perform exceptionally well.

At 30th of June, our portfolio comprised of 3,611 units with a 99.4% occupancy level and average monthly rent of EUR 1,884. Within this, the portfolio is 20% under-rented, which is a significant embedded growth opportunity.

The new rent regulation framework is now starting to support the release of that reversion, albeit gradually as units turn over and new leases are signed. For the first 6 months of the year, our turnover rate was 6%, remaining in line with H1 2025.

Our asset recycling program continued to deliver with 18 units disposed of in the period at a premium to book value of around 30%. As previously announced in February, we also signed a forward purchase agreement for 77 units in Naas, demonstrating our ability to recycle capital into opportunities that can enhance the portfolio and support future earnings growth.

These assets will be immediately earnings enhancing following a short lease-up period with the full year impact anticipated in 2027. Moving to Slide 7 and our recent acquisition.

Harbour Gate is a strong example of how we are investing selectively to improve the quality and long-term performance of our portfolio. The 77 A-rated homes increase our exposure to a growing location in Naas, where demand is supported by a strong local economy and convenient access to Dublin.

Financially, we expect the acquisition to deliver attractive returns with a projected net initial yield of approximately 5.25% funded by selling assets into the private market at implied yields below 4%. Overall, this is disciplined capital deployment that adds an excellent asset while supporting a sustainable portfolio growth.

Turning the page. The I-RES Living re-brand is now complete.

This re-branding creates a consistent resident-facing presence across leasing, compliance, resident accounts, technical services and estate and OMC communications. It also draws a clearer line between I-RES as the corporate listed entity and I-RES Living as the resident-facing identity.

But this is not just a visual change. It is about strengthening how the platform operates, how residents engage with us and how we position our service offering in an increasingly competitive market.

Having the I-RES Living brand and all the associated vertical platforms aligned with it helps us service our residents quickly and comprehensively, which is one of our core strengths when it comes to maintaining our exceptionally high occupancy levels. Our fully internalized platform is a key driver of operational efficiency, cost control and resident service.

The re-brand supports that platform, improves consistency across touch points and helps ensure that the business remains fit for purpose as we move into the next phase of growth, including and most importantly, releasing the reversion on our portfolio. Turning now to regulation.

Changes introduced from the 1st of March 2026 represent a very positive development for I-RES and for the broader Irish PRS market. For existing leases, rent caps continue at the lower of CPI and 2%.

However, rent resetting has now been permitted for new tenancies from the 1st of March 2026 and new leases signed from that date also reset after 6 years in the event that the resident remains in situ. For I-RES, this is highly significant.

We have already begun to release that rental income reversion across the portfolio. This will be gradual as it's driven by turnover, but the direction of travel is clear and positive.

And for H1 2026 is slightly ahead of our expectations. With this revised framework in place, we're seeing much needed capital flows into the sector.

Already investment volumes for the first half of 2026 have exceeded last year in totality and are materially ahead of any comparable H1 period since 2022. The new build exemption is also important with new build apartments exempt from the 2% cap and allowed to increase in line with CPI.

Together with the proposed sustainable design standard changes and VAT reduction measures, this should improve development viability, increase liquidity and support renewed investment in the sector. The regulatory headwinds that constrain the sector have reduced meaningfully, and the business is well positioned to capitalize on this improved environment.

With that, I will hand over to Mari, who will take you through the financial performance.

Thank you, Eddie, and good morning, everyone. I'm looking forward to meeting many of you during the results roadshow and thereafter.

Since joining I-RES, I've been very impressed by the quality of the portfolio, the strength of the platform and the depth of expertise across the team. I've seen firsthand how the business is supported by high-quality assets, a highly capable and committed team and a strong operations-focused culture committed to delivering for both residents and shareholders.

I'll now take you through the financial performance for the first half of 2026. Turning to Slide 11.

Our growth has been delivered through continued operational excellence. The numbers here reflect the quality of our portfolio and the strength of I-RES' internally managed platform, delivering meaningful cost efficiencies while maintaining exceptional resident service.

