Good morning and good afternoon, everyone. Welcome to our webinar for our half-year results. We will start with a presentation from our CEO, Luc Tack, and our CFO, Miguel de Potter. After that, we will give some analysts the chance to ask a live question. But for everyone else, if you have a question, please put it in the Q&A box, and at the end of the session, we will also try to answer as many questions as possible in the Q&A. With that, I hand over to Luc. Good morning. Good afternoon. Welcome and thank you all for joining us on this call on our H1 results. As you can imagine, it has been a busy first half year and also a turbulent first half year with all things happening in the world in respect of the Strait of Hormuz, et cetera. But I must say, I am extremely pleased with how the troops worked, how we as a company performed, managing the different hurdles that came on the path during the first six months. I will start by first giving you an overview of some of the key events of this morning. This will then be followed by Miguel, who will highlight you everything on the financials and the financial performance of the company. First, let me start by repeating that the joint venture with the Tessenderlo Group and Darling Ingredients entered into a definitive agreement in December 2025. This partnership aims to create a top-tier collagen-based health, wellness, and nutrition products company poised to capitalize on global collagen markets. In the JV, Tessenderlo will have 15% and Darling will have the majority of 85%. Of course, we, as Tessenderlo, will be present on the board, and we will further contribute to the success of our gelatin business. The JV will combine Darling Ingredients collagen and gelatin with the branded Rousselot and our PB Leiner activities. We will also bring together our know-how, which will also help us to develop further new products going forward. The transaction is expected to close after having received the pending regulatories. As you might not be surprised, some countries are quicker than others, and we are still awaiting some approvals. We cannot tell you as of today when exactly we will accept them because we will get them as that is beyond our control, but we are making progress. Then we had Akiolis, the biomass cogeneration facility to reduce our carbon footprint. The inauguration was in April 2026. This cogeneration plant will be powered by animal by-products. This is truly an innovative installation and marks a major step in our decarbonization strategy, thus reducing fossil fuel energy consumption and producing renewable, call it green energy. We have started up the plant. As always, there are some bugs to be worked out, but we are expecting to scale up further in the fourth quarter of the year as we go forward. Then, we had Mr. Karel Vinck, who resigned from the board. Most of you probably know Mr. Karel Vinck. He has really served our board so many years, and we have really a sincere gratitude for his dedication and service and value that he gave to the board. In the meantime, we have the pleasure of announcing or telling you that Mrs. Béatrice Bruey has been co-opted to Mr. Vinck's mandate, and we welcome her as a non-executive director to our board for the remainder of the mandate of Mr. Vinck. Going forward, we have the acquisition of the Cinis Fertilizer plant in Sweden. The acquisition was done in May 2026. This is a SOP production plant. We bought it out of the bankruptcy of Cinis Fertilizer, which really was never able to produce on-spec product all the time. We are now working on the plant. We are making changes to it, and we expect to ramp up the plant in Q1 of 2027. This is really a very environmentally friendly way to make mineral fertilizers for sustainable agriculture. This will be sulfate of potassium that we will be producing, which is markets that we know since we also produce this in Hamme, here in Belgium. We were able to acquire PB Leiner, the 40% minority stake from our Brazilian joint venture partners. Sorry. Following this acquisition, we now own 100% of this subsidiary. Of course, this subsidiary will then go into the contemplated JV with Darling Ingredients. After the balance sheet, we were not sitting still there. We kept going, and we reached an agreement with the board of FMC to do a capital increase of $400 million into FMC Corporation. FMC Corporation is a really innovator technology company. They are very strong in AI, and I am sure you immediately think AI, you think about artificial intelligence. Well, I mean AI, I mean active ingredients. We are doing this investment because we believe that FMC has a lot of technology, has a lot of molecules in development, but also, moreover, has four molecules which will come to the market in the coming years. I think it is important that we understand that both Crop Protection and fertilizers, the businesses that we are in, contribute for 50% of all agriculture production worldwide. Therefore, it is important to further create new products. FMC can do so, and that is why we are very glad that we can contribute a capital increase, which will further help the company to further develop new molecules. For our company, this is a long-term cornerstone investment. It is a part of our corporate strategy, and we see this as a generational investment for the long term. I will give you one more example why we think also FMC is a good investment. Within Europe, since 2019, we have lost 16 molecules. At the end of