Aryzta AG

Ladies and gentlemen, welcome to the half-year 2026 results conference call and live webcast. The call will be hosted by Os Yodi, Chairman and Interim CEO, and Martin Huba, CFO. I am Matilda, the course call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Paul Mead, head of investor relations. Please go ahead, sir.

Thank you, Matilda. Good morning and welcome to our H1 results call. Our presentation includes a forward-looking statement which details the various risks and uncertainties that may impact our business and which also apply to today's discussions. I will now hand over to Urs to start the presentation. Thank you, Paul.

Good morning, all. Let me welcome you to this H1 2026 result overview. You can see the key highlights of the first half year, 2026. We did achieve a revenue of 1,064,000,000 almost, which accounts for an organic growth of minus 2.7%. EBITDA has been achieved of 139.9 million and the free cash flow of 23.6 million. Earnings per share stands at €1.82. In April this year, we did repurchase the hybrid bonds, the last outstanding hybrid bonds. And as you did read some weeks ago, we did a French bolt-on acquisition to expand our French business. Then on the next page, page five, You can see the H1 organic growth being impacted by mainly a heightened macro and geopolitical uncertainty. Consumer savings are going up and consumer uncertainty is visible, resulting in a subdued consumer sentiment. We did work against strong prior year comps. Germany was clearly the most challenging market. Germany underperformance offset the growth in other key markets. We are driving project excellence at pace to harvest attractive savings and strengthen margin resilience. For Germany, we are considering all options to maximize shareholders' value. Post-measure accelerating and delivering attractive savings benefits The excellence program, as I did mention, is rolling out faster and in more bakeries and in more markets. We are streamlining the organizational model. Further optimization investments are planned for H2 this year. We have very good visibility on key inputs. Innovation rate of 19% is supporting profitability via premiumization. Then on page seven, the guidance for 2026, we are targeting to achieve organic growth at the lower end of the guidance range, reiterate expectation to deliver further EBITDA and EBIT improvement, and we expect to deliver solid cash generation and an improvement in net debt to EBITDA. For 2027 and 2028, the Board will propose a capital return allocation to shareholders at the AGM 2027. The options for this are dividends, share buyback, or a combination of both. We are targeting to evolve progressively towards Swiss-listed SMEs' payout ratio. I would hand over now to Martin Huber for financial review.