Revenue increased by 1.1% to EUR 43.1 million, while NRI margin improved by 10 basis points to 78.1%. EBITDA was broadly stable at EUR 27.3 million, notwithstanding the impact of some property disposals, and this is due to continued cost discipline across the business.

Financing costs reduced by 5.8% to EUR 11.5 million, supported by our hedging position and disciplined debt management. As a result, EPRA earnings increased by 5.3% to EUR 15.3 million and adjusted earnings increased by EUR 1 million or 6.2% to EUR 17 million.

On a per share basis, EPRA EPS increased by 5.8% to EUR 0.029. The interim dividend declared today is EUR 0.025 per share, representing an increase of 5.9% on half year 1, 2025.

The key drivers of this performance were organic rental growth, the early impact of the new rent regulations regime, achievement of effective full occupancy, collection rates above 99%, our ongoing asset recycling program and a well-hedged debt position with 85% of debt hedged to 2030. In short, the operating platform continues to convert strong operational performance into earnings growth and shareholder returns.

This is demonstrated by the delivery of total accounting return for the 6-month period of 6.8%, up from 2.8% in the prior period. Turning to the next slide on the balance sheet.

Here, our position remains strong and disciplined. The total property value increased by 2.4% to EUR 1.277 billion or 2.9% like-for-like growth, supported by organic rental growth and asset performance, partly offset by disposals.

Valuation yields remained stable with an EPRA net initial yield of 5.2% and equivalent yield at 6.1%. The I-RES portfolio remains approximately 20% under-rented, which provides long-term income upside as units turn over and new leases commence.

Our net loan-to-value ratio reduced to 42.6%, well within our target range. We have also extended the RCF facility by 12 months to March 2031, which preserves flexibility in the capital structure.

This balance sheet discipline is central to our strategy. It gives us the capacity to reinvest where opportunities are accretive while maintaining moderate gearing and protecting long-term shareholder value.

Turning to next to Slide 13, execution on our asset recycling strategy, which remains an important part of our overall capital allocation framework. This strategy is designed to optimize the portfolio mix, enhance location and sustainability credentials and fund future growth.

It also provides a clear mechanism for recycling capital from mature or lower strategic fit assets into opportunities that can generate higher long-term returns. During the first half of 2026, we disposed of 18 units, generating EUR 7.5 million of gross proceeds.

Since the program began, we have disposed of 125 units and generated EUR 42 million in proceeds, while achieving premiums in the period to book value of approximately 30%. These proceeds increased our reinvestment capacity and have also contributed to the reduction in loan-to-value.

At period end, we continue to hold 20 units were held for sale. Looking ahead, we continue to see increasing market and development activity and a more extensive pipeline of investment opportunities.

The 77-unit Naas forward purchase agreement demonstrates how we can redeploy capital into assets that support our strategy, improve the portfolio and drive shareholder value. Turning to Slide 14.

Sustainability remains a core element of I-RES strategy and is embedded across the way we operate the business. On this slide, you'll see a number of key metrics that we report on annually relating to our sustainability focused goals and commitments.

Today, what I'd like to draw your attention to in terms of the first half 2026 update is what we have achieved with our RCF facility. This was converted into a sustainability-linked loan or SLL in November of last year.

This now ties financing costs to independently verified sustainability performance indicators. Having just completed the first performance period of the SLL and achieving successfully all sustainability performance indicators, we were able to avail of a 5 basis point reduction in our margin cost to 1.95%.

We continue to make progress across our 3 sustainability pillars: operating responsibly, protecting the environment, and building communities. This progress demonstrates that we are continuing to run I-RES as a responsible business with a portfolio and platform designed to be sustainable over the long term.

I will now hand back to Eddie.

Thank you, Mari. I will now turn to the outlook section and begin by taking a look at some of the market fundamentals supporting the investment case for I-RES.

