Good morning, ladies and gentlemen, and welcome to the Zumtobel Conference call on the first half and the second quarter results of our 2025-2026 financial year. With me on the call are Alfred Felder, our CEO, and Thomas Erath, our CFO. Alfred will walk you through the highlights, while Thomas will present and discuss the financial performance. After the presentation, both gentlemen will be available to answer your questions. In case you have not a copy of the report and the presentation, you may find both documents for download on our webpage. After the call, a playback of this conference call will be available on our webpage as well, and with this, I hand over to Alfred. Yeah, good morning and welcome, ladies and gentlemen. Thank you for joining us today for the first half-year results. The quarter two, what we just have closed, was a continuation of quarter one in terms of challenges in the market. Again, with a low activities, investments, decisions, and processes partly paused and caused, and therefore a lot of project postponement. But before I go into the numbers and then in details, my colleague Thomas, I would like to, as usual, share with you a couple of highlights illustrating the bandwidth, what we do, and the activities, what we have in the different fields. On the upper left, you see t he Haus zum Falken, which was designed by the star architect Santiago Calatrava, and here we have illuminated entrances with the seamless CIELUMA light ceiling product, what basically showcased this entrance. The second one, the Raiffeisenbank Arbon is a very typical example of refurbishment. This we have done in the past with our conventional technology, and now it's a turnkey where we have used our refurbishment packages, including the whole controls as well as the service. Typical example of what we are running across Europe in many, many cases. The next one is one of the key highlights. Obviously, you know that in 2026, now in a couple of weeks, we will have the Winter Olympic Games in Italy, and here, this is an example of the biathlon stadium in South Tyrol in Anterselva. And here, to meet the Olympic requirements, the entire complex has been upgraded. A key innovation is our Thorn Altis Generation 5 floodlight, and it enhances really in every detail the competition and elevates the experience for spectators on site and worldwide. This project is just one of what we have been contributing in 2026 Olympic Games. After the competitions, we look forward to sharing more and additional updates and actions on the photos of the different stadiums. An example of our strategy in terms of sustainability, circular lighting, was a Penny shop in Austria. What is here so special about this project? It's the combination of a high system efficiency, the controls, and what significantly improved the energy efficiency. The products what we have installed here is our high-running product, TECTON II, so the continuous row lighting system that we just launched in May this year and fitted with the Vivo spotlights. You see for the ancillary areas and external lighting, the solution for Thorn were installed. So that includes the complete indoor and outdoor illumination what we have done here. Another key highlight where we are very proud is the Sydney Fish Market in Australia, one of the iconic buildings where we did the whole roof architectural illumination. It's really a unique masterpiece done here. The new world-class Sydney Fish Market creates a vibrant hub into the city. And with the commitment to sustainability, the project here minimizes the environmental impact to the responsible construction practices and innovative energy solutions. So with that, I would like to give you the overview on slide number four on our financial performance for the first half for the fiscal year 2025-2026. Obviously, as I said at the beginning, again, a period characterized by economic uncertainty, a very weak market environment with a lot of postponements and cancellations of certain projects. These conditions are reflected here in our performance. You see the revenue declined from EUR 577 million to EUR 537 million, a minus of 6.9%. At the segment level, the picture looks as follows. The first half lighting segment generated almost EUR 29 million, while the revenue of component segment around EUR 138 million. The group EBIT stood at EUR 31.6 million, which corresponds to an adjusted EBIT margin of 5.9%. The figures clearly show that our company is still confronted with a variety of challenges, with making it particularly important to focus on resilience and sustainability within the group. This also includes, of course, the ongoing review of the cost structures. In page five, you see again the slide what we presented last time, where we need to take the action in basically accelerating this efficiency program what we have started in quarter one, focusing on SG&A footprint. You see here, that's the slide what we showed also last time with the savings of EUR 30 million-EUR 40 million by the 2028-2029 financial year. 80% of those savings we plan to achieve already by 2027-2028. The main levers here, as you see, are the leaner organization, the expansion of our shared service centers both in Serbia. In Serbia, we have two locations. One is Niš and one is Belgrade, and also in Portugal followed by further automation. As indicated in the last call, we have also now, in the last couple of months and weeks, reviewed our operations, the R&D, and the procurement divisions. And this comprehensive analysis helped us to identify additional opportunities, and we have prepared actions for this. And these measures are projected to deliver cost savings year by year with a total impact of approximately EUR 10 million in the 2028-2029 financial year. So you see it here on top with the bars with the blue bar here. Our