Good morning, ladies and gentlemen. We're glad to have you here with us for our briefing on the half-year results ended June 2026 for Olam Group.

To those who have dialed into our live webcast, a warm welcome. I'm Hung Hung from Olam Group Investor Relations.

Today, I'm very pleased to be speaking here alongside Olam's new C-suite. To my right, A.

Shekhar, a familiar face and a veteran. He's CEO of ofi, or olam food ingredients, a food and ingredients solutions company born out of Olam Group following our reorganization in 2020.

Prior to that, he was the Executive Director of Olam International, as we were known from the time we were public listed in 2005 and became Group COO until 2022. He was recently reappointed as Executive Director of Olam Group in April this year.

To his right is K. Venkat, who was appointed in April this year as the Group CFO to oversee the overall financial strategy and management functions, including accounting, treasury, tax, compliance, and investor relations for the Group.

Venkat has been with Olam Group since 2006 as part of the Strategic Investments team and became its Global Head in 2017. He has played a catalytic role in the Group's transformation in both our inorganic growth and divestments, including notably the divestment of Mindsprint to Wipro in March this year.

Last but not least is Gautam Wadhwa, who joined Olam Group in April this year as CEO of OGH, Olam Global Holdco. Gautam is a senior transformation and value creation leader with over two decades of experience in leading complex change mandates, working across multiple ownership models and geographies to stabilize, transform, and reposition the businesses for long-term growth and exit.

Let me call your attention to this cautionary note on forward-looking statements here on this slide, and you can read this on your own on your mobile device if you scan the QR code that is given to you, or when you download the presentation on the webcast. We will deliver the results briefing slightly differently from before.

Shekhar, as Executive Director of the Group, will lead with the key highlights for the first half and then move on to the results of ofi. As CEO of ofi, he will be providing more color about ofi as well as the context for reading the results.

Thereafter, Gautam will present OGH and its half-year results. Venkat, as Group CFO, will then discuss the consolidated results of the whole Group before Shekhar comes back with the key takeaways for this briefing.

I appreciate your attention, and I will now hand over to Shekhar.

Thank you, Hung Hung, and good morning to all of you. Great to be back in Singapore in the National Day week as well as back with all of you.

It's a half-year results briefing, but it's quite an important milestone for the company on multiple fronts. One is the obvious changes that Hung Hung alluded to.

We are missing Sunny and Muthu, who have been long-term partners to both Hung Hung and me on this table. We wish them luck.

They've built a great legacy and a future that they're leaving behind for the Group. They have a new job to do, and they're on their way, well on their way, and send their regards.

Even more important, to welcome both KV and Gautam, who will be helping us along with the teams in ofi and OGH to shape the future, which is again quite different, but very interesting and exciting. Therefore we are pleased that this half-year is in a way signals the transition of the new Olam Group, if I can call it that, although there is a lot of the transitions still underway and needs to be completed.

The important milestones that we will be discussing, which all of you have probably heard about and it's been disclosed, the two important transactions that got completed in this half-yearly period was, one, the tranche one of the Olam Agri sale and the complete divestment of Mindsprint, which was our IT and business services center to Wipro. Both these are important parts of the reorganization plan and have significantly strengthened the Group balance sheet, provided us significant financial flexibility, which is even more critical in these times and certainly for the continuing businesses, and then also clearly demonstrate our ability to unlock value for our shareholders and indeed all our stakeholders.

I think these two transactions are two transactions that we had planned for, taken more time than we anticipated, but signal a very important set of balance sheet strengthening, financial flexibility, and providing the capacity to unlock value that we still need to do and more to come. The second part that is important for this half-yearly period to highlight is that we will now have what we are calling as continuing businesses, but these are the businesses which will drive Olam Group forward.

Obviously you heard me talk about ofi, and I will be talking about ofi. The actions that have been taken will enable ofi to pursue its full, independent future and invest for that future.

Therefore when we talk you through the half-yearly results, you'll see the trajectory over the last 3, 4 years, which has had a lot of noise as we know and which we have discussed before. It's also got a lot of things going, and the trajectory of travel also demonstrated partially in H1 will show that direction of travel, which provides a view of the future of the continuing businesses, which is ofi, which is a fairly significant part of that future.

Similarly, we have now completed either the exits or winding down of three of the assets in OGH. Therefore there is strong demonstrated proof of unlocking value and or taking exit options, which we have demonstrated again.

There's again more to do, and when Gautam talks through the plan, we believe that we are well on our way to ensure a responsible divestment of those assets, but being able to do so with a significantly deleveraged balance sheet and more financial flexibility than before. That's an important thing because otherwise that was a big drag on the Group's earnings.

Therefore these two transactions not only enable the continuing businesses, both ofi as well as OGH, to carve out the next phase of our evolution. The last, in my mind probably the most important message I want to leave, the Group is now simpler, less complex, far more focused, and significantly stronger financially.

I think that is what is the message I hope partially you'll see in the H1 results, but more to come in the full-year results as we restructure the continuing businesses and then more likely in '27 and '20 when you'll see the full impact of all these changes, which will happen through the rest of the year, it won't all happen within the year, but the impact will be visible in 20 rest of '26 as well as in '27. That's the preamble, because it's a new reset, I thought it'll be useful to kind of set that preamble.

What does all this mean? It means in terms of highlights three three things.

The first, the two transactions that we talked about have created in this half-year a $1.75 billion gain, $1.35 billion round numbers from the Olam Agri tranche one transaction and the Mindsprint transaction, which is roughly $400 million. That's a fairly significant one-off gain.

It is one-off, therefore I want to reiterate that, but it's very important in what it does to strengthen the Group balance sheet and positions the continuing businesses for the way forward. In the continuing businesses, there is modest profit for the half-year, and we will be stripping out both the continuing and the discontinuing impact in this half-year because that will be both put together.

They're again when you see the results of ofi and OGH separately, you'll know that there is a trajectory there which we are quite happy with and pleased with, and it signals the direction for the future. Important things, especially for the bankers in the room who have supported us through some very, very tough commodity price environment in the last couple of years, and you'll see that the impact of this one-off gain reduces our gearing fairly significantly, more than halves our gearing to below one time probably for the first time in many years.

Therefore it's a extremely important sign of strength, which positions the Group for the way forward. The last part, the board has had a lot of deliberations on how do we prudently manage the balance sheet, giving the financial flexibility for the continuing businesses that still need work to do, deleveraging the balance sheet, and also sharing the value with the shareholders.

A mix of the above, we are pleased to announce an interim dividend of 1 cent and a special dividend of 6 cents. Again, with the commitment that the Group has made that as we progressively divest the other assets, we will be releasing this after keeping in mind the financial requirements and the financial flexibility for the continuing businesses.