Ireland remains a highly compelling location for investment, supported by strong macroeconomic fundamentals, resilient employment and attractive yield dynamics. Employment remains close -- unemployment, I should say, remains close to all-time lows.

But more importantly, job growth remains robust with the country increasing the labor force by approximately 15% or 370,000 jobs in the past 5 years. This continues to support household formation and demand for professionally managed rental accommodation.

Inflation has risen more recently and remains somewhat elevated amid ongoing Middle East uncertainty. At the same time, Irish PRS yields remain attractive relative to many U.K.

and European markets. What's important to point out also is that prime Dublin PRS yields remain at a significant premium to Irish government bonds, particularly when compared to our European counterparts.

This matters because the investment case for Irish PRS is becoming clearer again. The sector has strong underlying demand, a more constructive regulatory framework and attractive relative yields.

We believe these factors are supportive of renewed liquidity and capital deployment into the sector over time. And on the next slide, market fundamentals remain exceptionally strong.

Our structural housing supply-demand imbalance remains one of the key features of the Irish market. Population growth is forecast to continue, while housing completions have not increased in proportion to that growth over the long term.

Although housing deliveries rose in 2025 and apartment output increased to 33% of total output, supply remains well below the level required to meet demand. As we are all aware, the government is targeting delivery of 300,000 homes between 2025 and 2030, building towards 60,000 homes per annum by 2030.

That target highlights the scale of the requirement in the market. For I-RES, this backdrop supports high occupancy, continued rental demand and the relevance of a scaled professionally managed platform.

The market fundamentals remain exceptionally strong, and the business is well placed to benefit from that demand over time. To conclude, I-RES is positioned to benefit from exceptionally strong demand, disciplined execution and a clear growth pathway.

Macroeconomic conditions are expected to continue driving a structural supply-demand imbalance in housing. The new rental regulations provide greater certainty and the early indicators of their impact are positive and in line or even slightly better than our expectations.

We have a good pipeline of potential accretive acquisitions to recycle capital and support growth. Many of these opportunities are directly generated by our own team, drawing on decades of combined experience.

The asset disposal program is expected to continue generating strong proceeds at significant premiums to book value. We expect LTV to remain within our 40% to 45% target range.

That means we can pursue growth by maintaining the balance sheet discipline that underpins our strategy. Overall, the first half demonstrates the strength of our platform and the resilience of our portfolio.

We have delivered earnings growth, strengthened shareholder returns, continue to recycle capital effectively and strengthen the business to operate efficiently as regulatory and market conditions improve. That concludes the presentation, and we will be now happy to take any questions.

Congratulations on a great set of results. I've got 3, if that's okay.

First one, just -- Eddie, you did make a reference to the higher level of volumes coming through the PRS market since the start of the year. I wondered if you could just give us a little bit of color on the latest transactions that you're seeing in the market, particularly with in relation to the yields that might be being asked for at this stage.

Second one then is on the NRI margin. I mean, look, it's an area where you've made exceptional progress considering that the disposal program and the rent caps.

And I just wonder with those 2 trends not creating as much pressure going forward, whether NRI margin becomes an area where the company can really materially improve in the medium term and what you think you can do on that front? And then finally, just on the turnover rate, look, I'm aware in danger carving up timelines too much.

But in the first kind of 7, 8 months of the year with the change in rent rates falling towards the beginning of that, does it feel like there's been any change in trend on those turnover rates from before versus after? Or is it very much like the reported level for H1 pretty much in line?

Yes. Thanks, Colin.

Okay. So I'll start with transactions piece.

So what -- as we said, the first half number of transactions have been greater than any first half since 2022 and greater than all of last year. So that's really, really positive.

I think the other positive factor about it is that a lot of the capital that we have seen, so a couple of transactions are for first-time participants in the market and people who have not been here before. And there are a couple of transactions still in the market that were launched earlier and those we believe have attracted very strong international capital.

And I mean, right now, so summer is always a quiet period, Colin, right? We don't expect anything to be launched or typically things don't close in the summer.

