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Hello, everyone. My name is Dani Segarra and I serve as a Head of Investor Relations and Sustainability and Vice President at Grifols. Welcome to our review of the company's business results for the first half of 2025. Today, I'm joined by Grifols Chief Executive Officer, Nat Shabia, Chief Financial Officer, Rahul Esrinivasan, and the President of Biopharma, Roland Vandeler. A few logistics before we get into the details. Today's calls will last about an hour, including a Q&A session. As a reminder, this call is being recorded. You can find additional materials, including today's presentation in the investor relations section of the Grifols website at grifols.com. The transcript and a reply of the webcast will also be available on the investor relations website within 24 hours. Turning to slide two, please note that this presentation includes forward-looking statements regarding, among other things, the company's future operating and financial performance, market position, and business strategy. These statements are based on current expectations and available information as of the date of the recording, and they are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected. Grifold financial statements are prepared in accordance with EU, IFRS, and other applicable reporting provisions, including alternative performance measures, or APMs, prepared under the group financial reporting model as defined by the European Securities and Markets Authority. Please note that Grifold's management uses APMs to evaluate financial performance, cash flow, and overall financial position as the basis for operational and strategic decision-making. These APMs are prepared for all the time periods presented in this document. Now moving to today's agenda, Nacho will start with some introductory remarks, followed by a discussion of our business performance and strategic execution. Then Rahul will review the financial results for Q2 2025. After Rahul's presentation, we will return to Nacho for his closing remarks. Roland will be joining us for Q&A. With that, I will now turn the call over to Nacho. Nacho, please.

Thank you, Dani. And hello, everyone. Thank you for joining us today. In May, we reported a strong start to 2025. And I'm happy to report today that that momentum continued through the second quarter, with the delivery of a robust set of results across all key business and financial metrics. This strong performance reflects the strength of our business and operations and puts us firmly on track with our guidance and to continue advancing along a positive trajectory for the rest of the year. And it is well aligned with the direction of the Value Creation Plan that we explained at the Capital Markets Day last February. It is important to note that we achieved these results despite a complex and dynamic environment. marked by persistent uncertainties and external factors. These conditions continue to demand vigilance and discipline, and therefore, we will continue to closely monitor those developments, and when needed, we will adjust and adapt. Our vertically integrated and globally diversified footprint provides valuable flexibility and optionality to meet global needs with minimal disruption, while significantly mitigating uncertainty from potential tariff impacts. Foreign exchange volatility continued to present challenges during the second quarter. As discussed in the Q1 presentation, while this movement has an impact on both our revenues and, to a lesser degree, in terms of EBITDA, in absolute figures, it is broadly neutral from a group profit, leverage, and free cash flow standpoint. As global currency dynamics evolve, we continue to proactively monitor our currency exposure and implement agile decision-making to safeguard our financial performance. Before we dive into the details of the quarter, I want to express my gratitude for the relentless effort of every member of the Grifols team. Their commitment to execute our value creation plan is already yielding tangible and impactful results. And this is truly encouraging as it paves the way for us to continue delivering on our commitments, always with the goal of creating more value for our donors, patients, and all our stakeholders. With that, let's move to the slide five. As presented during our Capital Markets Day, our business and operational strategy remains grounded in the foundation laid out by our value creation plan. This plan is not just a roadmap, it is also the engine driving our strategic vision. We are executing against it across all core levels to drive concrete and sustainable results, and this discipline execution is clearly delivering results. Our second quarter performance is a testament to that, full alignment with our plan and contribution to a strong first half of the year. Now turning to the HALF 1.25 results, we achieved revenue of 3.7 billion euros, representing a year-over-year increase of 