Good morning, everyone. My name is Abdulhadi Alamri, Head of Investor Relations at Almarai. Welcome to Almarai's 2026 Capital Markets Day. Thank you for joining us, whether you are here with us in the room or participating online. This is a significant milestone for Almarai as we embark on our new chapter in transitioning from investment to value. In recent years, we have built new capabilities, added capacity, and developed new areas for growth. Our next step is to make the most of what we have built. We will focus on strong execution, careful investment decisions, and long-term value for our shareholders. Today, you will hear how we will strengthen our main businesses, choose the right growth opportunities, and allocate capital with discipline. Our CEO, Mr. Fawaz Al-Jasser, will set the context for our direction and priorities. Our Chief Strategy Officer, Mr. Chris Langhorne, will explain our growth priorities and the capabilities that support them before our CFO, Mr. Ikram Ulhaque, sets out the financial framework and the capital allocation discipline underpinning the plan. Following the presentation, we will have a Q&A session with the management. Please note that the presentation material is available on Almarai Investor Relations webpage. Today's presentation includes forward-looking statements about our plans, goals, and ambitions. These statements are based on our current expectations and assumptions, and actual results may differ. Please refer to the disclaimer in today's material. With that, I will now hand it over to our CEO, Mr. Fawaz Al-Jasser. [Non-English content] Good morning, everyone. My name is Fawaz Al-Jasser, and I've been in Almarai for more than 21 years. I've been lucky, frankly, to witness Almarai growth in the last years. I've seen the story behind each brand, and I've seen the complexity on the operation, complexity on the supply chain, and above all, I've seen the commitment of our people in Almarai. I'm frankly super proud to be part of this organization. The purpose of this meeting, as Abdulhadi mentioned, is to share with you the journey for the next five years, and hopefully myself, Chris, Ikram will tell you how, and how can we create that to a value to our shareholders. Next year is a very remarkable day for Almarai. Why? Because we will turn 50. But before I share with you the journey and changing this to a history session, let me tell you a fun story. But it's a fact, and that is embedded in Almarai DNA. Back in 1977, Almarai decided to ship 300 cows by plane, to Riyadh, and unfortunately, only 299 cows made it to the farms. By the way, we are still looking for that since the last 50 years. When we land, one cow decided to escape and run to the runway and made a huge disruption to the airport, and that was the last time we saw our cow. If you find it, please talk to Ikram because he want to balance his sheets. Joke aside, that small story tell us one important thing, how we transform from 299 cows to the largest integrated company in the world. I believe everyone within Almarai are on a journey. I don't want to change that to a history session as well, but it would be good for us with this opportunity to share with you our history, from where we came. We start small company as a dairy company with a small factory. From that day, we realize that supply chain is the most important part to be successful. We establish supply chain, and we know that producing the best quality product is not enough. What is more important to have that product reach the consumer with the same quality. Since that day, we're still doing the same, and we capitalize on that. In 2000, we enter juice, in 2005, we became the listed company. There is also another milestone in 2006, where the Board had a bold decision to change the company from a dairy company alone to the food company. Since then, we start diversifying our portfolio. We went to a bakery, poultry, infant nutrition, and added value within the same core, until the recent one that we have, which is the water business. That 299 cows, today in the farm, we have 200,000 cows in Al Kharj that produce 1.5 billion liter of milk. To the information that we have, we are the largest and the highest yield per cow globally. That is not coming from nothing. It comes from the engine and the people behind Almarai story. This is the scales that we have. What that scale bring to us today? In 2025, we generated SAR 22 billion. In net income, we have SAR 2.5 billion. We have, today, more than 50,000 employees, and we are across all factories. We have 19 factories, 34 production facilities. We serve 150 million customers across seven countries, and we have 12,000 vehicles that serve the retail every day. That's the story of Almarai and the scale that we build on, and we capitalize on. What sets us apart from the competition? We have one main thing, which is consumer. The consumer is in the heart of our ecosystem. We build five capabilities around the consumer. Brand, which is a slogan that we always say, "Quality you can trust," but it's not about that. It's the quality that we serve to our consumers that made them buy us every time. Manufacturing scale, that we are able to deliver with consistency, and innovation, that we speak to the consumer and understand, due to the scale that we have, that we reach in every single corner, so we know the consumer behavior, the market behavior, and we address that accordingly. The last point, which is supply chain. Supply chain is the main important factor for Almarai. I would say we are controlling from the farm to the fork. We know the source, the production, the supply, the market, so we control the quality because the quality is the main game changer in that industry. Route to market today, we are almost reaching 220,000 shop every day across all these countries that we are in. One of the questions that I ask Ikram and Chris, when was the last time that we did Capital Markets Day? That was, if I recall, November 2019. November 2019 was a fantastic year at that time. Since then, COVID was at the door. Supply chain interruption was there. Ukraine war started. Consumer behavioral change. Today, the current conflict is, as well, one of the main challenges that we have. With all these challenges, too many companies will drop the ball or will not have the ability to navigate through uncertainty. Almarai, instead, grew from SAR 14 billion- SAR 22 billion. In profit, we generated from SAR 1.8 billion- SAR 2.2 billion. We increased our employees from 43,000- 53,000. With all these challenges, we grew. That is one fact that tells us the DNA of Almarai and how we grow and how we navigate the way. Let me share with you a little bit of why we are here. Almarai is a huge company, and a big company that we know we are proud of. We are the market leader in every category that we are in, and we are proud of that. One person will ask, "Where to go? You are still the number one in every category." Let me take you a little bit back. The market in Saudi Arabia alone in food and beverage is equivalent to SAR 200 billion-SAR 222 billion. That is in KSA only. When you see Almarai, revenue is almost SAR 15 billion in KSA. That is even barely 10% or maybe less. When you dig deep in that breakdown, we are playing in only 30% of that market. Within that 30%, we own only 25%. There is an opportunity within the things that we are good at, and we could capitalize on it. There are also other opportunities that we could explore on the same food and beverage industry. I know that investors are always worried. We will not go and tap in every single opportunity because we want to be relevant fit and make sure that we create value. That is the base of where we think we could build and navigate our future in the next five years. We have four focus areas. Simple. Our strategy is very simple to a level where I hope everyone will memorize it by the end of this session. We want to protect our core and accelerate it, considering the market size that we have. We have poultry, bakery, water, juice, food. We have that category, and we want to protect it because it is the bread and butter of Almarai for the last decade, or last 50 years, frankly. We want to expand in a selective area in terms of channel, in terms of market, and that market or channel should create value to us as a company. We want to capitalize also on our execution. We have a strength in our execution, and we want to make sure that we are addressing the consumer behavioral change, market change. Today, for example, e-commerce is growing in a different scheme or level. We want to be ahead of the game and respond to the demand of the consumer. The last one, which may be the most important part of us today here in this room, we want to grow with discipline. We do not want to go and tap in any category that we think there is an opportunity. Yes, the market is huge, but also we need to make sure that we have the relevance to our markets and our industry. Our ambition is maybe some people will see it stretched, but look into the history and the navigation of Almarai from COVID, prior COVID, the way that we grow in Almarai, the way that we change our strategy from dairy to food, and how we grow from a small company to the largest integrated company, give us a confidence that we have the