Good afternoon, and thank you for joining us today for Borouge's second quarter and six months 2026 results call. My name is Chris Bucknall, Vice President of Investor Relations. I am pleased to be joined today by our senior management team, Chief Executive Officer, Hazeem Sultan Al Suwaidi, Chief Operating Officer, Salem Al Busaeedi, Chief Marketing Officer, Roland Janssen, and Chief Financial Officer, Siegfried Wengler. Today's call will begin with a presentation from the management team covering our second quarter performance, the operating environment, and our outlook. We'll open the lines for questions. A copy of today's presentation is available on the investor relations section of our website. With that, I'll hand over to our Chief Executive Officer, Hazeem. Thank you all for joining us today. Q2 was delivered in a highly challenging operating environment, and our performance reflects the resilience of the business, the strength of our operations, and our execution capabilities. We produced 721 kiloton during Q2 as utilization was reduced by the asset damage that occurred on April 5th. I am pleased to report that all repairs have now been safely completed, and full production availability was restored as from the end of June. Sales volumes of 873 kiloton exceeded production, supported by the sales of surplus inventory. We were able to do this thanks to the rapid implementation of alternative logistics routes that are independent of the Strait of Hormuz. We generated revenue of $1.4 billion, supported by record price premia for both polyethylene and polypropylene. Borouge delivered a robust adjusted EBITDA margin of 29% and a net profit of $191 million, a 23% increase on the previous quarter as high pricing offset cost increase and lower sales volumes. Logistics was key focus for us during the quarter. We acted quickly to maintain access to our key markets following the regional disruption. Contingency plans were activated in March, which enabled logistics continuity throughout the quarter, with no reliance on the Strait of Hormuz. In addition, we were able to ship additional inventory placed in storage during Q1. We were impacted by higher logistics and freight costs, but the measures we have taken ensure continuity of supply and enabled us to maintain our customer commitments. Turning the financial results for Q2. Despite a challenging operating environment, Borouge delivered a resilient financial performance. Adjusted EBITDA increased 17% quarter-on-quarter to $401 million. Net profit increased 23% quarter-on-quarter to $191 million. Profitability was supported by stronger benchmark prices and record price premia. We also continued to generate robust cash flow with adjusted operating free cash flow of $287 million, representing 71% cash conversion. With that, I'll hand over to Salem to take you through the operations performance in more detail. Thank you, Hazeem, and good afternoon, everyone. Following the security incident on the 5th of April, several assets at the Ruwais complex sustained damage. Production in the affected unit was temporarily suspended while assessments and repairs were undertaken. I am pleased to report that our team responded with an exceptional commitment. We executed and accelerated the repair program and full production availability was safely restored by the end of June, ahead of schedule. Repairs costs are expected to result in only a limited increase in 2026 maintenance capital, which we continue to expect will be below $300 million for the full year. Turning to utilization rates. The impact of the asset damage and the regional disruption is clearly visible in the second quarter. As a result, polyethylene utilization was 48%, and polypropylene utilization was 71% in Q2. Looking ahead, with all affected assets now back online, Borouge is well-positioned to return to high utilization rates during the second half of 2026. This will be subjected to feedstock availability and logistic conditions. Turning to an update on Borouge 4. I am pleased to confirm that commercial production has started from the XLPE 2 unit following the successful completion of performance testing. This facility produces high-value cross-linked polyethylene products, and initial volumes have now been delivered to customers across the region. The unit is expected to continue ramp up through the remaining of the year. We continue to progress the commissioning of the remaining Borouge 4 units, which are on schedule to be available in the second half of 2026. With that, I will hand over to Roland to take you through the commercial performance in more detail. Thank you, Salem, and good afternoon, everyone. Polyolefin market conditions evolved rapidly during the quarter. Following the market tightness seen in April and May, market balances began to normalize during June as production rates in Asia showed some signs of recovery. During the quarter, the impact of Middle East-related feedstock shortages was felt most acutely across Asia, leading to significant polyethylene and polypropylene capacity outages. Based on our estimates, approximately 29 million tons of regional polyethylene and polypropylene, or 19% of total capacity, was affected across Borouge's core Asia-Pacific markets. While some producers secured alternative feedstock supplies and some intermittent flows through the Strait of Hormuz continued, operating rates across many assets remained below normal levels, keeping