Thanks, Stephen.

Thank you, Ross.

Good afternoon, everybody.

So for those of you who might be new to NessF, I'm Stephen Rosser.

And as Ross has said, I'm investment director for NessF.

Over the last year, the team and I've been laser focused on maximizing the performance of the portfolio, progressing our capital recycling program, which you've heard a little bit about just now, and crystallizing our plans to drive further value for investors over the longer term.

going to take you through the full year results for the period ended march 2026 providing updates on portfolio performance which has outperformed budget and the balance sheet and the progress we have made down paying debt i'll also walk through the net asset value movements over the year where we have seen impacts from changes to power price forecasts and government subsidies and i'll share the progress we're making on delivering the roadmap There is a lot of ground to cover, so I'll put out the key points as I go through, and I'm sure we'll pick up any other topics of interest to you during the Q&A session.

This movement