objective is here not to simply achieve short-term cost reductions, but to deliver structural improvement to our margins and sustainably strengthen the competitive position. By strategically expanding our global business centers in Serbia and Portugal, the group reinforcing the commitment of combining innovation with efficiency and therefore strengthening the key value drivers to underpin the sustainability, profitability, and long-term creation of shareholder value. Looking ahead, we'll be better positioned to consolidate our core capabilities, streamline the process, and especially shorten the development cycles. And so we expect to see the first quantifiable effects for the initiated measures by the end of this fiscal year. And over the next four years, the savings will be increased steadily to a total volume of approximately now EUR 40 million-50 million in 2028-2029. Ladies and gentlemen, we are convinced that the measures we have introduced will strengthen the company for the future, and in this way, we are meeting the current challenges in the market, which is impacting the whole industry and also prepared for the hopefully upcoming upside when the recession comes to an end. And with that, I would like to hand over to Thomas, who will explain now the Q2 and also the first half results in detail. Thank you, Alfred. Good morning, ladies and gentlemen. A warm welcome from my side. Let me start with the lighting segment. Q2 revenues in the lighting segment amounted to EUR 218 million and were 5% below the previous year. Volume decreases were recorded in the U.K., APAC, Germany, Nordic, and France, and we're also coupled with price pressure. However, positive volume contributions were recorded in the southern and eastern Europe regions, highlighted by Italy, along with positive growth in Switzerland. Adjusted EBIT in the lighting segment increased from EUR 17.8 million to EUR 22.3 million. Our adjusted EBIT margin increased to 10.2%. Lower material costs and decline in personal expenses, mainly due to lower incentives and the earlier payment of the research subsidy in the amount of EUR 1.7 million, had a positive impact on our adjusted EBIT. Let's move to the component segment. Revenue in the component segment declined by 12.8% to EUR 67.2 million in the second quarter. The difficult economic and geopolitical environment led to declining sales across all regions and also increased the price pressure. Adjusted EBIT in the component segment totaled EUR 5.6 million in the second quarter. The adjusted EBIT margin stood at 8.4%. Lower material and transportation costs, as well as the early payment of the research incentive in the amount of EUR 1.8 million, were unable to offset the decline in revenues. Slide 9 shows you the Q2 results for the group. Revenues in the second quarter declined by 6% to EUR 271.2 million, mainly as a result of declining volumes and price pressure. Adjusted EBIT increased to EUR 25 million, and the adjusted EBIT margin rose to 9.2%. Overall, lower material costs, lower personal expenses, and the early payment of the research subsidy in total 3.5 million EUR had a positive effect on our adjusted EBIT. Slide 10. Looking at the adjusted EBIT bridge, we start with the prior year-half-year result of 41.2 million EUR. The negative revenue impact totaled 27.2 million EUR, with the decline primarily driven by volume reductions and to a lesser extent, price pressure. Looking at our COGS, lower material costs and lower personal expenses had a positive impact of 9.8 million EUR. SG&A and research costs made a positive contribution to the result, mainly due to lower personal expenses and the previously mentioned early payment of the research subsidy in the amount of 3.5 million EUR. Adjusted EBIT decreased to 31.6 million EUR. Slide 11 provides you with information on our income statement. As I mentioned, our adjusted EBIT stood at EUR 31.6 million. Special effects were negative at EUR 10.8 million. They include restructuring costs in connection with the closure of the U.S. production. In addition, the special effects recognized in the component segment in the second quarter include the impairment of goodwill. That was 2 million euros impairment losses of capitalized development costs, EUR 2.7 million, and an investment incentive received from the Portuguese government of EUR 1.4 million. After the deduction of these special effects, our EBIT totaled EUR 20.7 million. Our financial result amounted to minus EUR 5.8 million and net financing costs amounted to minus EUR 4.3 million. Other financial income and expenses totaled minus EUR 1.5 million and included the interest expense for pension obligations, FX, and hedging valuation. After deduction of income taxes, our net profit for the first half year amounted to EUR 13.5 million. As a consequence, earnings per share equaled EUR 0.32. Let's now move to the cash flow statement. Cash flow from operating results fell year on year from EUR 58.1 million to EUR 52.7 million, mainly due to the decline in sales. The change in the operating items amounted to minus EUR 20.2 million and resulted mainly from the settlement of accruals for variable salary components. Cash flow from operating activities stood at EUR 35.5 million in the first half year, 2025-2026, versus EUR 33.7 million in the previous half year. Cash flow from investing activities amounted to minus EUR 21.7 million in the reporting period. In addition to investments in property, plant, and equipment, this also includes capitalized development costs of EUR 8.8 million. As a result, free cash flow equaled EUR 13.7 million versus EUR 13 million last year. Cash flow from financing activities amounted to EUR 8.6 million for the first half year versus minus EUR 20.6 million last year. The change compared to the prior year is primarily related to two factors. The