the day, the farmers need to farm, and at the end, they end up with an empty toolkit. They need tools to farm. For instance, FMC received approval for Isoflex, and Isoflex is a new herbicide which has been approved by Europe some months ago. This herbicide is important. Why do we like molecules like that and other ones which are in development? When you are having crops and you have herbicides, the herbicides compete for the nutrients in the ground against the crops. In the case of Isoflex is a herbicide, which is really meant for grass crops. I will give you an example. Wheat, all grain, most grain crops are. A lot of, not most, but a lot of grain crops are grass crops. For instance, like wheat. Well, by applying in the late season, after the season Isoflex, you are really avoiding the growth of wheat so that the grain crop can capture all the nurture, and that the yield of the grain crop is so much higher. This is really what European farmers, big farmers in U.K., where the product has already been approved and where it is already put on the fields. France, Germany, all these huge. Because Europe is a large producer in wheat, will cause opportunity. I am just giving this as one example. It is one of many where we believe in that agriculture, the future of agriculture is technology. The future of agriculture also is like we do with our fertilizers to grow more with less. We have the intention to close the Vilvoorde plant. On July 26, we announced the intention to close the plant. That intention to close the plant came after an eight-month process where we tried to sell the plant because we wanted the people to have jobs for the future. That is why we tried very hard to find buyers for the plant. I must also say the people within the plant helped us very much to show the plant at their best for buyers. At the end of the day, we did not find a buyer and nobody thought that the plant had a viable future and could be viable going forward. We went into consultation with the employee representatives, and then we reached a formal agreement to close the plant on August 21st, 2026. The execution of the restructuring process has now started and will be finalized by H1 2027, and we will have production running, if I recall well, till end of October. This restructuring impact is estimated at approximately EUR 31 million, which will be recognized in the EBIT-adjusted items in H2 2026. Furthermore, the group is now looking at the future and looking how we can bring this 24-hectare real estate site close to Brussels and Vilvoorde to the market. Now we are considering different options on how to go to market with this site going forward, and hopefully be able to do a transaction next year. We have T-Power. T-Power entered into a six-month tolling agreement for the 425 MW power plant. I must say to you that T-Power has proven again to be a very important asset in the Belgium landscape, especially this summer. The plant has been running a lot to help provide power for the country, to keep the air conditionings going, to keep things going. Again, we have proven that CCGT plants like T-Power have an important role to play in the future for energy security. Of course, with this transit, what we call a transit tolling agreement of six months, this is giving us more time to assess other various available options for the long-term utilization of the T-Power plant as a safe and reliable partner. We are currently assessing that and developing and looking at different options going forward. I will pass it to Miguel, who will take us through the financial numbers. Thank you, Luc, and good morning, good afternoon, everyone, wherever you are located. We are here in Brussels in our office, and I have the pleasure of guiding you through our first half figures. Our first half figures, as you might have read already in the press release this morning, we are revenues that are just short of EUR 1.5 billion and an adjusted EBITDA of just near EUR 177 million. That is an EBITDA margin of close to 12% for the first half of the year, which is higher than the first half we had last year. The profit for the period for the first six months is nearly EUR 66 million, which is much higher than the negative loss we had for the same period last year. But that negative loss was mainly impacted by non-cash foreign exchange translation for intercompany loans that we had, which was revised slightly positively this year. Our CapEx for the first half of the year amounts to EUR 43.7 million. That is lower than last year. It has also to do with some timing effects and postponements or permitting that we are still waiting to receive from several projects that will be ongoing. We expect that this CapEx will be higher in the second half of the year. The cash flow from operating activities is above EUR 100 million, EUR 103.8 million, and our net financial debt, thanks to some acquisitions that Luc already mentioned, has increased in the first half of the year. If we go to the revenues per segment, you will see that the balance of the revenues is still mainly very similar to what we had last year, with Agro, the largest contributor of our segment, followed by Industrial Solutions and Bio-valorization. Machines and Technologies has had a more difficult first half of the year, and I will come back to this. T-Power, with its revenues guaranteed from the tolling agreement, was very stable. When you look at the adjusted EBITDA per segment, you will see that nearly every segment