That is the financial impact of what's happened in a very high-level summary. I'd like to now move on to the operating group results, and I'll be presenting the ofi results.

Again, here while I've said some parts of this before in previous briefings ever since ofi was created, but just thought this will be a useful time, since a significant part of the future is going to be on ofi, no pressure to myself or the ofi team, but it is important for us to understand where we're coming from and where we're going. I think that is the reason, and therefore before coming to the half-yearly results, which will show some part of this trajectory, you'll know where it sets within the trajectory of what we have been doing over the last years.

A familiar slide: when we set it up, we had five global businesses strongly integrated with a strong global sourcing network, and building on in terms of value-added things, both single ingredients as well as solutions, sustainability at our core still remains at our core, significant pillar, a strong purpose of being the change for good food and a healthy future. That journey which started 5 years ago continues, and if anything the synergistic benefits of integrating these businesses are even more apparent to us, and we want to drive that even more at scale going forward.

After having set up, what's happened to the world, from the Ukraine war in '22, the energy crisis that followed, the inflationary environment across the world, high interest rates which particularly impacts the business with our balance sheet structure, and then the last 2 years of absolutely unprecedented prices in cocoa and coffee simultaneously, which are two of our largest businesses. All of that was a backdrop in which we were implementing the strategy post our incorporation.

While all this is not to be defensive, I want to probably say now we are clear that the world is not going to get better, which is not to say that is gloom and doom, but it is to say that this is the new normal. This impact of geopolitics, trade barriers off and on, enhanced volatility, interest rate and environment being uncertain, high inflation, climate change, all that is real, is facing us every day, and these all play to our strengths.

It plays to our business model. We have had obviously both positive and negative impact in the last 3, 4 years as we've contended with all of this together, but we've learned.

We've learned and built playbooks that we feel quite confident and are helping us out. In '22 and '23, we were probably a bit reactive.

There were a lot of things we had done, a lot of investments we had made, and we had to react to all these changes on the fly. In '24 and '25, when we were hit with even more unprecedented times in commodity, we have handled that well.

It has impacted our invested capital, returns have always moved at a lag, but we have also learned from that, and you'll see now when prices are readjusting, we are maintaining our earnings as we are reducing our capital deployed and therefore enhancing returns, improving cash flows, etc. We are showing through the cycles, if anything.

For me this graph was more to tell you that you have to look at this business not in a half-yearly terms or yearly terms or in one. Over this 5 years, despite the up and down cycles, what we feel quite pleased about is that this is the delivery of the business.

It has had its ups and downs. Clearly EBIT in 20 we grew EBIT by 12.5%, capital grew at slightly below, but in between returns were dramatically impacted because EBIT was not growing fast enough to cope with the invested capital increase because prices increase were immediate, interest rate increases were immediate, and we are sold forward to our customer, there is always a lag.

We've started showing that in '25, and you'll see that even more pronounced in '26 first half, that as the reverse happens, we have equally been able to maintain the lag in our favor in terms of holding on to our earnings with a dramatic reduction in both invested capital and therefore obviously interest and net returns. I think it's important to see this business in the light of what we have in terms of capabilities, network, customer access, pricing power, and the ability and the resilience and the agility to manage through these cycles.

That's an important message I want to leave you with, not to kind of really look at it in history. What is more important is that this is going to be significantly important for our future because that's what the world needs and the world needs even more, considering the kind of outlook that I think most of us recognize is real for the world going forward.

What do we do has not dramatically changed, but we had started doing that bigger, better. We're not doing new things, but what we are doing, we are doing better, doing it with more technology, with better processes, with far more expertise on the ground.

The global sourcing still remains the core for all our portfolio, but on top of the global sourcing, now we have very significant single ingredient portfolio and a product mix, whether it's in cocoa, cocoa powder, butter, liquor, or in soluble coffee and ingredients, or in nuts and nuts ingredients, spice and spice ingredients, dairy and dairy ingredients. We've been investing steadily both organic and inorganic to really build a very strong over 120 manufacturing facilities.

I call this because when we present our results, it's always been and will remain as global sourcing and ingredient solutions. We have the global sourcing business, which provides the base for the single ingredients as well as the solutions, which are now significantly bigger in the last 4, 5 years as we've built the private label business, we've invested a lot.

Initially we were building those businesses and we took the impact of the investment, but the businesses were building. Now we are in the phase where that is already delivering and will deliver even more.

The solutions part of the business is still small. The channel solution, which is the private label specifically and the QSR, is beginning to grow and becoming far more substantial.

Therefore when we look at our business in the ingredients solutions segment, it is both the single ingredients as well as the solutions, and that combination is growing, and those are obviously higher-return businesses. As we build the product mix and deeper access, that will grow and it is showing, but it'll show even more going forward.

This combination of the business is again just to reiterate what we started ofi with. We've stayed true to the course.

Net of everything that's happened, we've stayed true to that strategy, and that strategy is working, and that strategy is deepening, and we are integrating this across all our product portfolio. Now really look at our business as source, process, deliver the raw material where that's required in a sustainable, traceable way, the single ingredient when that is required with the right innovation and application development, and the category solution as it's required in whatever parts of the business.

That's kind of the business portfolio. Obviously we do it across in terms of we are now also far closer to the consumption, different from the ofi or Olam of the past.

We are now really very strong players not in cocoa, coffee, nuts, spices, dairy, but in bakery, beverages, chocolate, confectionery, dairy desserts, and therefore it's the end-use consumption that we are focused on, the customers and what we can offer in terms of choices for the customers. That's really the focus, and it's across a deep and diversified customer base, which has again changed quite I would say 5 years ago or more, we would have had 95%, 98%, maybe even 99% with the large CPGs.

Now the large CPGs are still important and growing, but we have a strong base of the private label retailers, strong base with the QSRs, and growing base with the QSRs, and a lot of the small-medium customers in markets who are very valuable in terms of margin and product mix. That customer base, which was very strong, is changing, and it's changing towards the new mix that ofi is building, and that's again a very important part of understanding getting closer to the customers, getting closer to the consumption categories, and providing some real seen as a supplier of choices, sustainable choices across this scope of customers.

Obviously we do that around the world, and we kind of say this cheekily, we are around the world, but also around the corner. That's an important thing.

There is global diversification, which is becoming even more important with the kind of supply disruptions we are having. Having alternatives around the world is very critical.

Also being present around the corner, whether it's for our suppliers or farmers, or for our customers, is also equally important. Being able to deliver that integrated capacity to the farmer in way of price discovery and what we can offer them, and to the customer by way of integrating backwards, that combination is very critical.

We've built on this, it was there physically, we're now building on this digitally, therefore we are trying to do this at scale with better use of people, process, and technology. Now, these things take time, but we're doing this very deliberately.