We are hearing of a number of transactions that will come to the market in September. And the only reason why transactions are coming to the market is because sellers believe there is liquidity and capital there.

Certainly, our experience is that there is a lot more liquidity in the market. So when capital is doing its due diligence in markets, it will come and talk to the main players in the market and get their experience.

And we certainly have more visitors in the last 6 months than we've probably seen in the last 4 years. So certainly, transactions there.

And I would say yields are fully supportive. So the ones that have traded are fully supportive of prime yields.

And we haven't really seen anything trade that is a heavily reversionary. So that will be very interesting when that happens.

And -- but I would say the direction of travel is certainly supportive of increased capital, which usually means over time, a bit of yield compression, but let's see. So does that answer the transactions question?

And I'll move to NRI margin. So in relation to the NRI margin, 10 basis points, and really the underlying performance is a little bit better than that, but there's one thing out of our control was an increase in local property tax, which was a 20 basis points hit on our margin.

Every homeowner in those locations has been hit with the same thing this year. So nothing unusual in that.

I think as you start to see the reversion being released through our portfolio, that will help improve our NRI margin over the next number of years. So I would expect to see the trend being upwards in the NRI margin, and we will continue to close -- very closely focus on our costs as we always do.

So I would like to think that we continue to see small but meaningful improvements in that as we go ahead. And finally, in relation to the turnover rate, we had -- I mean the turnover rate last year was 14%.

So 6% in the first half, 6% in the first half and 8% in the second half. We had guided that we would have expected to see the annual rate drop from the 14% because the rent rate we would have assumed less people will move, but we never expect it to go below 10%, which is what generally reflected the number of people moving out of our portfolio to buy homes or else move job either overseas or within Ireland.

What we've actually seen is no change in the number at all. So it hasn't gone down.

It's remained very constant. Probably too early to read anything into that, I would say, just at this stage, Colin, because it's a small sample set.

But the fact that there has been no change, maybe just leads us to the conclusion that there's more houses being built in Ireland, but typically it's first-time buyer. And there are, as we know.

So the first-time buyer market is just -- is holding up and people are using our portfolio to buy houses. That's what we would see in the underlying numbers.

So probably more like instead of 10%, probably more like 12% for the year, but it's very early and maybe a little bit higher, maybe it's just the same as last year. But it's too early for us to really have a handle on that, I would say.

I have 2, one on rental growth, one on CapEx. Maybe to start, could you please break down the 2.1% like-for-like growth into existing portfolio and the uplift in relettings?

And also a view what we can expect from these numbers in H2? That's the first one.

Yes. I mean we haven't provided that breakdown -- I should start with.

We haven't provided that breakdown between existing and units of turnover. And I think the like-for-like number is 2.1%.

That's what we have shown. So that's a number that we're pleased with, and partially driven by the reversion that we're releasing but also driven by the turnover number of 6%.

And so I think that's probably the number to focus on 2.1% like-for-like growth. I think that shows that we are -- that's up obviously from the previous year of 0.3%.

So that would give some indication in terms of the reversion that we're releasing to the portfolio, combined with the higher turnover than we had expected. And that's the rental growth.

So the 2.1%, if nothing changes, do you expect something similar in H2? Or is there something that we should be aware of for next year?

I think, again, it's very early days, Steven, right? We only have 4 months in the first half, but there's no reason to believe that we shouldn't see the same in the second half at this point in time.

Second. What can we expect from CapEx?

Yes. So on CapEx, you will see that we -- our spend in the first 6 months of the year was just over EUR 4 million, broadly consistent with the same period in 2025.

And we would anticipate that our full year number for this year will again be in line with last year. Obviously, we continue to invest in the underlying platform and obviously, driven by some sustainability-led spend.

Okay. Because I can expect with the change in rent regulation that maybe more CapEx into the units, especially when they become vacant, you can relet it.

