Recordati Industria Chimica e Farmaceutica S.p.A.

Good afternoon. This is the Corus Call Conference Operator. Welcome and thank you for joining the Recordati First Half 2026 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Miss Eugenia Litz Vice President of Investor Relations of Recordati. Please go ahead, madam.

Thank you, and good afternoon, everyone. I'm pleased to be here today with Rob Kormans, our CEO, and Mike McClellan, our CFO, who will present results for the first half of 2026. Also joining for the Q&A session will be Scott Pescatore, Executive Vice President of Rare Diseases, Alberto Martinez, Executive Vice President of Specialty and Primary Care, and Milan Draskovic, Executive Vice President of R&D. As always, the presentation is available in the investor section of our website. It is now my pleasure to pass the call over to Rob. Please go ahead.

Thank you, Eugenia, and good afternoon, everyone. Thank you for joining us today. We are very pleased with our performance in the first half of the year. We delivered another period of strong financial results continued to execute well across businesses and maintained the momentum that positions us to achieve our full year objectives. Revenue increased to 1.4 billion, representing a 6.6% reported growth or 9.1% on a like-for-like at constant exchange rate basis. This performance was driven by the continued strength of our rare disease portfolio alongside resilient in-market growth across our specialty and primary care business. EBITDA increased 8.8% to 540 million, delivering a margin of 38.3%, reflecting the quality of our portfolio, favorable product mix, and a continued operating discipline. Adjusted net income grew 6.7% to 350 million euros, while reported net income increased 24.8% supported by the strength of our underlying business. Cash generation also remained robust. We generated 299 million of free cash flow during the first half and further strengthened our balance sheet, ending the period with a net debt below 1.9 times EBITDA. This gives us considerable financial flexibility to continue investing in our business while pursuing value-creating business development opportunities. Operationally, rare disease continues to be the key engine of our growth. In the U.S., Isterisa delivered strong performance across all major demand indicators, supported by increasing physician adoption and growing patient demand. During the quarter, We also completed the planned expansion of our customer-facing teams. In addition, we took another important strategic step by expanding our pipeline through our licensing agreement with Ionis for Zil Garnersen, further reinforcing our long-term rare disease growth platform. And with that, I'll hand over to Mike, who will take you through the financial results for the first half in more detail.