Half Year 2026 ASA International Group PLC Earnings Call

September 9, 2026

Speaker #1: Good day, ladies and gentlemen. And welcome to ASA International 2026 interim results. At this time, all participants are enlisted-only mode. Later, we will conduct a question-and-answer session through the phone lines and instructions will follow at that time.

Speaker #1: I would like to remind all participants that this call is being recorded. I will now hand over to Jonathan Berger, head of IR, to open the presentation.

Speaker #1: Please go ahead.

Speaker #2: Thank you. And good afternoon, good morning to everyone. thank you for joining ASA International's 2026 interim results webcast. As you no doubt have already seen, we released our 2026 interim results first thing this morning.

Speaker #2: I'm joined here on the call by ASA International CEO Rob Keizers and CFO Hirt Embre. Rob and Hirt will run through this results presentation, and afterward we'll be happy to take any questions you may have.

Speaker #2: Before we begin, let me draw your attention to a disclaimer at the end of the presentation. Please be advised if you continue to listen to this presentation, you will be banned by this disclaimer.

Speaker #2: With the formalities out of the way, I would like to— I would now like to hand over to Rob for his opening remarks.

Speaker #3: Thank you, Jonathan. And of course, also from my side, I warm welcome to today's, webcast. Let's move to the performance of the first half of 2026.

Speaker #3: But let me start with expressing my pride and gratitude toward our clients and staff. I mean, it's clear that ASA International has delivered a robust performance in the first half of this year.

Speaker #3: With strong profit growth and a resilient portfolio expansion, and with the enhanced profitability, we also see a strengthened balance sheet. We've seen continued commercial success with our client base growing by 11% in the first half of this year, first at the same period in '25.

Speaker #3: This means that our client base now stands at over 2.7 million. And alongside this client growth, the outstanding— outstanding loan portfolio, or OLP, increased to 600 million dollars.

Speaker #3: And represents an 18% growth, first at the end of June '25. The first half of this year saw adverse currency movements, which affects the dollar reporting of OLP.

Speaker #3: On a constant currency basis, the year-on-year OLP growth amounts to 24%. I did want to flag that we now show client branch and OLP data excluding India, so as to better demonstrate the performance of our continuing operations.

Speaker #3: Power 30 has ticked up slightly to 2.4%, but this remains at an industry-leading level and is a testament to the strength of the ASA model.

Speaker #3: From a productivity perspective, on average, individual loan officers are serving more clients than last year, with clients per loan officer increasing to 290 in the first half of this year compared to 285 in the first half of last year.

Speaker #3: This strong operational performance has translated into significantly improved financial performance, with reported net profit growing by 70% to 45.6 million dollars in the first half of this year.

Speaker #3: This reported net profit includes the favorable impact of one of items relating to India. It won't exclude these items underlying net profit amounts to 34.3 million dollars, which still represents a 42% increase compared to the same period last year.

Speaker #3: And this profitability, of course, has boosted our return average 49 to 55% year-on-year, again mainly due to the India related ones. The strong level of profitability also further strengthened our equity base, which increased by 41% year-on-year.

Speaker #3: Accordingly, total comprehensive income of 39.9 US dollars was generated in the first half of this year. Which is 8% lower than the first half of last year.

Speaker #3: This, of course, reflects the continued growth in net profit, which we just spoke about. All set slightly by net first movements in the FX translation reserve, as we saw currency depreciation across a number of our markets.

Speaker #3: It is this financial performance which means we can continue returning capital to our shareholders, in line with our dividend policy. This morning we declared an interim dividend of 6.9 dollar cents per share on underlying net profit, which is also a 43% higher than last year's interim dividends.

Speaker #3: Of course, Hirt sitting next to me will dive into the financials in much greater detail later in this presentation. And lastly, we were delighted to have been admitted to the FTSE All Shares Index in June, which is clearly a recognition of the hard work being undertaken by colleagues to transform the business over the last couple of years.

Rob Keijsers: The continued growth in net profit, which I just spoke about, offset slightly by an adverse movement in the FX translation reserve as we saw currency depreciation across a number of our markets. It is this financial performance which means we can continue returning capital to our shareholders in line with our dividend policy. This morning, we declared an interim dividend of $6.9 cents per share on underlying net profit, which is also 43% higher than last year's interim dividend. Of course, Geert sitting next to me will dive into the financials in much greater detail later in this presentation. Lastly, we were delighted to have been admitted to the FTSE All-Share index in June, which is clearly a recognition of the hard work being undertaken by colleagues to transform the business over the last couple of years. Let's go to the next slide.

Rob Keijsers: The continued growth in net profit, which I just spoke about, offset slightly by an adverse movement in the FX translation reserve as we saw currency depreciation across a number of our markets. It is this financial performance which means we can continue returning capital to our shareholders in line with our dividend policy. This morning, we declared an interim dividend of $0.069 per share on underlying net profit, which is also 43% higher than last year's interim dividend. Of course, Geert sitting next to me will dive into the financials in much greater detail later in this presentation. Lastly, we were delighted to have been admitted to the FTSE All-Share index in June, which is clearly a recognition of the hard work being undertaken by colleagues to transform the business over the last couple of years. Let's go to the next slide.

Speaker #1: Continued growth in their profits, which you just spoke about, all set slightly by that first movement in the FX translation reserve, as we saw currency depreciation across a number of our markets.

Speaker #3: Then to the next slide, we first showed 2025 fully results. As it was important to highlight, the operational leverage, that is, inherent in our business.

Speaker #1: It is this financial performance which means we can continue returning capital to our shareholders, in line with our dividend policy. This morning we declared an interim dividend of 6.9 dollar cents per share on underlying net profit, which is also a 43% higher than last year's interim dividends.

Speaker #3: It is great to see that this trend has continued into 2026. As you can see on the slide, yet again we can see the scaling impact of the various KPIs, starting with client growth and moving through to net profit.

Speaker #1: Of course, here sitting next to me we'll dive into the financials of much greater detail later this presentation. And lastly, we're very delighted to have been admitted to the FTSE All Shares Index in June, which is clearly a recognition of the hard work being undertaken by colleagues to transform the business over the last couple of years.

Speaker #3: Clients have grown 17% since 2023, which is 27% when you exclude India. When this is combined with meeting the evolving working capital needs of our clients through larger ticket sizes, evidenced by OLP outstanding loan per client, growing by 36%, we can see that gross OLP has grown by 60%.

Speaker #1: Then to the next slide: we first showed the 2025 full year results, as it was important to highlight the operational leverage that is inherent in our business.

Rob Keijsers: We first showed 2025 full year results, as it was important to highlight the operational leverage that is inherent in our business. It is great to see that this trend has continued into 2026. As you can see on the slide, yet again, we can see the scaling impact of the various KPIs, starting with client growth and moving through to net profit. Clients have grown 17% since 2023, which is 27% when you exclude India. When this is combined with meeting the evolving working capital needs of our clients through larger ticket sizes, evidenced by AUP as a new loan per client growing by 36%, we can see that gross AUP has grown by 60%. The strong growth in the loan portfolio creates a compounding revenue base, which in turn drives scale and efficiency, and ultimately, of course, the strong growth in the net profits.

Rob Keijsers: We first showed 2025 full-year results, as it was important to highlight the operational leverage that is inherent in our business. It is great to see that this trend has continued into 2026. As you can see on the slide, yet again, we can see the scaling impact of the various KPIs, starting with client growth and moving through to net profit. Clients have grown 17% since 2023, which is 27% when you exclude India. When this is combined with meeting the evolving working capital needs of our clients through larger ticket sizes, evidenced by AUP as a new loan per client growing by 36%, we can see that gross AUP has grown by 60%. The strong growth in the loan portfolio creates a compounding revenue base, which in turn drives scale and efficiency, and ultimately, of course, the strong growth in the net profits.

Speaker #3: The strong growth in loan portfolio creates a compounding revenue base, which in turn drives scale and efficiency. And ultimately, of course, the strong growth in the net profits.

Speaker #1: It is great to see that this trend has continued into 2026. As you can see on the slide. Yet again, we can see the scaling impact of the various KPIs, starting with client growth and moving through to net profit.

Speaker #3: We simply put more load on the system. Then using the traditional operating jobs metric, we can see that revenue growth has outpaced costs, by 34 percent points, as operational leverage continues.

Speaker #1: Clients have grown 17% since 2023, which is 27% when you exclude India. When this is combined with meeting the evolving working capital needs of our clients through larger ticket sizes, evidenced by OOP, outstanding loan per client, growing by 36%.

Speaker #3: Let me take you through our portfolio with the different regions. Here you can see that our well-diversified portfolio is driving OLP growth, with the portfolio effects helping to drive the improved operational performance, we are reporting today.

Speaker #1: We can see that gross OOP has grown by 60%. The strong growth in loan portfolio creates a compounding revenue base, which in turn drives scale and efficiency.

Speaker #3: In particular, we can see that our African regions are now the two largest regions by, by OLP. East Africa continues to be the largest segment, with a 29% year-on-year growth, being driven by Kenya and Uganda.

Speaker #1: And ultimately, of course, the strong growth in the net profits. We simply put more load on the system. Then using the traditional operating jobs metric, we can see that revenue growth has outpaced costs, by 34 percent points, as operational leverage continues.