right DNA, right people, to take us through to the next level. Our ambition, which Ikram, Chris will give you more details in term of financials, in term of strategy, but we want to grow in revenue 1.5x in the next five years. We want to grow in earnings by 1.65x in the next five years. Cash we want to generate in the next five years, accumulated by almost SAR 31 billion. I know it is challenging, but I have a confidence that I could claim one thing from our side as a management, because we have the history in Almarai, we have the capability, and we know the market better than majority of the competition across the region, that we owe you one thing, which is delivery. Thank you very much. I think we're good. Hello. Testing. Hello. Thank you, Fawaz. My name is Chris Langhorne. I'm the Chief Strategy Officer here at Almarai. Again, thank you all for attending today. One thing, that cow that we're looking for, the one that we lost back in 1977, I can't tell you where that cow is, but what I will be able to tell you is where the growth that Almarai will drive over the next couple of years. I'll definitely be able to tell you that after this presentation here. Next slide, please. You've heard from Fawaz why we have the platform to grow and why this next phase of growth must convert that growth into value. My role here is a bit different, but it's about to answer a key question that's in between that. Where specifically will the growth come from, and why do we believe we can win there? The answer starts with the core. Dairy, food, juice, bakery, all remain the foundation of the company. We're not moving away from our core. In fact, we are accelerating it. We know these categories well, we know these customers well, we know the customer economics, we know the operating requirements. We already have brands, assets, and route to markets and capabilities at scale as well. Before I turn to the pillars that you see here, it's worth, again, repeating the sizing that Fawaz just alluded to. Really it's the base of the story and of our strategy as well. Again, the Saudi food and beverage market is approximately SAR 220 billion in size. Of that particular market, we participate in the categories that we normally participate in, it's around 30%. When you peel that back a little bit, again, of that 30%, on average, we own around 25% share. That alone signals significant headroom. Now, when we extend into other categories, particularly namely seafood and red meat, that 30% expands to around 55% off the same base. That is the strategic white space that is in front of us. But again, market size alone is not the strategy. The question is, where does Almarai's capability give us the right to win? Around the core, there are additional engines. One, as was mentioned earlier, selected category expansion, focused channel expansion in food services and e-commerce, and disciplined geographic expansion across the GCC priority MENA markets and exports. Our strategy, therefore, has four pillars: accelerate the core, selectively enter into attractive adjacent markets, expand channels where our capabilities travel well, and grow geographically where we have a credible path to scale. Together, they support our ambition to grow approximately 1.5x over the next five years. This is enabled by the capacity that we have already committed and started to bring online. But the composition of the growth matters just as much as these headlines, particularly in the 1.5x. Again, we want to stress that most of that growth will come from the core and those categories and markets that Almarai already operates in. Selected adjacencies will drive further growth, but they will not replace our core. They do not make this plan and our strategic focus in the future dependent on one single expansion opportunity. Our growth plan starts with all the businesses and capabilities we know very well and extends selectively into attractive categories, channels, and markets where we believe we can build a strong position. Next slide, please. This strategy, it is not a reset and it is not a turnaround. It is the next phase of a program that is already underway. Since 2022, Almarai has invested behind capacity, infrastructure, and new growth platforms. This includes the SAR 18 billion investment program that was announced in 2024, of which around SAR 12 billion of that is already deployed. That work has created assets, capabilities that are beginning to contribute today. Across our portfolio, we are beginning to see the benefits of this capacity and capabilities that we have built. Poultry is a good example of that, and we will talk a little bit more about that later. We have also been deploying and building and developing our red meat, our seafood, and our frozen bakery assets as well. Management's task has therefore changed somewhat. The last phase was about building. This next phase is about converting that capacity into value, and that means utilization, commercial execution, productivity, and ultimately returns. Next slide, please. Let me start with our first pillar and which is the most important, core acceleration. Core acceleration does not simply mean doing the same thing faster. It means extracting more value from categories where we already know and we have and hold meaningful competitive advantages in. The agenda differs slightly per category, but the objective is consistent. Grow share where attractive, strengthen our portfolio and optimize mix, improve profitability, and get more out of the assets and capabilities we already have. In dairy, we see growth through new occasions, healthier choices, and snacking formats using consumer insights and our already powerful chilled route to market. When we think about juice, there are opportunities in the portfolio regarding price pack architecture, particularly in single-serve and higher value propositions. In food, there is an opportunity to strengthen our portfolio through recipe innovation, optimizing the economics within our ambient portfolio, and continuing to unlock new consumption occasions, all while maintaining a clear focus on profitability. When we start to think about bakery, there is significant opportunity and headroom in terms of innovation, convenience, and new formats and occasions as well. Frozen bakery opens up a totally new, different growth pool, while also leveraging capabilities that we already have at Bakemart, and we will speak a little bit about that later as well. In poultry, the heavy lifting has already been largely done, and now the focus is on utilization by filling the capacity in a responsible way, ensuring that we are improving our mix toward more higher value products and channels, and improving those returns of the assets that we already have in place. More broadly, the core and across our entire core, the objective is relatively simple. We will continue to drive and protect profitability, and the core remains the primary growth engine. Poultry, again, is a clear example of that and how we are shifting from this space of building capacity to also now realizing value in it. Next slide, please. Second pillar, selective category expansion. The word selective is very, very important here in this case. We are not building a portfolio of categories by simply just bringing categories together. We are choosing a focused set of categories where our existing capabilities give us a clear right to win and where there is a credible route to leadership and scale. The current pipeline in our key expansion areas are bottled water, frozen bakery, ice cream, seafood, and red meat. These opportunities are different and they are not all at the same stages. The way they are being commercialized and scaled are based on readiness, strategic fit, and economics of those individual categories. Across all these categories, four key questions have governed entry. Does this particular category fit with our strategy? Do we have the right to win? Can we achieve attractive returns? Is there a credible path to leadership? In bottled water, we are broadening our overall beverage platform, building on our existing strength in both juice and dairy beverages. Water extends our platform into healthy hydration and a major everyday consumption occasion where we can leverage our differentiated capabilities en route to market, while our procurement and scale provide a path to build a strong, profitable position. Frozen bakery, we are extending an already very strong bakery platform into new consumption occasions and food services, combining our manufacturing capabilities that we have in Bakemart and creating a broader portfolio or platform, more broader than our current fresh bakery portfolio that we have. In ice cream, we are leveraging our dairy expertise, brand strength, cold chain capabilities into an adjacent indulgence category where Almarai can bring trust, quality, innovation, and scale. In seafood, we are building a new protein platform, leveraging our protein experience, our cold chain, and distribution scale to develop trusted, branded, and value-added offerings in that category. When we come to red meat, we see an opportunity to increase localization of a large and very important category that today is predominantly imported, right? Building on existing supply of live animals and our processing