Good morning from Vienna, and welcome to our results conference call. Thank you for joining us today. We start on slide one. Looking back, the year started with cold weather, which led to a later start of road construction projects. Nevertheless, we delivered a very solid first quarter. Activity then picked up strongly in the second quarter, resulting in a dynamic and very successful first half of 2026. For the first time, our output volume reached the EUR 10 billion mark in the first half of 2026, up 12% year-on-year. Our order backlog increased further from an already high level and now stands at a record EUR 36 billion. The ratio of order backlog to output volume grew to 1.6 years, giving us even more visibility for our business. We continue to maintain a clear focus on margins. EBIT increased by 35% to EUR 174 million, the highest first-half EBIT in our history. Let's move to the market environment on slide six. In the infrastructure sector, we continued to see strong momentum, above all in rail and energy infrastructure. Germany remains our main growth driver. Order intake increased across all transport infrastructure segments, including roads, rail, bridges, and waterways. We welcome the new Infrastructure Future Act, Infrastruktur-Zukunftsgesetz, in Germany. The aim is to digitalize procedures, shorten deadlines, and accelerate planning and approval processes. This is something we have supported for many years. We continue to see good tender activity and a growing number of projects coming to the market in Germany. Funding for these projects will increasingly be supported by the special fund. In CEE, Poland stood out with strong infrastructure demand, mainly for major road and rail projects. In our international business, Australia continues to show an attractive project pipeline. Demand in energy infrastructure remains solid, especially in renewable energy projects and power grids. The acquisition of WTE Group opens up new opportunities in water infrastructure. We are expanding this business, supported by significant investment needs in water networks and water treatment plants across Europe. In the building construction sector, order intake remained at a high level. Industrial construction remained at a good level. Examples include a new data center project in Austria and an automotive logistics facility in Australia. Order intake in residential construction was higher than in the previous year, mainly driven by Germany and Austria. Nevertheless, financing conditions continue to be challenging for both developers and private homebuyers. Our focus on affordable housing with prefabricated products is helping us address market segments that continue to show growth. We have already built up a pipeline of around EUR 200 million for these projects. Growth was also recorded in public building construction, especially in education and public administration buildings. Following the acquisition of major public infrastructure projects, especially in rail, waterways, and energy infrastructure, the ratio of public to private contracts in our order intake was around 70: 30. On slide seven, you can see some of the key projects we have won so far this year. In Germany, we secured several major infrastructure projects. These include the Pfaffensteig Tunnel, a key railway project that will help increase capacity on one of Germany's busiest railway corridors. We also won the contract for the new Erlangen lock. Many locks on Germany's waterways are reaching the end of their service life, making modernization projects like this increasingly important. In our CEE market, we continue to be successful in transport infrastructure. In Poland, we secured another major railway contract next to an existing section already under construction by STRABAG. In Slovenia, we won one of the country's largest road construction projects, an important part of the northern corridor. We were also successful in our international markets. In Chile, we secured mining contracts with a total volume of around EUR 800 million for one of the world's largest copper mines. In Australia, we won major railway infrastructure contracts with a total value of more than EUR 490 million. These projects are part of the infrastructure investments being made ahead of the Brisbane 2032 Olympic Games. On slide eight, an update on recent M&A. As part of Strategy 2030, we have taken important steps in external growth. The acquisition of Van Elle in the U.K. was completed in June 2026, following approval by the company's shareholders. Van Elle is one of the U.K.'s leading ground engineering companies and is active in the infrastructure, residential, and industrial sectors. The acquisition is an important step in building a strong local presence in the British market. In CEE, we are strengthening our position across the infrastructure value chain. In Romania, we announced the planned acquisition of BAWI Construction, a specialist railway construction company. The transaction will enhance our railway business in Southeast Europe, where substantial investment in railway infrastructure is needed. Also in Romania, we intend to acquire Daroconstruct, a regional contractor specializing in road, bridge, pipeline, and building construction, further expanding our footprint in the northeastern part of the country. In Poland, we acquired Cermont, a company active in industrial and commercial construction with its own steel fabrication facilities. This strengthens our position in the Polish building construction market and expands our in-house steel construction capabilities. On slide 