a significant share of regional capacity offline for much of the quarter. Looking ahead to the third quarter, we expect market prices to moderate versus second quarter levels as operating rates continue to recover and regional supply constraints ease. Pricing is expected to remain above historical averages. Demand in our core markets remains stable. Over the long term, we remain confident in the structural demand outlook for polyolefins, with growth in Borouge's core market expected to continue outpacing GDP. Looking at pricing, average selling prices increased 53% quarter on quarter, supported by exceptionally strong market prices. This strong pricing environment was complemented by record premia of AED 438 per ton for polyethylene and AED 282 per ton for polypropylene, far above our through-the-cycle guidance. Both polyethylene and polypropylene benefited from a substantial uplift in average selling prices versus the first quarter. It is important to note that the elevated premia do not reflect a structural change in the market. Instead, they are the result of short-term supply tightness and product mix adjustments. With limited production available, we were able to focus on the most needed grades to prioritize our core customers and regions with the strongest and most urgent demand. We deliver products where shortages were most acute and where pricing was highest. Looking ahead, benchmark prices have moderated in July. Nevertheless, the current order book and market indicators suggest pricing in the third quarter should remain above historical averages. Turning now to sales volumes. In the second quarter, sales volumes of 873 kiloton exceeded Ruwais' production of 721 kiloton, with the surplus comprising 54 kiloton from other sources, including Borealis and our China compounding plant, and 98 kiloton of sales from inventory produced in the first quarter. This demonstrates our success in developing alternative logistic routes that are not dependent on the Strait of Hormuz. Asia-Pacific remained our largest market, accounting for 49% of sales volumes, while the Middle East and Africa increased to 41%, up 2 percentage points quarter-on-quarter as we expanded shipments in the region via land freight. We maintained our focus on higher value segments, including infrastructure solutions, which represented 34% of total sales volumes. Going forward, we will continue to adapt our production and sales planning to target high netback regions and grades based on what we see developing in our markets. We need to be very agile here because markets are volatile and customer requirements can change quickly. With that, I'll hand over to Siegfried to take you through the financial performance. Good afternoon, everyone. Turning to revenue, Borouge delivered strong top-line growth in the second quarter despite lower sales volumes, supported by the significantly stronger pricing environment. For the year-on-year comparison, it's important to note that financial performance in the second quarter of 2025 was lower due to the Borouge 3 turnaround, which reduced production and sales volume in that quarter. Revenue increased 20% quarter-on-quarter and 8% year-on-year to $1.4 billion as a 50% increase in average selling prices more than compensated for the reduced sales volume. We benefited from significantly higher benchmark prices and record price premia for both polyethylene and polypropylene. Revenue increased 20% quarter-on-quarter and 8% year-on-year to $1.4 billion as a 53% increase in average selling prices more than compensated for the reduced sales volume. Turning now to EBITDA and net profit. In the second quarter, we delivered adjusted EBITDA of $401 million, up 17% quarter-on-quarter, and down 9% year-on-year. This translates to an EBITDA margin of 29%, in line with quarter one, but five percentage points below the prior year period, mainly reflecting higher feedstock, freight, and logistic costs. Net profit for the quarter was $191 million, up 23% quarter-on-quarter, and broadly stable year-on-year. Both EBITDA and net profits were supported by the recognition of approximately $25 million pre-tax insurance claim proceeds. Turning now to costs, where we have two major impacts. Higher propylene feedstock prices and increased logistics and freight costs. We purchased the majority of our propylene feedstock via a contract which is linked to market prices at a discount. This resulted in a significant increase in expenses on propylene feedstock, which started in March and continued through the end of Q2. Propylene prices have reduced and are now lower in July, but still remain above pre-conflict levels. Selling and distribution expenses increased significantly during the quarter to $254 per ton. This reflects higher freight and logistic costs associated with the use of alternative export routes implemented following the regional disruption. In addition to the above factors, we also saw reduced fixed cost absorption caused by lower sales volume. Turning now to the balance sheet. Borouge retains significant financial resilience with which to navigate the short-term disruption we are facing. During H1 2026, adjusted operating free cash flow reached $581 million at a 78% cash conversion. CapEx was elevated due to repair works following the asset damage on April 5th. A net working capital cash outflow of $256 million was to be expected and was caused by the temporary effect of higher costs