7% on a reported basis and a 10.1% like-for-like, both of constant currency. Adjusted EBITDA reached €876 million, a significant increase from the prior year, up 12.7% on a reported basis and 20.1% like-for-like, again both at cost and currency. This demonstrates a strong business momentum even after absorbing the impact of the IRA. To put this performance in perspective, Q2 2025 is the second highest revenue quarter in history, only surpassed by Q4 of last year. The strong top-line momentum has translated directly into an improvement in free cash flow of close to 200 million euros year-over-year. This increase builds on the sequential progress we delivered in 2024, and we expect this trend to continue in the second half of the year. At the end of the second quarter, the leveraging landed to a leverage ratio as per credit agreement of 4.2 times. We have to look back five years to the first half of 2020 to observe this leverage ratio. As mentioned many times, free cash flow generation and the leveraging are key metrics for us, and therefore we will continue to be our key financial priorities. Such positive performance has been driven by biopharma, which continues its strong growth on the back of increased global underlying demand. On top of this, we remain focused on improving profitability through targeted cost reduction initiatives and operational efficiencies to drive margin expansion. Another core driver of our strategy is innovation, and we are fully committed to it. We are accelerating our pipeline, enhancing lifecycle management, and staying on track with our product launch roadmap. A clear example of that is the upcoming launch of Fibrinogen in Europe in the Q4 of 2025 and the subsequent launch in the USA in the first half of 2026. At the same time, we have delivered across all operational fronts without losing sight of our financial backbone, our capital allocation framework. This framework remains at the heart of our execution, enabling us to generate sequential cash flow, reduce leverage, continue simplifying our corporate structure, and returning value to our shareholders. A relevant milestone in Q2 has been the successful delisting of biotests, which will help to increase our capacity to unlock value from this strategic asset. To conclude this slide, and although Raul will provide more details, I'm happy to announce that the strong performance in the first half of the year and the confidence we have to continue delivering positive results in the second half enable us to fulfill one of our capital allocation key commitments, the restatement of dividend payment as a clear sign of our commitment to shareholders and the confidence we have in our value creation plan. Our strong business and financial performance is a direct reflection of our disciplined execution of the Value Creation Plan, which is based on three core drivers, commercial growth, margin expansion, and pipeline execution. Starting with commercial growth, we continue to experience strong momentum across our portfolio, which is a proof of our strong market position, extensive commercial efforts, and the high demand for our products. As already mentioned, in the first half of the year, our revenue on a reported basis grew by 7%, and like for like, it grew more than double-digit. Driven by biopharma, reported growth of 8.2%, and almost 12% like for like. Margin expansion remains a core focus and our persistent efforts in efficiency and cost discipline are yielding results. We're taking a multifaceted approach driven by both targeted cost reduction initiatives and substantial improvements in yield across our plasma and manufacturing processes. These operational enhancements are directly contributing to our profitability in Q2, with a gross margin of close to 40% and an adjusted EBITDA margin that grew to 25%, up 80 basis points in reported figures and 171 basis points like-for-like versus last year. This demonstrates our ability to convert top-line growth into stronger bottom-line performance. We are also making good progress on our pipeline execution. Our pipeline is the innovative engine set to drive our long-term sustainable growth. It demonstrates our commitment to bringing new products and indications to market, enhancing patient care, and broadening our therapeutic reach. Our value creation levers are underpinned by two important enablers, our plasma supply and industrial network, and innovation. Our robust, resilient, and highly diversified plasma supply and industrial network provide us with a significant competitive advantage in the current global environment and ensures reliable supply for our therapies, allowing us to manage increasing global demand effectively. We continue to optimize this network, and we are well invested to meet growing underlying demand through 400 plasma centers globally, including 300 plasma centers in the U.S. and the largest non-U.S. network in the industry. This global footprint not only enhances our