Dsm Firmenich Ag

Good morning and thank you for joining today's call. I'm sitting here with Dimitri de Vreese, our CEO, and Rolf Smijts, our CFO. We published this morning our half-year 2026 results. We hope you have had the opportunity to review the press release and the investor presentation, both of which are available on our website and include the disclaimer regarding forward-looking statements. Following opening remarks from Dimitri and Ralf, we will open the line for questions. As always, sell-set analysts who want to ask questions have to register via the questioner's link, which can be found on our website in the financial calendar. And with that, Dimitri, the floor is yours.

Thank you, Dave, and indeed, a warm welcome also on my behalf for our H1 results call, and I'm happy to report Good traction of our strategic action plan, as we have presented to all of you in the CMD in March, where we would focus, where we would act and execute. Now, a good set of numbers for H1 and Q2 on organic sales growth, EBITDA margin and cash, and an outlook unchanged, where Ralph and myself will give you a little bit of color a bit later in the call. Also happy to say that our listing is active on the six Swiss exchange as of the May 21st. And that will be part of the SMIM index as of the September 21st of this year. Now, as you all know, as a reminder, the share buyback is still underway and progressing well. If we then go to the next slide to give you a bit of background on Q2. Q2 a good growth 6% like for like improvement in EBITDA margin to 19.5% if you would correct at 19.5% for EVX the dollar and the Swiss franc we would be at 20.2 with June in quarter 2 be a particularly strong month reflecting improved customer sentiment around the Middle East situation where at that time there was a bit of easing And we've seen that reflected in orders. Now, these orders are not being put into our system with any label, whether it's restocking or pre-buying. But if you take the statistic pickup in June, we assume some restocking and we need to see how that evolves over time. Now, EBITDA growth was 10% in Q2, showing the operational leverage of our portfolio. Then move to H1, give you a bit of color on H1. Overall, 5% growth like for like. Go to the next slide. Yep, 5% growth like for like. Average margin of 19.3. Also here for the full year, quite some headwind on Evics. If you're correct for that, it will be 19.3. and we also made in H1 good progress on our people and planet targets which I referred to you in the investor presentation that is uploaded at the internet site of TSM Firmenich.

Let's go to the next slide to accelerate financial performance.