of production, combined with higher finished goods prices, which led to an an increase in the value of inventory and receivables held on the balance sheet. The 8.1 fils per share dividend paid in half one was an aggregate cash payment of $665 million. We also utilized $59 million to fund our ongoing share buyback program. Net debt at June 30th increased to $3.3 billion from $2.7 billion at December 31st last year. As part of Borouge International, since March 31st, 2026, Borouge Plc enjoys the ongoing backing of its major shareholders, ADNOC and OMV. Borouge International has strong investment-grade credit ratings. In line with the Treasury strategy for Borouge International, certain external facilities at Borouge Plc were replaced with shareholder loans from Borouge International during the period. Turning to the financial outlook for half two. The situation remains volatile and uncertain. We have set out two scenarios here. One that describes the likely outcome if the Strait of Hormuz reopens sustainably, and another that is based on a continuation of the current restrictions. If the Strait opens up, we can expect polyolefin prices to reduce and normalize, but we would benefit from being able to operate at higher utilization rates with reduced feedstock costs for propylene and lower logistic costs than we are currently facing. Conversely, if there is a continued restriction on traffic through the Strait, then polyolefin prices will remain elevated, and we may be restricted in our ability to increase production from current utilization levels. We have demonstrated that we are able to operate effectively in both of these environments, and we will continue to position the company to maximize value for shareholders in either case. I will now hand back to Hazeem for some final words from Borouge International and the investment case for Borouge Plc. Thank you, Siegfried. Borouge Plc is now part of Borouge International, formed from the combination of Borouge, Borealis, and NOVA Chemicals in March 2026. Today, Borouge International has released a summary of its own Q2 financial results. For the three months to June 30th, 2026, the new group has delivered revenues of $5.5 billion, adjusted EBITDA of $1.8 billion at a margin of 33%, and a net profit of $763 million. The strong financial performance was supported by high polyolefin pricing across global markets. Borouge International's plants based in North America and Europe have been able to operate freely without any restrictions on feedstock or logistics such as we have been facing in the Middle East. This is an immediate demonstration of the strength of the new diversified global platform. To summarize, we faced many difficult challenges in Q2, but I am pleased to say that we responded with energy and commitment to safeguarding value for our shareholders. I would like to thank the teams who successfully repaired the assets damaged during the quarter for their hard work and dedication. Despite restricted production volumes, we maximized profitability by optimizing product mix as we continued to reliably supply our valued customers. During the same quarter, the power of the Borouge International global platform has been clearly demonstrated. Meanwhile, our minimum dividend intention of 16.2 fils per share remains in place, offering a 6.7% yield. We are now happy to take your questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. To remove your question, please press star followed by two. Again, to ask a question, please press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handsets before asking a question. We will pause here briefly as questions are registered. Thank you. We have our first audio question from Ricardo Rezende from Morgan Stanley. Please go ahead. Hello. Good afternoon. Thanks for taking my question. I guess, one point that Salem mentioned on his remarks, also part of the guidance, looking at your feedstock availability as of July, could you provide some color on that front? Then second, assuming you're getting all of the feedstock that you needed for your plant, how much of your production would you be able to move to the alternative route, assuming utilization rates at 100%? Thank you. Hi, Ricardo. It's Chris here, Vice President of Investor Relations. Just on the feedstock situation or the current utilization situation at the moment, as we head into July, we've been able to operate between 60%-70%. I think as we set out in the slide in the presentation, what happens in August and September and the rest of the year depends on the status of the Strait of Hormuz. If we were to get to higher levels of utilization in a scenario where the strait is open, we would therefore expect the freight and logistics also to be somewhat easier, and therefore, we would be able to ship all of that production. Cool. Thanks, Chris. Thank you. We will take our next question from James Hooper from Bernstein. Please go ahead. Hi. Good morning. Thanks for taking my questions. I've got two, please. Can I just follow up on that utilization question? Is it fair then to assume, as things stand currently, that PE utilization goes somewhere near PE utilization of about 70%, that's subject to any geopolitical changes will be around 70%, that kind of area for the time being? Secondly, is there a way that this could go up incrementally out outside the Strait of Hormuz being opened, i.e., from 70%-80%? Secondly, on BGI, have there been