We're not trying to do new things, but doing things differently in areas that matter, and that's been the focus for ofi, will remain the focus for ofi. That's kind of the message I want to leave you with.

It's been volatile, and it's not going to change. The consumer's behavior is changing.

Health and wellness trends, sustainability trends, convenience trends, they remain, but there's also consumer seeking value. With what's happening across the world, price and value, or more than price, value is being sought.

Therefore one part of our private label thrust is also that we can cover the range of values for the range of consumers that are there. Climate sustainability is even more important.

Sustainability was always important. With the climate change and everything else, we need to deliver our impact in our parts of the value chain and offer choices for change for the customers.

We have to use technology and AI. I am not a great believer, and let me be very clear, AI is for real, but we're not chasing the AI train.

We are trying to retool, reskill our people, put the right process in place, and then use appropriate technology, whether it's AI or digital or whatever you want to call it, doesn't really matter. It's the appropriate use of people, process, and putting the right technology on top.

It is not a technology game. It is business value driving that imperative.

That's been ofi's approach. We have simplified the business, simplified our structure, focused on cost leadership, and then hoping that what we have done in the last 4 years will reflect not only in the half-yearly results, but also in the foundation where we want to really show accelerated growth going forward.

It segues into the H1 results, and just a snapshot without repeating anything, H1 has been no different than the last 4 years. We have a new war, which nobody anticipated, starting on February 28th.

I say this with a smile, but obviously a tragic situation for the world, which means that at the start of the year we're looking at interest rates going south, but again now likely to remain higher for longer, who knows. Energy, inflation repriced again across the globe, everything that it hits from fertilizer to logistics to everything else.

Cocoa, coffee prices corrected, but again with a strong El Niño looking now probably a strongest El Niño on record coming up, again prices are up and likely to stay volatile. Then there is all changes in regulations and EUDR, which impact some of our businesses.

What I mentioned, nothing has changed. There are different dynamics, but through this, we have stayed focused on ensuring that we can retain our earnings, we can improve our capital productivity, improve capital allocation, and also an important element of managing risk and recovering cost of not only capital deployed, but risk-adjusted earnings, because these are elevated risk levels, not just elevated capital levels, we need to recover.

That's what we feel that we are able to do with our customer access through these cycles. What does it mean?

In terms of our half-yearly results, just focusing on that, three or maybe four points I want to highlight on the slide. One, earnings at the EBIT level in Singapore dollar terms are down 5%, but I would treat that as down with commodity prices falling significantly lower, invested capital falling significantly lower, this is to be seen as retaining our earnings while dropping our capital deployed.

While headline is -5%, the second aspect of that is we are a US dollar company and always have been. When you look at this, this is also because of the Singapore dollar-US dollar change.

On a US dollar basis, this roughly about a 2% drop in earnings compared to the 5% that you're seeing at the top level. We are quite pleased with this, with the kind of reduction in prices and the reduction in capital deployed.

Direction of travel could have, but we are pleased to retain earnings at these levels, retain the EBIT per ton also within the two segments, and also ensuring that the mix towards ingredient solution continues to be retained. During this process, we have not kind of changed that.

The focus on the product mix and margin mix remains the same. We feel quite pleased with that part of the equation.

On the other side, strong of course aided by prices, it was when the prices were going up, obviously this was going the other way, but with the price reduction, but also very strong capital allocation, allocating capital to margins that matter, customers that matter, has been a very part of the playbook now. That's meant that while we had a 5% reduction in EBIT, compared to a 19% reduction in invested capital.

Automatically you'll see that impact in cash flow generation in returns. While this half-yearly, we'll be looking at the annualized returns at the end of the year, but it will be fairly obvious that the returns would be improving and net earnings would be improving, with interest rates remaining at this point in time stable, but on a lower capital deployed, that direction of travel in terms of EBIT to PBT conversion should be quite clear.

Those are the messages that you should take from this, not just the absolute numbers, which are what they are, but the direction of travel in terms of maintaining EBIT with a strong reduction in invested capital, signaling improved earnings, improved net earnings, returns, and cash flow. Just a quick look at the Global Sourcing segment.

This has remained resilient, and this is the point that I've made many times in the past. This is the bedrock, this is the foundation on top of which we're building an ingredient solutions business.

Over these cycles, we saw this when the markets were going up, we saw this when the markets are coming down. The green coffee business or the cocoa bean origination or the cashew origination or the pepper origination or the dairy origination, these are parts of the businesses that have had to contend even in this half fairly significant both ups and downs in the market.

Any of you tracking the cocoa or coffee or dairy markets know that they've gone both up and down fairly significant, not by ordinary ranges. The Global Sourcing business has navigated that, there is risk management trading and ensuring that the customer access that we've been able to grow EBIT while we have dropped capital by almost $1.7 billion, because the biggest working capital is invested in this part of the business.

Again, quite a positive story from our side, reiterating the business model going forward. A lot of the business and the standout performers this year have been green coffee as well as the cocoa continuing to do that.

Quite pleased with the results of this segment. On the Ingredients & Solutions side, which is like I said is a lot of the single ingredients in coffee, dairy, nuts, spices, etc., but also the private label business, which is especially in North America and Europe, where the investments were made in the last few years, has really grown.

That's something which is very pleasing. Overall again here there is a bit more sharper fall in EBIT, but again lower than the fall in invested capital.

Again we feel quite comfortable that based on the timing differences and the product mix differences for the first half, overall we feel quite confident that this business or this segment or the businesses in this segment are all headed in the right direction. There are some turnaround areas that we had signaled in the past, North America spices, for instance, or the dairy in New Zealand, which is in the process of commissioning our second line right now.

Those are still gestating, the investments are here, but the full value of those investments are not there. This is a segment where a lot of the investments have happened in the last 3, 4 years, probably not so much in the Global Sourcing, which has been mostly working-capital-led.

The full value of these investments in this segment are yet to fully play out, but that will be again a part of the growth of the segment going forward. Overall that's the story.

Sorry for the long spiel, and now I'll be handing over to Gautam and come back again, but this is the message I want to leave you with for ofi. We are showing tremendous resilience on the back of the last 4 years, even in this half, managing the volatility, growing our earnings or maintaining our earnings while improving our returns and reducing our capital deployed.

That's I think a very important message. We'll remain committed to doing what we're doing strategically with the capital discipline that's risk discipline, trading discipline that we have built into our model, and that will remain.

I should have mentioned in the Global Sourcing, as we have some farming assets and materially in almonds, but also in coffee, cocoa, and spices. We are reviewing those because the kind of volatility in the farming assets, especially under the climate change, etc., is very high, and the variability on yield as well as price causes variability in the business.

Therefore that's something that we are reviewing. That's again part of the capital discipline and capital allocation process.