10, we begin the financial review of our first half results. Output volume increased by 12% year- on- year to EUR 10 billion. The year started with cold weather in January and February, which delayed the start of road construction projects in our European markets, especially in Austria and Poland. Nevertheless, output volume increased by 4% in the first quarter. This shows that our broad geographical footprint helps us more than offset declines in individual markets. Activity then picked up strongly in the second quarter with output volume growing by 18%. The largest increases were recorded in Germany, particularly in energy infrastructure and railway construction. Significant growth was also achieved in the United Kingdom, partly supported by the acquisition of Van Elle, as well as in the Czech Republic and Croatia. The order backlog once again increased significantly and reached a new record of EUR 36 billion at the end of the first half. Year- on- year, this represents an increase of 27%. Compared with year-end 2025, the order backlog grew by 15%. The largest increases were recorded in Germany, the Americas, Australia, and Austria. In the first half of the year, we also saw positive developments in our Eastern European core markets, especially Poland and the Czech Republic. The share of our strategic growth markets in the order backlog continued to increase. With the order backlog to output ratio now at 1.6 years, we have very good visibility and a solid base workload well into 2028. Additional support should come from increasing investments in Germany, infrastructure projects across CEE, and further opportunities in markets such as Australia and the U.K. On slide 11, we move on to earnings. Despite sharp price increases following the Iran war, we were able to keep our costs well under control. Costs for materials, subcontractors and own personnel were slightly reduced to 92% of group sales. Once again, this demonstrates the resilience of our business model. Our own materials network, centrally managed bitumen procurement, and price escalation clauses help us manage such market developments effectively. EBITDA, earnings before interest, taxes, depreciation, and amortization, came in at EUR 560 million, up by 30% year-on-year. Depreciation and amortization increased to EUR 386 million. This figure includes goodwill amortization of EUR 50 million related to a recent acquisition. Excluding this effect, depreciation and amortization increased by around 11%, in line with the higher asset base resulting from investments as part of Strategy 2030. EBIT, earnings before interest and taxes, increased significantly by 35% to EUR 174 million. This translates into an EBIT margin of 1.9% compared with 1.6% in the previous year. Keep in mind that parts of our business, especially road construction, are subject to seasonal effects. Therefore, first half EBIT is not representative of the expected full-year performance. By segment, the strong EBIT development was primarily driven by another strong performance in North + West. Despite cold weather in the first quarter, EBIT in South + East was less negative than in the previous year, reflecting the segment's broad geographical footprint. Net interest income increased to EUR 29 million in the first half of 2026. The main reason for this development is that the previous year figure was negatively impacted by exchange rate differences of EUR -13 million compared with almost zero exchange rate differences in the current year. In addition, the higher cash position led to a higher interest income. EBT, earnings before taxes, reached EUR 204 million. The income tax rate increased year-on-year from 33% to 41%. This is due to the already mentioned non-deductible goodwill impairment. In total, net income after minorities reached EUR 119 million, clearly exceeding the previous year's record of EUR 95 million. Turning to slide 12, a brief overview of our balance sheet, which remains very robust and continues to support our growth strategy. We continue to report a strong net cash position of EUR 2.6 billion despite the seasonal buildup of working capital and investments made in the first half of the year. Please keep in mind that cash and cash equivalents of EUR 3.4 billion includes EUR 498 million in frozen dividends related to Rasperia, including those resulting from the capital measures. The equity ratio remains at a very solid 32.7%, even after the dividend payment for 2025. Our strong financial position is reflected in our continued BBB+ rating from Standard & Poor's with a stable outlook. Slide 13 gives an overview of the cash flow development. Cash flow from operating activities turned positive and reached EUR 11 million in the first half of 2026. This development was driven by higher cash flow from earnings and a lower buildup of working capital. Cash flow from investing activities came in at EUR -678 million, compared with EUR -430 million in the previous year. The higher cash outflow is in line with the implementation of Strategy 2030. It mainly reflects the acquisitions of the WTE Group, Van Elle, and the Stumpp Group. Cash flow from financing activities reached EUR -245 million, compared with EUR -262 million in the first half of 2025. This was achieved despite the higher dividend payment and was mainly driven by an increase in non-recourse debt to refinance the expansion of our Hold Estate portfolio. Slide 15 gives an overview of our largest segment, North + West. Output volume increased by 18% to EUR 4.3 billion. Growth was achieved across all business areas in Germany, our largest