capabilities to build a scaled domestic platform. What is particularly interesting about both seafood and red meat is that they remain largely fragmented in our market. While there are a few established players, much of the market does remain unbranded, creating room for a trusted brand that has traceable propositions. Again, this is another reason why these categories play naturally into Almarai's strength when it comes to food safety, scale, distribution, and quality you can trust. For us, a large market isn't evidence of simply just an opportunity, and it doesn't necessarily give us permission to invest. If the opportunity is not aligned with our strategy, if it's not aligned with the things that we are good at, and the returns aren't strong enough, then that will not alone carry the decision to go ahead and invest in these particular opportunities. Again, we're not diversifying for the sake of diversifying only. Each category has to fit into our capabilities and offer us a credible and strong path to a profitable position. Next. The third pillar, channel expansion. This is not about simply entering channels that were absent. It is about materially increasing our presence and our participation in channels that are growing faster and where our portfolio and capabilities give us the room to win. Food services requires a different proposition, channel-specific products, pack format, service level, and a dedicated commercial model. Importantly as well, food services plays naturally into the breadth of our existing core portfolio. It gives us the opportunity to serve customers with a basket of products spanning across these core categories, for us being dairy, food, bakery, and poultry, and being able to approach these food service customers as a basket versus doing it category by category. So the capacity that we've also built and that we will continue to build make accelerating more credible in this particular channel. It gives us the capacity to capture the incremental demand while maintaining service levels and also the operating efficiency that is needed. In e-commerce, it gives us an opportunity to use data, the right assortment, availability, and omni-channel execution to grow faster than the market and strengthen our relationships with consumers. At the same time, channel expansion is not substitution. Traditional trade remains critical part to us and our profitability, and we will protect it. When we think about modern trade, it remains strategically important as well, and the priority is to improve value creation in that channel as well. We are already present in all of these channels, and the objective is not simply just to drive more volume across these channels. It's to drive the right growth in the right channel with the right economics. Next slide, please. The fourth pillar, geographic expansion. Our geographic strategy follows a clear approach. We want to lead where we have scale, we want to strengthen the markets where we already operate, and we want to use exports to test future markets before committing significant capital. Beyond Saudi Arabia, we have clear priorities. First, it's around extending our leadership across GCC through tailored growth approaches in each market and category. We will not assume that one model will fit every market. Portfolio choices, pricing architecture, and route to market will reflect consumer behaviors and economics at the local level. Second, strengthening our position and returns in MENA countries, particularly Egypt and Jordan. These are existing businesses for us that are material to us, and they are not just abstract dots on a map. Priority will continue to be drive better execution and stronger economics with investments phased according to market conditions. More on these particular two countries. When we think about Jordan and Egypt, particularly Jordan, it does serve as an export hub for the Levant region. With Egypt, it gives us a platform to serve select markets in North Africa that can be further developed over time as well. These roles create reach without us having to set up full operations in every market from day one. Third is to use exports to seed selected markets and create future optionality. Exporting allows us to test consumer demand, our relationships with customers and local partners, and whether we can drive the appropriate economics and scale before we start to consider deeper commitments. The bottom line, at the end of the day, any direct entry opportunity will be selective. Again, that is a key word for today is selective. It must meet the general same test and requirements that the category investments did. We must ensure their strategic fit, that we have an ability to win, risk-adjusted returns are appropriate, and we have a credible path or route to scale and to leadership. Next slide. This strategy only has value if we have the ability to deliver against it. For us, delivery starts with consumer understanding. The categories, the products, the channels, the consumer insights that we all talked about, they drive the choices, and they must be met and aligned with real consumer needs and behaviors. So the consumer insights that you see up here is just simply not one box amongst many on the slide. As Fawaz communicated earlier, it is at the heart of everything we do, it is at the heart of the strategy, and it directs all of our choices. Connected to that are the enablers that actually do the work, starting with our people, our operating model, our manufacturing supply chain, marketing, branding, innovation, and digitalization. These are not also standalone initiatives. They are capabilities that allow us to execute the strategy faster and more effectively. Innovation is not only about generating ideas, it is about closing that gap and shortening the distance between the consumer insights and commercialization. Digital and AI and the way we think about that is also not a separate growth pillar. They are productivity and execution enablers that allow us as management to make decisions around the daily activities that we do, such as forecasting, supply chain planning, performance management, commercialization, and just generally how we operate on a day-to-day basis. One of the key things that these capabilities are directly connected to the growth choices that we have made. For example, in frozen bakery and protein, the expansion requires frozen and flexible manufacturing as well as the appropriate route to market. When we think about seafood, red meat, and water, that requires specialized sourcing and consumer capabilities in our supply chain to drive scale and efficiency. When we think about the general growth across our entire portfolio and channels, that requires stronger consumer insights, innovation, data, and faster commercialization at the end of the day. The full plan requires an operating model with clear mandates, decision rights, and accountability that enable the agility needed to meet our consumer needs. Strategy itself, it just can't sit at the group level while the execution at the business level and the core functions is ambiguous. This is also where our people agenda play a very major role. We just talked about new categories, new channels, new geographies. Those will all require new skills. They must be integrated with the standards and controls and the operating discipline that protect Almarai and our brand. Ultimately, this all gives us the confidence in our strategy. We're not simply just choosing new markets and new categories or channels. We are choosing opportunities where our existing capability give us an advantage, and where those capabilities or new capabilities are required. We're clear about that, and we know exactly what we need to strengthen. Our choices start with the consumer, and our capabilities is what turn those choices into real value creation and growth. Next slide, please. The final part of our strategy is around discipline and accountability. Growth by itself is not our key objective here. Growth must create value. Every opportunity is tested against the same general principles, strategic fit, attractive returns, our ability to win. Are the profit sustainable? Do we have a clear right to win again? Is there a credible path to leadership? Again, a large market isn't just enough, nor is the availability of capital. An opportunity must demonstrate that Almarai should be the rightful owner of it, and that we can execute and the expected returns justifies the risk. Our principle is relatively simple in this matter. Capital and having access to capital doesn't simply mean that we will spend it because we have it. Every investment must compete for funding and create values for our shareholders. Next slide, please. Let me close on three key points here. One, the core will remain the anchor of the business. While we will see regional business continue to drive contributions to our business, it will contribute significantly, but the core remains the anchor. Two, expansion is selective. We're adding new categories, we are strengthening channels, and we are strengthening markets where Almarai has clear capabilities and advantages to drive a credible route to a strong position. Three, execution must be disciplined. Capital allocation must be governed by principles. We know we need to deliver