It might be a good idea to put more CapEx in because you can achieve higher rents from it. Do you expect something like that, maybe then to happen in '27?

Can you provide some color on whether this could be material and what size?

We have already factored that into our '26 assumptions as well in terms of a higher level of CapEx per unit where units are going under turnover. But again, that's remained very much in line with our expectations, and we wouldn't expect it to have a material impact going forward.

Just 2, please, if I may. Firstly, the total accounting return increased quite considerably to almost 7% in H1 versus less than 3% this time last year.

Just wondering if you could talk us through some of the key moving parts that drove that increase, please? And then secondly, Eddie, I note in your comment in the press release this morning that you're actively considering further opportunities to reinvest.

We've seen evidence, obviously, with the apartments in Naas on that. But maybe could you just outline the scale of the opportunity you see in the market at the moment to continue to grow the portfolio?

Sure. Let Mari do the TAR and I'll do the opportunities.

So thanks, Denis. So the key driver of the TAR increase in the period is obviously a function of our EPRA NTA metric.

So closing 132.2 -- sorry, opening EUR 132.2 for the period and a closing EPRA NTA of EUR 138.6. So that was a change of EUR 6.4.

And then factoring in the addition of the dividend paid of EUR 2.5. So that generates a total return of EUR 8.93.

And then expressing that over our opening EPRA NTA translates down to a 6.8% TAR return, which is the highest TAR return for the organization in any period in a long number of years and compares to an equivalent metric of up 2.8% for the first half of last year. And if you look at our TAR for all of '25, it was 8%.

So we would regard this as one of the standout metrics of our first 6 months' performance.

Okay. I'll take the opportunities.

So look, the scale of the opportunity as we have been talking about, Denis, for the last number of years remains very significant. It's not getting any smaller.

I think we will continue as we recycle assets out of the portfolio. So the Naas transaction is exactly the kind of thing that we want to do from a bolt-on perspective.

So we are effectively selling assets at a below 4% yield and buying at a 5.2% yield or 5.25%. We are selling C&D rated units and buying A-rated units.

And typically, those C&D rated units are not in locations where we control the entire of the owner management company and we're recycling into ones where we do control. So overall, improving the quality of the portfolio and at better financial metrics makes perfect sense for us, and we will continue to do that.

So the 77 units that we bought probably use the capital that we had generated in the last 18 months. And we have a number of transactions that we are looking at broadly similar sizes.

And -- I would just -- I think you should just take that as a normal course of business, and we'll probably sell 50 units a year as a standard number and recycle that back in. It could be slightly lower, it could be slightly higher.

If it changes materially, we will let people know, but that's kind of the thing that you should think about. And in terms of larger strategic acquisitions, well, that really -- that's -- I guess the opportunity there is unchanged from what we have spoken about previously in that, there is -- we think 25,000 units in the Greater Dublin area, more maybe 30,000 units that are institutionally owned, but at least half of those are not owned by long-term holders.

And we have started to see those coming into the market and they have come into the market. That is what's happening in the first half volumes that you see, which is bigger than any other year since 2022 and greater than last year.

And we would expect to see some more in the second half of the year. Clearly, summertime, people don't bring sales to the market.

But I think come September from what we hear, there will be a couple more larger transactions brought to the market. And those are a sign of the strength of the market, and we will follow those very closely.

And if they're suitable to do a strategic partnership with, we would certainly be very interested in doing something like that. So we will follow them very closely, but there is definitely opportunities in the market.

Just following on from the last one and the last point. There's obviously quite a material opportunity out there, and I think you've got a great platform to build from.

Just wondered, are you considering and are you -- have you looked at bid on any more material transformational acquisition opportunities? And obviously, there's a question around funding and we can debate that another time, but just wonder whether that's something you're looking at.

And if you were to grow the asset base materially, what would we expect to be kind of an ideal EBIT/NOI margin that your platform could operate under? Obviously, you're subscale at the moment, and that's probably why your margins are not as strong as they could be.