ability to source plasma efficiency, but also provides a significant degree of resilience against cross-border microeconomic, political, and environmental uncertainties, including any impact from tariffs. Finally, innovation is at the heart of our strategy. We continue to invest in R&D and are delivering on our innovation milestones and progressing on several key programs, including the very important Fibrinogen. which will further contribute towards revenue and margin growth, as well as expand our therapeutic reach and address unmet medical needs. Diving deeper into our commercial performance, the market demand is solid, but we are as well outperforming the market. In the first half, our biopharma portfolio recorded an 8.2% growth, with our IG franchise delivering a growth of 12.5%, both up-cost and currency. On a like-for-like basis, our IG franchise grew by 17.8%. And this performance was primarily driven by the strength of our leading brands, GamunX and Shambify. Over the last 12 months, intravenous IG and subcutaneous IG continue merking an outstanding growth with an increase of 14% and 66%, respectively. We continue to feel extremely confident with Chemv5, as we see continuous growth fueled by strong performance in the U.S., but also in Europe, and as in the past six months, it was launched in nine countries with additional launches in the queue. We saw a strong growth in primary immunodeficiencies and secondary immunodeficiencies, while we further strengthened our leading position in CIDP. The amount across all three indications increased, as IG remains the first line treatment of choice due to its proven efficacy and safety. Our IG strategy is fundamentally focused on expanding indication, increasing diagnosing rates for primary and secondary immunodeficiencies, and their informants of IG as the standard of care for a range of autoimmune conditions like CIDP. This is regularly supported by compelling clinical experience and a strong validation from KOLs and healthcare professionals worldwide. Grifols is uniquely positioned to capitalize on the market-evolving needs, and as we mentioned before, our robust plasma supply, vertical integrated manufacturing, and deep scientific expertise mean that as the market expands, we stand as the foundational supplier capable of meeting the growing demand for IG. Turning to our albuming performance, our Q2 performance grew by close to 10%, an improvement over Q1, which was temporarily impacted by a planned drug-licensed renewal process in China. While we anticipate some price impression in China, our strategic alliance with Haier and our extended exclusive distribution agreement with Shanghai Rush continues to position us to capitalize on the significant demand for albumin in this market. In addition, our first Canadian-made albumin, manufactured at our facility in Montreal, has successfully reached our patients. The Montreal site, along with Griffo's growing network of in-country plasma collection centers, positions us to fulfill our commitment to Canadian blood services to support Canada's goal of increasing its self-sufficiency levels. We're also making significant strides in our Alpha-1 franchise. For the first half, Alpha-1 and specialty proteins revenue grew 6.6% at cost and currency. These figures reconfirm our market leadership and advanced testing capabilities. Our current strategy is centered on leveraging our new specialty distributor program in the U.S. and continue supporting patient identification initiatives to treat some of the estimated 85% of patients who still remain undiagnosed worldwide. These efforts, along with active engagement with key opinion leaders and health care providers, have resulted in more patients regaining and enrolling in timely and appropriate treatment. Furthermore, enhancements to lifecycle management for this critical therapy are underpinned by our SPARTA trial, which will potentially improve efficacy of our Alpha-1 augmentation therapy. Concurrently, our subcutaneous 15% trial is progressing well, promising enhanced convenience and improved quality of life for Alpha-1 patients. These innovations will expand the reach and impact of our Alpha-1 franchise for both the U.S. and ex-U.S. patients in the near term. Now let's turn to the second level within our value creation plan, margin expansion. Our strategic initiatives focus on improving efficiencies across our network are clearly paying off. A particularly exciting achievement to highlight is our progress in individualized nomogram implementation, which allow us to maximize plasma yield per donation. We've already achieved over 60% adoption in US centers and our second wave of implementation is underway and on track to reach 100% adoption by 2026. This key initiative will continue to contribute to our bottom line, and this is a direct outcome of process reengineering, enhanced training, and intelligent application of technology, making the donation experience more efficient