Net of all this, we feel quite comfortable in maintaining our mid-term guidance of the focus is not on volume, we are looking at low single-digit to mid single-digit volume growth, but a medium to high single-digit EBIT growth, signaling the direction of travel, but also want to signal that the direction of travel on the returns, which were impacted because the working capital and price increases of the last couple of years, that is also something which is the focus, and we hope to improve that quite substantively in this year and thereafter. With that, I'll hand over to Gautam and be back at the end to take questions.

Thank you, Shekhar, and good morning to all of you. Before I jump into the H1 results, I thought it'll be good for all of us to, align on what does what is OGH really.

OGH, or Olam Global Holdco, is the holding company for all the non-core businesses of the Olam Group with the sole objective of responsi- responsibly divesting them over time. That's really the mandate with which I have taken over as the CEO of OGH.

Now, within OGH, we have four key assets which are continuing with us. The first one is OPG, or Olam Palm Gabon.

This is a palm plantation in Gabon with about 63,000 hectares, of which 50,000 hectares are operational. Then we have Olam Rubber Gabon, which again is a rubber plantation in Gabon with about 11,000 hectares operational.

Both of these assets are a 60/40 with the government of Gabon. The third big asset we have is Rusmolco.

This is a dairy business in Russia, and we own 100% of this. Then we have Caraway, which is a FMCG business, primarily in Nigeria and Ghana.

We own 75% of this. 25% is with Sanyo, which as you know is a Japanese conglomerate.

Apart from this, we do have certain smaller assets. We have a ports and logistics business, which is Arise P&L, that you will see on the right, which has two ports in Gabon, one in Ivory Coast.

We have MTI, which is a logistics business again in Ivory Coast, and a couple of other smaller businesses. The focus is going to be on these four large assets going forward.

As Shekhar mentioned, some exits have already happened from this portfolio, Mindsprint being the latest one and a big one. Apart from that, we've also exited Deva and Telescop.

Deva was a shutdown, whereas Telescop was a million-dollar exit. Arise P&L, this is something that's been spoken about before as well.

This is a transaction which has been signed, but not closed yet. That's really what the OGH portfolio looks like and what we'll be focusing on.

Moving on to the H1 results, if I start with the left side, it looks like a massive drop from $156 million to -$55 million. However, I just want to call out that in the $156 million that you see for H1 2025, there's $187 million of FX gains.

If I strip that out, in H1 2025 we would be at -$31 million. The drop this year has in H1 has been from -$31 million to -$55 million, which is about $24 million.

This is largely on account of OPG, ORG, and Rusmolco. In ORG's case, it is just a mark-to-market losses, which will reverse during the course of the year, nothing to worry.

In OPG, our export sales have been lower than expected. In Rusmolco, while the operations are good, the volumes are growing, it's primarily because of the milk price.

The milk price this year has been far lower than what it was last year, from the mid-40s we are right now we're trending at about mid-30s. That's really the reason why we see that drop of $24 million on the EBIT side.

If I come to invested capital, it looks again once again it looks like a jump of about $272 million. A large part of this is on account of the fair valuation of the put and call option for the remaining 18% stake of Olam Agri.

It is not really linked to the OGH businesses that we I spoke about. If I exclude that, the actual increase is only about $35 million, which is roughly a percent or a little over a percent.

This also, if I strip out this if I just take this $35 million and split it, a large part of it comes from Mindsprint. Mindsprint used to have a negative working capital, which has now been reversed, we don't get that benefit.

A small part of it is because of an inventory build-up in OPG, because as I mentioned, the export sales were lower than expected, there's been some inventory build-up. Really on the invested capital, if I exclude the Olam Agri piece, it's largely where it is.

Going forward, unlike Shekhar, I don't have a detailed strategy. I think because my plan is very clear.

The mandate my mandate is to responsibly divest all of these assets over time and unlock value for the shareholders. While we do that, we will continue working on the value creation plans for these assets, focusing on the four key ones that I described earlier.

That's really from me. I'll hand over now to Venkat to take you through the Group results.

Thank you, Gautam. Good morning, all of you.

I'm pleased to be amongst you today to discuss the Olam Group's first half 2026 performance highlights. I will, in the next few slides, take you through first the performance of the continuing businesses in line with the strategic theme that we've set for the results briefing where the focus internally is going to be clearly on ofi and OGH, which are essentially the continuing businesses.

Going forward, when we discuss the Group performance, once again we're going to align with that internal focus and start talking more and more about the continuing businesses and the progress that we're making in those businesses. I will start with a summary of how the first half panned versus the last year's first half.

Volumes at 2 million were down about 10% from last year. Last year was 2.2 million, and we're only talking about ofi and OGH here.

Volumes being down 10% primarily attributable to OGH, and we will look through the details in the next few slides. When you look at revenues, clearly revenues are down by far more, from S$15.3 billion in the first half of 2025 to S$12.5 billion.

This clearly reflects the softening trend that we've seen in cocoa and coffee prices, which Shekhar had described to you when he took you through the ofi performance. While we've seen the cocoa and coffee prices come off their lows, they're still meaningfully below or well below the highs that we had seen in late 2024, early 2025.

That clearly therefore reflects in all of the other parameters which we discussed, primarily in terms of the balance sheet as well as the returns. When we look then at the PATMI numbers, reported PATMI, which is S$55.6 million, and operational PATMI, which is at S$64.4 million.

You would see numbers which are negative 66.1% from a comparison standpoint, and negative 61.5% from a comparison standpoint, but I would like to just mention that they are markedly better when we adjust for the one-off forex gains that we had in the first half of 2025. We will go through the numbers when I take you through the PATMI and operational PATMI numbers in detail in the next few slides.

EBIT is a very similar picture. While you see the reported EBIT being 34.2% lower, once we adjust for the one-off FX gains that we had in first half of 2025, the EBIT numbers will be lower by 10% versus the 34.2% that you see here.

Essentially, when we look at either operational performance, which is EBIT, or if you look at the bottom line, which is PATMI, be it reported PATMI or operational PATMI, when we look at recurring items, clearly first half of 2026 for the continuing BUs is better than the first half of 2025. In terms of free cash flow to equity and gearing, clearly as Shekhar mentioned in the highlights, they are significantly better and they have a common set of factors which drive them.

One, related to the reorganization, which is the sale of Olam Agri and Mindsprint, and what they bring to the table is cash, they bring gains, and along with that, the base equity they were carrying. When you combine that, there is a double benefit that we have: the debt reduces, the numerator goes down, the equity is also bolstered, which is what you see in the strengthened balance sheet and a lower debt profile.

Clearly, if it was only the reorg update, we still would have been happy, but we are happier now given what's happened on the operational front, which is really looking forward and saying ofi particularly, we have seen a very significant reduction in working capital, and that has further contributed to the better FCFE and gearing that we see in the first half of 2026 versus first half of 2025. These parameters we'll look at in more detail in the next few slides.