apart from Machines and Technology, i.e. the Picanol Group, has grown in terms of EBITDA and margins in the first half of the year to, I already mentioned, EUR 176.8 million. If we go segment per segment, the first segment, the Agro segment, which has known a force increase in EBITDA of 17.3% if you exclude the foreign exchange effects. Obviously, we are selling a lot in U.S. dollars and also in other currencies, but that always has an impact in our results one way or the other, but we end the first half of the year with an EBITDA of EUR 75 million. That's an EBITDA margin of 13%. We have seen in our Agro division, so we have the brand names, Crop Nutrition, Tessenderlo Kerley International, Crop Protection, and Violleau. We have seen higher sales volume across the board, and also higher sales price, which are actually a result of higher raw material prices that we were luckily enough convincing to pass on through our customers. The market circumstances have been better for us, and you have to know and to understand that the Cinis plant that Luc has mentioned, that we acquired in the first half of this year in Sweden to produce Sulphate of Potash, has not been contributing to those results yet. We expect this plant to ramp up in the first quarter of 2027, because when we acquired the plant, as Luc mentioned, the plant was not functional. We are upgrading it to make it fully functional for the year 2027. Do not expect a big contribution from this plant in the second half of the year. For the Bio-valorization segment, you see here an EBITDA margin that is higher than what we had last year. We were rightfully successful in restructuring some of the PB Leiner plants. You will remember that we closed our bone gelatin activities in 2027. We were also negatively impacted by some of the restructuring costs and by also an incident that we had at the end of last year in our plant in Argentina for PB Leiner. Otherwise, the result would've been better. The incident in Argentina is being solved as we speak, and we expect the plant to go back to full production next month. The Akiolis revenues were relatively stable. We have not received the full insurance proceeds for the incident in Argentina, so these are not recognized in those figures for the first half. We expect those to be recognized in the second half. Industrial Solutions segment, we have DYKA, Kuhlmann Europe, and moleko, where you see revenues of just short of EUR 350 million and an EBITDA margin of 10.8%, which is definitely up from last year. Up, first of all, where does it come from? DYKA mainly is the driver for the growth here in the Industrial Solutions segment with higher sales price. Higher sales price that are also the results of higher raw material prices, but meaning that we were successful in passing on those additional prices to our customers. Obviously, as a worldwide group, we are confronted to geopolitical challenges and the price of sulfur or the price of ethylene, which are definitely big raw materials that we use, are definitely affected by the conflict in the Middle East. For Kuhlmann Europe and moleko, the revenues remained stable in the first half of the year. If I look at the Machines & Technologies, so the Picanol Group in general with Psicontrol, Proferro, but also now Melotte and Osterwalder. Osterwalder, which is our Swiss press company that we acquired last year. We see that here we have a decrease of the revenues and the margin as we had last year. It is mainly due to a slowdown in the activities for the weaving machines that are built out of Europe, whereby the weaving machines that are built outside of Europe have known a growth path in the first half of the year and expected to continue to grow in the second half of the year. These are less fancy machines, and so the margins are lower on those machines. Both Proferro and Psicontrol have grown in terms of revenue, despite the lack of order from Picanol weaving machines. They were not able to offset basically the order intake that was less than expected in the first half of the year for the weaving machines. When we talk about Osterwalder and Melotte, their contribution were immaterial in the first half of the year, or too small to mention. Our last division, T-Power, or energy division. The revenues remain stable as we were continuing our tolling agreement with RWE that came to an end on June 30, 2026. As Luc already mentioned, we have decided to embark on July 1 on a short-term tolling agreement in order to assess different options that we have for the future of T-Power, one way or the other. When we do the EBIT and the EBIT adjusting items analysis, these are way less impressive than the same period last year, where we had big swings in foreign exchange results. Here, we have 15.3 million of EBIT adjusting items that are relating to mainly three position. One is additional cost incurred for the formation of the joint venture between Darling Ingredients and Tessenderlo on the gelatin and collagen. We had to also derecognize contingent consideration that we should have maybe obtained should we keep our Brazilian partner on board, but we decided to buy our Brazilian friends out of our plant in Acorizal. So this is a contingent consideration that we will not receive and that we have taken in EBIT adjusting items. Then we had some restructuring expenses, additional restructuring expenses, mainly for PB Leiner and for Picanol in Ieper. Our net finance results is mainly marked by net foreign