Welcome, everyone. The Fertiglobe Q2 2026 results earnings call will begin shortly. In the meantime, if you would like to pre-register to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. If you have joined us via the webcast, you may type your questions in the Q&A box above the slides. Once again, today's call is going to start shortly. Thank you for your patience. Welcome, everyone, and thank you for joining the Fertiglobe Q2 2026 results earnings call. My name is Gabrielle, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. If you have joined us via the webcast, you may type your questions in the Q&A box above the slides. I will now hand over to your host, Rita Guindy, Vice President of Investor Relations and Communications at Fertiglobe. Please go ahead. Thank you, Gabrielle. Good morning and good afternoon, ladies and gentlemen. Thank you for joining Fertiglobe's Q2 and H1 2026 results conference call and webcast. With me today are Ahmed El-Hoshy, Fertiglobe's Chief Executive Officer, Haroon Rahmathulla, Chief Commercial and Growth Officer, and Andrew Tait, Chief Financial Officer. On this call, we will review Fertiglobe's key operational events and financial highlights for the quarter, as well as a discussion of our outlook for nitrogen markets, followed by question- and- answer session at the end of the call. The presentation we will discuss today can be found on our Investor Relations website, and webcast participants can also download it by clicking on the link at the top of the screen. As always, please be reminded that any forward-looking statements made on this call may involve risks, and that the actual results could differ materially from those statements. With this, I will now hand it over to Ahmed El-Hoshy, CEO of Fertiglobe. Thanks, Rita, and welcome everyone to today's call. I am pleased to kick off by highlighting our commendable safety performance with a 12-month rolling reportable incident rate of 0.02 per 200,000 work hours as of June 30th. A great result that came amid a significantly improved reporting culture and despite some of the geopolitical issues we have seen and faced. Furthermore, I would like to share that as of June 10th, 2026, we reached one year without any reported injuries across Fertiglobe, supported by more than 9,000 safety observations done by the team year- to- date. While this performance compares very favorably against industry benchmarks, safety continues to be a key focus area for us. We must not fall into the trap of complacency. Instead, we remain committed to the highest HSE standards across our platform. Moving on to our financial results. Fertiglobe today reported Q2 2026 revenues of $1.1 billion, up 92% year-on-year and 19% higher than the Q1 2026 level. Adjusted EBITDA was $371 million, more than doubling year-on-year, and up 9% compared to the previous quarter. While adjusted net profit attributable to shareholders was $145 million, up 12.5 x year-on-year and broadly flat relative to the previous quarter. This performance reinforces Fertiglobe's resilience and was supported by our company's strategic geographic diversification, established trading platform, and agile logistics network, which all helped us maintain customer supply during a very critical time while continuing to capture value in a volatile market environment. For the six months of 2026, we reported revenues of $2 billion, up 59% from the first half of 2025. Adjusted EBITDA up $713 million, up 63% year-over-year. Adjusted net profit attributable to shareholders of $289 million, up 3.4 x compared to last year. Total sales volumes were up 9% year-on-year supported by our trading arm, which helped maintain supply to our customers during the unprecedented situation in the Strait of Hormuz. We tested the feasibility of exporting product out of the UAE through various channels. Despite the constraints, managed to ship about 56% of our production. Note that Fertil production itself was impacted by a three-week stoppage on one of our lines to perform critical maintenance in June, and is since operating at higher and maximum rates. On the operational side, we continue to see record utilization in Egypt and Algeria in Q2 2026, leading to an overall urea utilization rate of 92% for the first half of 2026, which is a significant improvement compared to the 81% we saw last year, demonstrating tangible progress on the company's manufacturing improvement plan. As you may recall, in Q2 2025, we experienced gas curtailments in Egypt. This year, we are pleased to report that we have not faced any gas supply issues in Egypt, allowing us to capitalize on the benefits of this manufacturing improvement plan. Our strong year-to-date performance and disciplined capital allocation support our proposed dividend increase of at least 20% year-over-year, equivalent to a minimum $150 million, or $0.0673 per share, subject to Board approval in September and payment in October of 2026. Including this proposed dividend distribution, which implies an annualized 5% yield, Fertiglobe will have returned more than 50% of its IPO market capitalization to shareholders after this payment. By way of update, all our established contingency plans have been reactivated following the recent conflict re-escalations over the last few weeks, and we are well-equipped to continue delivering utilization at our global production and distribution system, despite the challenges with access to alternative export routes and additional storages in the UAE and elsewhere. With this, I'd like to hand it over to Haroon to discuss our commercial performance as well