any day-to-day changes at the PLC since the BGI merger completed? Can you give a little bit more about how synergy delivery works or doesn't work before the tender offer? Thank you. James, hi. Chris again. Just on the utilization point. It does go up and down day to day. We've had days that are much higher than 70% in July. I just think we're not in a position to really predict the Q3 outcome here as we stand at the end of July. We'll just have to sort of see where that comes out and report that when we report Q3 to you. It is possible, yes, to incrementally get improvements for short periods of time, and it goes up and down, right? It's an average over the course you're looking at. All we can tell you is where we are at in July, and that's what we have. For Borouge International and synergies- Just also on the utilizations, we definitely have been focusing very much, of course, to do a safe restoration of assets that's been damaged. I truly appreciate the great work and hard work being done by the team, and for bringing all these assets ahead of time, end of June. Now look at July, we have been operating at a much more better, I would say, rates. We see things much more, I would say, moving really in a better direction. Again, it's very difficult to predict, I would say, the full picture. We see things are really moving in the right and much better, I would say, direction when it comes to utilizations and production. Yep. Siegfried, do you want to take the BGI integration? Let me add a few words on Borouge International. Since the formation of Borouge International, Borouge Plc is now 90% owned by Borouge International, and that's since the end of quarter one. As such, we are participating in the value creation initiatives and synergy realization a bit across the wider group. Maybe I want to draw your attention on a separate press release that went out for Borouge International, where you can find some first financial information and the progress on the company itself. Thanks. Thank you. We have our next test question. Once the PE and PP average benchmarks price cool down, what should be impact on the company's top line? How do you expect the sales volume growth during third quarter 2026, and how has been in the July month? The second part is, shall we assume the rising S&D expenses in the second half 2026 and going ahead, is the company planning alternate trade routes? Thank you. If we can get the second question. The first one, Roland, do you want to take the first one? We can start with the first one, Roland, please go ahead. This is Roland. Just let me try and answer the first question. What we see happening in the market right now is a cooling down or calming down of the market. We do believe that you're moving forward, that these prices are going to stabilize. They will stabilize at a, let's say, higher level as what we've seen, let's say, pre-crisis. In terms of volume. The market itself, the end market, it's a very stable demand. We do expect that market to continue to be stable. It's the fundamental drivers behind the markets that continue to be looking very positive and stable. There, we don't expect any changes. Just on the second question, I can take this one. When it comes to rising shipping cost and logistic cost, of course, this is an important aspect for our business, giving also the big volume that we are exporting out of UAE. We have been working, I would say, very hard, to make sure we have a full readiness in managing the situation. I can confirm by now that we are able to ship all our volume without the need of Strait of Hormuz. We have been doing it in June, and we are doing it now in July and moving forward. This gives us a full independency from Strait of Hormuz and improve our efficiency with high speed delivering to our customers and giving the service to our customers and continue our supply, I would say, reliably to our customers. This has been done and this is a great news for us because the situation has been quite tough in overcoming all these challenges. That's a big milestone and we are now able to supply fully our customers out of the eastern coast with our partners. Yeah. Of course, from a cost perspective, we have started seeing also some of the cost and some of the terms of the cost when it comes to shipping cost that has started to decline, giving the negotiation discussions we're doing in improving and optimizing our logistical cost. Definitely, we are much better and more confident situation in supplying our customers now. Thank you. We will take our next question. While the release confirmed the same minimum dividend commitment for 2026, there was no indication on the interim dividends. Does Borouge still intend to pay dividends on a semi-annual basis this year? Thank you. It's 16.2 fils per year and 8.1 fils semi-annual. We continue with the same policy. Yes, we're committed to this. Thank you. Secondly, just to confirm Borouge below 100% utilization currently and forecasted for Q3 2026 is only a factor of lower feedstock supply, or is it also due to the inability to export all volumes? Thank you. No, we are able to supply all volume. As I said, we are able to supply all volumes. We have full confidence in supplying all our customers. We are doing it now in July. We are shipping all volumes outside of UAE without routing our volume through Strait of Hormuz, as you are fully aware of the situation. We have a reasonable good volume