exchange gain of close to EUR 8 or EUR 9 million. You will remember we had a loss there at the same post last year of more than EUR 50 million. Our net result, as I already mentioned, amounts to close to EUR 66 million. So what have we done with everything we have gained in the beginning of this year, the EUR 176.8 million EBITDA? We basically invested in several acquisitions. We mentioned the SOP production plant in Sweden. We mentioned the acquisition of non-controlling interest from the Brazilian partner in our plant in Acorizal, in Mato Grosso, in Brazil. We also did acquisition of some shares of FMC, and we invested in some growth CapEx. All in total, these acquisitions and the growth CapEx that will bring additional revenues amount to close to $72 million. On top of that, we have also paid a dividend this year in June for EUR 44 million. That brings me to our outlook, and as already mentioned, yes, the world is volatile. It is changing on a daily basis, especially when you work actively on the sulfur, fertilizers, ethylene market for the PVC, and the PVC market in general. Also for the textile industry and the weaving machines. Based on what we know so far, we are pleased to say that we want to upgrade a little bit our outlook going forward, where we expect to have an adjusted EBITDA higher between 5%-15% than the one we had last year, which was for the full year, EUR 288 million, as you remember. Then our financial calendar. Before I open the floor to your questions, is we get back online for our webinar next year in March, on March 25th. Before going to the Q&A, I will hand over the word to Luc. I would like to give as a final comment to the outstanding presentation from Miguel, is that we are a company with long-term relationships. Most of our biggest customers have been with us 10 years, 20 years. Then you have a difficult environment, and when some journalists were calling us back in March, April, "Ah, what are you going to do? Trade-off news. There's no more sulfur, there's no more this, there's no more that, there's no more the other." I am so pleased that we were able to work with our customers in a way that we did not take advantage from our customers, that we were also able to keep them servicing and keeping them in business while first not losing a lot of money. Because that's always, I must say, it's dancing on a rope. It's a difficult situation. Your raw materials go up 10%, next day 20%, 30%, et cetera, and you need to manage that. That is something that I feel that it will always bear fruit in the future as well. We have long-term relationships with many of our customers. Quite a lot of them are family-owned. I know the families very well. They know our families. We have these long-term relationships, and for us, it's always about the customers, how can we delight the customer? How can we service the customer? That's also how you must see this, because I know that some of you are hoping for higher EBITDA for the first six months. Could we have achieved that? Maybe, but you would have destroyed many relationships. Then there is also a huge gratitude to everybody who works within the Tessenderlo Group and all the different companies. Without the hard commitment, the hard work, and our collaborators being driven, working like a team, we were able to service the customers. I am also very thankful together with my whole Executive Committee team, to everybody within our company, that we were able to deliver these results. I think with that, we can now open the floor for questions. Yes. To start with, we will put Wim Hoste from KBC. We will put you on screen. On screen. Yes, Wim, if you can unmute yourself, you can ask your questions. Good afternoon. Thanks for allowing me to ask a few questions. I have five actually, if that's okay. The first one would be on the situation in the Agro business and specifically with regards to raw material sourcing, MOP, sulfur. Can you maybe discuss the overall availability for you, and then specifically on MOP. Is there any chance that volumes from Russia, Belarus will become available? Any thoughts on that? So that's the first question I pose here. Can you give all your questions and we will answer them then all in one go? Okay. Sure. That's fine also. Second one would be on T-Power. Can you maybe elaborate on what kind of options you are looking at? Is that also looking at longer-term tolling agreements again? Any thoughts on a second plant project, is that still on the table or possible? Then the third question is on Picanol. Can you maybe elaborate a little bit more on the difficult market conditions? Is it due to competitive pressures from Japanese, which are maybe enjoying the weak yen to compete fiercely, or are there other things, high interest rates or other elements that are playing a role? Then the fourth question would be on capital allocation. You did a big move with FMC. Can you maybe help us understand how you're looking at capital allocation now, share buybacks versus other opportunities? What are the kind of priorities or criteria for putting your money at work? Then fifth and last question would be on Vynova. Can you maybe elaborate on any exposure you might have to Vynova and either supply agreements, sourcing, whatever, and tell us what is baked into your guidance with regards to Vynova scenario? Those are the questions. Thank you. All right. That's a tall order. Raw materials, indeed. Supplies have been challenged. Of course, with the current