for both donors and our staff. This leads me as well to talk about a key metric within our plasma operation, volume percenter. We are on track to deliver solid double-digit growth this year, and we expect to continue to build on this favorable trend to continue to expand our margins going forward. We're also advancing improvements in IVIG manufacturing yield. This isn't just about incremental improvement. It's about instilling a culture of continuous innovation that permits our entire manufacturing footprint. Our continuous optimization of plasma supply has been a long-standing evolution, ensuring a robust and diverse source of plasma. We are not only focused on increased plasma collection, which inherently drives economics of scale, but also on optimizing our plasma sourcing strategies and notably improve efficiency at our collection centers. And underpinning all these advancements is our strategic investment in artificial intelligence, advanced analytics and digitalization. We are leveraging cutting edge technologies to gain deeper insights into our operations, predict trends and automate process. Our strong Q2 performance, particularly the margin expansion generated by our plasma manufacturing divisions, underscores the power of our strategy. Our commitment to continuous optimization, technological innovation and operational excellence is not a strategic pillar. It's a tangible reality that is driving profitability. Now turning to slide nine, to the third level in our value creation plan is pipeline execution. As we have been reiterating over the past months, we are focusing much of our targeted investment and resources within our innovation pipeline on lifecycle management, new proteins and indications. These efforts will directly contribute to our growth strategy. We're very excited for our fibrinogen launch in Europe. On this front, important enrolls have been made recently. Last month, Lancet eClinical Medicine, a prestigious peer-reviewed journal, toted the success of the clinical trial and published pivotal data that farthest validate the significant opportunity fibrinogen presents in hemorrhage management during major surgeries and acute bleeding episodes. We remain on track to launch this new proton in the fourth quarter of the year in Europe, followed by a launch in the US in the first half of the next year. Also, we continue to make progress on our pipeline milestones, and we have accelerated a few that were expected for the second half of 2025. We successfully enrolled our first patient in our GIGA564 oncology program, a groundbreaking approach to cancer treatment with the potential to enhance anti-tumor activity and mitigate some immune-related toxicities. We have also successfully submitted our Phase II investigational new drug application for the use of IgE in dry-age disease, one of the most common ocular disorders worldwide. Out of the other three milestones completed related to Gamunex and Shembify, this will further support and bolster our IgE franchise. We submitted Phase III IND for Shembify and C-ADP, which combines the proven safety and efficacy of IgE with the convenience of subcutaneous treatment to provide further optionality to our patients suffering from C-ADP, an indication that keeps growing quarter over quarter. We also completed the FDA submission for Gamunex C in bags, providing additional convenience and safety for infusions. Beyond these two milestones, which were expected for the second half of the year, we also want to highlight that our Phase III IND submission for Gammon X in secondary immunodeficiency was successfully fast-tracked. Gammon X provides an additional avenue for growth in SID, which has diagnosed rates and population increase, is becoming one of the fastest-growing segments for treatment through IG. Looking ahead to the second half of this year, as mentioned already, we expect the approval of launch of fibrinogen in Europe and the Phase I-II top-line results of their subcutaneous 15% for our Alpha-1 patients, as we progress to further grow our Alpha-1 franchise. Turning our attention to our diagnostic business, it had a very solid start in the first half of the year, reporting a 2.8% growth at constant currency, and with all major segments reporting performance growth. Beyond revenues, this complementary diagnostic business continued to drag significant EBITDA and generate significant cash flow. Our blood type in solution business expected to be a main driver of growth, grew by 7.1% at constant currency, and we strengthened our presence in core markets and improved operational efficiency. We receive FDA approvals to begin manufacturing gel cars and reagent red blood cells in our San Diego facility. And this will further support our blood type in solution segment growth and bolster our capacity in the United States. In our molecular diagnostic business, we are reporting a 2.2% growth of constant currency. And I would like to specifically highlight the