as the outlook for nitrogen and ammonia markets in more detail. Thanks, Ahmed. Let me start by discussing the highlights of our commercial performance in the second quarter of 2026. Fertiglobe's total own produced sales volumes of 1.2 million tons for the quarter was down 3% compared to Q2 2025, driven by better production in Q2 2026, offset by inventory buildup at Fertil. Last year's own produced sales volumes were impacted by lower operating rates, mainly driven by external factors in Egypt. Q2 2026, however, showed resilient performance with strong operating rates in both Algeria and Egypt. This offsets some of the export challenges and inventory buildup out of the UAE. Q2 2026 results do not include 100,000 tons of urea sales shifting into early Q3 2026. We have seen a visible increase in our third-party traded volumes, which was up in Q2 2026, up 87% year-over-year as we strived to fulfill customer commitments to our wide-reaching commercial platform amid some of these regional constraints. This led to improvement in our total volumes up 9% year-over-year, a good result in a regionally constrained and uncertain context. For the six months of 2026, Fertiglobe's own produced sales volumes were 2.6 million tons, down 8% year-over-year, driven by lower urea and ammonia sales of 3% and 24% respectively. The first six months were also impacted by trade route disruptions out of the UAE, and also a high base effect as H1 2025 included 239,000 tons deferred from 2024. Once again, due to strong traded volumes, our total sales volumes were broadly flat year-over-year. Now, moving on to nitrogen market developments and the outlook for our products. Ammonia and urea prices averaged $723 per ton FOB Egypt and $866 per ton CFR Northwest Europe in Q2, respectively, supported by tight nitrogen markets following the onset of the conflict in the Middle East, which constrained the export of 21% of global ammonia and 30% of global urea exports typically passing through the Strait of Hormuz. In the urea markets, supply shortages caused by the conflict escalation coincided with continued buying across several key markets, which led to urea prices peaking in the high $800 per ton FOB Egypt, $900 per ton FOB Middle East in April 2026. During Q2, Europe, Australia, and the U.S. were actively purchasing urea to cover in-season demand. Typically, around 60% of Australian purchases happen between April and July, while the U.S. buying season ends in May. India also tendered for product twice in Q2 to support local stock buildup and to offset urea production losses from LNG shortages in March. During the quarter, India secured 4.2 million tons of urea imports across both tenders. The first tender for 2.5 million tons achieved an average L1 price of $947 per ton, demonstrating India's ability to pay during times of need. Meanwhile, China was also absent from the international market for much of Q2, with the first export guidance issued in mid-May. Exports to date have been limited to just 500,000 tons up to June and are expected to average 5.5 million tons for the year, compared to 4.9 million tons in 2025. As the quarter progressed, urea markets transitioned into the typically slower months as expected, which, combined with poor urea affordability, saw prices resetting to the low $400s per ton by end of June. By July, the more normalized price environment and support from grain prices resulted in vast improvements to urea affordability back to the 2021-2025 average. More recently, the market has seen a further uptrend in pricing, with FOB Egypt reaching $555 per ton in mid-July. A combination of improved affordability levels and grain price support has stimulated purchases in Europe to cover deferred demand. In France, buyers have also seen support from government subsidies, providing farmers with a EUR 50 per ton subsidy for nitrogen products between July and September 2026. Egypt also saw an improvement in the urea export tax, which was reduced to 10% from the earlier $90 per ton. In July 2026, Russian duties on nitrogen and phosphate products into the EU have risen to EUR 60 per ton by way of a duty from EUR 40 per ton previously. The duty will continue rising annually, reaching EUR 315 per ton by July 2028 with a declining import threshold, and is applied on top of the existing EU urea import tariff of 6.5%, which is still applied to Russian product. In July also, Brazil has entered its urea buying season, which will continue across the second half of the year. India is also expected to issue a further urea tender for 2 million tons-2.5 million tons in the coming weeks as it ramps- up local sales for the upcoming season, with the next European season also due to start towards the end of Q3. Long term, urea demand growth, excluding China of 11.4 million tons, is expected to materially outstrip capacity growth of 9.1 million tons by 2030, supporting a structurally tight market. Moving on to ammonia. In the ammonia market, tightness amplified at the start of Q2 as supply shortages worsened with the loss of Middle East exports and ongoing buying across several major markets. Prices reached over $900 per ton CFR Northwest Europe across May, versus $667 per ton in Jan 2026, and $435 per ton in May 2025, as the market remained persistently tight with the loss of Arab Gulf tons, despite the ongoing ramp-up of new capacity in the U.S. Gulf Coast. Ammonia prices in the West moderated $700 per ton as the market moved into the slower summer season. However, over the last week, TTF gas prices in Europe rallied to over $20 per MMBtu due to increased concern over LNG