increased utilization of, first, the syndicated loan agreement and, second, the loan from the European Investment Bank. A reduced dividend distribution also contributed to this effect. Let me finish with slide 13 and give you some comments on our balance sheet. The balance sheet structure remains stable. The equity ratio is almost flat at 42.8%. Net debt is also flat in comparison with the year-end close standing at EUR 120 million. Our debt coverage ratio is at 1.47. And with this, I hand back to Alfred. Thank you, Thomas. Before now turning to our outlook, let me first share some key sector insights from the latest Euroconstruct release, what we have received on November 26, so just a few weeks ago. After almost three very challenging years, we are now seeing the first signs of recovery in Europe's non-residential construction sector, especially in the new build and also in the renovation. Looking ahead, construction activities are expected to pick up, particularly in the education and healthcare sectors, where fortunately we are very well positioned, while growth in storage facilities and office buildings is rather low. The recovery is driven by a rebound of the new construction after several years of contraction, while renovation continues to be steady in an upward trend. In short, there are early signs of recovery in the construction markets, even if the base differs across the different countries and regions. The renovation growth is supported by the energy efficiency upgrades, ESG requirements, and modernization needs, and the overall outlook, therefore, is positive, but uneven, as you see from the chart here, across the different countries. Our strategic focus will be on leveraging opportunities in renovation and positioning Zumtobel Group to benefit from the rebound in the non-residential construction. As you know, the lighting industry typically comes later in the construction cycle, so the positive momentum will reach us here with some delay, and this brings me to the outlook. The overall market environment remains challenging for the rest of our financial year and also into the calendar year 2026. The geopolitical instability will continue to create uncertainty, and we are seeing that the customers are adopting a more cautious approach with longer decision-making cycles, a lot of postponements of projects, what we see in the market. This, of course, is impacting our business. With the measures we have taken and the efficiency program, what I shared with you, now in place, we have set a clear course to position our company for sustainable growth and continued innovation. Through the focus strategy and decision execution, we are now responding to the ongoing shifts in our markets in the different countries and establishing the foundation for resilient performance for the years ahead. Against this backdrop, we are confirming our guidance. We continue to expect a single-digit% decline of our revenues compared with the previous year. Therefore, our guidance for the adjusted EBIT remains unchanged between 1% and 4%. However, based on our current assessment, we anticipate finishing the year towards the upper end of the range rather than on the lower end. And the planned CapEx for the year stands at approximately EUR 50 million, as you know, we are just completing the investment now for our trunking system, the TECTON II, which consumes quite a large amount of this CapEx. Before we conclude the presentations and open the Q&A session, I would like to extend an invitation to an investor event we will be hosting during the Light + Building Fair on March 26, the biggest worldwide lighting fair that we are showcasing. We will provide you here with an update on the current market situation, outline how we are operating with this environment, and, of course, share an outlook on how we move forward. And furthermore, you will have the opportunity to visit all the three stands at the fair, where we will showcase the latest product innovations from Tridonic, from Thorn, and from Zumtobel. And afterwards, we will be able to discuss key topics with Thomas and myself directly at our stands. So please save the date, and we will share further details with you at the beginning of 2026. With this, I would like to thank you for your attention. And now, Thomas and myself are happy to take your questions. Thank you for listening. We will now begin the question and answer session. Anyone who wishes to ask a question from the webinar may click the Q&A button on the left side of the screen and then click the Raise Your Hand button. If you are connected via phone, please press Star followed by 1 on your telephone keypad. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press the Lower Your Hand button from the webinar or press Star and 2 on your telephone. Anyone who has a question may queue up now. The first question comes from Michael Marschallinger with Erste Group. Please go ahead. Yes, good morning. Thanks for taking my question, and congrats to the good results. Firstly, on the guidance, the Adjusted EBIT margin guidance, you already mentioned upper ranges more likely. I'm just curious why you confirmed it. One and two% doesn't really make sense, yeah, seems implausible. This would mean negative H2. Three% would mean a flat H2. So why not just confirm this, increase it to four% at the moment? And do you maybe see also a possibility that we go above four% even this year, given the cost savings in H2 that you mentioned? Yeah, it's a very good question. Perfect. Thank you, Michael. No, very good questions. Obviously, clearly, we are currently above this guidance after the Q2. But I think what Thomas shared, we have in the Q2 results also these extraordinary items including the R&D funding and also some funding, what we got in Portugal, what we had last year, with the exception