already we are selling in July. We're ramping up our sales volume also from a utilization and from a sales volume August and onward. Thank you very much. As a reminder, to ask any question, please press star one on your telephone keypad. Thank you. Thank you. We have our next question from Ricardo from Morgan Stanley. Please go ahead. Hi. If I may follow up just on the feedstock comment. When we look at Borouge 4 and volumes are still ramping up, should we see the feedstock situation as something independent from the other plants? Meaning could the ramp-up of Borouge 4 also be impacted by feedstock availability, or that's something that you don't expect to happen? Thank you. Borouge 4, as we have communicated, we have already established and commercialized our second expansion of XLPE 2, is a key component within our, I would say, application strategy when it comes to wire and cable. We'll be announcing more news and more details on the following, I would say, plants. We're ramping up our activities toward introducing hydrocarbons and safely starting up the upcoming plants in 2026, and they will be also in 2027. It's very difficult now to predict the overall situation. I would say we will give more details as we move on with Borouge 4, but more importantly, there will be more big news that we'll be announcing in the near future with the starting up our plants in Borouge 4. Thanks. Thank you. We have our next question coming from Scott Darling from Cantor Fitzgerald. Please go ahead. Hi, everyone. Well done on the excellent results. Just a few questions from me. On your product price premia, I mean, it was excellent in the quarter. Are you able to give any more details of how sort of well you did it, or was there specific countries which gave you a higher netback? If so, are you allowed to share a little bit more details on that? Also, as we come to the end of July, how much has that price premia dropped? Has that dropped towards your through cycle guidance, or any sort of insight in the price premia would help. Then more of a question to management, more long-term thinking. I mean, how do you think the regional conflict has structurally changed the petrochemical industry in the Middle East? If you look at sort of the 10 years from now, what would you envisage the Middle East petrochemical market looks like in terms of how it diversifies assets, et cetera? Thank you. Ron, maybe we want to- regarding the- Answer the easy questions one, two. Yeah. Regarding the premia, first of all, thank you for the question. I think the premia showed very strong result because we were able to really, let's say, help those customers and those regions mostly in need, where there was an acute, let's say, supply shortage. It was literally, I would call it, across the board of all the applications and all the regions that we supply. There was not really one specific, let's say, application or country that stood out. It was literally, let's say, among our partner customers and key customers where we were able to achieve that in partnership with our customers. These premia together with the market prices are coming down. These premia are not structural. They are really, I would say, a sign of the period that we were going through. if I look at, let's say, the July pricing performance, we still see elevated premia compared to our through the cycle guidance. We do expect, let's say, the premia over time to normalize, and again, to more normal levels and more in line with what we have given as a guidance. Just on the questions of the 10-year outlook, we are truly at the moment focusing on day to day and on weeks by weeks and days by days and so on. It's a great question, to be honest. Yeah. The region will continue, of course, to remain an important source of petrochemical, giving the advantage of the cost position and, of course, the proximity of the market, as we have highlighted in the past. Asia, North Asia, South, and Africa together with Middle East will remain, I would say, a prime market of a growth in comparing with the global demand overall. Definitely, of course, it will remain competitive and it will remain, of course, I would say, as an advantage of petrochemical and therefore, definitely we're looking at the future very brightly when it come to our Borouge 4 and the expansion that we are doing as well overall with Borouge International. Thank you. Thank you. We have our next question. There was a big shift to consumer solutions from infrastructure solutions in Q2. Why was this? Should we expect the mix to revert back once Strait of Hormuz traffic normalizes? Thank you. Yeah. Let me try and answer this. There was indeed, let's say, a shift. We saw, let's say, some reduced activity in some of the infrastructural projects. We believe that it is related to some of these large projects being put on hold, waiting, of course, for how the situation will further evolve. As a result, we saw a shift, let's say, from infrastructure more to consumer products. Now looking ahead, we do expect the shift to normalize again, as we also see, let's say the projects work to pick up again in the market. Thank you. We currently don't have any questions, and I will hand back to the management team for any following remarks. Thank you. Thank you very much for being with us. It's always great to interact and engage with you, and look forward to have one-to-one sessions with you. Thank you very much. Have a good day