Just wondering what could you manage in terms of number of assets under your platform? And what would that do for margins as well?

So sort of linking the 2 questions together.

Okay. So in terms of -- have we looked at transactions.

So we look at everything in the market, Paul, right? And whether it's something suitable for us to bid on or not, we look at it because of the market intelligence that it generates for us, right?

How is it keeping, how is it operating, all that sort of stuff. So all of that is very, very useful information.

So we will have looked at everything that's in the market and things that we believe are coming to the market. And we -- whether we would be in a position to buy one of those, that really depends on what the transaction is.

And we've spoken quite a bit in the past about strategic partnerships. And the partnership has to be something that's kind of transaction driven, I should say, it's opportunity driven.

So it was the right type of asset came to the market in terms of size. And size is really important because if something is too big, then it has the potential to overshadow our existing business, and I'm not sure our shareholders will be clear with that.

And then if it's too small as a part of the strategic partnership, it doesn't really have a significant impact on our financial metrics. So we need to have something, which is, a bit Goldilocks, as they say.

It has to be the right -- just the right size and then with the right partner. We haven't seen a transaction that fits that.

But will something happen in the second half of the year? Certainly some of the things that we believe may come would be very attractive.

So we will continue to do the bolt-on transactions, as I said. So the Naas of this world, we will continue to look at those.

There's no doubt about that. And in terms of our platform and how big could it get?

Well, I mean, we think we can certainly add 300, 400, 500 assets in our platform without materially increasing our operating costs. So depending on what yield that was purchased at, there would be a knock-on impact on our margins and operating margins and net margins.

I guess the other thing to think about in terms of our net margin is we say our portfolio is 20% reversionary, and we have a net margin today of 78%. The main reason why our net margin is where it is, is because of that reversion.

If we got that reversion back in the morning, which won't happen. But if we did, our net margin would be in the low 80%, 82%, 83%.

And so I guess that's kind of where you should think about the margin going over a period of time and potentially further enhanced by acquisitions. As I said, the number up to 500, we think we could take on without increasing our operating costs.

And then at the G&A line, that's far more leverageable because as a PLC, you only have one board and only one CFO and CEO, but whether it's 3,000 units or 10,000 units, that doesn't matter. So we will get to be able to -- we would be able to leverage our operating costs very, very significantly if the opportunities ability to fund it presented themselves.

So just following on to that. I mean, given what you're saying around the operating expense and the admin costs, not much movement in that for relatively material size transactions.

Have you considered looking at those not necessarily through a partnership? You could make those quite materially earnings accretive from -- if you were to fund something that would be quite transformational.

You get a lot more benefits around liquidity within the company from a shareholder perspective, part of the biggest issue we find is people say, "I'd love to own IRES. I just can't buy it because it's illiquid."

And obviously, equity issuing growth would go some way to alleviate that. So I just wondered if that's something that you considered and looked at, particularly given the share price performance has made things a little bit more palatable now?

Yes. Yes.

I mean, look, I mean, the first thing that I would say, as I said earlier, is we look at all opportunities for the business and any opportunities that can enhance shareholder returns that we can deliver on are of significant interest to us. I think the key point is anything that we would look at, the very first criteria for us is it needs to be earnings enhancing.

So it is the art of the possible to a certain extent, Paul, and that is our guiding principle. If something is earnings enhancing, we would like to find a way to participate in what we see as a great opportunity in the market, be that through strategic partnerships or otherwise.

And we have been very clear that there is a growth opportunity in the market. And we want to participate in the growth opportunity.

So it's a key part of our strategic plan. And whatever we do in terms of that growth needs to be enhancing, earnings enhancing for shareholders and provide shareholder growth.

There's probably not a whole lot more I can say to it than that, but it is a key factor that we look at all the time.

I think we've had a fairly extensive call. So I'm pretty happy to deal with that, if that's okay.

Thank you.

Thank you very much, everybody. Thanks for taking the time, and for listening in.

Look forward to seeing you on the road. Thank you.