We'll start with sales volumes. As I mentioned, they're down 10% to 2 million tons from 2.2 million tons in the first half of last year.

As you can see, ofi is a marginal drop, while a bulk of this is being driven by OGH, and primarily within OGH, it is Jiva which is driving the drop in volumes. Jiva was part of Nupo Ventures.

Most of you are familiar with our journey, would recollect that it was part of Nupo Ventures. We closed Jiva in the second half of 2025, therefore it still appears in the first half 2025 numbers and it is not part of the first half 2026 numbers.

That's clearly a digital farmer services platform where we used to procure from farmers and therefore there's a lot of bulk volumes that it used to accrue to OGH, which is no longer available to OGH. That's the reason why the drop in OGH is about 178,000 tons.

Moving on, when we look at the core operating profit, or EBIT, the reported numbers are lower by 34.2% from the comparable period last year. Clearly, the one that we would focus on are the recurring items, which is ofi, which is down by $26 million, and OGH, which is down by $24 million.

The drop in ofi, as again Shekhar mentioned, I would like to highlight, we believe that a drop of $26 million has to be looked in conjunction with the significant reduction in invested capital that we've seen in ofi, which essentially means that the margins are better, the returns are better in ofi. We do expect as prices come off that significantly and invested capital goes down that significantly, there will be some drop in operating profit, but as long as we ensure that the returns and margins are better and we have expanded margins and expanded returns, that is the right direction for us.

That's really what we're focusing on in ofi. In the case of OGH, there's a marginal $24 million drop, and Gautam has taken you through that.

The OGH non-recurring item essentially is the one-off forex gains that we had in the first half of 2025. Essentially, if we strip out the one-off, non-recurring gain that we had in the first half of 2025, it would be a $50 million drop that we see and roughly about 10% versus the 34.2% drop that we see in the reported EBIT.

I think the focus for us again, I would like to repeat, is on continuing BUs and within continuing BUs the recurring businesses, right, which is ofi and within OGH the recurring parts of OGH. Moving on from the operational profit level to the bottom line, operational PATMI is positive $64.4 million.

Last year, the reported operational PATMI was $167 million, and essentially the primary driver for this is the non-recurring element from OGH, which is the $187 million forex gain. If we start focusing on the EBIT recurring, which is down by 50, and then we focus on what's happened to net finance costs, for example, which is the representative of the drop in invested capital in this bridge, there is a drop in EBIT, but that is more than offset by the reduction in finance costs, and therefore the kind of bump-up you have when you convert the operating profit to your bottom line.

That's again another parameter that more and more focus will be given to within the Olam Group. We want better operational profit, we want growth in operational profit.

At the same time, we want to be clearly focused on bringing that operational profit down to the bottom line and have a better conversion ratio. This is the first half that we are seeing that being delivered.

Obviously, cocoa, coffee prices being down has helped in that, and the proof of the pudding is in the numbers that we are seeing here of a -50 and a +136. The PATMI from continuing operations, reported 164 last year in the first half versus 56 this year.

It is a similar comparison. The comparison, if we strip off the $187 million of non-recurring, will be a positive or an increase of S$79 million.

Again, the focus is continuing BUs and recurring results. We now move on to bringing it all together.

When I say that, I mean we've focused on the continuing businesses, we've understood the performance, we've brought it together from a Group perspective. Clearly the reorganization is also an important part of what will affect our financial statements in the future, and it has been a big part of what the financial results for the first half 2026 reflect.

Therefore we will start with a quick summary of what's happened in the first half of 2026. These are highlights which Shekhar had taken you through as well, but this will be more in the context of how it affects or impacts the presentation of our financial statements.

Olam Agri, as we know, we have completed the sale of 44.58%, but we still hold 18.2%. What it means is in terms of financial results, we have a gain and that gain moves into discontinued, and we also have a retained stake of 18.2%, which is now classified as held for sale.

That is Olam Agri in a nutshell in terms of how it appears in our financial results. Mindsprint, the other thing I have to mention about Olam Agri is also the first 4 months of 2026 has been consolidated into our P&L because the sale of Olam Agri happened towards the end of April 2026.

Three elements: consolidation of 4 months of P&L, there is a significant gain that's come through from the transaction, and lastly, there is a 18.2% stake that we hold, which effectively is classified as held for sale. These are the three elements that Olam Agri will bring into our financial results.

Mindsprint, we have sold 100% interest to Wipro. Mindsprint was sold in mid-May.

Clearly for Mindsprint as well, there is a P&L effect that we have for this year first half and for the full year, which is roughly the 4 months that we have held Mindsprint in 2026. Mindsprint was also done at a very significant gain to our book value, so that again flows through into our P&L.

Telescop, it's a small transaction, but I think in the context of not numbers, but if we look at our portfolio and we start focusing on how we've simplified our portfolio, made it less complex, if I start looking at Mindsprint moving out, which is again something that we feel is non-core, IT services should be delivered by the best-in-class service providers to us, we focus on what we do best, that is what we have done with Mindsprint, sold it to Wipro. What we've done with Nupo Ventures is Jiva and Telescop, which are the two main vehicles that we had under Nupo, they have now been either closed or sold, which means the Nupo business that we had and Mindsprint, both of them are no longer part of the portfolio, and that makes it far more leaner and more focused.

In terms of comparability, clearly I've explained for each of them how the financial results are impacted. If we look at the consolidated Group results, including the Olam Agri, Mindsprint, and Telescop numbers, I will just focus on discontinued operations.

From a P&L standpoint, they start affecting the financial results from a PAT level. Till that point, all the numbers that you see, be it revenues, EBITDA, or EBIT, are all continuing BU businesses related.

PATMI is where you'll start seeing the impact of the Olam Agri, Mindsprint, and Telescop businesses. We discussed the continuing operations PATMI of S$55.6 million, operational PATMI of S$64.4 million that we've discussed previously.

In terms of the discontinued operations, there is a S$1.85 billion that you will see as an accretion to this P&L. A large part of this, which is the last row here, is the gain that we have from Olam Agri and Mindsprint sale.

That's S$1.75 billion, and the rest of it is essentially the 4 months numbers that we have for Olam Agri and Mindsprint. The focus is clearly the continuing operations, but we also realize that for this first half this year, you're going to see a significant number in the discontinued operations line.

We want to help everyone understand better how we're performing on a continuing basis and what kind of an impact we're able to make and how we are able to add value, including the three objectives we set for ourselves in the reorg plan, which is delever OGH, decapitalize ofi, and through divestments in OGH, distribute special dividends to shareholders. We want to look at the discontinued operations from that perspective and show the kind of impact we've been able to deliver in this first half as well and going forward.

