...Good morning, everyone, and welcome to this Pepco H1 results call. I'm Stephan Borchert, the Group CEO of Pepco Group, and I'm here with my group CFO, Willem Eelman, whom some of you have already met at the CMD. Today, we'll talk about our H1 fiscal year '25 results and a short update on our progress against the value creation plan presented at the CMD. We are now turning to page 3 of the presentation. What are the key messages of this H1 result call? First, Pepco OpCo delivering on objectives, H1 EBITDA growth of plus 11%, ahead of sales growth with trading momentum continuing into Q3; measures taken by new management under Barry Williams to improve Poundland performance and group continues actively exploring a potential investment of Poundland with separation expected by end of fiscal '25. Strong group balance sheet with EUR150 million improvement in net debt position to EUR279 million, 0.6 times leverage. Fiscal year '25 guidance for Pepco and Dealz maintained, but weaker outlook for...