Rob Keijsers: We simply put more load on the system. By using the traditional operating jaws metric, we can see that revenue growth has outpaced costs by 34 percentage points as operational leverage continues. Let me take you through our portfolio in the different regions. Here you can see that our well-diversified portfolio is driving AUP growth with the portfolio effects helping to drive the improved operational performance we are reporting today. In particular, we can see that our African regions are now the two largest regions by AUP. East Africa continues to be the largest segment with a 29% year-on-year growth being driven by Kenya and Uganda. Tanzania, of course, remains a large market for us internationally. In West Africa, the 7% year-on-year growth was driven by strong client demand in Nigeria.

Speaker #3: Tanzania, of course, remains a large market for ASA International. In West Africa, the 7% year-on-year growth was driven by strong client demand in Nigeria.

Speaker #3: Ghana remains one of our top countries for the OLP performance in dollar terms, year-on-year was affected by the depreciating CD. And moving to our Asian segments, in, in South Asia we can clearly see the impact of the deliberate strategic decision to exit India.

Speaker #1: Let me take you through our portfolio with the different regions. Here you can see that our well-diversified portfolio is driving OOP growth, with the portfolio effects helping to drive the improved operational performance we are reporting today.

Speaker #1: In particular, we can see that our African regions are now the two largest regions by OOP. East Africa continues to be the largest segment, with 29% year-on-year growth being driven by Kenya and Uganda.

Speaker #3: OLP has now reduced significantly to, 4.3 million dollars. That is per the end of June. If you look further into early September, the balance sheet is basically empty.

Speaker #3: And excluding India, South Asia's OLP grew by 42% year-on-year. This was predominantly due to Pakistan, which is our largest operating country. And lastly, in Southeast Asia, it's more useful to look at the constant currency growth of 13%.

Speaker #1: Tanzania, of course, remains a large market for us internationally. In West Africa, the 7% year-on-year growth was driven by strong client demand in Nigeria, Ghana remains one of our top countries for the OOP performance in dollar terms, year-on-year was affected by the depreciating CD.

Rob Keijsers: Ghana remains one of our top countries, but the AUP performance in dollar terms year on year was affected by the depreciating cedi. Moving to our Asian segments. In South Asia, we can clearly see the impact of the deliberate strategic decision to exit India. AUP is now reduced significantly to $4.3 million. That is for the end of June. To look further into early September, the balance sheet is basically empty. Excluding India, South Asia's AUP grew by 42% year on year. This was predominantly due to Pakistan, which is our largest operating country. Lastly, in Southeast Asia, it's more useful to look at the constant currency growth of 13%.

Speaker #3: The decline on an actual basis reflects the fact that we now have to use the market rate for the KIAT in Myanmar, first at the central bank rate, as was used, in mid-25.

Speaker #1: And moving to our Asian segments, in South Asia we can clearly see the impact of the deliberate strategic decision to exit India. OOP has now reduced significantly to 4.3 million dollars.

Speaker #3: Rather than any underlying operational issues. Let me touch on our loan portfolio policy, which remains truly industry-leading despite the slight uptick seen in the first half of 26.

Speaker #1: That is as of the end of June. To look further into early September, the balance sheet is basically empty. And excluding India, South Asia's OOP grew by 42% year-on-year.

Speaker #3: This reinforces the fact that we are not sacrificing asset quality in the pursuit of growth. Of course, one of the benefits of the ASA model is that it consistently delivers high portfolio quality as evidenced by the low group bar 30 of 2.4%.

Speaker #1: This was predominantly due to Pakistan, which is our largest operating country. And lastly, in Southeast Asia, it's more useful to look at the constant currency growth of 13%.

Speaker #3: From a regional standpoint, East Africa saw an increase in bar, mainly due to the new trade regulations in, in Uganda, which affected, many, many of our client businesses.

Speaker #1: The decline on an actual basis reflects the fact that we now have to use the market rate for the KIAT in Myanmar, versus the central bank rate as was used in mid-2025.

Rob Keijsers: Decline on an actual basis reflects the fact that we now have to use the market rate for the kyat in Myanmar versus the central bank rate as was used in mid 2025 rather than any underlying operational issues. Let me touch on our loan portfolio quality, which remains truly industry leading despite a slight uptick seen in the H1 2026. It reinforces the fact that we are not sacrificing asset quality in the pursuit of growth. Of course, one of the benefits of the ASA Model is that it consistently delivers high portfolio quality as evidenced by the low group PAR 30 of 2.4%. From a regional standpoint, East Africa saw an increase in PAR mainly due to the new trade regulations in Uganda, which affected many of our client businesses.

Speaker #3: And overdue in Ghana due to the rainy season and subsequent, flooding, drove the higher bar in West Africa. It's worth mentioning again that despite these increases, the overall portfolio quality in those regions remains very high.

Speaker #1: Rather than any underlying operational issues. Let me touch on our loan portfolio policy, which remains truly industry-leading despite the slight uptick seen in the first half of 2026.

Speaker #1: This reinforces the fact that we are not sacrificing asset quality in the pursuit of growth. Of course, one of the benefits of the ASA model is that it consistently delivers high portfolio quality, as evidenced by the low group PAR 30 of 2.4%.

Speaker #3: South Asia's material lo materially lower bar reflects the contribution of the growing and high quality Pakistan portfolio, as well as the wind down of the loan book in India, which is talked about.

Speaker #3: And lastly, Southeast Asia's higher bar is driven by the Philippines, where the business is being restructured, and where we see encouraging signs now for the near future.

Speaker #1: From a regional standpoint, East Africa has shown increase in par, mainly due to the new trade regulations in Uganda, which affected many of our client businesses.

Speaker #3: I'll now happily hand over to Hirt to review our financial performance in, in greater detail. Hirt, over to you.

Speaker #1: And overdue in Ghana, due to the rainy season and subsequent flooding, drove the higher par in West Africa. It's worth mentioning again that despite these increases, the overall portfolio quality in those regions remains very high.

Rob Keijsers: Overdue in Ghana due to the rainy season and subsequent flooding drove the higher PAR in West Africa. It is worth mentioning again that despite these increases, the overall portfolio quality in those regions remains very high. South Asia's materially lower PAR reflects the contribution of the growing and high-quality Pakistan portfolio, as well as the wind down of the loan book in India I just talked about. Lastly, Southeast Asia's higher PAR is driven by the Philippines, where the business is being restructured and where we see encouraging signs now for the near future. I will now happily hand over to Geert to review our financial performance in greater detail. Geert, over to you.

Speaker #2: Yes, thanks, Ralph. I would also like to add my warm welcome to today's, results webcast listeners. Let me first, zoom in to, the income trends that we've seen over the last half year.

Speaker #1: South Asia's material lower par reflects the contribution of the growing and high-quality Pakistan portfolio, as well as the wind-down of the loan book in India, which is talked about.

Speaker #2: On this slide, we have set out the income trends for the business year-on-year, alongside the recent yield and funding rate developments. As you can see, income rose by a steep 32%, driven predominantly by the asset growth that Ralph already mentioned earlier, which also boosted the net interest income.

Speaker #1: And lastly, Southeast Asia's higher PAR is driven by the Philippines, where the business is being restructured and where we see encouraging signs now for the near future.

Speaker #1: I'll now happily hand over to Hirt to review our financial performance in greater detail. Hirt, over to you.

Speaker #2: Other operating income includes the 11.4 million one-off gain, that we realized by the sale of the MCDs in India. Excluding this gain, other operating was broadly flat year-on-year.

Speaker #2: Yes, thanks, Rob. I would also like to add my warm welcome to today's results webcast listeners. Let me first zoom in to the income trends that we've seen over the last half year.

Geert Embrechts: Yes, thanks, Rob. I would also like to add my warm welcome to today's results webcast listeners. Let me first zoom in to the income trends that we have seen over the last half year. On this slide, we have set out the income trends for the business year-on-year alongside the recent yield and funding rate developments. As you can see, income rose by a steep 32%, driven predominantly by the asset growth that Rob already mentioned earlier, which also boosted the net interest income. Other operating income includes the USD 11.4 million one-off gain that we realized by the sale of the NCDs in India. Excluding this gain, other operating was broadly flat year-on-year. If we look at our interest rates, the gross yield came at 46.4%, which is high and at a healthy level.

Speaker #2: If we look at our interest rates, the gross yield came at 46.4%, which is high and at a healthy level. There was some margin pressure in a few countries, for example Pakistan, and this has also led to partly higher funding costs.

Speaker #2: On this slide, we have set out the income trends for the business year-on-year, alongside the recent yield and funding rate developments. As you can see, income rose by a steep 32%, driven predominantly by the asset growth that Rob already mentioned earlier, which also boosted the net interest income.

Speaker #2: This has led to a slight reduction in the overall NIM to 34, 37.4% seen in the first half of 2026. If we move on to the next slide, we see the cost-income ratio developments.

Speaker #2: Other operating income includes the 11.4 million one-off gain that we realized by the sale of the MCDs in India, excluding this gain, other operating was broadly flat year-on-year.

Speaker #2: And on the face of it, we can see a rise in total operating expenses of 27%. This increase is mainly due to a combination of personal and office costs, associated with business growth, as well as, transportation costs.

Speaker #2: If we look at our interest rates, the gross yield came in at 46.4%, which is high and at a healthy level. There was some margin pressure in a few countries, for example, Pakistan, and this has also led to partly higher funding costs.

Geert Embrechts: There was some margin pressure in a few countries, for example, Pakistan, and this has also led to partly higher funding costs. This has led to a slight reduction in the overall NIM to 37.4% seen in the H1 2026. We move on to the next slide. We see the cost-income ratio developments. On the face of it, we can see a rise in total operating expenses of 27%. This increase is mainly due to a combination of personnel and office costs associated with business growth as well as transportation costs. Encouragingly, the cost-income ratio has further improved to 55.6% in the H1 2026. This continues the positive trend that we have seen since 2023, when the cost-income ratio stood at 72.1%.

