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Hello and welcome to XFAB second quarter 2025 results conference call. On today's call we have Rudy De Winter, CEO and Alba Morganti, CFO. Please note this call is being recorded and for the duration of the call your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your question. And if you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand over to your host, Rudy De Winter, to begin today's conference. Thank you.

Thank you very much. Welcome to the XFAP second quarter 2025 results call. In the second quarter, we recorded revenues of $215 million, up 5% year-on-year and up 5% quarter-on-quarter. Excluding the FRS-15 impact, the quarterly revenue was $218 million, which is well above the guidance of $200 to $210 million. The second quarter revenue in our core markets, automotive, industrial, medical, was $206 million, up 8% year-on-year and up 9% quarter-on-quarter. This is the highest quarter in the last six quarters and is now growing for two quarters in a row. 225 is progressing more favorably than initially anticipated, and we upgraded our full-year revenue guidance to $840 to $870 million. The order intake has increased for two consecutive quarters now. Our business is no longer constrained by capacity, and factory cycle times have shortened significantly. And customers place orders later than usual and more frequently and at short notice, resulting in a reduced visibility. The shorter ordering behavior is also a result of the geopolitic uncertainties where everybody is more careful. All in all, the backlog in the second quarter increased by 26 million to 413 million. Now, when looking into our different end markets, starting with automotive, the revenue totaled $143 million, up 1% year-on-year and up 6% sequentially, mainly driven by EV-related applications. The inventory levels is a mixed picture. On average, it's still on the high side, and at the same time, we see products with rush orders indicating that the industry is conservative in ordering. Industrial revenue came in at $47 million, recording a very strong growth of 37% year-on-year and 20% quarter-on-quarter. The highly fragmented industrial end market is picking up again. Our industrial business also benefited from increased demand following the last time buy, announcement for some of the 150 mm CMOS technologies. This will continue to be strong throughout 2026, and the industrial also benefited from new business generating revenue by prototyping new projects. Ixfalt Medical Business recorded a quarterly revenue of 15 million, up 14% year-on-year, and 9% quarter-on-quarter. The growth in the second quarter was mainly driven by medical-grade contactless temperature sensors using microsystems technology. In the second quarter, all technologies showed progress compared to the previous quarter. The CMOS progressed thanks to additional capacity that became available and also the strong demand for EV-type products. The microsystem progressed well and also had good bookings. The silicon carbide is now clearly progressing. The gradual recovery of XFAB silicon carbide business is not fully reflected in the evolution of the toplines. Sequentially, the silicon carbide revenue rose 32%, while the number of silicon carbide wafers produced grew by more than 60% quarter on quarter. This is due to the greater portion of silicon carbide consigned wafers. During the first half of 2025, XFAP started production of more silicon carbide wafers in its factory in Texas, than it did throughout all of 2024, primarily due to demand from data center applications, and this sets us up for further growth in the second half year. On the silicon carbide business development side, it's also progressing well. Our latest Technology platform that we released last December is driving strong engineering and prototyping activity, and the customers are very pleased with the results that they achieve. Quarterly prototyping revenue was $21 million, down 1% year-on-year and up 30% quarter-on-quarter. The achievement of key milestones in customer-specific microsystems projects has contributed to that. Now, let me update you on the operations side. The end of the second quarter marks the completion of XFAP's three-year program to expand manufacturing capacity across the group. Main focus in the first half of the year was on equipping the new clean room in Cochin in Malaysia. All equipment has been delivered and is at different stages of installation and qualification. A number of tools and machines have already completed qualification allowing for phased ramp-up of our 180 nanometer technologies where we have particularly strong demand. and we expect further growth in the third quarter. Capacity in the second quarter amounted to, sorry, CapEx in the second quarter amounted to 54 million, a clear decline from the previous quarter. For the first half of 2025, the CapEx totaled 155 million, coming in slightly lower than expected due to the deferral of some CAPEX into the second half of this year. Due to this shift, we might see a small increase in the third quarter to drop further in the fourth quarter. The full-year capital expenditure projection remains unchanged at $250 million. And now I would like to pass the word to Alba for the finance.

Thank you, Rudy. Good evening, ladies and gentlemen. We will now go to the financial update. I would like to start by highlighting that in the second quarter, we succeeded to increase quarter on quarter our gross profit by 12%, and our EBDA grew by more than 5%. Our revenue increased as well by 5%. totalizing $215 million, which was in the upper part of our guidance of $200 to $210 million, and at the highest since more than a year. More specifically, our second quarter came in with $51.6 million EBDA, with an EBDA margin of 24%. If we exclude the impact from revenue recognized over time, the EBITDA margin for the second quarter would have been 24.3% within the guided range of 22.5% to 25.5%. Our profitability remains unaffected by exchange rate fluctuation because our business is naturally hedged still. at a constant US dollar-euro exchange rate of 1.08 as experienced in the previous year's quarter, the EBITDA margin would have been at the same level. As said, from a business perspective, we are fully hedged. But if you look at our financial results in the second quarter, you will see that we recorded a loss of $17.4 million. which includes an unrealized foreign exchange effect for $17.2 million, primarily related to the reevaluation of Euro-denominated debts. But it's still unrealized at this stage, so it's not a cash item. Cash and cash equivalents at the end of the second quarter amounted to $157.7 million. nearly unchanged from the previous quarter. As Rudy already explained, our capex payment went significantly down in the first half of 25, totalizing $156 million, compared to $510 million in the full year 24. And we should then stay around $250 million for the full year this year. And to conclude this financial section, I would like to share our new quarters guidance. Our Q3 2025 revenue is expected to come in within a range of $215 to $225 million with an EBITDA margin in the range of 22.5 to 25.5%. The guidance is based on an average exchange rate of $117 and does not, sorry, $115 and does not take into account the impact of IFRS 15. We have upgraded our financial full year 2025 guidance, projecting an annual revenue in the range of 840 to 870 million, with an anticipated EBDA margin between 24 and 27%. And now I would like to give the word back to Rudy.