As we move into 2026, I would like to extend a warm welcome back to all our clients, partners, staff, and stakeholders more broadly. I trust that you enjoyed a restful festive season and quality time with family and friends. As we return refreshed and energised, I can say with absolute conviction that I do not believe any of our businesses have ever entered a new year in a stronger position than we do right now.

Across Spirit Invest, Orion Wealth Managers, Orion Investment Managers, Warwick Wealth, Appleton Fiduciary Services, and Silverthorn Employee Benefits, we are fortunate to have an exceptional group of people, many of whom have been part of the journey for a considerable period of time. As a collective, we continue to learn, evolve, and improve every day. With six asset managers, more than ten equity research partners locally and internationally, a strong M&A capability, a meaningful pipeline of opportunities, and continued record growth year-on-year, it truly is an exciting time for the group and, most importantly, for our clients.

As Warwick Wealth continues to grow rapidly, it naturally creates the need and the opportunity for leadership evolution and internal promotion. I am, therefore, delighted to congratulate Connor Kilbride, who has been appointed General Manager and Director of Warwick Wealth. Connor has delivered exceptional results over many years and brings strong leadership, high emotional intelligence and an outstanding ability to build meaningful relationships across the country. Running Warwick Wealth day-to-day requires focus, consistency, and depth, and I have no doubt that Connor is the right person for this role.

With Connor stepping out of the Director of Take On position, Michael van der Westhuizen has been appointed as Head of Take On. Michael has proven himself to be highly capable, driven, results-focused and has already played a significant role in strengthening this function. Supported by a strong team around him, I am confident that the Take On division will continue to grow from strength-to-strength under his leadership.

I am also pleased to announce that Craig Holmes has been appointed as Regional Manager for Gauteng. Craig is a seasoned professional who understands our business deeply, having previously held senior leadership roles within the group. With the support of a strong regional team, I am confident that he will take the Gauteng region to new heights.

Growth is further reflected in the new partners who have recently joined Warwick Wealth. We are delighted to welcome Werner, Anton, and Johnny from WMF in Bethlehem, Albertus Laas in the Western Cape, Peet van Rensburg, Susan Naudé in Gauteng, Freed Klopper, and Natalie and Dean Britz in Pietermaritzburg. Each of these partners brings valuable experience, strong client relationships and alignment with our long-term vision.

We have also welcomed several new colleagues to the business, further strengthening our operational and client service capabilities. Candice Williams has joined our banking team, Megan Odendaal has taken on the role of PA to the GM of Warwick Wealth, Karl Vermeulen has joined the client service team in Port Elizabeth, Lynn Harker has joined the Knysna client service team, and Yukti Balalee has joined the client servicing team in KwaZulu-Natal. It has been inspiring to see how quickly these individuals have integrated into the business and contributed to our culture and momentum.

If there is one lesson that history consistently teaches us, both in life and in investing, it is that the only constant is change. As we enter 2026, global geopolitics once again dominate headlines. Shifting power dynamics, renewed geopolitical tensions and uncertainty around energy, resources and global leadership contribute to a sense that the world is changing yet again.

This is not new, however. At the start of 2020, we entered the year with optimism and momentum, only for COVID to fundamentally change the world in ways none of us had experienced before. Go back further and we recall the global financial crisis of 2008, the dot-com crash in the early 2000s, the Asian financial crisis of the late 1990s, the inflationary oil shocks of the 1970s and the geopolitical tensions of the Cold War era during the 1980s. Each period felt unprecedented at the time and each tested investor confidence and resolve.

In times like these, one of the most important roles of a wealth manager is not to predict the future, as nobody can, but to help clients avoid knee-jerk reactions. Proper diversification across asset classes, regions, and investment styles remains as important today as ever. Our investment teams, working closely with our professional partners, continuously monitor portfolios and will realign where appropriate. More often than not, however, staying the course, while remaining informed, is the hardest and the wisest decision.

Warwick Wealth remains committed to guiding and supporting our clients through all market environments and so should you have any questions, concerns, or simply wish to talk things through, please feel free to contact your Warwick Wealth specialist, adviser, or planner.

We wish all our clients and partners a successful, healthy and rewarding 2026. We are excited for the year ahead and firmly believe it will be another exceptional chapter in our shared journey.