Speaker #2: Encouragingly, the cost-income ratio has further improved to 55.6% in the first half of 26. This continues the positive trend that we've seen since 2023, when the cost-income ratio stood at 72.1%.

Speaker #2: This has led to a slight reduction in the overall min to 37.4% seen in the first half of 2026. If we move on to the next slide, we see the cost-income ratio developments.

Speaker #2: At the same time, it is important to point out that we continue to invest in people, as well as in our digital transformation, which will add to the cost base in the short run, but will bring strong benefits in the years to come.

Speaker #2: If we move on to the next slide, on the equity base, I would like to cover first of all the strengths and equity bases we have seen it.

Speaker #2: As you may recall, we had a strong equity improvement in 2025. On the back of strong profit rise, as well as a positive translation results because of the stronger currencies in the countries that we operate in, vis-à-vis basically a weaker dollar.

Speaker #2: Encouragingly, the cost-income ratio has further improved to 55.6% in the first half of 2026. This continues the positive trend that we've seen since 2023, when the cost-income ratio stood at 72.1%.

Geert Embrechts: At the same time, it is important to point out that we continue to invest in people as well as in our digital transformation, which will add to the cost base in the short run, but will bring strong benefits in the years to come. If we move on to the next slide on the equity base, I would like to cover, first of all, the strengths of the equity base as we have seen it. As you may recall, we had a strong equity improvement in 2025 on the back of strong profit rise, as well as a positive translation results because of the stronger currencies in the countries that we operate in due to the basically a weaker USD. In the H1 2026, we then see strong profit generation, as explained earlier.

Speaker #2: In the first half of 2026, we again see strong profit generation, as explained earlier. As can be seen from the left-hand side, the total comprehensive income decreased by 8%.

Speaker #2: The key reason behind this was the negative affect translation reserve movement of 5.7 million in the first half of 26, versus a positive movement in the first half of 2025 of 15.5 million.

Speaker #2: If we move on to the next slide on the equity base, I would like to cover first of all the strengths of the equity base as we have seen it.

Speaker #2: As you may recall, we had a strong equity improvement in 2025, on the back of strong profit rise as well as a positive translation results because of the stronger currencies in the countries that we operate in.

Speaker #2: This was primarily attributable to the movement of the Ghana CEBI, which partly offset the strong growth and profit. Net net, of course, you can still see that we added approximately 40 million in total comprehensive income.

Speaker #2: These are the basically a weaker dollar. In the first half of 2026, we again see strong profit generation, as explained earlier. As can be seen from the left-hand side, the total comprehensive income decreased by 8%.

Geert Embrechts: As can be seen from the left-hand side, the total comprehensive income decreased by 8%. The key reason behind this was the negative FX translation reserve movement of USD 5.7 million in the H1 2026 versus a positive movement in the H1 2025 of USD 15.5 million. This was primarily attributable to the movement of the Ghana cedi, which partly offset the strong growth in profit. That meant, of course, you can still see that we added approximately USD 40 million in total comprehensive income. If we then move on to the next slide, we can look at the bottom line, the net profit. As Rob already mentioned at the start of this presentation, we have seen strong headline profitability development as well as solid underlying profit development. Net profit grew remarkably more than in the H1 2025.

Speaker #2: If we then move on to the next slide, we can look at the bottom line, the net profit. As Ralph already mentioned at the start of this presentation, we have seen strong headline profitability development, as well as solid underlying profit development.

Speaker #2: The key reason behind this was the negative FX translation reserve movement of £5.7 million in the first half of 2026, versus a positive movement in the first half of 2025 of £15.5 million.

Speaker #2: Net profit grew remarkably more than in the first half of 2025. Reported net profit increased by 70% to 45.6 million, with the underlying net profit increasing by 42% to 34.3 million, versus the first half of, 2025.

Speaker #2: This was primarily attributable to the movement of the Ghana C, which partly offset the strong growth and profit. That meant, of course, you can still see that we added approximately $40 million in total comprehensive income.

Speaker #2: As a reminder, underlying net profit excludes the favorable impact of the India-related one-offs. I also want to flag that the effective tax rate including the withholding tax reduced from 43.9% in the first half of 2025 to 31.5% in the first half of 2026.

Speaker #2: If we then move on to the next slide, we can look at the bottom line, the net profit. As Rob already mentioned at the start of this presentation, we have seen strong headline profitability development, as well as solid underlying profit development.

Speaker #2: This decline was mainly driven by India, where we utilized previously unrecognized tax losses and next to that, a more favorable country earnings mix. The underlying effective tax rate came out at 38.38%.

Geert Embrechts: Reported net profit increased by 70% to USD 45.6 million, with the underlying net profit increasing by 42% to USD 34.3 million versus the H1 2025. As a reminder, underlying net profit excludes the favorable impact of the India related one-offs. I also want to flag that the effective tax rate, including withholding tax, reduced from 43.9% in the H1 2025 to 31.5% in the H1 2026. This decline was mainly driven by India, where we utilized previously unrecognized tax losses and next to that, a more favorable country earnings mix. The underlying effective tax rate came out at 38%. It is worth noting that trend wise, the ETR is usually lower in the H1 of the year than in the remaining six months as we expect more dividends from the countries, and this requires additional withholding tax payments.

Speaker #2: As a reminder, underlying net profit excludes the favorable impact of the India-related one-offs. I also want to flag that the effective tax rate, including the withholding tax, reduced from 43.9% in the first half of 2025 to 31.5% in the first half of 2026.

Speaker #2: It is worth noting that trend-wise, the ETR is usually lower in the first half of, the year, than in the remaining six months, as we expect more dividends from the countries and this requires additional withholding tax payments.

Speaker #2: The strong growth in profitability derives from increasing operational leverage that Ralph has already discussed earlier. The chart on the right highlights the traditional operating jaws metrics since 2023, and here we can see that revenue growth has outpaced cost growth by 7 percentage points.

Speaker #2: It is worth noting that trend-wise, the ETR is usually lower in the first half of the year than in the remaining six months, as we expect more dividends from the countries and this requires additional withholding tax payments.

Speaker #2: On the funding side and from a funding standpoint, we saw the company's funding positions significantly increase, to 752 million at the end of, the first half of 2026, compared to 711 million at the end of 2025.

Speaker #2: The strong growth in profitability derives from increasing operational leverage that Rob has already discussed earlier. The chart on the right highlights the traditional operating jaws metrics since 2023, and here we can see that revenue growth has outpaced cost growth by 7 percentage points.

Geert Embrechts: The strong growth in profitability derives from increasing operational leverage that Rob has already discussed earlier. The chart on the right highlights the traditional operating jaws metrics since 2023, and here we can see that revenue growth has outpaced cost growth by seven percentage points. On the funding side and from a funding standpoint, we saw the company's funding position significantly increase to USD 752 million at the end of the H1 2026, compared to USD 711 million at the end of 2025. In line with our funding strategy, we observed a 6% growth in the local funding since the end of 2025. This is a deliberate approach, and which naturally meant that funding has reduced from development banks and microfinance loans. As you can see on the chart, local deposits in USD have been largely stable in the H1.

Speaker #2: In line with our funding strategy, we observed a 6% growth in the local funding since the end of 2025. This is a deliberate approach at which naturally meant that funding has reduced from development banks and microfinance loan funds.

Speaker #2: As you can see on the chart, local deposits in US dollars have been largely stable in the first half. This is where you see the impact of the currency depreciation, particularly in Ghana, which has our strongest deposit base.

Speaker #2: On the funding side and from a funding standpoint, we saw the company's funding position significantly increase to 752 million at the end of the first half of 2026, compared to 711 million at the end of 2025.

Speaker #2: In local currency, our deposits still grew. Further, our growing hour deposit base remains a key funding priority here. And deposit mobilization plans are being put in place in the countries where we have the appropriate license.

Speaker #2: For example, in Pakistan, we expect to go live with deposit strategy at the end of this year or early next year. Overall, the funding profile remains solid and stable.

Speaker #2: And the pipeline is robust, standing at more than 300 million for the remainder of 2026. This will ensure that we will also be able to fund our growth ambitions for the remainder of the year.

Geert Embrechts: This is where you see the impact of the currency depreciation, particularly in Ghana, which has our strongest deposit base. In local currency, our deposits still grew. Further, growing our deposit base remains a key funding priority here, and deposit mobilization plans are being put in place in the countries where we have the appropriate license. For example, in Pakistan, we expect to go live with deposit strategy at the end of this year or early next year. Overall, the funding profile remains solid and stable, and the pipeline is robust, standing at more than USD 300 million for the remainder of 2026. This will ensure that we will also be able to fund our growth ambitions for the remainder of the year. I also want to take the opportunity to highlight our favorable maturity profile with term loan maturities exceeding our typical client loan tenure of 6 months.

Speaker #2: In local currency, our deposits still grew. Further, our growing hour deposit base remains a key funding priority. And deposit mobilization plans are being put in place in the countries where we have the appropriate license.

Speaker #2: I also want to take the opportunity to highlight our favorable maturity profile, with term loan maturities exceeding our typical client loan tenure of six months.

Speaker #2: This is an indication of efficient but also very sustainable and solid asset liability management. Lastly, on the right-hand side, you will note that we have minimal affect risk on the liability side, with almost all funding either hedged or denominated in local currency.

Speaker #2: For example, in Pakistan, we expect to go live with deposit strategy at the end of this year or early next year. Overall, the funding profile remains solid and stable.

