I am pleased to report a strong and resilient set of results for the year ended 31 December 2025. This performance reflects another year of consistent delivery to our shareholders of stable, long-term, inflation-linked returns. Against a backdrop of macroeconomic and international political issues adversely affecting the investment environment, the underlying performance of our investments remains strong. Geopolitical tensions – such as the war in Ukraine, the US claims over Greenland and, most recently, the emerging conflict with Iran – alongside evolving trade dynamics, continue to contribute to heightened volatility. Separately, the rapid advancement of artificial intelligence remains poised to reshape industries and economies worldwide. While the direct impact of these developments on our portfolio has been limited, the Board remains alert to the risks they pose and confident in the defensive positioning of our investments. As we approach the Company's 20th anniversary, we take comfort that our portfolio of diversified, high-quality essential infrastructure assets has consistently delivered predictable returns throughout economic cycles and prior periods of market volatility.