situation with Russia and Belarus, we are not expecting any of these products to flow to Europe anytime soon. Once there is peace, maybe then things can change around. In the meantime, we will keep sourcing from further away. Indeed, this has caused pressures on pricing, and it has also caused pressure on the availability, especially in respect of the sulfur. I will at the same time take your last question, the Vynova, because that is related to our SOP production. As you may know, some of our HCl, which is a by-product, is being used by Vynova to go into PVC. Vynova has again asked for an extension because they believe they can still get higher, and so we will have to see how that process works out. But of course, this has been going on for nine months. If no buyer or investor would be found for Vynova, we have worked out different scenarios on how to manage that. Then in respect of T-Power, I think then your question on a second plant. Well, indeed, we still have a permit to build a new gas power plant. Of course, such a large investment is only viable if there is a correct CRM compensation capacity, remuneration mechanism, if there is a good compensation for that. This does not seem to be the case in the near future. So we do not expect anything there in the near future, but the option is still there. And if the government were to decide that more capacity is needed because this capacity has proven, again, the CCGT capacities are proven, again, to be very valuable, especially in heat waves or in all kind of cold situations. So we have that option. And so for T-Power, we have really different options that we are looking out and we need to understand a little bit better. We need to do more homework on it. And of course, we will report to you as quick as we can when we know more. Then in respect of Picanol, indeed, the first six months were somewhat weaker. The Japanese yen at 185 is, of course, not helping us in the competition. But having said that, the outlook for the second quarter is better. Our order intake has improved for the second half of the year. But foremost and more important, I follow very closely the pipeline of product developments that we are developing. We are going to be launching new products early next year. And I am confident that we will be able to create further value for our so many valued customers worldwide. And then in respect of the capital allocation. Yes, in respect of the capital allocation, we are aiming at creating value for obviously all the shareholders. Currently, we have decided that it is better for us to invest capital in minority stake, let us say, from a listed company like FMC. We have not restarted our buyback program, but we might do so in the coming months, depending on how we are evolving. But the group is currently evolving from a group of 100% controlled and owned company to a group where we are going to add, I would say, another investment arm, a long-term investment arm, where we will have minority stakes in companies like FMC or like the joint venture we are currently creating with Darling Ingredients. And this is definitely a goal of diversification of the group. Creating value and unlocking value by having major stakes in listed entities worldwide is definitely something we like to do. The capital allocation will not go at the expense of our CapEx program, be it maintenance CapEx program of growth CapEx program. Earlier this year, in the first half of this year, you have seen we have spent less CapEx than the previous years. But the previous years, we had also some huge plans that were in construction, like the one in Ohio, the one in Geleen, the Netherlands, and other projects like that. This year, we do not have those very large projects, but rest assured, we are working on several other projects, but it is time-consuming and awaiting permits and licenses to start construction. I think Miguel is summarizing this very well. It's not one or the other. We do all, right? We buy companies, or we do M&A transactions. We acquired Tiger-Sul, we bought the metam business from Eastman, and we bought the Cinis asset in Sweden. When we can acquire stuff which makes sense, we do so. Then, of course, organic growth. Wherever we can, we invest in our plants and see what we can do. Then thirdly, as we already highlighted last year, this cornerstone investment in businesses that we understand and that we believe can create value are also a capital allocation. Because that was your question on the capital allocation. Also, keeping into mind that these cornerstone investments are listed investments, and as such, are also creating financial flexibility if it were to be needed. Thank you. Okay, understood. Thank you very much for the extensive answers. Thank you, Wim. Thank you, Wim. Now we can go to the Q&A box. There's many questions. I will have a look and select some of them. A question from Christian Faitz. Can you please elucidate your strategy behind taking a 20% stake in FMC, and what is the timeline in terms of approvals for this? Oh, let me first go to the easy part of the question, which is the timeline for approvals. We expect that we will get all the regulatory approvals somewhere around the end of September or in October. We know that we are not mastering the process in several jurisdictions, but we have already approval from some jurisdictions. So that is positive. But the process is ongoing, and we do not expect it to go much longer than October. So it should be