Speaker #2: Let me now hand over back to Ralph.

Speaker #1: Thanks, Pierce. Yeah, I want to take the opportunity to update you on the progress we've made, against the top 2026 strategic priorities, we outlined, to you at the time of the full year results.

Speaker #2: I also want to take the opportunity to highlight our favorable maturity profile with term loan maturities exceeding our typical client loan tenure of six months.

Speaker #1: The original slide is shown at the top of the slide, and the summary meaningful progress has been made across each of these priorities. The first one, client journey, is how we better meet the needs of our clients both in relation to the poorer loan product and expanding the product set.

Speaker #2: This is an indication of efficient but also very sustainable and solid asset liability management. Lastly, on the right-hand side, you will note that we have minimal effects risk on the liability side, with almost all funding either hedged or denominated in local currency.

Geert Embrechts: This is an indication of efficient but also very sustainable and solid asset liability management. Lastly, on the right-hand side, you will note that we have minimal FX risk on the liability side, with almost all funding either hedged or denominated in local currency. Let me now hand over back to Rob.

Speaker #1: The MSME pilot, for instance, currently underway in Uganda, shows how we can bridge the gap between microfinance and traditional banking. A lesson from this pilot will be integrated into any additional country launches.

Speaker #2: Let me now hand over back to Rob.

Speaker #1: Thanks, Shahid. Yeah, I want to take the opportunity to update you on the progress we've made against the top 2026 strategic priorities. We outlined to you at the time of the full year results the original slide as shown at the top of the slide, and the summary meaningful progress has been made across each of these priorities.

Rob Keijsers: Thanks, Geert. I want to take the opportunity to update you on the progress we have made against the top 2026 strategic priorities we outlined to you at the time of the full year results. The original slide is shown at the top of the slide, and a summary, meaningful progress has been made across each of these priorities. The first one, client journey, is how we better meet the needs of our clients, both in relation to the core loan products and expanding the product set. The MSME pilot, for instance, currently underway in Uganda, shows how we can bridge the gap between microfinance and traditional banking. Lessons from this pilot will be integrated into any additional country launches. H1 2026 also saw the further expansion of our microinsurance offering, this time in Pakistan, our largest operating country.

Speaker #1: The first half of '26 also saw a further expansion of our microinsurance offering, this time in Pakistan, our largest operating country. The second priority, digital transformation, has seen meaningful progress in the first half of this year with the core banking system rolled out in Tanzania, and we're also working on a pilot program for the client app in, in Ghana.

Speaker #1: The first one, client journey, is how we better meet the needs of our clients both in relation to the poorer loan product and expanding the product set.

Speaker #1: The third one, operational excellence, is how we update and reconfigure the asset model to fit our new human-led tech approach. This is a detailed behind improving loan officer productivity and streamlining processes, basically the asset 2.0 model.

Speaker #1: In the first half of this year, we've seen continued process improvement in this initiatives, for instance, cashless collections and the, changing of the meeting frequencies.

Speaker #1: The first half of '26 also saw a further expansion of our microinsurance offering, this time in Pakistan, our largest operating country. The second priority, digital transformation, has seen meaningful progress in the first half of this year, with the core banking system rolled out in Tanzania. We're also working on a pilot program for the client app in Ghana.

Speaker #1: Cashless collections are a convenient for our clients and reduce fraud risk at the same time. And reduced meeting frequency is also a way to improve loan officer productivity, so they can deal with more clients.

Rob Keijsers: The second priority, digital transformation, has seen meaningful progress in H1 of this year with the core banking system rolled out in Tanzania. We are also working on a pilot program for the client app in Ghana. The third one, operational excellence, is how we update and reconfigure the ASA Model to fit our new human-led tech approach. This is the detail behind improving loan officer productivity and streamlining processes, basically the ASA 2.0 model. In H1 of this year, we have seen continued process improvement initiatives. For instance, cashless collections and the changing of the meeting frequencies. Cashless collections are convenient for our clients and reduce fraud risk at the same time. Reduced meeting frequency is also a way to improve loan officer productivity so they can deal with more clients.

Speaker #1: In terms of deposits, the fourth priority, this is an important lever to pull to secure efficient and diversified funding. In addition, it really deepens the client relationship that we have with them.

Speaker #1: The third one, operational excellence, is how we update and reconfigure the asset model to fit our new human-led tech approach. This is a detail behind improving loan officer productivity and streamlining processes, basically the ASA 2.0 model.

Speaker #1: A key part of this priority is seeking deposit-taking licenses in countries where we only have an MFI status, a lending a lending license, basically, one such project is already underway in Uganda.

Speaker #1: In the first half of this year, we've seen continued process improvement in initiatives, for instance, cashless collections and the changing of the meeting frequencies.

Speaker #1: And as Pierce said, Pakistan is due to commence taking deposits later this year. The fifth priority relates to renewed focus on disciplined capital allocation across the group.

Speaker #1: Cashless collections are convenient for our clients and reduce fraud risk at the same time. And reduced meeting frequency is also a way to improve loan offers productivity so they can deal with more clients.

Speaker #1: In essence, we want to put capital to work where returns, resilience, and impact are greatest. And here to the team have implemented this framework, and it is being embedded across the organization.

Rob Keijsers: In terms of deposits, the fourth priority, this is an important lever to pull to secure efficient and diversified funding. In addition, it really deepens the client relationship that we have with them. A key part of this priority is seeking deposit-taking licenses in countries where we only have an MFI status, a lending license, basically. One such project is already in the way in Uganda. As Geert said, Pakistan is due to commence taking deposits later this year. The fifth priority relates to a renewed focus on disciplined capital allocation across the group. In essence, we want to put capital to work where returns, resilience, and impacts are greatest. I am clear that the team have implemented this framework, and it is being embedded across the organization. Last but not least, we are looking to new country expansion.

Speaker #1: And last but not least, we look into new country expansion. This speaks for itself, of course, but done in a highly disciplined and selective manner, can increase the resilience and, of course, our addressable markets.

Speaker #1: A key part of this priority is seeking deposit taking licenses in countries where we only have an MFI status, a lending license basically, one such project is already underway in Uganda.

Speaker #1: Potential new markets were identified and investigated this year, with execution planned for early next year. And our belief is that each of these actions will have a compounding effect on growth and, of course, by extension, the overall performance of the business going forward.

Speaker #1: And as Shahid said, Pakistan is due to commence taking deposits later this year. The fifth priority relates to renewed focus on disciplined capital allocation across the group.

Speaker #1: And I want to move on to our digital transformation journey, which is a major program in the way to deliver enhanced resilience, improved productivity, and a platform for future growth.

Speaker #1: And it is important to note that our approach is very much human-led technology. Where we will maintain our high-touch client model, but with digital enhancements.

Speaker #1: And last but not least, we look into new country expansion. This speaks for itself, of course, but done in a highly disciplined and selective manner, can increase resilience and, of course, our addressable markets.

Rob Keijsers: This speaks for itself, of course, but done in a highly disciplined and selective manner can increase resilience and, of course, our addressable markets. Potential new markets were identified and investigated this year, with execution planned for early next year. I believe that each of these actions will have a compounding effect on growth and, of course, by extension, the overall performance of the business going forward. I want to move on to our digital transformation journey, which is a major program in the way to deliver enhanced resilience, improved productivity, and a platform for future growth. It is important to note that our approach is very much human-led technology, where we will maintain our high-touch client model, but with digital enhancements. Basically, we take out the manual pain points to improve the client journey in order to spend more meaningful time with our clients.

Speaker #1: Basically, we take out the manual pain points to improve the client journey. In order to spend more meaningful time with our clients. And as we've mentioned previously, in terms of country rollouts, we focused on the highest impact by migrating the largest countries first, and then subsequently leveraging these infrastructure investments to other countries.

Speaker #1: Potential new markets were identified and investigated this year with execution planned for early next year. And our belief is that each of these actions will have a compounding effect on growth and, of course, by extension, the overall performance of the business going forward.

Speaker #1: And I want to move on to our digital transformation journey, which is a major program in the way to deliver enhanced resilience improved productivity and a platform for future growth.

Speaker #1: With this in mind, as of today, we've already migrated Pakistan in '24, Ghana in '25, Tanzania in early '26, with digital apps live in Ghana and Tanzania.

Speaker #1: And it is important to note that our approach is very much human-led technology. Where we will maintain our high-touch client model but with digital enhancements.

Speaker #1: Crucially, we've now implemented our core banking stack and our digital services in both an MFI, our lending-only, and an MFB, banking environment scenario, which will allow for more efficient rollouts going forward.

Speaker #1: Basically, we take out the manual pain points to improve the client journey. In order to spend more meaningful time with our clients. And as we've mentioned previously, in terms of country rollouts, we focused on the highest impact by migrating the largest countries first and then subsequently leveraging these infrastructure investments to other countries.

Speaker #1: In Pakistan, the focus has been on rolling out the Islamic banking module in '24, so we can offer Sharia-compliant banking to clients. As said, deposit mobilization will also commence this year, leveraging the new digital platform.

Rob Keijsers: As we have mentioned previously, in terms of country rollouts, we focus on the highest impacts by migrating the largest countries first, and then subsequently leveraging these infrastructure investments to other countries. With this in mind, as of today, we have already migrated Pakistan in 2024, Ghana in 2025, Tanzania in early 2026, with digital apps live in Ghana and Tanzania. Crucially, we have now implemented our core banking stack and our digital services in both an MFI, for lending only, and an MFB banking environment scenario, which will allow for more efficient rollouts going forward. In Pakistan, the focus has been on rolling out the Islamic banking module in T24, so we can offer Sharia compliant banking to clients. As said, deposit mobilization will also commence this year, leveraging the new digital platform.