That will be the focus when we talk about discontinued operations going forward. Now coming to net gearing, the reason why we discuss the gearing and the cash flow numbers on a Group consolidated basis is because they're all fungible.

At this level, continuing and discontinued are all part of the same pool. Ultimately, this all comes into Olam Group's balance sheet and they become one.

While the P&L is an isolated period event, the impact of what we have done through the reorganization, the sale of Olam Agri and Mindsprint, has a lasting impact on the Olam Group. That is why you see a far more strengthened balance sheet, which we'll carry forward, a lower gearing, which we will carry forward.

Which is why the presentation of this consolidated level net gearing and FCFE are after we look at continuing as well as discontinued, because the impact of discontinued is really reflected in what we see here along with the working capital impacts we see in ofi. It's a combination of the operational effect, the beneficial operational effect we've seen in the first half in terms of reduction of invested capital, and the beneficial impact we have seen from the reorganization milestones that we've achieved.

It's a combined effect that we have. As Shekhar has discussed previously, the net gearing is below one at 0.93 times.

I can tell you that I went back as far as 2021, and clearly this is the lowest for the last few years. Post-COVID, this is the lowest gearing that we have for the Olam Group.

In terms of free cash flow, it's pretty strong and positive at S$1.7 billion. Again, it has a lot of elements in there, but the big one which stands out is of course changes in working capital.

That's clearly a big driver, and that is an operational element. We will continue to focus on capital efficiency and try to deliver that capital efficiency and to bring that into the free cash flow that we deliver to shareholders.

In terms of the net operating cash flow and FCFF, they all reflect a similar picture, which is positive. Clearly, from the first half of '25 to first half of 2026 has been a significant turnaround or change in terms of the cash flow numbers that you see, from negative cash flows to significantly positive cash flows.

That's the combined impact, I would like to emphasize, of both the continuing businesses and the reorganization milestones that we've achieved. I think both of them have contributed to this, and we will continue to focus on changes in working capital, for example, as I said, is a continuing element.

Those capital efficiency executive initiatives will help us focus more and more on delivering positive free cash flows going forward as well. Finally, a big thanks, of course, all our banking partners.

We do have access to diversified pools of capital. We're fortunate to have that with our long-term partners.

The numbers that you see here are slightly different from what you would have seen previously. These are numbers which are again continuing businesses only.

They are ofi plus OGH only. Olam Agri's banking lines and debt facilities, etc., are not part of this equation.

This is a continuing business number, and clearly this is the Group that's going to continue and go forward, which is why these numbers are quite relevant for all of you here. In terms of liquidity, cash is S$2.3 billion.

We have RMI and secured receivables as always, which help us if there is any emergency. Effectively, the unutilized bank lines that we have with the support of our partners here of about 6 7 S$6.7 billion really provides a significant cushion and buffer for us to meet any emergency needs in terms of spike in cocoa, coffee prices, etc., that we experienced previously.

We are in a very, very comfortable position when it comes to access to pools of capital and the current liquidity that we have access to as ofi and OGH. I will then hand over to Shekhar to take you through the key takeaways.

Let's bring it back together. The messages are clear, I won't repeat it.

It is about the continuing businesses going forward. It is about building ofi, accelerating the growth, investing for the future.

It is about still a job to be done in responsible divestment of the remaining assets in OGH. The main message that I reiterated at the start, it is now the start of a simpler, less complex, and financially stronger Olam Group.

We are looking forward to the journey. Thank you, and we'll take questions.

Thank you, Shekhar, Gautam, and KV. Questions time.

I would request you to pick up the microphone from one of our colleagues behind, and please state your name and the firm you represent. Yes, Alfred, Bloomberg.

Hey, good morning. Nice to see you first time.

The company said in the statement, I notice that it's also highlighted in the slides that the company is evaluating the strategic role of certain upstream assets. What does it mean?

Are you considering more sales of your assets? Almond assets is also highlighted.

Is that what you are looking at? I understand that most of such orchard is in Australia, if I'm not wrong.

Is that the ones you are evaluating?

We have assets in Australia like you said, in almonds, but we have assets in US also as well as in cocoa, coffee, and spices. We have plantations in Asia and Africa.

There is a mix of farming assets. Just to re-clarify what I said, as the business of ofi has grown, we feel that the need for owning the farming is probably not as relevant.

That doesn't mean we don't want to own farming, but the need for that is less relevant. We are taking a re-look at all these assets.

We're not necessarily going to exit all the assets together or overnight. We will see what could be the strategic alternatives so that we can reduce the capital intensity, reduce the variability because of yield and prices, which is very stark in farming, and then see how we can look at focusing that capital and energy back on the core business.

It's something that we are evaluating. If there are any changes, obviously we'll announce it at that point of time.

Thank you. Hussaini, Maybank.

Thank you. Hussaini Saifee from Maybank.

Three questions, each one for you, gentlemen. First on ofi, if I see the sourcing business where the EBIT has been positive, but at the same time for the Ingredients & Solutions, it was the other way around.

Just trying to understand why the divergence, and is there a room that the positive impact on the EBIT side will flow through on the ingredients side with a lag? This is question number one.

Second question for you, Gautam, those assets on the left-hand side are all up for sale, up for divestment. If you can take us through what are the key challenges and opportunities near- and mid-term in terms of to see the progress on the divestment side?

Finally for you, KV, I understand that the proceeds from the sale of Mindsprint and Arise a part of it is put aside for special dividends, and you did paid 6 cents. I just wanted to understand that is there room for more because the overall proceeds from that is significantly higher than 6 cents?

Any progress on by when we expect this Arise P&L to close? Thank you.

Maybe I will take the first question and part of the second question third question, and then hand over to Gautam and if KV wants to add on anything. On ofi, I think your question is valid, but I don't think there are there are two conclusions you're drawing that is it that don't draw any conclusions from just one half-yearly period, that's the first point I would make.

Because there are timing differences, shipment differences, seasonal differences, and obviously market moves and everything else that's happened. When you look at it from an overall year, we would see that GS, what is driving that in terms of volumes that we are doing is not growing, but capital is coming down.

We are able to maintain margins in that period, and the direction of travel for the first year first half shows an increase in EBIT and a sharp reduction in capital. We think that that'll be a direction of travel that you should really look at for that businesses, that we will be able to maintain EBIT and reduce capital.

That's kind of where that business is because we're not it's not we're not going to be pumping in more volumes. There are some seasonal impacts of what will happen between H1 and H2 that will have some impact always, therefore.

When you look at the full-year trend over the last 4 years, and including this year, you will see that kind of a trend there. We feel quite confident that we can maintain the margins margins here as EBIT while reducing capital, and therefore thereby improving returns.