strategic alliance within PECO, a partnership which aims to create the lab of the future, providing revolutionary solutions in laboratory automation. Combined on Grifols' leading diagnostic instrumentation, reagents, and technical service, within PECO's open automation technologies will enable labs to modernize, upgrade, and scale their operations quickly and seamlessly. Our immunoassay segment also performing well, with an 8.1% growth. Worth noting is that we continue to advance the development of the ISAR platform, the first Grifols immunoassay platform, multiplexing, ultra-highly sensitive, modular, and trackable. And it will allow us to untap a $1 billion serology donor screening market. Altogether, we are confident that our well-positioned to capitalize on growth opportunity in transfusion medicine, while we continue to focus on solidifying our leadership position. So with that, I'll turn the call over to Rahul, who will share more details about our financial performance. Thank you.

Thank you, Nacho. Moving on to the Q2 and H1 numbers on slide 12. These financials have been subject to the customary H1 limited review by our auditors, Deloitte. As a reminder, our reported numbers are after the impact of IRA and the fee-for-service GPO reclassification. These reported numbers understate the true underlying momentum, and hence, to improve comparability to prior periods, we will continue to disclose the like-for-like column for the rest of this year, which we believe will be helpful for analysts and investors to track our underlying performance. Starting with our reported Q2 25 performance, another very strong quarter with reported revenues of just under 1.9 billion euros and an adjusted EBITDA of 475 million euros, our second highest adjusted EBITDA quarter ever, implying a reported adjusted EBITDA margin of 25.1% and meaningfully higher than that on a like-for-like basis. and contributing to a robust group profit and free cash flow pre-M&A for the quarter. This strong Q2 performance has supported a record first half performance for us from both a revenue and adjusted EBITDA standpoint, and I will touch on the key drivers on the following couple of slides. Year-on-year reported revenue growth was 7% on a constant currency basis and 10.1% on a like-for-like basis in constant currency terms. Year-on-year reported adjusted EBITDA growth was 12.7% on a constant currency basis and 20.1% on a like-for-like basis in constant currency terms. Both the reported revenue and adjusted EBITDA growth delivered in H125 is significantly higher than what was implied by our full year guidance for 2025 if you simply extrapolated in a linear manner. And with average Euro-dollar exchange rate being relatively flat when you compare H125 versus H124, the year-on-year comparison of reported results is less distorted by the depreciating U.S. dollar, an aspect that will cause more distortion when we make the same comparisons in H2. More on that a little later in the presentation. both adjusted EBITDA margin and gross margin have improved notwithstanding the impact of IRA. Whilst the business now treats the IRA impact like any other cost, the 80 basis points year-on-year improvement in adjusted EBITDA margin significantly understates the underlying earnings momentum of the business as evidenced by the 170 basis points improvement on a like-for-like basis. The significant normalizing of our business also helps our group profit or net income story considerably with H125 group profit hitting 177 million up around 388% year on year. And continuing to see that group profit grow remains a clear priority for us. With regards to free cash flow, another solid quarter of progress with H125 free cash flow pre M&A being 182 million higher than H124. And like we said in our Q1 call a couple of months ago, unlike revenues and adjusted EBITDA, free cash flow is more protected from a depreciating US dollar. And I will touch on this again later in the presentation. Finally, on the balance sheet side, there continues to be deleveraging progress supported by a strong liquidity position and significant rainy day secured debt capacity. So the balance sheet continues to be in a very robust position. And this leverage and liquidity picture is after the settlement of our successful delisting offer for buy a test, very much in keeping with the capital allocation assurances that we provided earlier in the year at our capital markets day. Slide 13. Turning to our revenues, our top-line performance in Q2 continues the strong growth trends we have observed consistently over the last quarters. Biopharma remains the primary driver, delivering growth of 8.2% on a reported basis and 11.8% on a like-for-like basis, both at constant currency. This performance was primarily driven by the continued strength of our immunoglobulin portfolio, which saw broad-based demand across all major indications. After the phasing impact associated with the license renewals that we saw and