with speed and accountability while also ensuring that every investment is supported by a strong strategic and financial case. Those choices define where Almarai will grow and why we believe we can win. Growth again is not the objective. It has to translate into earnings, cash, and returns. With that, I'll now ask Ikram to come up and talk us through how we expect that conversion to happen, and how we will allocate capital and the financial framework to support converting this growth into real value. Thank you. Thank you. Perfect. [Non-English content] Good morning, and I would like to say good afternoon to some of our colleagues from Asia, from both DCM and ECM market. Pleasure to be here. My name is Ikram Ulhaque. I am the CFO, and it is interesting to see pictures from yesterday when I have slightly more hair, talking about growth options. Anyway, let me move on. I would like to start the presentation with a summary slide, and I will finish my presentation with a summary slide as well. Let me go through how do we believe the next five years will convert into financials from the opportunities that Fawaz talked about and the choices that Chris alluded to. The very first thing I want to talk about is growth. Almarai today is number one in dairy, food, juice, bakery, poultry. We talked about cash being important, and it is, and we will talk a lot about value creation from this five-year plan. But we remain a growth company and a growth stock, and I will talk more about it. We are still targeting 150% growth level in 2031, an 8% CAGR year in, year out. Growth alone will not be enough. We want to target a higher profit rate, and there are some structural reasons for that, and I will allude to that in my third slide. We are targeting 160%, at least a 2% higher CAGR of profit relative to revenue growth rate. This profitability, as we utilize our investments, we will generate SAR 31 billion or more over the next five years. That cash flow gives us choices. What this will do, it will allow us to fund the right opportunities for Almarai, be it organic or inorganic, support a sustainable and growing dividend for the next five years, and maintain a very strong balance sheet, all three side by side and together. This strength will allow us to repeat the cycle again and again. This is where the growth will come and keep on repeating itself. I will go through the next five slides, and I will touch each one of these pillars one by one. So let me go through the next slide. Growth rate. As I talked about, Almarai today is targeting about SAR 24 billion of revenue by the year 2026 finishes. 150% growth. We are targeting SAR 36 billion or more by the time we reach 2031. An increase of SAR 12 billion just in the next five years as an increment. Where this SAR 12 billion, a CAGR of 8% will come from? We will have three growth engines, all working side by side, but at a different speed. 1/3 of the growth will come from our core, 35% of the growth. This means SAR 4 billion out of the SAR 12 billion will come from the core categories. The largest contribution, 50%, SAR 6 billion out of SAR 12 billion, will come from expansion categories. Lastly, 1/6, or let us say SAR 2 billion out of the SAR 12 billion, will come from adjacent categories. Let me now explain in detail because we need to understand how the top line will emerge, and the bottom line will be easier to understand afterwards. The core, and I think Chris talked about a lot in the last two, three slides. This is your dairy, food, juice. We have very strong market share in all of these categories. Fantastic brands, excellent supply chain capabilities. We are number one in most. Because this is the biggest contribution, nearly 70%-75% of our today revenue base, the growth will be limited. We are targeting around 5% CAGR, but still positive linked towards population growth rate and changes in consumption. So the core remains quite resilient, and that is the 1/3 of the growth. The biggest bet, SAR 6 billion of the SAR 12 billion, is coming from capacity expansion. This is where you, as shareholders, have trusted us with a lot of CapEx in the last five years. We have used it to build capabilities across the spectrum. Poultry, I will start with the biggest one. By the time we finish year 2027, Almarai will be supplying nearly 20%-25% of the Saudi poultry market. Every fourth chicken sold and produced in Saudi Arabia will be produced by Almarai. That will be the strength that will bring to the market. Frozen bakery that Chris was alluding to is getting launched, [Non-English content] in Q4 next year. Artisan bakery, you will see the opportunities that will grow in that direction. I will talk of B2B business, Premier Foods, and that is another factory that is coming online probably earlier this year, will expand fully by next year. Jordan, Egypt, growth rate in those countries will be maximized. We are launching a bakery brand in Egypt by the end of next year. Cheese factory will be up and running by Q1 2028 in Jordan as well, supplying to neighboring countries as well. This is why this became the biggest bet for Almarai. The last one, the adjacencies. This remains a logical extension for Almarai to seed the growth for tomorrow. This is what poultry would have felt in 2009. Started small and became big. We look at these four options, seafood, red meat, water, ice cream. [Non-English content] Almarai will announce red meat this quarter, if I am not mistaken, Fawaz, and you will see all of these categories front-loaded in the next two or three years, giving Almarai a great option. Every one of them probably would be less than SAR 1 billion of revenue in the current five-year plan, but the growth potential to grow any of them towards the poultry of tomorrow remains significant for us. This is how the growth is built for the next five years. Three engines working side by side at a different pace. Resilience from the core, largest contribution from capacity expansion, and fastest contribution from adjacent categories. That is the promise of Almarai to generate more than SAR 12 billion over the next five years. Growth alone is not enough. The quality of this plan depends on how we convert the revenue into earnings. The purpose of this plan is not to sell more. Our objective remains, we have to convert more from every riyal of sales into earnings, and we will show that year in, year out going forward. Today as we speak, although we see a lot of short-term resistance because of the Iran war, we are confident because of the structural issues for the next five years, we can grow our profit by 10% CAGR. This means around a 160% growth rate off today's base by the year 2031. There are multiple reasons for that, and I will talk on them one by one. Regardless of the headwinds, you see the energy inflation regulation going against us, but the benefits, the tailwinds, and I will talk on three or four of them which are key for me. The first one, which is very critical, is a positive mix. Positive mix for country, by product, by channel. By show of hands, can I see how many of you attended the Q3 call, if any? Excellent. Good participation. Anybody remember the innovation in Q3? Thank you very much. This is what you see here today. It is right in front of you. Every product we are launching is revenue rich, margin rich. I talk about capacity expansion. Seafood will be selling for more than SAR 100/ kg. Beef will be more than SAR 60/ kg. Poultry will be SAR 20/ kg. Almarai sells today all of its product on average at SAR 8/ kg. So you see all the extension are more positive on revenue. We can leverage our supply chain network to extract more profit as we go into this high-value categories. This is not enough just on products. Countries are positive as well, as we expand more into the Gulf. The biggest one I want to talk about is channel positive mix. We see e-commerce as we were alluding to. Fawaz was referring to us, I think, day before yesterday, and it was interesting to note, e-commerce was doing SAR 25 billion of revenue in the whole year of 2020. I think we did it, I think last week, Fawaz, if I am not mistaken. Within one week, e-commerce did what it took them one full year to achieve. The growth is so phenomenal in e-commerce and it is EBIT positive for us. We make more money in that channel. Structurally, that is why we believe in the long term, we see more profit momentum coming towards Almarai. The second biggest one, productivity. Our factories, our warehouses, our farms. If you think about the next five years, we will convert more and more of them towards the high utilization rates. Today, all these factories, as we come to a realization phase, are running at maybe 60%-70%. Our depreciation, for the lack of a boring accounting alternative, will turn to become more flattish over the last two or three years. Our labor cost will come also more flattish, but the factory output will be going up, and that is the benefit that will accrue to us on the bottom line. Some of them are by choice. The top 20 CEO projects that we launched in Almarai in the last week, efficiency gains that we see across the board from procurement, from supplier contracts, from pricing arrangements, how we leverage them, not just in Saudi, but in the Gulf and in Egypt and Jordan, will give us that