market within the segment. The strongest growth came from energy infrastructure, railway construction, and bridge construction. Building construction also developed well, both in the public and private sectors. Output volume also increased in Sweden and Switzerland. EBIT more than doubled to an exceptionally high level of EUR 182 million in the first half of 2026. This was mainly driven by strong contributions from our German infrastructure business. Successful project execution in major energy and mobility infrastructure projects was the key driver. The order backlog increased by a further 13% to a new record of EUR 14.7 billion. This development was driven primarily by our strong performance in Germany. The largest contributions came from major infrastructure projects supported by growth in building construction and civil engineering. Sweden also recorded an increase in the order backlog, while ongoing project execution in the Benelux countries and Switzerland led to a decline. Moving on to the outlook for the segment. Based on our strong order backlog, we expect output growth in 2026 in the low double-digit range. In Germany, for the first time in five years, we are seeing signs of recovery across all construction sectors. Key drivers include the high volume of tenders from Deutsche Bahn and the federal road budget of EUR 11 billion for 2026. We expect additional demand from the energy transition, the healthcare sector, and military infrastructure projects. At the same time, limited municipal budgets and higher prices for oil-based products remain challenges. In residential construction, the market is showing signs of recovery after several challenging years. However, clients remain cautious due to the uncertain funding and interest rate environment. In the Benelux countries, we continue to follow a selective bidding approach as competition remains high. In the Netherlands and Belgium, we see opportunities in industrial construction. Demand in residential construction is also showing a slight increase. In Scandinavia, we will maintain our focus on medium-sized projects. In the first half of the year, we secured contracts for a railway tunnel and for ground engineering works. In Switzerland, we expect output to remain stable in 2026. Slide 16 shows the development in the South + East segment. Output volume increased by 6% year-on-year to EUR 3.4 billion. Growth was achieved across a number of markets, particularly in the Czech Republic and Croatia. Growth was broad-based across all construction segments, with infrastructure making the largest contribution. The segment's EBIT was less negative at EUR -68 million, despite the cold weather conditions in the first quarter. The delayed start of road construction projects in some of the segment's countries had a negative impact on earnings. Please keep in mind that the share of road construction project is significantly higher in this segment than in the group as a whole. Thanks to our broad country portfolio within the segment, earnings improvements in some Eastern and Southeast European markets were able to offset these weather-related effects. The order backlog increased by 2% to EUR 8.7 billion. The largest contribution came from transportation infrastructure and civil engineering projects. By geography, the strongest increases were recorded in Slovenia, Austria, and Poland. The order backlog declined in Croatia and Slovakia due to the ongoing execution of major projects. Moving on to the outlook for the segment. Despite the mixed market environment across the region, we expect output volume in South + East to grow in the mid-single digit range in 2026, supported by a solid order backlog. In Austria, we expect construction output to remain broadly stable. Building construction remains under pressure due to the still subdued residential market and the challenging economic environment. In transportation infrastructure, tight municipal budgets continue to limit on-time activity, while the investment levels of ASFINAG and ÖBB have a stabilizing effect. We continue to see opportunities in renovation projects, energy infrastructure, and the construction of data centers. In Poland, we continue to see strong public investment, mainly in railway and road construction. We also expect further major projects in energy defense infrastructure and around the planned central transport hub. In the Czech Republic and Slovakia, tender volumes in transportation infrastructure remain at a high level, especially in the railway sector. We also see an increasing number of large projects, including projects to be delivered as public-private partnerships. Following the change of government in Hungary, the market outlook is expected to improve. The release of EU funding could support infrastructure investment in the coming years. At the same time, public investment activity remains constrained by the country's fiscal situation. In Southeast Europe, railway construction and defense infrastructure are being increasingly important. This is especially true for Romania. Overall, Croatia, Slovenia, and Romania continue to benefit from public investment and EU funding. Recent examples include a major tunnel project in Croatia and one of the largest road construction projects currently underway in Slovenia, both secured in the first half of 2026. Competition from companies outside Europe remain intense in several countries across the region. Slide 17 shows the development in the International + Special Divisions segment. Output volume increased by 12% to EUR 2.2 billion. The strongest growth was recorded