Hey, good morning, everyone. Welcome to FLCT's first half '26 results analysts' briefing.

We trust you have received our announcement pack released this morning, which is also included in my email to you earlier. First off, a quick round of introductions to my colleagues in the room.

We have in the middle, Anthea, our CEO, and to her left, Hwa Keong, our CFO, and Jay to his side, Head of Portfolio Management. Last but not least, pleased to also introduce Justin, who joins us as Head of Investment.

As usual, we will kick off this briefing with a brief run-through of our results presentation, followed by a Q&A session. For questions, you can either use the raise hand function or send your queries to me via text or email, we will read it out.

At the same time, would appreciate if everyone can limit your questions to two to three per round, for everyone in the room to have opportunity to ask their questions. With that, I'm going to hand the time over to Anthea to kick off the presentation.

Over to you, Anthea.

Thank you, CK. Good morning, everyone.

Thank you for joining us today. Happy to present the key highlights for the first half of FY 2026.

Firstly, on distributions, our DPU for the first half of FY26 is 2.95 Singapore cents, with distributable income of $111.9 million. This translates to an annualized DPU yield of 6.6%, based on the closing unit price of 89.5 cents as at 31st of March, 2026.

The DPU of 2.95 cents includes a discretionary capital top-up of 0.13 cents, which is 73% lower than the 48 cents in the-- 40-- 0.48 cents in first half of 2025. In line with our earlier guidance, capital distribution for the first half period represents about 4.4% of first half FY26 DPU.

This is consistent with our intention to preserve that headroom for growth, whilst supporting near-term distribution stability. Distributable income before capital distribution increased due to increases in adjusted NPI, partially offset by 75% of first half 2026 management fees payable in units.

On the portfolio management front, we achieved a 96.1% occupancy rate, along with a 4.9-year WALE across our entire portfolio. L&I face rent reversions remained healthy, with a positive reversion of 9.8% on an incoming versus outgoing basis, or 26.2% on the average versus average basis for the six-month period between October to March 2026.

I shall now hand the time over to Hwa Keong, who will take us through the financials.

Thanks, Anthea. I will now walk you through the key drivers behind our financial performance in the first half of FY2026.

Our revenue and adjusted NPI saw an uplift this year primarily due to the positive rental reversions and annual increments from rent review of Australian and European L&I segments, full half-year contribution from 2 Tuas South Link. However, these gains were partly offset by divestment of 357 Collins Street in September 2025, higher vacancy at ATP and Farnborough Business Park, higher non-recoverable land taxes for Victoria and Queensland in Australia.

The next slides will cover our DPU performance over the past three financial periods. Happy to share that first half FY26 DPU before capital distribution saw an increase on both a sequential and year-on-year basis, which is underpinned by the positive rental reversions and annual increments from rent reviews from our Australian and European L&I segments, together with a stronger Aussie dollar against Sing dollar.

We now move on to our balance sheet on slide 9. The value of our investment properties increased by 1.6% to S$7.1 billion, largely attributable to forex gains from the stronger Aussie dollar, partially offset by the weaker euro and pound sterling against Sing dollar as at 31st March 2026 compared to the last year-end, and the capital expenditures incurred during the period.

Loan and borrowings decreased mainly due to the repayments of borrowings using divestment proceeds from 357 Collins Street. With that, the NAV per unit stands at S$1.12 as of 31st March 2026.

We now move on to capital management. As at 31st March 2026, FLCT total gross borrowings was around S$2.3 billion, with S$400 million of undrawn committed facilities, exceeding the debt obligations of S$242 million due in this financial year 2026.

Now we zoom in on our debt metrics. Gearing decreased by 1.1 percentage points to 33.7%, leaving us with a debt headroom of S$727 million before reaching the 40% gearing threshold.

For reference, pro forma leverage subsequent to the acquisitions of the Netherland properties announced recently would be 34.4%. We continue to maintain a well-spread debt maturity profile, with just 10% of the debts due for refinancing in this FY2026, and no single year accounting for more than 27% of the debt.

Our disciplined capital management approach has delivered a stable average cost of debt, with trailing 12-month and 3-month cost of borrowings at 3.2% and 3.1% respectively. Now we go through the distribution timetable.

Our DPU for the first half of FY2026 will be paid on 22nd of June, 2026. Now I hand the time to Jay, who will cover our portfolio highlights.