extra advantage to leverage that part more. Fourth one, digitization and automation. Our support functions, our fridge automation, fridge profitabilities, our planning, and this is the three or four vectors which allows us to say with confidence, regardless of what we see for the next two or three quarters, the Iran war issue, for the next five years, as we grow into this revenue growth rate, we are confident here to state that our profit growth will exceed the revenue growth by at least 200 basis points or 2 percentage points in general. That is the story for the profit. Lot of numbers on this slide, so let me walk from left to right. Revenue growth is great, but profit is better, yet cash is king. That will supersede in this five-year plan everything as I was talking about. Let me now move towards the dollar thing, which is closer to our heart. For the next five years, we are planning to generate SAR 31 billion. Think of a drawer that Almarai Finance is holding in the head office. For the next five years, SAR 31 billion will come in, and we're keeping it safe just to being assured. We will use SAR 15 billion from this SAR 31 billion for the next five years for CapEx. We are not stopping our capital program. Quality you can trust demands that we invest in our factories, our vans, to remain nice and shiny, our customer gets the best they deserve. Almarai will not shy away from it, even in this realization phase. That CapEx will continue for the next five years, and I'll talk about that on the next few slides. This allows us to generate SAR 16 billion of extra cash over the next five years, and closing run rates of SAR 4 billion-SAR 4.5 billion by the time it is 2031. That gives us the choices. This cash will be used to fund a growing dividend, will be used to fund the cost of debt for our banks, and will also be used to pay down our debt. Our debts might be down by maybe 40%-50% by the time we finish the year 2031. Yet our balance sheet will be so strong that will allow us to pursue any opportunity with the right investment framework that we can pursue in these five-year plans. I like what Chris said, that just because we can spend, it doesn't mean we will. Our investment framework are very tough. We had a board meeting with Fawaz and the Board two days ago, and we were very clear on this, that our scrutiny is much tougher than yesteryears, and we'll make sure that we're the right custodian for this as we go forward. If you look at what has happened for the last five years, we keep on investing in our capabilities. The time has now come to convert this capability into production and sales, and that's why you will see free cash flow rise every year in, year out, and allow us those three options that I just alluded to. SAR 15 billion CapEx. Where are we spending this money? I want to highlight to the audience, we announced an SAR 18 billion in the middle of 2024. We are nearly halfway through, or slightly more than halfway through into that plan. We have spent SAR 12 billion of the SAR 18 billion already. This SAR 15 billion includes the leftover part from the SAR 18 billion plan. You can say we're saving you money here, but coming back to this one, let me tell you how for the next five years the CapEx will be spent. SAR 4 billion of this will be spent in our farming operation. That is the leftover part from poultry that is still to be spent. Half of it will be poultry, half of it will be dairy. As I said, our lines, Fawaz talked about 34 manufacturing units. I will talk about number of lines, about 50 lines. Every single line, we are replacing nearly 10- 15 lines every single year, which allows us more flexibility and more optionality every time we replace a new line. We are not shying away from this thing. To make sure you get the new value-added products, our lines will be adopted and changed over the next five years. We will continue to invest across the board on new manufacturing facilities. Sales and logistic. We cannot achieve 150% revenue growth if we do not have the same magnitude towards the vans, the HSTs, the reefers, the depots. We have to continue to invest in that category. The revenue growth is volume-led, and I will talk about that later on as well. We will spend some money on compliance as well to make sure that we are with NCEC and NCA fully compliant as well. That is the split of SAR 15 billion over the next five years. When and how do our shareholders get paid? Or when do you guys get paid? That is a good slide to discuss on that part. Dividends. I will talk of dividend and balance sheet in a second. The growth rate of revenue, as we talked about, the easing of the CapEx, as I talked, what this means for cash flows, every single year, you will see your operating cash flow going up by SAR 300 million- SAR 400 million. You will see your CapEx coming down by SAR 300 million- SAR 400 million every single year as well. Both will go in opposite direction. CapEx will stabilize around SAR 2.6 billion-SAR 2.7 billion as replacement rates, and OCF, our cash flow, will keep on rising. This allows us to do two or three things. We will continue to pay you a progressive dividend, both in percentage and both in riyal terms. This is our promise here standing today to make sure this value cycle returns extra return to our shareholders. This will happen not at the expense of balance sheet. We will not compromise on working capital. We will not compromise on CapEx, as I talked about. Despite paying a higher dividend, our balance sheet will continue to get stronger and stronger. I will talk about it on the next few slides, but our balance sheet will be strong enough to support a 1x- 2x EBITDA acquisition in the next two or three years, and we will discuss that later on. The message is clear. The time we have spent in building those capabilities, next five years, you will see these expansion capabilities turning into riyals, converting into cash profit for Almarai, and more than 40% or 50% or plus more will be given back to you as your reward as a shareholder. Capital allocation framework. We have been asked a lot to talk about this, so let me go through one by one. We have three very clear priorities, and I want to be a bit more detailed on this slide, so allow me a bit more time on this one. Investing in growth, that is number one. Shareholder value, that is number two. Maintaining a strong balance sheet, that is number three. Everything and every riyal we will spend for the next five years has to follow these principles. This gives you an eye into how Almarai management is thinking and where Almarai management is spending its money. Our number one priority remains investing in growth. I do not want to shy away from this thing. It is one of the highest in our ranking. Setting up a new line to give you chocolate-flavored Muscle Milk, this will be the number one priority to spending CapEx. You will never see us shy away from this one. Protein milk, different flavors of Zabadi coming through. Organic growth will be the number one priority for us. That is where you see the SAR 15 billion we are committing to it today. It does not mean we will shy away from the right M&A. In this current economic conditions, there could be some options that become feasible for us. As Chris talked about, it has to be the strategic fit, the right price, and ability for Almarai shareholders to get value from that. If we get the right acquisition value, we will 100% go for that. That is the priority for the investing in growth. Dividend remains today our number one priority to give value back to shareholders. It will remain so, and that is why we are here committing to all of you that we will commit to a growing dividend base for the next five years, both in percentage and absolute terms. Share buybacks are very low. We are not thinking about it. Maybe in the last year, even then, it is not a big priority. Again, bonus share and share split, I love as an accounting part, but it does not create value for us. Our share is not at SAR 600 that we need a split, so we are okay with the share processes. Balance sheet. I will take a bit more time on this one. I do not want to sound like Trump, but to maintain the investment-grade rating is our red line. Almarai today is BBB-. Today in Saudi Arabia, if you take out the banks, there are only 14 companies who can issue a sukuk. Of the 14 companies, eight are government-related. This is SABIC, Aramco, the big ones supported by the government. There are only six companies in the whole of Saudi Arabia that are issuing sukuk today. Of the six, only three are investment-grade. Almarai is one of them. This is why our debt paper is so strong. We are issuing debt at around 20 basis points- 30 basis points above sovereign debt, which is remarkable. In this day of higher interest rates, this gives us great flexibility, and we will do everything we can to maintain this investment-grade rating. This rating implies that we will not take debt beyond 3.5x or 4x EBITDA. So in your models, that will tell you the upper limit of how much Almarai can spend, I am not saying it will, can spend on its M&A. I am also here to commit that we got approval from the Board as well. Over the next three to five years, we are targeting a net debt to EBITDA range of 1.5x- 2.5x. If you can imagine, our leverage