talked about in Q1, we also saw a positive quarter for albumin growth, and we still have significant amount of catch-up over the next 12 months or so. And pleasing to see alpha-1 and specialty proteins maintaining their positive momentum. Lastly, another positive quarter of growth for diagnostics, and that continues to cruise at a steady pace, a business that benefits from robust margins and strong free cash flow conversion characteristics. Slide 14. In the first half of 2025, adjusted EBITDA growth was nearly twice the pace of revenue growth. Reported EBITDA margin grew by 80 basis points and by 170 basis points on a like-for-like basis, reflecting the continued benefit of gross margin improvement, operational leverage benefit coming through, and general cost discipline. As previously mentioned, growth was primarily driven by strong underlying demand in biopharma. Our IG franchise continues to deliver robust or above market growth across geographies. We also continue to drive down cost per liter through focused efficiency initiatives and improved yields. In parallel, we're transitioning to a more granular cost per gram of protein model to further enhance operational focus. To close this slide, let me touch upon IRA impact for H125. Our 58 million euro impact for the first six months of the year is aligned with our comments during the Q1 presentation and supports our confidence that the 125 million euros midpoint of our full year guidance remains a prudent estimate. We remain very focused on execution to capture the operational leverage benefits associated with our top line growth while maintaining strict cost discipline across all functions. And finally, whilst we did face some FX headwinds in H1, they were relatively muted, and we expect that to be more meaningful in H2. Slide 15. As we have talked about a number of times before, a key area of focus has been to proactively reduce the cash adjustments between adjusted and reported EBITDA. It is great to see two key aspects on this slide, the continuing convergence of adjusted and reported EBITDA via a reduction of cash adjustments. Part of that is explained by the normalizing of our business and the stresses of the past being far away in our rearview mirror, reducing transaction and restructuring costs consistent with our prior guidance. Our cash adjustments have more than halved in H125 versus H124. The principal non-cash adjustments relate to impairments, which are somewhat backward-looking and general are not expected to impact our go-forward free cash flow story that we presented at our Capital Markets Day. Notwithstanding the impact of IRA in 2025, it's great to see the strong growth rates, particularly the 17.8% growth in reported EBITDA on a constant currency basis and the significant increase in reported EBITDA margin. Slide 16. Free cash flow generation continues to be the cornerstone of our financial focus. After significantly outperforming our free cash flow guidance in 2024, we ended the first half of 2025 with an improvement of 182 million euros year on year. This is a clear sign that the progress we saw in 2024 and again in Q1 this year were not one-offs and clearly demonstrate that this business can sustainably generate meaningful free cash flow. Obviously, with H125 free cash flow preeminent still being slightly negative, the upcoming Q3 and Q4 quarters that are our strongest free cash flow generating quarters will be critical. Working capital continues to be a critical component of our free cash flow story, and we continue to make good progress, as you can see in the favorable comparison versus H124. We saw continued investment in inventory to support the strong and sustained demand we benefit from, especially within Biopharma. The profile across receivables and payables are stable and move in lockstep with the strong growth that we continue to benefit from. Our spend on CapEx, capitalized IT, and R&D plans are all going as planned, and there is a greater weighting of this spend in H1 2025, so you can expect H2 spend to be lower. Q2 tends to be a heavier interest payment quarter for us, and this year was no exception, with €235 million in interest payments driven by the existing phasing of our debt interest servicing. You can expect H2 interest to be meaningfully lower than H1 and full-year 2025 interest to be meaningfully lower than 2024. Part of that driven by the deleveraging related to the partial disposition of the Shanghai RAS stake, but also lower utilization of our RCF, meaningfully contributing to the lower interest spent. In conclusion, all going to plan on the free cash flow side, and we continue to manage the business with clear focus and discipline. And we remain confident about our full year free cash flow pre-M&A outlook that I will provide further context on later in this presentation. Slide 17. At our Capital Markets Day, we set out what we believe was a very clear capital allocation framework, and we simply continue to