of Portugal in our Q3. Typically, our Q3 is a challenging one with the Christmas period. So that we are very careful with that one. And the Q4 needs to be a rebound in order to confirm. Currently, we are seeing some first signs of life, but it's very, very difficult to predict. As I said in a couple of statements during the presentation, customers are constantly postponing projects. So obviously, if they shift then into the next quarter, then we have a risk that the growth, or let me say the less decline, is not coming in quarter four. And it's helping us in Q1, but not in quarter four. So that's basically what we have. And obviously, if everything goes right, where we fight very hard, it could also be a possibility to go above the 4%. Okay, understood, but then you would, as you said, need volume growth already in the fourth quarter. Exactly. Exactly. That's the big challenge. Yeah, yeah, yeah. Project pipeline is there. But just to give you a little bit of an indication, we are really having, yeah, a double-digit million EUR project confirmed, partly shifted. And if the shift, especially in quarter four, is two to three weeks, which is normal nowadays, then we are automatically ending to have this revenue in quarter one. And. And may I add, you know, we have also special costs in the second half. There is the Light + Building, and these are tremendous costs in the region of EUR 4 million and above if you include all the traveling costs. Okay, understood. And then the second question, I think most of us already answered with top-line development. Would you expect third quarter there was already a low base last year, EUR 250 million, also maybe some plus in the top line or also further decline? What you see, what Thomas has presented, we have been able to improve a little bit on the lighting segment when it comes to, let me say, the negative growth. Quarter one was -7%, quarter two was -5%. We see here a certain, let me say, stabilization. But on the other hand, you see that the components business has had quarter two below the EUR 70 million. And we are not seeing currently, with the high volatility in the market, that this will change. So obviously, it depends heavily also on our revenues, what are coming from the components business. In the lighting segment, we believe, and you're right, that we might have a chance to go slightly above the Q3. But currently, the run rate is in a similar direction, like you see it on about page seven. Okay, very helpful. Thank you very much. Thank you, Michael. The next question comes from Patrick Steiner with ODDO BHF. Please go ahead. Good morning, Patrick Steiner speaking. Congrats on the good results. I have three questions left from my side. We'll take them one by one if that's okay for you. Firstly, on the project postponements and cancellations, which you've mentioned, could you give us a bit more information on which areas of the sector, which geographic regions we're talking here specifically? It's typically across the board. As you know, we do have framework contracts with the bigger customers in the retail segment, in the automotive segment. Here, it's more that these framework contracts are not honored by the corresponding projects. That's topic number one. Topic number two, postponements are mainly coming in the industry segment. Automotive is one, what is challenging right now, but also in some of our industrial customers, and typically, the postponement of this project, or let me say, the reliability of the projects coming on time as planned is higher in the DACH region or Italy and Benelux, and when it comes to Eastern Europe, UK, and France, that's a little bit more fluctuating. Where we have stable projects set up is everything in the new technology, so like lights for data centers. That's very often even more challenging that we have to deliver earlier. Also in the health and in the investments of education, what are partly done by national governments. All right, thank you very much. That's really helpful. On the cost savings effects for this year, you stated you see a quantifiable effect for this year. Could you give us maybe a number or a run rate for this year? For this year, we expect about EUR 4 million-5 million net savings. All right. And that's not the run rate, basically. That's the real effect on this year. That's a real effect, yeah. So Thomas was mentioning we have also the restructuring, right? But it's really the net effect on top of this restructuring. Okay, great. Last question, just for clarification, if I understood this right. You said EUR 3.5 million of research subsidy in total on group level in the second quarter. And this is including Portugal. No, Portugal is extra. We showed the subsidy in Portugal under restructuring because this was, you know, we handed in the request for the subsidy six or seven years ago. So we said, you know, this is not a recurring subsidy like in Austria. You get it every year. This is a one-timer, and that's why we disclosed it under exceptional items. But you have this on the page number 11, so you have the details. So the subsidy of the 3.5 is both for components, Tridonic, and for lighting brands. Oh, yeah. Perfect. Thank you very much. I'll get back in line. Thank you. We have no more questions, and at this time, I would like to turn the conference back over to Alfred Felder for any closing remarks. Yeah, ladies and gentlemen, thank you very much for listening. Thank you very much for your questions. Again, I would like to repeat my invitation to Light + Building. IR will send out. It gives you the opportunity not only that we are able to share with you how we are moving into our quarter four, but also showcasing how we drive forward the innovations to conquer the market in the professional illumination. Thank you very much for listening and have a great day.