today is 2.7x. This will be a downward-sloping line every year in despite paying higher dividends. It allows us to have an acquisition power of between SAR 10 billion- SAR 15 billion should we choose to deploy it. If you look at Saudi Tadawul Food Index, if you take away Savola and Almarai out, the total market cap today is around SAR 7 billion. Almarai balance sheet strength will be so strong that it can buy all the food company on the index and then buy them again, and then buy them again. Not that we're going to do it, but just to let you know how strong our balance sheet will be, and we'll continue with that. Working capital. A lot of times we were asked that why we are carrying 12 months of stock for alfalfa and corn and everything else. What this crisis has shown us that this is a requirement going forward. Fawaz talked about how since 2019 we've seen COVID, Ukraine war, you name it. Crisis remains to come every one or two years. We will not shy away from investing in our balance sheets, in our working capital to protect us. It also allows us to invest without taking short-term decisions. We don't have to worry about, should I buy more inventory? But I don't have enough funding, or my balance sheet is stretched. That's the benefit of having a strong balance sheet. We will use it to ensure our working capital and our operation remains strong. The salesman selling the SAR 1 or SAR 2 Laban or milk, he never, ever has to worry about any funding cost or funding pressure. We want to make sure our front end continues to spend all their time on the job they're allocated to do. That's the benefit of having a very strong framework that helps every single supply chain part. I've talked about a lot of numbers, so I want to finish my presentation with this slide. I'm not going to take a test and ask you for what numbers you remember or not, but if you take anything from this presentation on the finance section, just take these four numbers with you today. In 2031, Almarai revenue will be 130% of its 2026 number. The 130% volume will allow us to grow revenue at 150%. That revenue will allow us to create income at +160%. As we are growing dividends in percentage in absolute terms, your dividends will be growing higher at 160%. This is it, ladies and gentlemen. This is Almarai five-year plan in one simple line: 130%, 150%, 160%, and 160%+. If you guys like annual numbers, you can go with six, eight, and 10. But this is it. Judge us on this, not for the next quarter results, but by the year 2031, and we'll publish our benchmarks. Some of the growth is front-loaded, but profit might be subdued in the short term, but this is our financial commitment based on the plan we're standing here for you today. We do all of this thing, free cash flow will be growing in excess of $1.2 billion or $1.3 billion in perpetuity, year in, year out. $4.5 billion+ will be coming through by the year 2031. Utilization of these assets will give us a RONOA of more than 12%, at least 3% or 4% above WACC. You'll have a strong balance sheet generating strong cash flow returns in perpetuity. You remember Fawaz and Chris' presentation, we will have more funds or more options available to us, organically or inorganically, and the cycle will continue its journey that way. With that, I will say thank you. I will request Abdulhadi to finish the presentation. Thank you, Ikram, for this clear explanation of how Almarai intends to unlock value and to measure its success along the way. With that framework in mind, I would like to bring our discussion together by leaving you with four key takeaways. First, Almarai is a trusted platform with five decades of brands and categories leadership, which gives us demand resilience and a durable market position. Second, resilient execution with an integrated supply chain and diversified categories that absorbed real disruption this year and kept products on the shelves. Third is disciplined growth choices that will accelerate the core at the number of adjacencies where we have genuine advantage. It is growth without diluting focus or returns. Fourth is conversion into value. You have seen now how the financial framework for the next chapter and the capital discipline that governs it. You have heard our ambitions, and now what we owe you is delivery. Now I would like to invite our management on stage to start the Q&A session. For those of you in the room, please wait for the microphone before asking your question so that the participants joining online can hear you. Once you have the mic, please introduce yourself and ask your question. If you are joining online, you can submit your questions using the Q&A button. Thank you, gentlemen. We will start with questions from the room. Please raise your hand if you have a question. Thank you, management, for the presentation. It was very informative. I just have two questions from my side. The first question is on the free cash flow guidance. Can you clarify if that incorporates the cash investments in the biological operations? Because I am trying to understand if it reflects the full investment beyond the CapEx. That is my first question. Thank you, and I would like to invite Ikram. Please. Oh, yeah. It does. The SAR 31 billion we are talking about includes the CapEx for the cows and the birds as well. In accounting for IAS 41, we have to show it differently. For the ease of purpose, we clubbed it with the SAR 31 billion, so SAR 15 billion was only CapEx and PP&E and hard assets. Okay. Just for the purpose, we separate it. Otherwise, it would be SAR 15 billion of hard assets, SAR 5 billion of biological assets, or probably SAR 4 billion, and then our OCF would have been SAR 37 billion, SAR 38 billion. Very clear. Thank you. My second question is on the poultry segment. With the capacity expansions still coming online across the poultry domestic producers, I just want to get a sense, how do you see the industry balance between demand and supply? Given the continued pricing pressure that we have seen from 2025, are you comfortable with the current returns in the poultry sector? If there is any traction coming from the government to potentially limit the import situation? Thank you for that question. I would like to invite our CEO, Mr. Fawaz. Yes. I think I shared with you a few points in the market size. Let me go back to the breakdown of the market size. Today, the poultry, 20% is cuts, 40% is frozen, and 40% is fresh, which we own the majority of it. Your question, are you happy with the situation today? We could be better, for sure. However, there are a lot of efforts from the government today to even regulate the market, which hopefully one day soon will allow us to normalize what we are having today and will increase the capacity and the efficiency across Almarai and other company in the markets. Thank you [Non-English content] Thank you. Yes, please, the gentleman in the front. [inaudible] Yes. Hello, [Anastasius] from [Mathman] Sorry. Oh, yes. Yes. Okay. Yep. Two questions, if I may. Yeah. First question, could you please split the 5% CAGR on the core categories into innovation product CAGR and legacy product CAGR? On the CapEx, could you clarify the CapEx for seafood and meat, and elaborate how you will be evaluating the return before you proceed? Thank you. All right. Thank you. Ikram, can you please handle this? Sure. I'll talk on seafood and the beef CapEx. Both are SAR 500 million each, and as we said, our cutoff rate is at least WACC + 2% or 3%. If we enter into an adjacent category, Chris, we go for a higher— Yes. —hurdle rate as well. So it'll be at least 200 basis points or 300 basis point higher than that. We have deployed CapEx already. [Non-English content] you will see an announcement from Almarai this quarter. I think we've been very conservative in the past about detailing how your money is being spent. I think the last Capital Markets Day as far as it was 2019, we would like you all to take to maybe the northern part of the country, show you where, I guess, the poultry plant is fixed. Every time Fawaz comes back, he's so excited, and he talks about we building a city, not just anything there. So we'll do that for next year as well. So for me, this is already done. Seafood is coming online, I think after Ramadan next year. I will say probably back end of March or early April. CapEx has already been deployed, so that's coming through. The first question was? The CAGR. CAGR. I would say around 1%-2%. It differs for each category. Each year is different. Our innovation pipeline, and I think Chris alluded to that as well, is continuous. Innovation is interesting in a way that you will have a lot of churn in it. I can tell you any number today, but as things go by every year, we see a different consumption, different pattern. What the Gen Z likes today will be different for what we see in three or four years. What we like to say is we have the capability to have the innovation to get at least 2% or 3% CAGR. I do not know, Chris or Fawaz, would like to elaborate further. If you allow me. Talking about seafood and red meats. Seafood today industry in Saudi Arabia, we are one of the lowest consumption per capita. When you compare to the market today, regional, it is 20 kg per capita. We are almost 12 maximum. We have an opportunity there. That