Speaker #1: With this in mind, as of today, we've already migrated Pakistan in '24, Ghana in '25, Tanzania in early '26, with digital apps live in Ghana and Tanzania.

Speaker #1: And with the addition of Kenya, which is planned for early next year, we've covered more than 60% of our client base already. Then, let me wrap up the presentation by drawing out the key highlights in the first half of '26, across three themes.

Speaker #1: Crucially, we've now implemented our core banking stack and our digital services in both an MFI, our lending only, and an MFB, banking environment scenario, which will allow for more efficient rollouts going forward.

Speaker #1: First of all, people. As I've mentioned in the previous presentations, strengthening senior leadership across the organization, both at the group and the country level, is a top priority.

Speaker #1: In Pakistan, the focus has been on rolling out the Islamic banking module in T24, so we can offer Sharia compliant banking to clients. As said, deposit mobilization will also commence this year, leveraging the new digital platform.

Speaker #1: People are the key to delivering the strategic priorities I outlined in the previous slide. With this in mind, we're delighted to welcome Geert, sitting next to me, as our group CFO in February.

Speaker #1: Gwen Mtawa, as new CEO in Ghana, and interim CEOs appointed in Uganda and Zambia. Strategy. Key steps were taken in terms of products, with microinsurance as well as developing an MSME proposition.

Speaker #1: And with the addition of Kenya, which is planned for early next year, we've covered more than 60% of our client base already. Then let me wrap up the presentation by drawing out the key highlights in the first half of '26 across three themes.

Rob Keijsers: With the addition of Kenya, which is planned for early next year, we have covered more than 60% of our client base already. Let me wrap up the presentation by drawing out the key highlights in H1 2026 across three themes. First of all, people. As I have mentioned in previous presentations, strengthening senior leadership across the organization, both at the group and the country level, is a top priority. People are the key to delivering the strategic priorities I outlined on the previous slide. With this in mind, we are delighted to welcome Geert, sitting next to me, as our group CFO in February. Gwennan Muriuki as new CEO in Ghana, and interim CEOs appointed in Uganda and Zambia. Strategy. Key steps were taken in terms of products with microinsurance, as well as developing an MSME proposition.

Speaker #1: The digital transformation program also progressed with a major migration in Tanzania, and the ramp-up of activities in Kenya has helped that migration next year.

Speaker #1: First of all, people. As I've mentioned in previous presentations, strengthening senior leadership across the organization, both at the group and the country level, is a top priority.

Speaker #1: New market expansion has also been undertaken, with a huge execution commencing next year. Lastly, our strategic plan to exit India has substantially progressed with a significantly reduced loan book, and crucially, the license surrender has recently been approved by the Reserve Bank of India.

Speaker #1: People are the key to delivering the strategic priorities I outlined in the previous slide. With this in mind, we're delighted to welcome Shahid, sitting next to me, as our group CFO in February.

Speaker #1: Gwen Mtawa as new CEO in Ghana, and interim CEOs appointed in Uganda and Zambia. products, with microinsurance as well as developing an MSME proposition.

Speaker #1: The income statement impact from now on is negligible with the business effectively wound down. And then financials, of course, the financial success of ASE International in '26 has been made abundantly clear throughout this presentation.

Rob Keijsers: The digital transformation program also progressed with a major migration in Tanzania and the ramp-up of activities in Kenya that have their migration next year. New market expansion has also been undertaken, with its execution commencing next year. Lastly, our strategic plan to exit India has substantially progressed with a significantly reduced loan book, and crucially, the license surrender has recently been approved by the Reserve Bank of India. The income statement impact from now on is negligible, with the business effectively wound down. Then financials, of course. The financial success of ASA International in 2026 has been made abundantly clear throughout this presentation, whether it is profitability, loan portfolio, or asset growth. I think the financial strength of the business has also improved with the growth in total equity. We are proud that we are able to continue providing capital returns to our shareholders.

Speaker #1: Digital transformation program also progressed with a major migration in Tanzania, and the ramp-up of activities in Kenya has helped that migration next year. New market expansion has also been undertaken with a huge execution commencing next year.

Speaker #1: Whether it's profitability, loan portfolio, asset growth, I think the financial strength of the business has also improved with a growth in total equity. We're re proud we're able to continue providing capital returns to our shareholders.

Speaker #1: Lastly, our strategic plans to exit India have substantially progressed with a significantly reduced loan book, and crucially, the license surrender has recently been approved by the Reserve Bank of India.

Speaker #1: And lastly, I want to cover the outlook for the remainder of '26. Building on the momentum shown in the first half of '26, we expect demand for loans by clients to also be resilient, and our focus is on disciplined execution, of the strategy, and ongoing productivity, and efficiency initiatives.

Speaker #1: The income statement impact from now on is negligible with the business effectively bounced down. And then financials, of course. So financial success of ASA International in '26 has been made abundantly clear throughout this presentation.

Speaker #1: Accordingly, we expect full year '26 underlying net profit to be in line or slightly ahead, of the current company compiled consensus of 70.2 million US dollars.

Speaker #1: Whether it's profitability, loan portfolio, asset growth, I think the financial strength of the business has also improved with a growth in total equity. We're proud we're able to continue providing capital returns to our shareholders.

Speaker #1: It's worth taking moments to reflect on the fact that amidst a rather volatile year across a number of fronts, we've managed to still deliver strong growth and profitability.

Speaker #1: And lastly, I want to cover the outlook for the remainder of '26. Building on the momentum shown in the first half of '26, we expect demand for loans by clients to also be resilient, and our focus is on disciplined execution of the strategy and ongoing productivity and efficiency initiatives.

Rob Keijsers: Lastly, I will just cover the outlook for the remainder of 2026. Building on the momentum shown in the H1 of 2026, we expect demand for loans by clients to also be resilient, and our focus is on disciplined execution of the strategy and ongoing productivity and efficiency initiatives. Accordingly, we expect full year 2026 underlying net profit to be in line or slightly ahead of the current company compiled consensus of $70.2 million. It is worth taking a moment to reflect on the fact that amidst a rather volatile year across a number of fronts, we have managed to still deliver strong growth and profitability. With that, I think we have concluded the formal part of the presentation. I will hand back to the operator to open the floor to questions from the conference lines. Thank you very much.

Speaker #1: With that, I think we've concluded the formal part of the presentation. I'll hand back to the operators to open the floor to questions from, from the conference lines.

Speaker #1: Thank you very much.

Speaker #2: Thank you. Participants can submit questions in written format via the webcast page by clicking the Ask a Question button. If you are dialed into the call and would like to ask a question, please signal by pressing star one on your telephone keypad.

Speaker #1: Accordingly, we expect full year '26 underlying net profit to be in line or slightly ahead of the current company compiled consensus of 70.2 million US dollars.

Speaker #2: We'll pause for a moment to assemble the queue. Your first question comes from Rahim Karim with Cavendish. Your line is open.

Speaker #1: It's worth taking moments to reflect on the fact that amidst a rather volatile year across a number of fronts, we've managed to still deliver strong growth and profitability.

Speaker #1: With that, I think we've concluded the formal part of the presentation. I'll hand back to the operators to open the floor to questions from the conference lines.

Speaker #3: Hi, good afternoon. thanks for the presentation. and congratulations on another strong set of numbers. three questions. I-if I may, when we talked about, you know, entering into new markets, I was wondering if I could perhaps press you, on, which areas you're specifically looking at, which countries you're specifically looking at, and how those, those entries will evolve, over time.

Speaker #1: Thank you very much.

Operator: Thank you. Participants can submit questions in written format via the webcast page by clicking the "Ask a Question" button. If you are dialed into the call and would like to ask a question, please signal by pressing star 1 on your telephone keypad. We will pause for a moment to assemble the queue. Your first question comes from Rahim Karim with Cavendish. Your line is open.

Speaker #2: We'll pause for a moment to assemble the queue. Your first question comes from Rahim Karim with Cavendish. Your line is open.

Speaker #3: You know, kind of how long, a-and, you know, the nature of those entries would be helpful. the second question was just around, you know, NIM and, and margin, development in the second half, obviously, came off a little bit in the first half.

Speaker #3: Hi, good afternoon. Thanks for the presentation. And congratulations on another strong set of numbers. Three questions, if I may. When we talked about entering into new markets, I was wondering if we could perhaps press you on which areas you're specifically looking at, which countries you're specifically looking at, and how those entries will evolve over time.

Rahim Karim: Hi, good afternoon. Thanks for the presentation, and congratulations on another strong set of numbers. Three questions, if I may. When we talked about entry into new markets, I was wondering if I could perhaps press you on which areas you are specifically looking at, which countries you are specifically looking at, and how those entries will evolve over time. How long, and the nature of those entries would be helpful. The second question was just around NIM and margin development in the H2. Obviously, it came off a little bit in the H1, so how should we think about that going into the last 6 months of the year? Then, obviously lots of good progress. Note the post-balance sheet event in terms of the Indian operations. What is left to do now?

Speaker #3: So how should we think about that going into, the last six months of the year? And then, you know, obviously, lots of good progress.

Speaker #3: Note the, the post-balance sheet, event in terms of the Indian operations. what's left to do now, I appreciate there's not much, left in terms of con you know, operations, but just helpful to understand what the, the last few steps are for, for our perspective.