Thanks, Hwa Keong. Good morning, everyone.

For the first half of FY26, positive reversions in both L&I and commercial segments have led to an overall positive face rent reversion of 9.8% on an incoming versus outgoing basis, and 26.2% on an average versus average rent basis. Moving on to our occupancy review, our portfolio occupancy rate stood at 96.1% as at 31 March '26.

L&I occupancy remained robust at 99.8%, reflecting sustained high demand for logistics and industrial spaces. On the other hand, commercial occupancy adjusted slightly to 88.4% from 90-- sorry, from 89%, primarily driven by a non-renewal at Maxis Business Park.

Approximately 85.1% of our portfolio leases are embedded with CPI-linked indexation or fixed escalations. On to our top 10 tenants, who currently account for 25.7% of portfolio GRI, with the highest contributor at 4.1%.

Our tenant base is well diversified across resilient sectors. Moreover, six of our FLT-- FLCT's top 10 tenants have leases in multiple buildings with varying lease expiries.

In addition, eight of our top 10 tenants are from the logistics and industrial portfolio. We continue to have a well-diversified tenant composition, with healthy exposure to resilient sectors, with 70.2% of GRI contribution from our L&I tenants, the highest weighting in 3PL, transport, and freight sectors.

Approximately 89.2% of GRI is contributed by government-linked, core, and resilient industries, as well as the attractive new economy sectors. I'll now hand the time back to Anthea for the rest of the presentation.

Thanks, Jay. We are pleased to have announced the DPU accretive acquisition of a prime logistics facility in Hapert, the Netherlands in April, subsequent to the quarter end.

The facility is strategically located near the A67 motorway, which grants access to major cities such as Eindhoven, Venlo, and Antwerp. The asset is only 20 minutes drive away from Eindhoven Airport.

The newly completed asset is fully leased to DSV, a global transport and logistics group, with a long WALE of 9.5 years and yearly rental escalation linked to CPI. The acquisition complements FLCT's logistics and industrial portfolio, is well aligned with our strategic objective of growing our portfolio of high quality logistics and industrial properties.

Turning to our ESG highlights, pleased to update that we continue to make positive strides towards our ESG commitments. As at 31st of March, the total solar capacity from the FLCT portfolio is at 19.9 megawatts, whilst over 90% of our portfolio by GFA is either green certified or pursuing green certification.

In closing, let me briefly touch on the key trends shaping our operating environment, and how FLCT is responding strategically. On the demand side, companies are prioritizing best-in-class assets in established locations as they optimize and diversify their supply chains.

Similarly, population growth and e-commerce adoption continue to underpin sustained demand for logistics. Supply chain resilient trends, higher inventory levels, digital adoption are also driving demand for modern warehouses, with logistics providers focusing on streamlining supply chain networks, and at the same time, the Middle East tensions are reshaping trade routes.

Grid constraints are tightening site selection and compressing new supply, which works in favor of existing assets. Lastly, cost pressures from energy prices, geopolitical shocks, interest rates policies, and forex volatility will continue to affect the operating environment.

Importantly, the same dynamics are also creating opportunities, particularly as supply chain realignment opened doors to attract customers across diverse geographies and industries. Against this backdrop, occupier decision-making is expected to remain cautious in the near term, particularly in Australia, where domestic capacity constraints and rising energy and transport costs are compounding the softer macro outlook.

In Europe, demand is improving, and the market is being stabilized by a shrinking development pipeline rather than a demand-led boom. Vacancy across our key European markets is expected to peak by 2026.

We are also mindful that valuations may face some pressure as bond yields remain elevated. That said, we are not seeing these headwinds as uniformly negative.

The market is transitioning to a more balanced and sustained phase, away from the scarcity-driven dynamics of recent years towards a quality-driven environment, where prime, well-located assets continue to outperform, and performance is shifting from scarcity to quality. Secondary stock is where the greater pressure is being felt.

FLCT's portfolio is deliberately positioned on the right side of that divide. Our response is deliberate.

We stay focused on best-in-class assets, maintain a diversified portfolio across developed markets, and actively seek opportunities arising from market dislocation, supported by a strong portfolio. We are well-positioned as enter the second half of the financial year.

We'll now open the floor to questions, and I'll hand the time over back to CK to moderate the Q&A session. Thank you.