execute within that framework in a disciplined manner. Continued deleveraging and free cash flow generation are core to that framework, and we continue to make good progress on both fronts. As I've said before, with no meaningful maturities till Q4 2027, With our strong liquidity position, demonstrable capital markets access, and continued re-rating progress implied by the yields of our debt instruments, I feel confident about our balance sheet strength. We expect to execute our refinancing plans in a timely and prudent manner at least 12 to 15 months before our 2027 maturities. Essentially, all going as we expected in this first pillar. Organic investment plans continue as expected, be it investment in inventory levels and other critical projects supporting our strategic goals in a disciplined manner, whilst continuing to improve our free cash flow generation. And as I said before, we remain confident about our free cash flow pre-M&A outlook in H225. On the inorganic front, we successfully delisted Biotest from the Frankfurt Stock Exchange, and we did so as we guided to, paying for it from our existing resources whilst continuing our deleveraging profile. And Biotest is progressing as we planned. And finally, on shareholder returns, which is an equally important pillar of our capital allocation framework, entirely consistent with what we said at our Capital Markets Day earlier this year, given the strong earnings and free cash flow generation momentum and continued progress on each of our other three pillars, we are pleased to confirm a 15 euro cents per share interim dividend that will be paid in accordance with the OIR filed simultaneously with our results release a short while ago. Accordingly, this dividend will be paid shortly in August. It has been over four years since Griffles last paid a dividend. Having very responsibly paused dividend payments whilst recovering from this once-in-a-hundred-year pandemic event, With leverage now being clearly lower than the corresponding leverage when we last made dividend payments, as an example, between 2018 and 2021, and our continued confidence on our deleveraging path, we are pleased to confirm this dividend reinstatement. In conclusion, we continue to execute in a disciplined way against the capital allocation framework we set out in our capital markets day. Slide 18. Despite a fairly uncertain and dynamic macroeconomic backdrop and the various headwinds we have faced this year, be it due to the Inflation Reduction Act, tariffs, geopolitics, inflation, uncertain economic outlook, or the elevated volatility and depreciation of the US dollar, The resilience of the Griffles business is testament to both the efforts of those before us that have built this great business, as well as the terrific job being done by the over 24,000 teammates delivering for our patients, customers, and donors. This strong underlying momentum in H1 is both very pleasing and reassuring. Please bear in mind that our guidance was provided at the end of February when EURUSD stood below 1.04. The depreciating US dollar, as we proactively flagged in our Q1 results call, is a meaningful headwind with differentiated impact along our P&L. It has a direct impact on absolute actual revenues due to the significant levels of offsetting natural hedges within the business, the impact on EBITDA is in fact meaningfully lower than what it might have otherwise been. And importantly, due to the various offsetting and natural hedges, the impact on group profit, leverage, and free cash flow is expected to be broadly neutral. For your reference, we have also summarized here a high-level sensitivity, if that is helpful. Each cent of US dollar depreciation versus the euro, and here I mean the average exchange rate for the full year, has a full year headwind impact on EBITDA of approximately 7 million euros. Note that despite this headwind, as I mentioned earlier, our H1 performance has been far stronger than implied by our guidance. Given the strong momentum that we have already demonstrated in H1, our expectation is that this momentum will continue in H2. Aided by all other levers we have available, including various cost levers, we expect that it will help us towards mitigating the impact of a depreciating US dollar based on recent Eurodollar levels experience. Also at this juncture of our story, there has been far greater focus from the market on our deleveraging and free cash flow prospects, which, as I mentioned, remain broadly unchanged, notwithstanding the US dollar depreciation. Of course, we will continue to monitor that closely and update the market if need be. On that basis, we reaffirm our guidance for 2025, whilst importantly improving our guidance for free cash flow pre-M&A to 375 million to 425 million, up from the previous guidance of 350 to 400 million, given our confidence around our free cash flow pre-M&A outlook for H225. With that, let me hand it back to Nacho to conclude the presentation.