shortages from the Middle East and Europe's need to refill gas stocks before the upcoming winter. Today, gas prices remain elevated at $90 MMBtu, with European marginal producer costs at $730 per ton, excluding CO2, above current CFR Northwest Europe prices. In CBAM-regulated markets, supply options continue to remain limited, with high country default values on the import of ammonia from the U.S. until verification is established. Last week, the U.S. Trade Representative's office also exempted Trinidad ammonia core duties on product into the U.S., which will encourage the redirection of Trinidad ammonia flows back towards the U.S.. Longer term, low-carbon ammonia is a key decarbonization enabler in the fertilizer, chemicals, marine, power generation sectors, with growth potential across multiple geographies. Finally, I would like to reemphasize our unique global positioning to navigate challenging times and to capture value in the current market environment, supported by a strong order book and robust commercial capability. I would like to hand it over to Andrew to discuss the financial results in more detail. Thanks a lot, Haroon. Let me start with some highlights of our performance in Q2 2026, which validated Fertiglobe's resilience against difficult market conditions. Q2 2026 revenue of $1.1 billion was up 92% on a year-on-year basis, which is mainly driven by higher prices throughout the quarter. Our adjusted EBITDA was up 111% year-on-year to $371 million in Q2 2026, resulting in an adjusted EBITDA margin of 34.2% versus 31.1% last year. Adjusted EBITDA margins on our own produced volumes was 40.2% versus 37.7% last year. Our Q2 2026 adjusted net profit attributable to shareholders was $145 million. That's up 12.5 x year-on-year compared with $12 million in Q2 2025. That's driven by lower interest costs, lower taxes following the tax rate adjustment at Fertil and the EBITDA improvement as a result of the higher prices and volumes. H1 2026 revenues of $2 billion were also up 59% on a year-on-year basis, and that's mainly driven by higher prices. Our adjusted EBITDA is up 63% year-on-year to $713 million in H1 2026, leading to adjusted EBITDA margins of 35.6% versus 34.7% same period last year. Our adjusted EBITDA margin for our own produced volumes was 44.4%. That's versus 41.7% same period last year. H1 2026 adjusted net profit attributable to shareholders was $289 million. That's 3.4 x year-on-year comparison to the same period last year, which was $85 million. Now moving to the balance sheet and cash flow performance. As of 30th of June 2026, Fertiglobe reported a net debt position of $621 million, implying net debt last 12 months adjusted EBITDA of 0.5 x. That's down from $1 billion as of end of December 2025, allowing us to balance capital discipline and value-led growth while providing sustainable shareholder return. Our consolidated free cash flow before growth CapEx amounted to $320 million in Q2 2026, compared to $94 million in Q2 2025, reflecting performances for the quarter, working capital changes, and maintenance CapEx, as well as taxes and net interest payments. Our total cash capital expenditures, including growth CapEx, were $34 million in Q2 2026, compared to $42 million previous similar quarter. In H2 2025, of which $26 million was related to maintenance capital expenditures compared to $31 million in the same period last year. Our consolidated free cash flow before growth CapEx amounted to $555 million in H1 2026, compared to $307 million in H1 2025, reflecting performance for the quarter, working capital changes, and maintenance CapEx, as well as taxes and net interest payments. It's important here to note that the consolidated free cash flow does not reflect the accrued cash cost at Sorfert, amounting to $46.4 million for Q2 2026 and $82.5 million for H1 2026 respectively. Our total cash capital expenditure, including growth CapEx, were $53 million in H1 2026 compared to $66 million in H1 2025, of which $36 million was related to maintenance capital expenditures, compared to $49 million in the same period last year. You also have noticed that on maintenance CapEx, we're still well below our guidance of $145 million to $170 million on average for 2025 to 2026, as we continue pushing through the MIP. Given the backloaded nature of some of these investments, we therefore expect to close the gap in the second half of the year. I'll now hand back to Ahmed for our outlook and concluding remarks. Thank you, Andrew. To conclude, the re-escalation of the conflict in the Middle East has further disrupted global fertilizer supply, and prices have started to reflect that, with an over 20% increase in urea pricing in just the last few weeks. With that, Fertiglobe's role as a reliable provider of essential nitrogen fertilizers and products remains critical to contributing to agricultural productivity as well as global food security, supported by established contingency plans, including increased storage and alternative logistics routes, as well as a global production distribution base. We are pleased with the tangible and measurable benefits of the manufacturing improvement plan, which have been critical to offset temporary and uncontrollable disruptions in our regular activities. To close, I'd like to again reiterate that safety remains our highest priority and remain fully focused on protecting our people, contractors, and assets while maintaining safe and reliable operations. We can now open the line for questions. Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. If you have joined us via the webcast, you may type your questions in the Q&A box. We will pause here for just a moment as questions are registered. As a reminder, to ask a question, please press star followed by one on your telephone keypad. If you have joined us via the webcast, you can submit your text questions using the Q&A box above the slides. Our first question is from Rabih Moussa from QIC Asset Management. Your line is now open. Please go ahead. Hi, gents. Thank you. Thank you for the call. I have a couple of questions from my side. On the production exported from the UAE, can we assume a similar rate if this trade continues to be closed? On the utilization rates for Egypt and Algeria, can you provide us a breakdown? Plus on the tax, the nitrogen tax in Egypt, they changed it to a 10% tax. What effect do you expect in the third and fourth quarter? Finally, on the CapEx, can you give us guidance on the full- year 2026 and 2027 CapEx? Yeah. So the 56% we had in Q2, as I shared in the earlier remarks, was based on the production we had in Q2 in Fertil in Abu Dhabi. We had guided to under 50% in discussions with the market during Q2. We ended up above 50% to 56%, driven also by some additional shipments in June, but also, the denominator was a bit smaller because we did have a three-week critical maintenance outage that happened on Fertil- 1 in June. When guiding for the future, it's difficult to tell given the volatility around the situation. We're going to obviously try to get out as much as possible. I think still in the 50% range, under 50% range would still be where we'd guide to in general. But where we find opportunities to export more, we'll accelerate that. That's kind of what happened really in the May and June period. To your second question on the utilization rates in Egypt and Algeria, they were very strong. So they were close to 100% for urea. When you think about the overall for the quarter, we're probably in the high 80s overall. Fertiglobe, because of this outage and because of the early April outage that we discussed during our Q1 results, we were in the 70-ish percent range. With regards to the nitrogen, this export tax, when it was announced, it was announced as a 90-day export tax taking place in the beginning of May. So it should be coming to completion at the end of July. But that tax was changed from $90 to 10% of, effectively, I think, the net back of the product that is sold. So that makes sense, that it comes down. $90 was when they saw $900 urea in April. We saw urea come down into the $400s in June. It went to 10%, so that reduced the burden. We had a decent part of May and June affected by this $90 tax. We're going to wait to see news out of Egypt. We're hopeful that the 90- days is when this is finalized, but we're still waiting to see the official confirmation of that by the Egyptian government as a temporary measure. The last point was on CapEx guidance for this year and next year. Maybe, Andrew, you can go through those two. Yeah, sure. Thanks, Ahmed. As I just mentioned on the line, our maintenance CapEx, we're below our $145 million-$170 million on average for 2025-2026, which we indicated at last year's Capital Market Day. We intend to remain within that envelope to the end of the year. Additionally, if we look ahead to next year, we indicated a range of $105 million-$125 million for maintenance CapEx year-on-year after this year, and that is still very much in our forecast. It's pretty much unchanged from our Capital Markets Day guidance last year. Okay. Thank you. That was helpful. Just to follow up on the production volume, can you expect similar utilization rates till the end of the year? We don't guide on utilization rates in general. I think one thing that Andrew mentioned around the CapEx, if you look at our year-to-date CapEx on the maintenance side, compare that to our guidance for the year, that we have a bit more back-ended CapEx spending. Which could affect some utilization rates. Otherwise, we don't actually give guidance around utilization rates, pricing, or earnings. Okay. Thank you. That was very helpful. Thank you, Rabih. Our next question is from Rene Selouan from Jadwa Investment. Your line is now open. Please go ahead. Yes, thank you. Thank you for the presentation, and congratulations on the results. I'm wondering, given the much higher year-on-year performance, despite the challenges that occurred, why wasn't the dividend growth in line with the free cash flow growth and the results of the company in the first half? Hi, Rene. Thanks for the question and the comments. I could have expected this one from you, I think. The consolidated free cash flow is $555 million. As we said before, that's a consolidated figure, consolidating all of our minorities. When you basically look at it, in Algeria, we have the Sonatrach, which is a minority, and in Egypt we have a 25% minority in Egypt with EBIC. When you look at those minorities together, that's about $210 million out of the $555 million. You need to deduct $210 million. Then when you look at the gas approval we have, because we continue to have higher payables for the gas approval for the higher gas price, that's an $83 million increase in payables that effectively needs to be paid and is not our cash because it's going to have to go to the Algerian government. The $210 million plus $83 million for the gas approval, that alone takes you, it's lost about $300 million from that figure. Growth CapEx, we had in the first half, $16 million of growth CapEx. The portion of [Non-English content], which is associated with the higher earnings at Algeria, is around $60 million. If