in the United Kingdom and our energy infrastructure business. This development was supported by the acquisitions of Van Elle in the U.K. and WTE Group in the water infrastructure sector. Australia and infrastructure development also contributed to the increase in output. EBIT in International + Special Divisions reached EUR 79 million compared with EUR 127 million in the previous year. The decline is due to the already mentioned goodwill amortization of EUR 50 million related to a recent acquisition. Excluding this effect, this segment has delivered a solid earnings contribution. Higher earnings were recorded above all in our infrastructure development, real estate development, and building solutions businesses. The segment's order backlog reached EUR 12.5 billion, a significant increase of 84% year- on- year. The main drivers were the award of the Hub water infrastructure project in the U.K., major tunneling contracts in Germany, mining contracts in Chile, and large railway projects in Australia. Moving on to the outlook for the segment. For 2026, we expect a significantly higher output volume supported by the strong increase in the order backlog as well as the acquisitions of Van Elle and the WTE Group. Our tunneling business continues to benefit from a high order backlog alongside large projects in Canada and the U.K. We are working on projects in Germany, Italy, Austria, and across CEE. In our international business, we continue to focus on our established markets. In the Middle East, we are primarily active in Abu Dhabi, Oman, and through the acquisition of WTE Group, also in Kuwait. Our projects in the region remain fully operational. The medium-term effects of the recent geopolitical tensions remain difficult to assess. In Chile, major mining projects ensure a high level of activity. In the U.K., we continue to grow our local business. We see good opportunities in infrastructure, mainly in water and energy, and building construction. The acquisition of Van Elle is an important step in strengthening our local presence and broadening our capabilities in the British market with ground engineering services. In Australia, demand for infrastructure projects remains strong. Our order backlog in Australia exceeded EUR 1 billion for the first time in the first half of 2026. Additional opportunities are expected from investments in energy infrastructure, the mining sector, and projects related to the Brisbane 2032 Olympic Games. In energy infrastructure, we continue to expect a dynamic market environment. Demand is supported by investments in the energy transition, power grids, and water infrastructure. The integration of the WTE Group remains a key focus. In building solutions, we continue to expand our position as a provider of decarbonization and energy management solutions for buildings. Therefore, selected acquisitions to strengthen our MEP capabilities remain an important part of our growth strategy. In infrastructure development, concession projects across our core markets remain a key focus. At the same time, we continue to expand the development of our own energy projects, currently with a focus on photovoltaic and battery energy storage projects in Germany and Colombia. In real estate development, we believe the market has passed its low point. The housing shortage remains a key issue in many markets. However, a significant recovery in commercial property transactions is not expected before 2027. STRABAG Hold Estate continues to expand its portfolio of long-term strategic property holdings, supporting the share of recurring income within the group. In July 2026, we further expanded the portfolio with the acquisition of the Olivia Star office tower in Gdańsk. On slide 19, a brief update on the Rasperia shareholding. As you know, the Rasperia shareholding remains frozen in line with EU sanctions. The rights attached to these shares cannot be exercised, as recently also confirmed by the ECJ. In July 2026, Raiffeisen Bank International, RBI, filed a claim for damages against Rasperia in Austria. The matter is now before the courts. According to RBI, this could potentially lead to enforcement against the frozen 28.5 million STRABAG shares. Based on RBI's public statements, enforcement could potentially be achieved within 6- 12 months. Further, the details have not yet been published. Any outcome remains subject to ongoing court proceedings and relevant sanctions decisions. Depending on the outcome, this might result in changes to STRABAG's shareholder structure. We would welcome such a development as STRABAG would no longer have a sanctioned shareholder. On slide 20, we present our updated guidance for 2026. Based on the continued growth in our order backlog and the significant increase in output volume in the second quarter, we have raised our outlook for the 2026 financial year. We now expect an output volume of close to EUR 23 billion, compared with our previous guidance of around EUR 22 billion. The increase is supported by our record order backlog and the strong business development in the first half of the year. We also raised our EBIT margin guidance. Following the positive earnings development in the first half, we now expect an EBIT margin in a range between 5.5% and 6%, compared with our previous guidance of 5%-5.5%. Our guidance for net investments defined as cash flow from investing activities remains unchanged at no more than EUR 1.5 billion. This figure includes around EUR 600 million in maintenance CapEx and around EUR 900 million in growth CapEx for M&A, PPP projects, and our Hold Estate portfolio.