Speaker #3: And how long and the nature of those entries would be helpful. The second question was just around NIM and margin development in the second half of the came off a little bit in the first half.

Speaker #3: Thank you.

Speaker #1: Yeah, thanks, Rahim. It's a twist in my arm on, on potential markets, but I'll, I'll give you a proper answer. So let me take the one on, expansion and on India.

Speaker #1: I'll hand over on the NIM to, to Geert. so we, we finalized with diligence in, in several countries, and, well, to spill the beans, I think, the DR Congo comes out as, as the top country for us for the short term.

Speaker #3: So how should we think about that going into the last six months of the year? And then obviously, lots of good progress note the post-balance sheet event in terms of the Indian operations.

Speaker #3: What's left to do now? I appreciate there's not much left in terms of operations, but it's just helpful to understand what the last few steps are from our perspective.

Speaker #1: where we, of course, need to go through a number of, of hoops to finalize that, but we, we aim to enter, the DRC early next year.

Rahim Karim: I appreciate there is not much left in terms of operations, but just helpful to understand what the last few steps are from our perspective.

Speaker #1: What does that mean? Of course, we have the missile strength, from a long time ago, between 2007, 2017. We had all those greenfield startups in, in, in 13 countries.

Speaker #1: Yeah, thanks, Rahim. It's a twist in my arm on potential markets, but I'll give you a proper answer. So let me take the one on expansion and on India.

Rob Keijsers: Yeah. Thanks, Rahim. Twisting my arm on potential markets, but I will give you a proper answer. Let me take the one on expansion and on India, and I will hand over on the NIM to Geert. So we finalized the diligence in several countries. Well, spill the beans, I think, the DR Congo comes out as the top country for us for the short term, where we of course, need to go through a number of hoops to finalize that. But we aim to enter the DRC early next year. What does that mean? Of course, we have the muscle strength from a long time ago, between 2007, 2017. We had all those greenfield startups in 13 countries. Basically, we do that in the same fashion as we did at the time. We start careful. It is a big country, 107 million people.

Speaker #1: So basically, we do that in the same fashion. As we did, at the time. We start careful. I mean, it's a, it's a big country, 110 million people.

Speaker #1: I'll hand over on the NIM to Shahid. So we finalized the diligence in several countries, and well, to spill the beans, I think the DR Congo comes out as the top country for us for the short term.

Speaker #1: but if you only look at, at Kinshasa, and some surrounding cities like Lubumbashi, you talk about 60, 70 million people in a relatively, compact area.

Speaker #1: Where we, of course, need to go through a number of hoops to finalize that, but we aim to enter the DRC early next year.

Speaker #1: We start with a couple of branches. We train, French-speaking loan officers in, Kenya and Tanzania, for instance, and deploy them back to, to the DRC.

Speaker #1: What does that mean? Of course, we have the missile strength from a long time ago, between 2007, 2017. We had all those greenfield startups in 13 countries.

Speaker #1: so again, you want to have a, a good taste of the market. You want to investigate properly. We do a lot of conversations with, people that know a lot about the market.

Speaker #1: So basically, we do that in the same fashion. As we did at the time. We start careful. I mean, it's a big country, 110 million people, but if you only look at Kinshasa, and some surrounding cities like Lubumbashi, you talk about 60, 70 million people in a relatively compact area.

Speaker #1: But we're dipping our toe into the market first carefully before we ramp up, a significantly. so that would be my answer on the DRC.

Speaker #1: I hope that answers your question. Rahim? On the?

Rob Keijsers: But if you only look at Kinshasa and some surrounding cities like Lubumbashi, you talk about 60, 70 million people in a relatively compact area. We start with a couple of branches. We train French-speaking loan officers in Kenya and Tanzania, for instance, and deploy them back to the DRC. Again, you want to have a good taste of the market. You want to investigate properly. We do a lot of conversations with people that know a lot about the market, but we are dipping our toe into the market first carefully before we ramp up significantly. So that would be my answer on the DRC. I hope that answers your question, Rahim, on the-

Speaker #3: Yeah, very helpful. Thank you.

Speaker #1: And maybe on, on, on India? indeed, like I said, the, the book is empty by now, so the 4.3 million in June is now, basically, empty.

Speaker #1: We start with a couple of branches. We train French-speaking loan officers in Kenya and Tanzania, for instance, and deploy them back to the DRC.

Speaker #1: So no more clients, no more branches, no more, no more staff. the very good news, of course, that we received last week is that the surrender of the license has been approved by the Reserve Bank of, of India.

Speaker #1: So again, you want to have a good taste of the market. You want to investigate properly. We do a lot of conversations with people that know a lot about the market.

Speaker #1: But we're dipping our toe into the market first carefully before we ramp up a significantly. So that would be my answer on the DRC.

Speaker #1: So we're no longer a lending, entity in, in India. So we only have a skeleton structure in place, which is less than a handful of people, going forward, and there will be no, drag on the income statements, anymore.

Speaker #1: I hope that answers your question. Rahim, on the—

Speaker #3: Yeah, very helpful. Thank you.

Rahim Karim: Yeah, very helpful. Thank you.

Speaker #1: So what, what is left to do, to be done is the, the final restructuring of the balance sheets, final settlements with the corporate couple of lenders.

Speaker #1: Everybody on India? Indeed, like I said, the book is empty by now, so the 4.3 million in June is now basically empty. So no more clients, no more branches no more staff.

Rob Keijsers: Rahim, on India. Indeed, like I said, the book is empty by now, so the 4.3 million in June is now basically empty. No more clients, no more branches, no more staff. The very good news, of course, that we received last week is that the surrender of the license has been approved by the Reserve Bank of India. So we are no longer a lending entity in India. We only have a skeleton structure in place, which is less than a handful of people going forward, and there will be no drag on the income statements anymore. What is left to be done is the final restricting of the balance sheets, final settlements with a couple of lenders. But that is remaining to do.

Speaker #1: but that, that is remaining, to do. So, all in all, I'm, I'm very happy with the status where we are now because we significantly de-risked that, of course, by means of having no longer, having the license in place and the fact that the balance sheet is, is empty.

Speaker #1: The very good news, of course, that we received last week is that the surrender of the license has been approved by the Reserve Bank of India.

Speaker #1: So we're no longer a lending entity in India. So we only have a skeleton structure in place, which is less than a handful of people going forward.

Speaker #1: And maybe for the, the NIM part, I'll hand over to Geert.

Speaker #4: Yes, thanks, Rob. And thanks, Rahim, for, this question. the expected, margin developments, well, on the one hand, of course, we'd see, a trend of rising interest rates globally.

Speaker #1: And there will be no drag on the income statements anymore. So, what is left to be done is the final restructuring of the balance sheets and final settlements with the corporate couple of lenders.

Speaker #4: at the same time, we see that, so far we have been able to protect margins really well, and at least for, the months to come, we expect that to, to remain the same.

Speaker #1: But that is remaining to do. So all in all, I'm very happy with the status where we are now because we significantly de-risked that, of course, by means of having no longer having the license in place and the fact that the balance sheet is empty.

Rob Keijsers: All in all, I am very happy with the stage where we are now because we significantly de-risked that, of course, by means of no longer having the license in place and the fact that the balance sheet is empty. I mean, for the NIM part, I will hand over to Geert.

Speaker #4: we see, of late, that margins, continue in the levels that we have disclosed now, e-even maybe a bit higher. so we're fairly resilient. On that part, at the same time, of course, for the longer term, had the rising interest rates, globally, may have an impact, but that's cur-currently too early to, to, to, foresee.

Speaker #1: I mean, for the NIM part, I'll hand over to Shahid.

Speaker #4: Yes, thanks, Rob. And thanks, Rahim, for this question. The expected margin developments, well, on the one hand, of course, we'd see a trend of rising interest rates globally.

Geert Embrechts: Yes, thanks, Rob, and thanks, Rahim, for this question. The expected margin developments, well, on the one hand, of course, we see a trend of rising interest rates globally. At the same time, we see that so far we have been able to protect margins really well and at least for the months to come, we expect that to remain the same. We see of late that margins continue in the levels that we have disclosed now, even maybe a bit higher. So we are fairly resilient on that part. At the same time, of course, for the longer term, the rising interest rates globally may have an impact, but that is currently too early to foresee. So the expectation is that for the H2, we would remain in that bracket, which we are very comfortable with, between 35% and 40%.

Speaker #4: So the expectation is that for the second half, we would remain, with, between 35 and 40 percent.

Speaker #4: At the same time, we see that so far we have been able to protect margins really well, and at least for the months to come, we expect that to remain the same.

Speaker #3: That's helpful. Thank you both very much.

Speaker #4: We see of late that margins continue at the levels that we have disclosed now, even maybe a bit higher, so we're fairly resilient on that part. At the same time, of course, for the longer term, the rising interest rates globally may have an impact, but that's currently too early to foresee.

Speaker #2: There are no further questions on the conference line. I will now hand over to Jonathan to address oh, my apologies. We do have another question.

Speaker #2: It comes from Hugo Cruz with KBW. Please go ahead.

Speaker #5: Hi, thank you for the time. I also have three questions, if I may. So first, on your earnings guidance for the full year, it implies flat-ish earnings in the second half versus the first half.

Speaker #4: So the expectation is that for the second half, we would remain in that bracket which we feel very comfortable with, between 35 and 40 percent.

Speaker #5: What does that mean, roughly, in terms of the shape of the P&L, half-on-half, so revenues, opex, gra-grade losses, and, and tax rate? So that's for the first question.

Speaker #3: That's helpful. Thank you both very much.