you go through all of those and you make those deductions, it comes out to $186 million. We guided to at least $150 million, and we'll confirm that number in September, as we said. Also, it has to do with where cash sits in the offloads and timing of when they get upstream, where there can be some differentials. Generally, we do continue to look to adhere to our payout ratio. I just wanted to give you that bridge on the numbers. Okay, clear. Thanks. Thank you, Rene. You're welcome. Our next question is from Ram Kumar from Barclays. Your line is now open. Please go ahead. Yeah, hi. Thanks for taking my question. Your trading contribution has improved substantially in this year, both Q1 and Q2. Perhaps could you talk through what contributing to this increase and Is it something you would focus on and expand further? How should we see this in the second half or in general? Second, specifically on the profitability, the headline EBITDA margin was impacted by understandably higher logistics cost and conflict related and export duties as you have mentioned. Could you provide more detail on this? Should we consider this conflict related cost as one-offs or they are likely to continue until the situation in West Asia normalizes? Thank you. Yeah, thanks for your question. Your point on the trading profitability is a good one and basically highlights the strength of the commercial platform. As we looked to meet our commitments globally, especially, let's say in Australia, as you may remember, we acquired a distribution business in Australia last year. As we looked this year during the conflict to honor those commitments, that's where our trading team did a very good job of sourcing product at a very competitive price and then basically on selling that to some of these short positions that we had in Australia mainly and some of the other parts of the world. It's more, I think, a testament of the adaptability of the platform, where we do have these shorts that need to be fulfilled and sourcing competitively, whether that's from Africa or other parts of the world to meet that short commitment. Yeah, Andrew, you want to take the next one? Yeah sure. Thanks. Just taking this, looking at those one-off costs. They are related to conflict, and we see them really essentially as one-off adjustments. There was a mixture of safety purposes at the beginning of the quarter, and there were some exceptional costs that essentially arose at that beginning of that conflict. If I sort of break those down, we saw about sort of $6 million from flaring to reduce ammonia for safety reasons in the early period. We've had some exceptional logistics and temporary warehousing costs of around about $9 million and some exceptional insurance costs. Essentially what we see is these are really related sort of one-off safety measures at the earlier phase, so we don't really see those carrying through into other quarters after this. Okay. Clear. Thank you. Thank you, Ram. Our next question is a follow-up question from Rabih Moussa from QIC Asset Management. Your line is now open. Please go ahead. Hi. Just two follow-up questions. One on the UAE production. How much volume did you export in July? Another is on Egypt. Are you seeing any issues in terms of gas supply in Egypt? We don't disclose the volumes individually that we export out of different locations. We wouldn't be able to give you the UAE O ne or give you kind of a percentage relative to our typical, well, our actual production, as we said, the 56%. The actual production was impacted by the downtime in June and the downtime in early April. With regards to the gas in Egypt, the gas has been fine in Egypt. The Egyptian government's done a good job of securing additional gas and balancing the system, and we have had no interruptions from gas. Do you expect any interruptions or any effect from gas, or do you think it'll stay the same? Typically in terms of the summertime, and we're sitting in kind of late July, early August, I can't forecast. I think the government's been really focused on securing kind of pipeline gas imports as well as LNG cargoes as well as relying on higher renewable capacity coming on stream in Egypt. I think they've done a good job. It still is a deficit market, we'll see what happens over the next month and a half. So far, we're well underway through the summer and the hot period, and they continue to supply all the gas that the fertilizer sector needs. Okay. Thank you. You're welcome. Thank you very much. Our next question is from Raghib Abdessamad from Bernstein. Your line is now open. Please go ahead. Yes. Thank you. [Non-English content]. I'm quite curious about how do you see diversification? We know that diversification has paid off during the conflict, and you mentioned that the commercial platform is working just fine. I'm really wondering whether is this something, a theme that Fertiglobe is looking into? Beyond 2026, of course. [Non-English content]. It's a good question. As we think about our Grow 2030 strategy and just our overall focus on balancing continued dividend distributions with growth, including the support of ADNOC and XRG warehousing new investments, our new growth investments. We continually look at areas to expand geographically. We've reviewed many, many opportunities over the last several years. As Haroon mentioned, we bought Wengfu's distribution assets in Eastern Australia. We like that market a lot. There are other markets that can be very interesting for us, and it adds for resilience and flexibility to be able to deliver from different production points, as well as