Andrew König
CEO & Executive Director

Good afternoon, everybody. Welcome to Redefine's group interim results for the half year ended 28 February 2026. As per usual, I'll kick off with an overview and give you a little bit of insight into our strategic thinking. I'll then hand over to my colleague, Leon Kok who's going to take us through South African aspect of investing strategically, I'll then talk about Poland. I'll then hand over to our CFO, Ntobeko Nyawo who will take us through optimizing capital, operating efficiently, engaging talent and growing reputation, then I'll wrap up and then we'll have some time to reflect on what we discussed this afternoon.

Okay. Just in terms of the overview, this is a slide you're very familiar with in terms of our primary goal, which, as you know, is to grow and improve cash flow, and that is our focus. And it will be always top of mind in any choice we make.

From a property asset platform perspective, you'll note that the split between Poland and South Africa is slightly different to prior periods in that Poland has shifted down from the 35-odd percent it's usually at. That's because of exchange rate differences, where the closing euro-rand exchange rate was from a rand point of view, 9% stronger than the prior year.

But I think the key takeaway from the exposure to the various sectors is at around 75-odd percent of Redefine's group asset platform is skewed towards the consumer, the balance mainly offices services-driven. Okay. Just some key financial outcomes. We're very happy with these results. As you can