is something that we capitalize on, considering the market is still not mature on seafood. The other part, the red meat industry that we are entering is huge, and what we are building today is a drop in an ocean. If you see it today as immediate return on investment, it is legitimate, but we are building for growth in the future where Ikram mentioned the story of poultry which we have, and that today is a success story for us, and we want to replicate that across these two categories. [inudible] Okay, thank you. The gentleman in the front. Thank you, management, for the presentation. This is Salman AlRajhi from Sabeen Investment. I have one question on my side regarding M&A activity. Basically, M&A activity is not only to increase the portfolio categories in terms of product, as well as potentially will enhance your supply chain sometimes. Since you are focusing on enhancing supply chain and increasing your product categories, what kind of M&A activity that you are looking for? It will be more into to increase product categories or— Thank you for the question. I won't go into any specifics of M&A activity, but what I will tell you is that we will do all of the above. As you saw in the presentation, and you alluded to it as well, there is a need to drive both top line and also there is this notion around improving our margins and costs. We will continue to always look for new product-related category M&A, and then we will also not shy away if there are M&A opportunities that drive efficiency throughout our infrastructure. A good example of that is when we bought Etmam a few years back, where it created a new capability in terms of frozen distribution that we'll do. We'll continue to look at opportunities to drive more productivity within our infrastructure while always looking at entering into new categories or existing categories in the product level or product-led M&A as well. Thank you. Yeah, Harsh? The gentleman, yeah, next to you. This is Harsh Mehta from Goldman Sachs. We saw your expectation as revenues will increase by 150%, net income will grow by 160%, so there's definitely some margin expansion over there. But if we were to compare those against pre-2026, because 2026 has been a year where there was a bit of higher pressure, then those margins are very similar to somewhere around last few years but not incrementally higher despite all the investments that have come through. Do you see there's an upside maybe in terms of price increases or better cost efficiency, or this is the best case structurally where Almarai and the industry is in terms of margins? Ikram, if you can, please. We do have some leverage that we will explore further up. As I talked about as management, we are going through at least 20 or 30 projects to expand on this one. Channel changes, it gives us a great chance to expand margin. There are some categories where we are technically losing money. When you go through a white space analysis, are we an XYZ product in Z country? Why are we there if you cannot make money into it? There is a bit of pruning, if I can use that word, required as well. Fawaz and Chris will be running a lot of, I would say, operational projects for the next at least six quarters. Looking at simple examples, even crates and pallets. Maybe Fawaz, you want to tell the story on that one or? I think we spend a lot of money on the pallets, and there are areas for improvement. When you look to the replacement of the wooden pallets that we supply to the market every year is massive. Creating a kind of mechanism to reduce the impact would definitely become immediate to the bottom line. Modern trade today is another area where we think it is important as well. I know the modern trade today is suffering, which is part of the situation today. However, when you look back to our performance in KSA in the modern trade channel, I could say we could do more better than what we achieved. That is the theme of the project that we have. Do we have the solution today for every single project? No. But we have a team today dedicated to evaluate, assess, and move forward, and hopefully come with a value to both parties. Harsh, put it this way. We have spent 50 years, and we still find ways to improve ourselves. We are the biggest logistic company, we have the biggest market share, but it's interesting that every year when you start to look into items, you find ways of increasing your bottom line, and that's a healthy sign. We have operational efficiency program, which are trying to create at least one or two percentage points every single year. With all of these tough conditions, Almarai is trying to at least maintain its bottom line. It's not a criteria, but when you look at the competition around you actually see margin dilution coming across. The reason Almarai at least maintain in absolute terms the margin, our internal engine continues to look for opportunities. To come back to your answer, there are options. We will try to expand on them. But where we feel comfortable today is the 160%. Can we expand on that? I would like to say [Non-English content] but that's something we will come back to as the time goes by. Not today to commit to it. I just have one follow-up question. Margins is obviously one thing, but when I look at the chart where you also show returns, that shows a very healthy uplift over the next few years. Is it possible to give us some guidance in terms of what kind of returns you see on the existing business as you see better operating leverage versus how much is being weighed down by the incremental investment that you're doing? For us to understand, let's say post 2030, when business stabilizes with incrementally less investment, what kind of return this business can generate? We see ROA expanding in virtually all categories. Every single one of the new options that Chris was alluding to, beef, seafood, you name it, all of them look positive to us. Today, we see a lot of negatives because they're in startup phase. Even for the next year, I can expect seafood is going to start in, say, Q2 next year. It's going to take some time. I'm okay with that, and we as management are okay with the short-term dilution. But next five years, we see 100%, all of them going up. There are a couple of them which are below our weighted average cost of capital. We are deploying certain measures to improve on that, and that will allow us to improve our return more than the 160% as well. Rest assured that we are looking at every single category separately. We are not subsidizing a structurally lower category or region with a profitable category side by side. We will take hard decisions if need be in the next five years, even if it includes divestment as well. You will see that action coming. Yeah. All right. Abdulaziz? Yeah. Thank you. Thank you, management. This is Abdulaziz Albarrak from SNB Capital. I have one question or two questions, I'm sorry, about the net income. Your expectation for the revenue to increase by 150%, while the net income to increase by 160%. Are you including any price hike in the coming years? In which segment are you expecting that to be? The other thing, are you including the. We have seen that in the previous years, the prices of diesel increasing. Are you including that in your Two points. One, in the assumption of our strategy, we do not assume price. Yes. The challenges that we have, it is still an option that we think, but there are two fronts as well. We want to make sure that we are also efficient within point is always an option for any other company. Is it part of our five-years plan today? No. The answer is no. Your second question regarding the— Diesel. Diesel. Diesel. Also, it is incorporated. It will take us roughly SAR 600 million year- on- year. So we incorporated this. On top of that, we show you the 1.5x and 1.6x growth in the next five years. Did I have— No, I think I am actually very glad the pricing one came from you. Thank you. Not the CFO, it's the CEO. It's good. Yeah. Yeah. [inaudible] The gentleman in the front. Yes, please. Here. This table. [Non-English content] [Non-English content] Thank you, gentlemen, for the presentation. I have a question on your expected profitability trajectory. If we look at Almarai profitability for this year and perhaps next year, it was clearly weighted down by the war circumstances and the associated abnormal cost of shipping and feedstock, et c. If the abnormal cost is around SAR 400 million-SAR 500 million per year, eventually your normalized earning power as of today or without the targeted CAGR growth of 6% and the targeted revenue CAGR of 8%, it should be around SAR 3.1 billion-SAR 3 billion, which implies that the SAR 4 billion target and net income would be actually. Basically, what I'm saying is your profit today, if it wasn't for the war or next year, would be around SAR 3 billion, SAR 3 billion-SAR 4.1 billion. That will give you a CAGR of 8% in line with your revenue CAGR, which doesn't reflect the potential upside from operating leverage and margin accretion coming from growing your volume over the coming five years. What are your thoughts on this? Yeah. Please go ahead. Yeah. Yeah. I think the SAR 3 billion estimate is a bit high for the current year. Look, I think some of the pricing we have seen in the Gulf countries