having downstream reach. Our second pillar of our Grow 2030 strategy is getting closer to the customer. I do think over time you could see more geographic diversification, as well as potentially some additional downstream. We're adding extra ammonia in UAE with Project Harvest, but also potentially downstream uses of ammonia, whether in the Middle East or abroad. Okay. Thank you. You're welcome. Thank you, Raghib. We will move on to next question. I will now hand over to Rita. Please go ahead. Thanks, Gabrielle. Thanks, everyone. We will now go over to the webcast questions we received. The first one is on gas costs. What gas costs can we assume across Egypt, Algeria, and the UAE for the second half of this year? Yeah, it's a very good question. We can't predict the gas cost because as a reminder, we have product-linked gas pricing effectively in both Egypt as well as Algeria. If product prices are very strong, we'll see a higher gas cost. To give you a sense, in Q2, our overall gas price was $6 an MMBtu for Q2. If you include the [Non-English content] of Algeria, it was actually $8 an MMBtu, but that's with the higher pricing that we saw in Q2. Again, it's that right way risk. If we do see stronger pricing like we've been witnessing here in July, persistent, where we're in the mid-$500s per ton for urea. Ammonia, we're seeing going close to $600 per ton in the Arab Gulf and Northwest Europe, in the $700s per ton and going up. That could result in some higher gas costs, but that's more than absorbed by our higher product pricing and leading to higher margins in those scenarios. Thanks, Ahmed. Then there's some questions on Project Harvest, the first one on when in 2027 the first production is expected and when the plant is expected to reach full capacity. Yeah. When we look at Project Harvest, it's well underway. We're looking to be more towards the latter half of 2027, where we sit today. Construction of the inside battery limit project itself is going swiftly. We've actually reported over 5 million man-hours without a lost time injury, so we're very happy to have that. We're 90% construction complete as we stand for the plant itself. Thanks. With regards to full capacity, I think the question is when will it reach full capacity? There will be a ramp-up period, as typical for new production plants. It won't start off right away at 100% on a utilization basis. Thank you, Ahmed. On Project Harvest CapEx, how much has been spent, how much is left to spend in the second half of this year and 2027, whether that's a total project cost or only Fertiglobe's share, the $500 million? The $500 million that we've shared with the market is the total project cost. We own 30%. 30% of $500 million is $150 million. We've already put in a very large portion of that. Actually, we're looking now to put financing on the project at a 70% gearing, roughly, which will allow us to basically take some money back out and not have to contribute additional funds for the completion of the project. Thanks, Ahmed. Also on Project Harvest, the project adds a million tons of lower carbon ammonia. Will all of this be sold as merchant ammonia, increasing your ammonia sellable capacity from 1.5 million tons to 2.5 million tons, or will some of it be used for downstream operations or committed under offtake agreements? Yes, it will take our gross ammonia from 1.5 million tons to 2.5 million tons. Note that on this extra million tons, again, we only own 30% of the equity. Basically, we're responsible for distributing all the tons that aren't going to our partners, GS out of Korea and Mitsui out of Japan. The two of them own 20%. They have 20% of the offtake, leaving us with 80% of the offtake or 800,000 tons. We're in discussions on potential further offtakes given the low carbon nature of the project. We'll give updates to the market should they lead to binding commitments. We're putting it into our global distribution network. In terms of consuming that ammonia into downstream products, we are heavily evaluating that. We announced an MOU in February with Covestro who were one of the largest ammonia buyers in the world looking at Abu Dhabi for new growth, where they could need ammonia into the nitric acid and downstream value chain. We continue to look for other opportunities in terms of upgrading of the product, which as a reminder, is part of our Pillar 3 Nitrogen Product Expansion growth into different avenues to consume that merchant ammonia. Thanks. Also on Project Harvest, is there any additional urea capacity expected, or is this project only for ammonia? Yeah, I think we answered that. No additional urea capacity, and we are looking at downstream products over time with the ammonia that we're adding. Okay. On the 100,000 tons of shipments that were shifted into Q3? What own produced sales volumes should we assume for the second half? Have these 100,000 tons been sold already in Q3, or will they be spread across the second half? No. These 100,000 tons were supposed to be delivered in Q2, but have moved to Q3, so they're not being reported until Q3. Q3 is obviously benefiting from higher pricing in July, up about 30% from the lows in June. Typically you sell them out and you agree the price a month in advance, so these will be probably closer to the June pricing rather than the July pricing for those 100,000 tons. We don't provide guidance on own produced data volumes or operating rates, as discussed before. Thanks, Ahmed. I think we have touched also on this before, a question on price expectations for the second half of the year. Sorry to sound like a broken