Rahim Karim: That is helpful. Thank you both very much.

Speaker #5: Second question, you know, I think your presentation talks about revising the cap you revised the, the sort of the capital framework. You know, what does that mean?

Operator: There are no further questions on the conference line. I will now hand over to Jonathan to address. Oh, my apologies. We do have another question. It comes from Hugo Cruz with KBW. Please go ahead.

Speaker #2: There are no further questions on the conference line. I will now hand over to Jonathan to address oh, my apologies. We do have another question.

Speaker #5: for, your dividend payout, which I think you had a target over time getting 30%, you know, when w roughly when you expect to get there?

Speaker #2: It comes from Hugo Cruz, with KBW. Please go ahead.

Hugo Cruz: Hi. Thank you for the time. I also have three questions, if I may. First on your earnings guidance for the full year. It implies flatish earnings in H2 versus H1. What does that mean roughly in terms of the shape of the P&L half on half, so revenues, OpEx, credit losses, and tax rate?

Speaker #5: A-and then finally, on your new product, you, you know, the, the insurance product is expanding. You have the SME pilot in Uganda. when those two products ramp up and potentially any others, to sort of the full run rate, do, do you expect the materially different shape to, to your revenue, line?

Speaker #5: What does that mean roughly in terms of the shape of the P&L, half on half? So revenues, opex, grade losses, and tax rate? So that's the first question.

Hugo Cruz: That is for the first question. Second question, I think your presentation talks about revising the capital framework. What does that mean for your dividend payout, which I think you have the target over time getting 30%? Roughly when you expect to get there? Then finally, on your new product, the insurance product is expanding. You have the SME pilot in Uganda. When those two products ramp up and potentially any others to the full run rate, do you expect a materially different shape to your revenue line or not? Any color there would be, basically on the profitability on these products, would be very helpful. Thank you.

Speaker #5: Second question: I think your presentation talks about revising the cap—you revise the sort of capital framework. What does that mean for your dividend payout, which I think you had a target over time of getting to 30 percent?

Speaker #5: Or, or not any, any color there would be, you know, basically on the profitability on these products w-would be very helpful. Thank you.

Speaker #1: Thanks, Hugo. Good questions. Let me take the one on the new products and on the, the earnings guidance and the, the capital framework. I'll, I'll happily hand over to, to Geert.

Speaker #5: Roughly, when do you expect to get there? And then finally, on your new products, the insurance product is expanding. You have the SME pilot in Uganda.

Speaker #1: what, what does it change? I mean, if I look at insurance, microinsurance, I think I've said before that, that this is not because there's a massive fee income.

Speaker #5: When those two products ramp up and potentially any others, to sort of the full run rate, do you expect the materially different shape to your revenue line?

Speaker #1: Of course, there's a couple of million on, on, on fees that, that we earn on, on the microinsurance. however, the biggest reason for us to do it is, one, it's, a big part of financial inclusion, savings, and an insurance is a safety net, when life hits you hard.

Speaker #5: Or not any color there would be basically on the profitability on these products would be very helpful. Thank you.

Speaker #1: so from that part, it's extremely important to us. But also from a business case perspective, the more services you have, in your ecosystem where you offer a broader set of services than other players, of course, the retention rates potentially, goes up.

Speaker #1: Thanks, Hugo. Good questions. Let me take the one on the new products, and on the earnings guidance and the capital framework. I'll happily hand over to Shahid.

Rob Keijsers: Thanks. Hugo, good questions. Let me take the one on the new products. On the earnings guidance and the capital framework, I will happily hand over to Geert. What has it changed? If I look at insurance, microinsurance, I think I said before that this is not because there is a massive fee income. Of course, there is a couple of million on fees that we earn on the microinsurance. However, the biggest reason for us to do it is, one, it is a big part of financial inclusion. Savings and insurance is a safety net when life hits you hard. That part is extremely important to us.

Speaker #1: What does it change? I mean, if I look at insurance, microinsurance, I think I've said before that this is not because there's a massive fee income.

Speaker #1: And that's also what we see, occurring, bit by bit in the countries where we roll out the microinsurance, and it's easier to retain our clients for a follow-up loan.

Speaker #1: Of course, there's a couple of million on fees that we earn on the microinsurance. However, the biggest reason for us to do it is, one, it's a big part of financial inclusion.

Speaker #1: And of course, there is the big business case because, a second loan is often a bit bigger. The risk is lower because we know the client bigger, better, etc.

Speaker #1: Savings and an insurance is a safety net when life hits you hard. So from that part, it's extremely important to us. But also from a business case perspective, the more services you have in your ecosystem where you offer a broader set of services than other players, of course, the retention rate potentially goes up.

Speaker #1: So the biggest business case of, of microinsurance is not so much in, in the very welcome, of course, fee income, which is differentiated from the, from, from the interest income.

Rob Keijsers: But also from a business case perspective, the more services you have in your ecosystem where you offer a broader set of services than other players, of course, the retention rates potentially goes up, and that is also what we see occurring bit by bit in the countries where we roll out the microinsurance. It is easier to retain our clients for a follow-up loan. Of course, there is a big business case because a second loan is often a bit bigger. The risk is lower because we know the client better, et cetera. So the biggest business case of microinsurance is not so much in the very welcome, of course, fee income, which is differentiated from the interest income. So that part is good, but the biggest part is the retention and the follow-up loans that come with that.

Speaker #1: so that part is good, but the biggest part is, is the retention and the, and the follow-up loans that come with that. On the FSME side, over time, of course, that can be, quite a big part of your, of your overall OOP because if you only have, like, 5 or 10 percent of your clients in MSME, that could very well, very well be 25, 30 percent of your OOP.

Speaker #1: And that's also what we see occurring bit by bit in the countries where we roll out the microinsurance. It's easier to retain our clients for a follow-up loan.

Speaker #1: And of course, there is the big business case because a second loan is often a bit bigger. The risk is lower because we know the client better.

Speaker #1: But we want to do that, that very carefully. I mean, our bread and butter is the asset model group lending. That is where we really want to excel.

Speaker #1: Et cetera. So the biggest business case of microinsurance is not so much in the very welcome, of course, fee income, which is differentiated from the interest income.

Speaker #1: and the growth into MSME is really because we, we lose clients, because if we serve clients for 10 years and clients do a fantastic job and they outgrow us, but they're not ready for, for a bank, that is where we need to step in with our MSME portfolio.

Speaker #1: So that part is good, but the biggest part is in the retention and the follow-up loans that come with that. On the SME side, over time, of course, that can be quite a big part of your overall OOP, because if you only have like 5 or 10 percent of your clients in MSME, that could very well be 25, 30 percent of your OOP.

Rob Keijsers: On the MSME side, over time, of course, that can be quite a big part of your overall AOP, because if you only have 5% or 10% of your clients in MSME, that could very well be 25%, 30% of your AOP. But we want to do that very carefully. Our bread and butter is the ASA Model, group lending. That is where we really want to excel. The growth into MSME is really because we lose clients, because if we serve clients for 10 years and clients do a fantastic job and they outgrow us, but they are not ready for a bank, that is where we need to step in with our MSME portfolio. So I see a lot of opportunities for MSME, but not to blow up our book significantly in this product suite.

Speaker #1: So I see a lot of, of opportunities for MSME, but not to blow up our book, significantly, in this, in this product suite. But over time, of course, if it becomes 20, 25 percent of our OOP, it's, it's a big driver for, for growth as well.

Speaker #1: But we want to do that, and do it very carefully. I mean, our bread and butter is the asset model group lending. That is where we really want to excel.

Speaker #1: I hope that answers your question on both insurance and, and, and, and MSME. there you go. and with that, I'd happily hand over for the earning guidance and the capital framework to, to Geert.

Speaker #1: And the growth into MSME is really because we lose clients. Because if we serve clients for 10 years and clients do a fantastic job and they outgrow us, but they're not ready for a bank, that is where we need to step in with our MSME portfolio.

Speaker #4: Thanks, and, thanks, Hugo, for, the questions. on the earnings, projections, let me first paint a bit of a picture on what we expect in the second half overall.

Speaker #1: So I see a lot of opportunities for MSME, but not to blow up our book significantly in this product suite. But over time, of course, if it becomes 20, 25 percent of our OOP, it's a big driver for growth as well.

Speaker #4: to some extent, our business is seasonal. In the sense that, that we see we have particularly the season from September to December, and that there is a significant growth o-on the back of seasonal re-related spending.

Rob Keijsers: But over time, of course, if it becomes 20%, 25% of our AOP, it is a big driver for growth as well. I hope that answers your question on both insurance and MSME. There you go. With that, I would happily hand over for the earnings guidance and the capital framework to Geert.

Speaker #4: By our clients, if we then dissect that more in the various, drivers of, of, of the P&L, first of all, on, on the revenue side, although this will, of course, also support the revenue development, the biggest benefits of that we typically, sees in the year thereafter and start because then you just start in 2027 with a much higher asset base, as well.

Speaker #1: I hope that answers your question on both insurance and MSME, Hugo. And with that, I'd happily hand over for the earning guidance and the capital framework to Shahid.

Speaker #4: Thanks, and thanks, Hugo, for the questions. On the earnings projections, let me first paint a bit of a picture on what we expect in the second half overall.