are a result of the war itself. That would not have happened if it was not for the war. I think to presume that the base is SAR 3 billion, I think we need to perhaps adjust that assumption. What we talked here, and I think please listen to that question about pricing and cost as well. Fundamentally, the benefit to Almarai on the bottom line is coming from two or three very positive things. You can target us for execution on efficiency, and please do measure us on this. But structurally, even without those, the positive mix I was alluding to, that is massive. And the return on assets measured by, let us say, depreciation or eating into that asset, this is what is giving the extra 10% leg. Today, you have an asset under construction of SAR 5 billion or SAR 6 billion. You have massive cost going in, but there is no return coming out. That AUC, when it goes into production and sales, the return will be massive. Today in poultry, a very simple example. In the current year itself, we have got two factories working, fully operational. We are incurring all the costs for the electricity, labor, and everything else. But both factories are underutilized compared to what was in poultry last year. We are incurring to jump to the higher revenue target, we have to invest in that direction. Structurally, the net income gain is going to come from using the same factory, with the same staff, with the same electricity, but more output. Same depreciation, but more sales. This is why we as management, we are here to commit that the long term, as I said, don't ask me for the next quarter because of the Iran war issue, but long term, that's why we are confident here. We can see it in our numbers, and I am sure you can see that, too. That's the extra leg of income coming and supporting us. Cherry on the top will be on this top 20 project, Chris,— Yes —Fawaz alluded. That's something we will launch this quarter as well. It's an internal issue that we will manage, and we are confident we as management can add further to that structural benefit as well. Mm-hmm. Clear. Thank you, Ikram. We will take a question from the back, please. Yep. This is [inaudible] from the PIF. Thank you, management team, for presenting your strategy. Actually, very ambitious growth targets that you have, 10% CAGR, earnings growth until 2031, you are expecting, and this compares to almost similar CAGR historically. The issue here is that the base year that you selected of 2021 was a distressed year, a year that earnings dropped by almost 20%. If I look at a normalized year of, let us say, 2019, it grew at a CAGR of 4.5%. So you are expecting the growth to double from the historical CAGR. How confident are you in achieving these growth numbers given that Almarai is now more of a mature company? Chris, if you can. I will take one crack at that as well. One of the reasons, that stat that Fawaz and I talked about regarding the markets that we play in, right? One of the key elements that you heard us all say here, that there is a lot of growth in our core. Yes, we have some adjacent categories that are also going to contribute to growth, but there is a lot of the plans that you saw on the boards here support it and assume that it will come from the core. That said, we talked about this notion that today we only participate in around 30% of the entire food and beverage market. Of that 30%, we have share on average 25%. Just doing round numbers, that is less than 10% of the whole F&B market. We are number one in many of the places that we play. There is a lot of headroom in categories where we have capabilities, where we know customers, where we know the channel, et c, and we can just do more within places where we are really familiar with it. So that is one of just the fundamental elements of what we think or why we think there is opportunity or upside to grow in places where the probability is a bit more higher for execution versus going into a few adjacencies. I will let maybe you talk on the other angle from finance. Sure. I am glad for the positive outlook from 4.5%- 10%. When I think of the reference to the year that this is a distressed year, you saw on Fawaz's slide, since the last Capital Markets Day, and hope this is not a curse that continues. We have seen COVID and other instances. Look, compared to 2019, we are now getting more and more comfortable on how we manage our supply chain. I will give you two or three very simple examples. You will be surprised to know, today, we are importing plastic or packaging materials from China as well. Majority still comes from across the road, from within Saudi as well. But we are figuring out routes which we never thought possible. 1/6 of our alfalfa, 100,000 metric tons this year, came from Southern Europe, which was virtually impossible to think about in our ecosystem two years ago. Ocean freight and some of the options that will be coming from Australia and New Zealand, in a strange way, this war and these issues are giving us options that are making us more resilient, more comfortable. You can argue, are we using another distressed year as a base? That is not the intention. We believe from the base itself, as I talked about, eating into the capacity. All we are doing here as management, you entrusted us with your money. We built around SAR 40 billion- SAR 45 billion worth of assets. We are not doing a crazy job. We are targeting between 10%- 12% return, which we believe is the right rate of return for any FMCG company. With leverage, you as shareholders will give you 15%, 16% return. All we are doing, we have massive asset under construction. We will bring those assets into production. We have huge, I would say, current assets under utilization, especially in poultry, which are not making the right level of return, and we acknowledge that. We are working behind the scene rigorously and every day to get more from those assets. By these two combinations, that is where the returns are confident that we can deliver. As I said, if we can do more on efficiency, we will deliver more. But for us, we categorically see structurally where the returns are coming from. But I will use the 4.5% reference. I like that part. That is good to see. Thank you, Chris and Ikram. We will take one more question. Yes, the gentleman in the back. Thank you, management. This is Fahad Irfan from AlJazira Capital. My question builds on the fact that 50% of the expected revenue growth, that is SAR 6 billion, comes from a segment we have seen recently. This SAR 6 billion, what is the pricing assumption that the management has set? What kind of price increase are we expecting over the next five years? Yes, please go ahead, Ikram. Exactly as Fahad said, no price change in that respect. Look, if you think of the SAR 6 billion, international markets, our baby food formula, Beba, Beyti, you saw Q3 results in Egypt. You are looking at 22%, 27% growth rate in that market alone as of this year. Opportunity in Egypt and Jordan and neighboring countries, I would say even what is happening to Syria and Iraq, we see huge options for us to expand in that respect. We are not taking any pricing reassumption. If that happens, it is an added benefit for us. The extra capacity of bakery in Egypt, this has not even come online. Cheese, natural cheese production in Jordan, that is still to come. But I talked about business-to-business, food service. A lot of people miss that, I am hoping you or your kids are eating the pizza, the cheese on top, the supplier to most of the pizza companies are actually Almarai. That separate factory of Almarai Pro or— Yes. Yeah, we are using that to cater that segment as well. Again, it's a brand-new factory opening Q1 earlier this year. All of this added capacity is the one that allow us to say we'll grow SAR 6 billion. Poultry is significant. Please don't get me wrong. We are already hitting 350 million birds. Almarai is selling 1 million birds every single day. The extra capacity will be another 100 million birds. We will go from 1 million- 1.3 million birds. The B2B business, food service, as well as the frozen bakery that I was alluding to, that's where the SAR 6 billion is coming from. Thank you. Thank you so much. Yeah. Please. I will add, too, particularly on the poultry side, you will see that there is a focus going forward on cuts and more value-added propositions that will also come from a price per kilo perspective. You will see that should be a benefit that we will see that drive that incremental growth that you alluded to as well. Thank you. You see that across our portfolio, where we are being very deliberate about making sure the mix and the things that we are investing in are value-added that consumers are willing to pay for. Thank you to the management team. Thank you. Thank you to our audience for your participation, question, and discussion. We appreciate your time and your continued interest in Almarai. The material is available on Almarai's investor relations webpage. Also, the investor relations team remains available for any follow-up questions you may have. With that, I thank you and I invite you to, you can access either by walking the stairway or taking the elevator here to the ground floor and then changing elevators next to the reception to the second floor. Thank you, everyone. Thank you.