Ontex Group Nv Ord

Good morning, everyone, and thank you for joining us today. I'm Jeff Ruskin from IARC. I'm pleased to have with us Gustavo, our CEO, and Geert, our CFO, to discuss the first half results. We will limit this to Q&A session, but first I will let Gustavo say a few words.

Thank you, Joff, and thank you very much for those attending this limited call in which I will not be presenting as usual, but let me make some remarks. Our audited full half-year results are in line with our pre-announcement. Quarter two and H1 results were disappointing, with weak volume caused by low customer demand and some supply chain inefficiencies. We have revised the outlook accordingly two weeks ago, and it is unchanged. while we are working hard to return back to our growth plan in H2 by restoring revenue to last year levels, bringing adjusted EBITDA back to growth year on year, and generate positive free cash flow. We remain highly committed to our strategic transformation. Our balance sheet is now healthy, thanks to refinancing and to divestments. We have significantly improved our innovation pipeline in the last three years. We're in the middle of a major step up in terms of operational efficiency, improving our footprint and our portfolio. We continue growing fast in North America, and our company culture is shifting towards being a leaner, more performance-driven organization. At the same time, we're taking actions where needed, accelerating targeted executional plans, and by aligning cost structure to change in reality. So, thank you.

So, as just discussed, we'd like to open it up for questions. So, I'll give it over to the operator to instruct you how to do that.