On the Ingredient Solution, there are a few things which is not so straight-line because it's a mix of a lot of single ingredients where we are in different stages of investment and gestation and where full value of changes to product mix and margin improvements are still not So that is a little bit more complex without kind of making it very muddled. That business has a large private label business, which I think is in a good shape and growing, there both not much new investments, there we would hopefully see EBIT growth.

There's a lot of single ingredients, some of which are gestating, which will probably where EBIT growth will happen, but investments might not be required. Then there is areas where we are investing more in that business, where we will be seeing increase in capital as well as increase in EBIT.

That's in a little bit of flux, but that's the direction of travel, that's a more important direction of travel for the company where you'll see clearly that the EBIT per ton in that segment is higher. As EBIT grows and capital stabilizes or we get full value from the capital deployed, you will see that.

That might take a bit more time in a few more half-years. If you take if you put the it in the context of the last 5 years, and that's why you should see it in that context, the the change in the portfolio shape between GS and IS, with IS growing, GS maintaining, but maintaining returns, being a very important part of the growth that IS is doing, that's the way you should look at it.

I would urge that don't look at just a half-yearly. It's a good half-year from our perspective, but this half-year is not the full story.

That's I think the part on the ofi question. On the dividend, there are two questions that you or two aspects that I'd like to highlight.

First, when the board is evaluating this, we are looking taking a little bit of a prudent look at the overall requirements of the Group and not thinking about this on an asset-by-asset basis, right? Because that's the way we have to look at ensuring that there is an overall aspect, like KV was saying.

For the rest of the Group, we have to look at leverage, we have to look at financial requirements, financial flexibility in the conditions that we are underway, and then see how we can progressively give the dividends. Obviously, all the divestments, eventually when done, it will go back to the shareholders, there's no question about that.

The timing of that has to be done with prudence, has to be done with some judgment, the board is exercising that prudence in saying that we're not while we have completed Mindsprint and you're right that the net proceeds from that is higher than what we are giving as special dividends, but we are taking that in the overall context. The part that you alluded to Arise has been announced, but not completed, there the cash flow has also not accrued.

Again, we would strongly urge, and we have said this before, that we will progressively give back net divestment proceeds after taking care of any financial requirements of the company, and that will be quite transparent and we will But we should not look at it asset-by-asset.

I think that's really the emphasis I also wanted to bring in, what Shekhar has indicated. It's not a asset-by-asset outlook for special dividends here.

It's a holistic view, and anything that's surplus that remains in OGH will finally be in the hands of shareholders. It's a matter of timing.

Thanks for the question, Hussaini. Since you mentioned for the four assets that we've listed as key assets, you want to know the short- and medium-term plan.

As I'd mentioned during my presentation, there are two parts to it. While we're looking at responsibly divesting these assets and we're exploring options, while we hold these assets, we're also looking at creating value there.

Because we want these assets to be absolutely divestment-ready. Not to say they're not today, but we continue to create value and we have plans for each of those.

I guess the interest is more on the divestment side, I'll start from there. If I talk about asset-by-asset, let's start with Caraway.

Now, Caraway is a FMCG business in Nigeria and Ghana. In Ghana, we operate in two categories, which is culinary and biscuits, and we are market leaders in both.

In Nigeria, we're operating in six categories, and we are between number two and number four across all the six categories. These are very attractive assets.

Second, these are clearly EBITDA positive in both the countries. From an asset attractiveness standpoint for someone who wants exposure to an FMCG business in Nigeria and Ghana, I think this is an attractive asset.

In terms of opportunities, for now we are not launching any formal process because like I said, we want to work on these assets before we launch a formal process. We keep getting incoming interest on this asset.

Really, this is not an asset that I worry too much about. We will divest it at the right time to the right buyer.

Because like we've said, for none of the assets we are in a fire sale kind of a situation. We can hold on, we will wait for the right buyer at the right price, and responsibly divest this asset.

To be honest, I don't really worry too much about this. Coming to Rusmolco, I think this is a fantastic dairy business in Russia.

It's doing really well for us. In fact, to the extent we are opening a new dairy farm there.

We are investing more behind this business. It does very good margins, it's run very, very efficiently, we're very happy with the operational performance of the business.

For this asset, as you can appreciate, there is a geopolitical risk. There's a war going on.

Despite the war, we are looking at some divestment options. If we get the right price despite the war, we will be open to divestment.

However, if we're getting discounted very heavily because of the situation there, we may decide to hold on for a bit. Because, like I said, this is a great asset.

I would not want to sell it at a huge discount because that'll not be an optimal outcome for the shareholders. We want to be very prudent here.

We'll see how the situation plays out and then take a call. Operationally, I think it's a fantastic asset.

Let's take OPG, ORG together because it's a similar risk. Now, OPG, ORG, I think they've been doing well as businesses.

While this year I mentioned OPG export sales are down, but that's very temporary. Overall the businesses are doing all right from an operational standpoint.

However, for these two assets, one, the buyer universe is usually limited because these are plantation assets. Compared to an FMCG or a dairy business, here the buyer universe the very nature of the business is limited.

The second and more important factor is the country risk we have here. Gabon, as went through a coup a couple of years back, since then the investor appetite went down a bit.

In this asset, we'll have to be a little more creative. We will look at what we can do in terms of exits.

It's not a very straightforward exit, I would say. However, there are buyers that we have in mind that we can speak to and see what we can do with this.

From an opportunity standpoint, Caraway I think is a pretty straightforward asset, great asset. Rusmolco, great asset, it's more a geopolitical risk situation.

Gabon, a limited buyer universe and country risk, however, we do have a plan in mind, and we'll see how best we can progress on this. Does that answer your question?

Thank you.

Arise, of course, as I'd already mentioned, it's in play, it's already a signed deal. We're just waiting for the closing.

Business Times?

Thank you so much for your sharing. I'm Benicia from The Business Times.

I have three questions. Firstly, I think in the balance sheet, I noticed that the derivative financial instruments grew from around $955 million to $2 billion, despite the lower cocoa and coffee prices.

Do you mind elaborating a bit more on the reason for this increase? Then secondly, given that investors are now able to focus more on ofi's performance, what are some of the key challenges and opportunities that you see in the market for ofi specifically?

Yeah. Lastly, for the OGH businesses, like the remaining ones, are they currently able to sustain their own cash flows or is the Group still needing to inject capital into them?

Thank you.

Can you just repeat the second question? I got the first and third.

The challenges to the ofi, there was something

Yes, yeah, what are the challenges and opportunities that you see for ofi? Thank you.

I think the derivatives cannot be looked at just separately and are also not linked to prices. Derivatives are a hedge in our books to our physical.

Depending on how much physicals we are carrying, the derivatives will be an offset to that. Therefore you have to look at that not in isolation.

Going up or going down is not in itself very meaningful or material in terms of direction. The second part, which is probably a larger question, opportunities and trade challenges, I talked about that.