record, but we don't provide price guidance. What I can point to that's a little bit different than where we were in Q2, is that marginal costs have become an issue again, not just for ammonia, but for urea as well. When we have TTF gas sitting at close to $20 at MMBtu, that means cash costs for urea in Europe need to be above $500 a ton for ammonia, above $800 a ton. To the extent this persistence of higher TTF and global gas pricing continues, that provides a bit of a floor. That's something to watch out for when we think about what does the outlook look like. From what we've been seeing over the last few weeks with the rise in geopolitical tensions leading to $22 MMBtu and now back kind of closer to $20 MMBtu, gas storage levels sit at critically low levels in Europe, during the typical refill period, well below the typical averages of what we should have in storage in Europe. We're sitting in the high 50s right now. I think there's concerns that we won't get to the critical 80% in Europe ahead of the winter. That's going to result in some pretty asymptotic and parabolic movements in gas to the extent we have cold weather fronts in Europe later in the year. That's something that we're going to watch out for. El Niño also with the hotter weather in Southeast Asia, is driving more gas demand for cooling in the summer now. That's also potentially going to be a bit of a pull where Europe versus East Asia and Southeast Asia are trying to get the same gas molecules while the Strait is effectively shut for LNG exports as we stand right now. Thanks, Ahmed. On the maintenance in the UAE, whether that was planned or unplanned during Q2. Without going into too much detail, the maintenance in the UAE was related to some safety-related measures we took earlier in the quarter that Andrew was alluding to. We had to take some maintenance outages because we were seeing reliability come down. Nothing affecting the site itself from outside, but more just how we operated. We took the decision, a planned decision a few weeks before, but it wasn't planned for the year, to address that and ensure that we could get back to the full operating rates on Fertil 1. There were also some weather-related matters that caused us to have to take this plant down and basically address them and get back to full operating rates. Thank you. Another question on third-party traded volumes that I think we touched on briefly. Do you see scope for third-party traded volumes to be higher should the disruption continue? As I mentioned earlier, look, we continue to remain opportunistic around it. We're very conscious of the risks we take and as performance in the second quarter showed, we've been prudent and quite successful at delivering a trading margin that's much higher than historically. Yes, we continue to remain opportunistic, but we're very conscious that we don't take untoward risks or high exposures. Thank you, Haroon. On the 56% exports out of production from the UAE, is there any room to push this higher? We're always looking for ways to push that higher. We've been working closely with XRG, ADNOC, the UAE government, at land routes as well as sea- related routes. It's hard to provide guidance on it, but our goal is obviously to get that number higher and higher. Where we were able to get some product out in Q2 to get to the 56% were really in June and later May where a lot of that product went out. Unfortunately, that was at a period where the pricing wasn't as strong as it was in April. Again, having the diversified footprint with Egypt and Algeria allows us to participate in it depending on what things look like in the UAE. Thanks. Back again on the pricing outlook, given the inventory buildup in the UAE and Saudi, do you think urea prices could remain pressured once the Strait opens up due to the higher available inventories that are ready to be shipped? I think that the inventory levels sitting within the Strait are much lower than they were in June. In June timeframe and late May, we think that it was something in the order of 1.3 million tons ready to go, and now we believe that it's just under 500,000 tons. We've also seen sporadic operations out of Iran as well, where they had many plants offline over the last few weeks. It may take some time to normalize, and we don't have as much of an inventory build. I think a lot of the Saudi product was cleared out, as well as the Qatari product. We took out quite a few ships as well in June, and we've just not seen as much of a buildup. It just depends on the timing. Also alternative routes have been sought by us as well as other parties, particularly the Saudis. Thanks, Ahmed. Also was discussed briefly, is your production in the UAE curtailed, or do you continue to produce and store when you are not able to export? We continue to produce and store when we're not able to export. The supply chain team has done very well with commercial operations, so that storage of product has not been an issue, whether it's on land or in sea. Again, just back to the prior question, in terms of the market absorption, I think we kind of hit after the Northern Hemisphere demand season really ended in May, we hit a demand low coupled with a lot of product leaving the GCC and the Strait of Hormuz in June, which led to that floor. Now we're at a higher marginal cost of gas period globally and the Latin Americans do need to buy, and the Europeans need to start buying as we get closer to the end of the year. Obviously, our eye is also on Chinese exports. I think we're in a little bit of a better position here market-wise for the balance