Signify Nv Ord

Welcome to the Signify second quarter and half year 2026 results conference call, hosted by As Tempelman, CEO, Zeljko Kosanovic, CFO, and Thelke Gerdes, Head of Investor Relations. For the first part of this call, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. If you wish to ask a question, please press pound key 5 or your telephone keypad. Please note that you're limited to one question and a follow-up per round. I would now like to give the floor to Thelke Gerdes. Ms. Gerdes, please go ahead.

Good morning, everyone, and welcome to Signify's second quarter 2026 earnings call. Before we begin, I'd like to draw your attention to forward-looking statements, risk and uncertainties, and non-IFRS financial measures disclaimers on this slide. With me today are our CEO As Tempelman and our CFO Zeljko Kosanovic. During this call, As will discuss the highlights of the quarter and key business developments. Zeljko will then walk you through the financial performance in more detail. As will then come back to discuss the outlook and closing remarks. Our press release and presentation were published this morning at seven o'clock on our investor relations website. A transcript for this call will be made available soon after the call and with that I would like to hand over to us.

Thank you Thelke and good morning everyone and thank you again for joining us today. Our second quarter results reflect a mixed market environment and we have started to implement the strategy we introduced at Capital Markets Day in June. Now, looking first at our built portfolio, professional projects continue to grow in the United States and rest of world where we are outperforming the market. At the same time, professional stock and flow, the trade side of the business, remained weak across most geographies, particularly in Europe. In our consumer business, the connected lighting performance needs some explaining. Sell out, so meaning the sales to consumers, remained strong and was growing. And that is also reflecting the strong underlying demand for our products. However, the retailer destocking continued to weigh on our sell-in as it did in the first quarter. And this impacted both our top and bottom line. On the positive side, we delivered continued growth in India and luminaires growth worldwide. Now then, moving on to the harvest portfolio. That is, our more commoditized upstream manufacturing activities, including K-Lite and OEM, continued to face demand challenges. Our lamps manufacturing company K-Lite was affected also by component availability and cost inflation. At the same time, consumer lamp sales were resilient. and our conventional business delivered a strong recovery in profitability and that is a good example of an effective execution of our strategy. Importantly, the turnaround playbooks for underperforming areas are in full execution and we know what needs to be done. We are seeing positive traction from pricing with further targeted increases underway alongside ongoing cost actions and operational improvements. And together, these actions support our confidence in delivering stronger profitability in the second half of the year. Finally, and important also, employee engagement and the response to our new strategy has been very positive, which is critical as we begin to execute with greater focus and discipline. Now, some examples of our strategy in action. You see it here on the slides. At Capital Markets Day, we shared that we would be making targeted investments in our professional business. And stadium lighting is one of the focus areas within our professional Europe business. And on this slide, and actually throughout the presentation, you see the newly renovated Stade Armand Césarie in Furiani in France. It is a great showcase of our integrated offering for stadiums. So dynamic lighting, smart controls, architectural highlights, and 3D printed fittings. And this connected lighting project was delivered in collaboration with our certified system integrated partner. Important that we are well connected in the ecosystem to help this project and bring it to life. Moving on to consumer. In line with our entertainment focus in the consumer business, we introduced a new way to enjoy match day at home. And that was particularly relevant, of course, during the World Cup. Our Sports Live feature for you and Philips Smart Lighting triggers real-time lighting effects that react instantly to big events in the game, such as goals or yellow cards, creating an interactive full room experience. It's a great example of how we can use lighting to make homes more entertaining and fun. And we have a great community of highly engaged new customers, and this was reflected by the very high level of adoption during the World Cup tournament. Moving on to sustainability. This is actually the first progress report on our Brighter Lives Better World 2030 program, which we launched at the start of this year. and the program focuses on improving lives, saving energy and preserving resources. And on the slide, you can see the four KPIs and the programs against each of them towards the 2030 targets. And basically, we're off to a good start on track and just ahead of our H1 targets, which puts us on the right path towards these longer term ambitions. Let me now hand over to Zeljko who will discuss the financial performance, Zeljko.