finished by then. What is the rationale for taking a 20% stake in FMC? Well, as Luc was saying, it is a business we understand, and it is a business of active ingredient that we believe we understand. You have to know that today, our Crop Protection business is a relatively successful business of old molecules that are off patent. With FMC, we are entering into the world of patented molecules, and we believe that in doing our homework and in contemplating FMC, that FMC has a nice product portfolio going forward. It is not a secret because they are publicly listed, and they report on this, but they will release five new molecules in the coming five years, which is a very good portfolio. We believed also that FMC was attractively priced recently because of more balance sheet issue, and by contributing to a capital increase of EUR 400 million, FMC will be able to reduce its indebtedness by EUR 1 billion over the short term. So we believe that we enter the company at a turnaround that might take some time, and we are ready to be patient and to help the company through this turnaround to go back to a more creditworthiness company and create value there for us, but not only as a shareholder of FMC, but also to create value from things we can learn from them for our own ag divisions. So I think if I may finalize on that question is, in the world, there are five leading technology companies in developing new active ingredients. They are called Corteva, Bayer, BASF, Syngenta, and FMC. They are really the leaders in the world in the creation of new molecules. With 750 people and then agronomists, almost 1,000 people working on development of new products to create a good future is a long-term investment. To develop a new molecule, it takes 10 or 15 years. I think, therefore, it is good to have a cornerstone investor for a company so that the company has the time to develop them going forward. The other companies I talked to you about, no one has such a strong cornerstone investor with having 20%. They are all free float, except for Syngenta, which is Chinese-owned. This is really, we believe, a good step for our company, otherwise, we would not have done it. To add on to FMC, we are a long-term investor in FMC, because I see some questions about it in the chat box. Obviously, we have got a lot of investors, professionals on the call that are following the stock. We are not looking at FMC just based on a stock price. We are there for a really long term with FMC, so if the stock price does not evolve in the direction we like in the coming years, in the short term or medium term even, we are not afraid of that. We are there really for the long term, and we believe that in the long term, the results will be there, and there will be cash generation. Yeah. Correct. Yeah. Maybe a short follow-up question on that as well is, how confident are you that their financial situation is stable now without requiring additional asset divestment or dilutive equity transactions, given that roughly 22% of the float remains short and the stock trades near $11? Right. Well, I think we need to make a distinction between the stock price and the cash situation of the company. Those who will read well into the company will see that a lot of the debt, the bond financing, has a maturity in 2049, 2052, and 2053. They are long-term bonds. We believe that by then, the new molecules will already have delivered results and will be able then to service the debt when due. For sure, and to manage the expectations with all of you on the call, we are not all of a sudden expecting a boom next year on FMC and that all of a sudden things are going to explode there. This is going to take time. But like we said, that's why we will have the patience, but we believe that will deliver results over time. Thank you. I'm checking the questions. I see a lot of the questions we answered during the call already, so maybe one final question. From which segments do you expect recovery or the performance in H2, given that the T-Power segment, we announced that due to the tolling agreement we expect? Yes. That's a good question, but it's a little bit in general. Overall, we see that the Bio-valorization after the restructuring that we have implemented over the last few years into Bio-valorization should benefit for the entire division. The Agro division has been strong in the first half of the year, and we believe that the second half of the year might be also a reflection of that. Machines and Technologies, as Luc mentioned, the order intake for the second half of the year for Picanol is better than expected. It's a little bit a mix, and we see that with DYKA and the PVC and Industrial Solutions has done better in the first half of the year. We believe that it will continue in the second half of the year. So, it's a little bit of a mix. I think our guidance is clear, between 5% and 15%, from where we are today towards the end of the year. Okay. Thank you. I think we covered most of the questions that I see. Do you want to have any closing words or? No, really, thank you for your interest in our company, and thank you for listening to our call. Be assured that all of us here at the company are motivated. We are supported by 7,000 colleagues who give the best of themselves every day, and we will try to keep doing that, keep servicing our customers, giving good service, making top-quality products at a fair price. Thank you. Thank you very much for listening. Have a nice day. Bye.