of the year to be able to potentially absorb some funds coming out of the Strait of Hormuz. Thanks, Ahmed. On a similar note, can you talk about long-term plans to reroute production out of the UAE? Is there a scenario where in a couple of months we can see the company rerouting the majority of its UAE volumes, or is this difficult? We wouldn't be able to comment on that. Obviously, it's a focus across all the UAE major exporters. We're happy with what we're seeing now versus what we saw a few months ago. Every week, every month, we're getting smarter and smarter, and I'm able to do sharper workarounds. Our goal is to increase that up. Thanks. Are you seeing any evidence of demand destruction at current fertilizer price levels, particularly in Europe, India, or Brazil? Separately, how much market share does Fertiglobe currently hold in India and Brazil, and are there opportunities to increase that share? We definitely saw some demand destruction in Australia, and we've seen really delayed buying in Brazil as well, which may or may not lead to demand destruction. We've seen affordability levels come up a bit with the higher crop prices over the last few weeks, allowing more buying, and we've seen Europeans step in. Definitely, there has been less buying in the last few months than we've typically seen just because of the higher price effect. Our market share in India kind of varies quarter- to- quarter, and our market share, quite frankly, in most places varies. We go where the market's telling us to go. This year we've sent a few vessels to the U.S., and other years we've sent zero vessels to the U.S. if the market price doesn't make sense. This is us leveraging our global commercial footprint, getting closer to the customer. Two key markets that we definitely focus on are Europe and Australia, particularly actually both Eastern and Western Australia. Both are premium markets. Both we have established distribution. For both those markets, we look to maintain market share there and leverage our diversified production footprint and our trading platform to be able to deal with shocks like we did with the Strait of Hormuz closure that Haroon was discussing. Thanks, Ahmed. On M&A, are there any M&A opportunities currently in the pipeline, particularly within lower carbon ammonia or downstream nitrogen products? We're always in the market looking for opportunities. We looked at over 50 opportunities since the inception of Fertiglobe, we've been relatively selective. Nothing to report as of now that we can share, our focus is going to be on attractive returns on capital employed. When it comes to low carbon, we think that that's a market that we've taken a disciplined approach, as we've said in pillar four of our Capital Markets Day last year, we will continue to take a very disciplined approach given the higher cash costs. We need to make sure the demand is there, that the carbon border tax is working in the right way, that people will pay that premium for it. I wouldn't put that as a high likelihood for us to do something on the low carbon side, just given, one, the lack of available M&A targets in that space, two, the economic viability is a little bit challenged given where geopolitics stand today and a bit of less focus on low carbon for us to be able to make a constructive investment. Thanks. On utilization rates, do you think that the high urea utilization rates achieved in H1 in Algeria and Egypt are sustainable? Hopefully, yes. We are very happy. We can't give predictions for every quarter and next quarter, but we've told the market as Pillar one under our Capital Markets Day from last year, was operational excellence. We've targeted to get to 93% on ammonia, 95% on urea outside of turnarounds and outside of external shocks. I think we're well on track with that, and we target to get that done by the end of 2027. All I can do is commend the leadership of the sites, the leadership within Fertiglobe, as well as the teams of really focusing on safety, process safety, understanding what the kit they're running with looks like to get out ahead of issues and have less interruptions despite some of the regional geopolitical obstacles we've faced. They've done an excellent job, and I hope that that continues. Thanks. Then on the Algeria accruals, can you please provide more color on the $468 million accrual related to Sorfert gas cost? When do you expect to settle this amount, and how should we calculate future payments going forward? The $468 million accrual reflects our views as a revised gas pricing arrangement, which has a retrospective component from November 2023, whilst the negotiations to conclude this long-term agreement continue. Importantly, our financial results already incorporate our best viewed outcome, which is also reviewed by our auditors every quarter. We don't have a finalized agreement on payment schedule or settlement yet, as those discussions continue. We will provide that update once the process is concluded. Going forward, the actual payments will be determined by that final agreed pricing formula. Until then, we continue to provision based on our latest assessment, as I said, for which our auditors review information as well and support that view. Okay. I think with that, we will have answered all of the questions related to Fertiglobe's results and performance. Ahmed, back to you for closing remarks. Thanks everyone for the good questions, and looking forward to our next session. Thank you. This concludes today's Fertiglobe Q2 2026 results earnings call. Thank you for joining. You may now disconnect your line.