I think if you just look at it from the market, there is the volatility in various aspects of it, climate change and regulatory barriers, and so on and so forth, are all looking like challenges. The way I look at it is if managed well, they are core to our business.

If managed well, they can be opportunities, because there are not very many people who offer the spread and network which can manage that. Overall, I would be conscious and very cautious about risks and exposures in this market.

I would be quite optimistic about our ability to play an increasing role or add increasing value to our customers. Therefore it's the two sides of the same coin.

We can look at this and get paralyzed and say we'll stop doing our business. I look at it and saying, yes, this business needs to be managed very carefully and diligently, and more discipline is required, actually.

Then we can offer something which is quite unique. That's the way I look at the mix of that.

The cash flow requirements for the OGH, are the businesses cash flow positive?

I think that's a very straightforward answer. Yes, they're all self-sustaining.

We don't have to pump money from the center.

Thank you.

That's a big impact of the discontinuing operations that OGH has not only be able to deleverage, but also becomes more self-sustaining, although of course we just finished the tranche one. By the end of tranche two, that's an important part of ensuring that they make operating profit and that gets converted into earnings because the burden of interest is not there.

Clearly, over the last 2, 3 years, we have focused on making them self-sufficient in terms of cash requirements. What that does is gives you the flexibility.

As Gautam was alluding to, we're not in a fire sale mode. We have time.

We want to get the best value and find the best buyer. Ensuring that they're self-sufficient and running them from that perspective as a very fundamental criteria allows us to do all of that.

Thank you. If there are no questions from the floor, I will take some questions from the webcast.

The questions are around our progress in the reorganization plan, two aspects. The first is on ofi, value unlock.

Is there any plan for approaching the public market for an IPO or a private sale?

This is a question that comes up every half-year and I give the same answer. We will keep all our strategic options.

ofi is a very valuable long-term business. We have invested in that, we are going to continue to invest in that.

We'll keep all our strategic options. We are in no hurry, the shareholders are in no hurry to exit or unlock value from that business.

We want to maximize and optimize value from the business. If we find the right partners, at an appropriate time, we might consider.

At this point of time, the business is in strong hands with all the things that we've done with the reorganization plan. The business and the Group is even in a and the current shareholders are even in a better position to support that business.

There is no crying need for us to go anywhere to raise capital, and we'd like to extract full value from this business. At an appropriate time, we'll think about capital raise.

If I can add something. The point I would like to add is in terms of access to the value that ofi will accrue over time, right, and being with the same set of shareholders as well, we are listed on Singapore Stock Exchange, and that clearly is an instrument that shareholders can access as ofi delivers on the plans that Shekhar has outlined.

The value, that's what our expectation is, should be reflected in the share price. That provides an avenue for shareholders to monetize as well if they decide to do so.

Another related question on creating shareholder value is the potential share buyback, which Olam Group has bought back shares in the past. What would be the plan going forward?

Again, share buyback is a option that the boards will always consider, and if that's the best use of cash, we will do that. At this point of time, that will remain an option, but it's not a strategy in itself, and that'll be determined at appropriate points of time.

The next question is on the operations of ofi. With the recapitalization of ofi last year and also with the current gearing ratio that the Group is now at, what is the target gearing overall for ofi as operating group and also for the Group as a whole?

I think this is something that we will be debating at the board level. There's a lot which is happening, and the resultant impact is that we are at a Group level at below one time.

How we look at the overall gearing structure going forward is still something that will have to be determined, I don't want to kind of give a premature answer. In the past, what we have said, ofi's gearing always has to be looked at both the gross as well as the RMI-adjusted gearing.

We have always looked at a 1.5 times gearing at the ofi level, but adjusted for RMI, below 0.5. That would be the direction of travel.

I think we'll be somewhere in that ballpark. At the Group level, after the entire aspects of the rest of the deleveraging finishes, tranche two finishes, there's a bulk of things to happen, that might change the structure of leverage at the Group level, which is still something that will have to pan out over the coming years.

I don't think we should stick to any fixed guidance on gearing, and that would not be appropriate in this stage of evolution.

Thank you. I have two questions from Citi.

On Super El Niño, what are the challenges and opportunities do you see specifically for ofi? The second question is: what are the major KPIs of this new management team in the coming 6 to 12 months?

Right. Super El Niño is looking more likely.

It has different impacts on different parts of the businesses and geographies, therefore it is reflected in the current uncertainty and volatility in the markets in terms of pricing. For instance, in coffee, it has probably greater impact in the robusta with risks in Vietnam, in Asia.

In cocoa, it has probably greater impact in West Africa. It's not a single-size-fits-all impact of El Niño in different geographies, it's different.

The way I look at it is that it is not something any one of us can do. That is going to happen, it's going to pan out.

There is some uncertainty on what impact it will have, and that'll emerge in the next two quarters, I would say. What we have to do is we ensure that we are well-positioned across our geographies to capitalize the best we can in areas that are impacted with it, but also service with areas that are not impacted with it in a different form and manner.

I see the opportunity of having a diversified global footprint and the ability to at least be as quick as anybody else for what's going to impact everybody. I don't think we can change the impact that it will have, but we can react faster and offer better solutions because of our spread.

In a sense, I see that as a risk to closely watch, react fast, but also an opportunity that we can capitalize on.

The second question on the KPIs.

KPIs. I don't think the KPIs change.

The business is what it is. Our whole reorganization plan has been underway for a while, and we have been focused on that.

What we have been doing in ofi doesn't change. It'll get accelerated in a form and manner, I don't see my KPI changing in any form.

KV has been playing the role already during this transition period because we knew that Agri will be moving out. Of course there are additional aspects of the role that he has taken over, including this particular meeting, but there's a aspect of now putting together both the continuing and the discontinuing operations in a different form from how it was done in the past.

That'll mean additional responsibility for KV, but also additional interfaces between this new continuing group that is getting established. Gautam is new, but he's already a veteran with the experience coming from, and his KPIs, he was absolutely clear.

His KPIs is to ensure that these businesses are run well and divested responsibly. None of that is new.

They are not new KPIs, they're just KPIs that we have been preparing for and therefore are able to move into as we get into this next stage of evolution.

That was a good question, and thank you for all your questions. Unless KV and Gautam, you have to

I was just going to say, on a lighter note, Gautam is already delivering on some of the KPIs. He's traveled to Nigeria, Ghana, Gabon, which is essentially what every Olamite typically has done over the last 35, now 37 years now as a journey.

He's already started on that journey, and a large part of the KPI on that front he's already met.

All right, thank you so much, and thank you to speakers, presenters, and your time for making here. We will see you in 6 months at least.

Thank you very much.

Thank you, all.

Thank you,

all. Thank you.

Appreciate your time.