Geert Embrechts: Thanks. Thanks, Hugo, for the questions. On the earnings projections, let me first paint a bit of a picture on what we expect in the H2 overall. To some extent, our business is seasonal in the sense that we see, particularly the season from September to December, that there is a significant growth on the back of seasonal-related spending by our clients. If we then dissect that more in the various drivers of the P&L, first of all, on the revenue side, although this will, of course, also support the revenue development, the biggest benefits of that we typically see is in the year thereafter and start because then you just start in 2027 with a much higher asset base as well. Then on the OpEx side, as mentioned, we continue to invest in our people and in, for example, our digital transformation as Rob pointed out as well.

Speaker #4: To some extent, our business is seasonal. In the sense that we see we have particularly the season from September to December, that there is a significant growth on the back of seasonal-related spending.

Speaker #4: Then on the opex side, as mentioned, we, we continue to invest in our people and in, for example, our digital transformation as, as Rob pointed out as well.

Speaker #4: at the same time, we expect, costs, to be, to be well under control, but we will see, a bit of a further rise. On the ECL, the, the, on the ri on the back of a slightly rising bar, also these ECL charges, are likely, to rise, slightly.

Speaker #4: By our clients, if we then dissect that more in the various drivers of the P&L, first of all, on the revenue side, although this will, of course, also support the revenue development, the biggest benefits of that, we typically see in the year thereafter and start because then you just start in 2027 with a much higher asset-based as well.

Speaker #4: And then, as I already explained on the effective tax rate, we expect the effective tax rate to go up, basically from the underlying 38% in, to in the range of around 40 to 42 percent.

Speaker #4: Then, on the opex side, as mentioned, we continue to invest in our people and in, for example, our digital transformation, as Rob pointed out as well.

Speaker #4: What does that all mean? Indeed, that means that we expect the, the, the total, I think, net profits to be in line or maybe slightly ahead of that consensus of 70.2 million as indicated earlier.

Speaker #4: At the same time, we expect costs to be well under control, but we will see a bit of a further rise. On the ECL, the credit provisions, and on the back of a slightly rising bar, also these ECL charges are likely to rise slightly.

Geert Embrechts: At the same time, we expect costs to be well under control, but we will see a bit of a further rise. On the ECL, the credit provisions on the back of a slightly rising PAR, also these ECL charges are likely to rise slightly. As I already explained on the effective tax rate, we expect the effective tax rate to go up basically from the underlying 38% to in the range around 40% to 42%. What does that all mean? Indeed, that means that we expect the total, I think, net profits to be in line or maybe slightly ahead of that consensus of USD 72.2 million as indicated earlier. That is a bit of a projection that we are making. Let me move on to the dividend payout.

Speaker #4: So that's a bit of a projection, that we are, making. then let me move on to the, the dividend payout, as you have seen, we, have currently, we will be paying out 20%, on in interim dividends, 20% of the net profit.

Speaker #4: And then, as I already explained on the effective tax rate, we expect the effective tax rate to go up, basically from the underlying 38 percent to in the range around 40 to 42 percent.

Speaker #4: our, our goal is still and our aim is still to pay out 25% over the full year of 2026. which means basically that, by and large, we will pay out a 30% in the final dividend of the profit of the second half.

Speaker #4: What does that all mean? Indeed, that means that we expect the total net profit to be in line or maybe slightly ahead of that consensus of 70.2 million, as indicated earlier.

Speaker #4: So that's, I think, a little bit of the expectation, and we will continue to, to, to have that policy, have around 25%, our internal policy also states a, a maximum payout of 30%.

Speaker #4: So that's a bit of a projection that we are making. Then let me move on to the dividend payout. As you have seen, we have currently we will be paying out 20 percent in interim dividends, 20 percent of the net profit.

Geert Embrechts: As you have seen, currently we will be paying out 20% in interim dividends, so 20% of net profit. Our goal is still, and our aim is still to pay out 25% over the full year of 2026, which means basically that by and large, we will pay out 30% in the final dividend of the profit of the H2. That is I think a little bit of the expectation, and we will continue to have that policy of around 25%. Our internal policy also states a maximum payout of 30%, so it will be in the range of, let us say, 25% to 30%. Hugo, did we answer your questions with this?

Speaker #4: So it will be in the range of, let's say, 25 to 30 percent. Hugo, did we answer your questions with this?

Speaker #4: Our goal is still, and our aim is still, to pay out 25% over the full year of 2026. Which means, basically, that, by and large, we will pay out a 30% in the final dividend of the profit of the second half.

Speaker #2: Yes, yes. All good. Thank you very much.

Speaker #3: And now there are no further questions on the conference line. I would now hand over to Jonathan to address written questions submitted via the webcast page.

Speaker #4: So that's, I think, a little bit of the expectation, and we will continue to have that policy of around 25 percent. Our internal policy also states a maximum payout of 30 percent.

Speaker #5: Thank you. does a very quick question, which I'll tackle on as a second one, which I'll, I'll hand over to, to Rob. first question is, can you elaborate why the client base has declined from 2.8 million in FY25 to 2.7 million today?

Speaker #4: So, it will be in the range of, let's say, 25 to 30 percent. Hugo, did we answer your questions with this?

Speaker #5: And if this was a conscious strategic decision or a function of lower end customer demand, nothing simple answer is the, wind down of the, India operations.

Speaker #5: Yes, yes. All good. Thank you very much.

Hugo Cruz: Yes. All good. Thank you very much.

Speaker #5: So, that reflects that change and is the main reason why we're showing, those numbers now ex-India. So you can see the performance of the business on a continued operations basis.

Speaker #2: And now there are no further questions on the conference line. I would now hand over to Jonathan to address written questions submitted via the webcast page.

Operator: There are no further questions on the conference line. I would now hand over to Jonathan to address written questions submitted via the webcast page.

Speaker #1: Thank you, Jonathan. Thank you.

Speaker #5: the, the, the second question, how did the new trade regulations in Uganda affect clients? and the loan portfolio quality?

Speaker #4: Thank you. There's a very quick question which I'll tackle and there's a second one which I'll hand over to client base has declined from 2.8 million in FY25 to 2.7 million today?

Jonathan Berger: Thank you. There is a very quick question which I will tackle, and there is a second one which I will hand over to Rob. First question is, can you elaborate why the client base has declined from 2.8 million in FY25 to 2.7 million today, and if this was a conscious strategic decision or a function of lower end customer demand? I think the simple answer is the wind down of the India operations. That reflects that change and is the main reason why we are showing those numbers now ex India, so you can see the performance of the business on a continued operations basis.

Speaker #1: Yeah. Yeah, to be very honest, there was, there was a rather brutal and, you see what happens is that, that, most of those traders are not regularized or, or, or, shops with a license.

Speaker #4: And if this was a conscious strategic decision or a function of lower end customer demand, nothing simple answer is the wind down of the India operations.

Speaker #1: And what happens is that basically all those shops were bulldozed away, and were, basically evicted out of Kampala and Greater Kampala. So that had a si-significant effects on, on our clients that basically lost, lost everything, their shops and all the goods that they had in their shops and needed to rebuild outside of Kampala again.

Speaker #4: So that reflects that change and it's the main reason why we're showing those numbers now ex-India. So you can see the performance of the business on a continued operations basis.

Speaker #1: Indeed, Jonathan. Thank you.

Rob Keijsers: Indeed, Jonathan. Thank you.

Jonathan Berger: The second question, how did the new trade regulations in Uganda affect clients and the loan portfolio quality?

Speaker #4: The second question: How did the new trade regulations in Uganda affect clients? And the loan portfolio quality?

Speaker #1: And, of course, imagining this, this has a significant effect on, on the bar. because people just need to rebuild their businesses. So yeah, that has been, and will be significant.

Speaker #1: Yeah. Yeah, to be very honest, there was a rather brutal and you see what happens is that most of those traders are not regularized or shops with a license.

Rob Keijsers: Yeah. To be very honest, that was rather brutal. You see what happens is that most of those traders are not regularized or shops with a license. What happens is that basically all those shops were bulldozered away and were basically evicted out of Kampala and greater Kampala. That had a significant effect on our clients who basically lost everything. Their shops and all the goods they had in their shops and needed to rebuild outside of Kampala again. Of course, imagining this has a significant effect on the PAR because people just need to rebuild their businesses. Yeah, that has been and will be significant.

Speaker #1: Okay. thanks, Rob. That's,

Speaker #1: And what happens is that basically all those shops were bulldozed away and were basically evicted out of Kampala and Greater Kampala. So that had a significant effect on our clients that basically lost everything: their shops and all the goods they had in their shops and needed to rebuild outside of Kampala again.

Speaker #5: the end of the questions, and we've received, via email. I think, just like to say thank you to everyone for joining today. and our next update will be the Q3 business update, which is scheduled for release on the 29th of October.

Speaker #5: thank you once again.

Speaker #1: Thank you very much.

Speaker #4: Thank you.

Speaker #1: And of course, imagining this, this has a significant effect on the bar. Because people just need to rebuild their businesses. So yeah, that has been and will be significant.

Speaker #1: Okay. Thanks, Rob. That’s the end of the questions we’ve received via email. I think I’d just like to say thank you to everyone for joining today.

Jonathan Berger: Okay. Thanks, Rob. That is the end of the questions that we have received via email. I think I would just like to say thank you to everyone for joining today. Our next update will be the Q3 business update, which is scheduled for release on 29 October. Thank you once again.

Speaker #1: And our next update will be the Q3 business update, which is scheduled for release on the 29th of October. Thank you once again. Thank you very much.

Rob Keijsers: Thank you very much.

Speaker #4: Thank you.

Jonathan Berger: Thank you.

Geert Embrechts: Thank you.

Operator: This concludes today's conference. Thank you for joining. You may now disconnect.

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Half Year 2026 ASA International Group PLC Earnings Call

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