Gentlemen, welcome to the Givaudan 2026 half year results conference call and live webcast. I am Valentina, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Christian Stammkoetter, our CEO. Please go ahead. Thank you, Valentina. Dear ladies and gentlemen, good morning and welcome to our 2026 first half year results conference call, my first one as the CEO for Givaudan. Stewart Harris, our CFO, joins me today, and all documents related to the results are available on our website. I will lead you through the business highlights before Stewart will share more details on our operating performance, and we will remind the 2030 strategy and outlook before we open the Q&A session. Let's get started. Let me start a bit with my first months. Over my first five months as the CEO at Givaudan, I have focused on listening and immersing myself with customers, employees, and investors. Discovering firsthand the strengths of the business model and the passion across the organization while gaining a deep understanding of the business. I have been traveling to many of our sites, visiting both divisions across Europe, Noram, Latam, Asia, and SAMEA. I met with many customers and also with partners to learn about the unique upstream model we have in the sourcing of unique natural ingredients. What stands out is Givaudan's unique combination of creativity, science, and operational excellence, supported by a strong customer-centric culture and long-term relationships. I have great respect for what has been achieved here and for the teams who make it happen. As shared before, my agenda is built around three priorities: optimize, future-proof, and together. Optimize means fine-tuning the strategy where needed while driving strong execution, productivity, and disciplined capital allocation. Future-proof focuses on investing selectively in innovation, data, digital and AI capabilities to support long-term growth and strengthen Givaudan's unique modes. Together reflects our collaborative culture, working closely across teams, customers, and partners to create value. I look very much forward to sharing more on our strategic priorities at the summer conference that we hold in Zurich at the end of August. In short, I have listened, I have learned, and I am obviously now in action mode, focused on aligning the organization to amplify what already works while addressing areas where we can accelerate. I look forward to delivering on our 2030 ambition together with this exceptional team and to updating you as we progress. Let's come to the business highlights of H1. We are pleased with our sustained solid financial performance in the first half of 2026. Despite ongoing geopolitical and macroeconomic challenges, our business continued to display good growth momentum and industry-leading profitability. Group sales for half year one were CHF 3,799 million, up 3.6% on a like-for-like basis and -1.7 CHF. Like-for-like growth was primarily volume-led across both divisions. We achieved balanced growth across customer groups and geographies, underscoring the natural hedges in our business and broad-based customer traction. In half year one, we incurred CHF 103 million of non-recurring costs, mainly related to litigation settlements and provisions with two items that are worth mentioning. A settlement agreement in Fragrance & Beauty related to the antitrust investigation, and a provision related to court litigation in Taste & Wellbeing. Stewart will comment more on it in his part. On an adjusted basis, EBITDA amounted to CHF 923 million, corresponding to a margin of 24.3%, compared to a very strong 25.2% in half year one of 2025. Half year one reported net income was CHF 475 million, compared to CHF 592 million in prior year. Excluding one-offs, adjusted EPS was CHF 60.25, compared to CHF 66.71 in the prior year period. Adjusted Free Cash Flow was -CHF 119 million in half year one, reflecting increased investments and timing-related working capital movements, with stronger cash generation expected in the second half. We remain confident in our ability to reach above 12% Adjusted Free Cash Flow margin over the five-year strategic cycle. Stewart will provide more details on the operational performance shortly. Turning to Slide 6 regarding the divisional sales performance. Half year sales were encouraging with clear strengths in Fragrance & Beauty and first sequential improvement in Taste & Wellbeing. Growth was predominantly volume driven, with only limiting pricing and Forex impact. The modest pricing we did see largely reflects logistic and tariff pass-through. The acquisition of Belle Aire Creations and Vollmens Fragrances in Fragrance & Beauty contributed 1.4% growth on group level. Fragrance & Beauty sales were at CHF 2,010 million, up 2.9% in CHF and +6.5% like-for-like, driven by strong demand across both Consumer Products and Fine Fragrance. Taste & Wellbeing recorded CHF 1,789 million, down -6.3% in CHF and +0.5% on a like-for-like basis. Importantly, showing a first sequential step in the right direction in a continued challenging market environment in some of our regions. I'm now going into more granularity by division on the next two slides, starting with Fragrance & Beauty on Slide 7. The division delivered strong results in Fine Fragrance and Consumer Products, reflecting the portfolio's breadth and its natural hedges across categories and geographies. Fine Fragrance delivered a strong like-for-like growth of +7.3% on top of a very strong prior comparable of +18%, underlining the continued momentum of the business, benefiting from broad geographic exposure and strong relationships with local and regional customers, as well as with global customers. Consumer Products, the largest segment representing more than 60% of the division, posted an excellent performance, growing 9.2% like-for-like. This strength is rooted in creativity, innovation, and a well-balanced customer mix, which together drive a healthy project pipeline and win rate. Fragrance Ingredients and Active Beauty sales decreased by -4.1% like-for-like, with Active Beauty facing a very high comparison base from last year, and Fragrance Ingredients continues to experience price competition in parts of the portfolio, which explains the softer performance. Moving to the next slide to Taste & Wellbeing. As mentioned earlier, Taste & Wellbeing showed a clear sequential pickup in Q2, moving to +1.5% in Q2 from a -0.4% like-for-like growth in Q1, reflecting the first positive effects of our optimization and commercial action, although the market environment remains challenging. You see Europe was broadly stable at +0.3% like-for-like. MEA showed a strong recovery in the second quarter with +8.1%, leading to +0.5% like-for-like for the half-year on top of a double-digit comparable. Also, Asia Pacific showed clear momentum, driven by ongoing strength in China and a continued acceleration across Southeast Asia. The opening of a new production site in Cikarang, Indonesia demonstrates our confidence in the region's growth prospects. North America remains more volatile, at -1.5% like-for-like, as consumers remain selective, particularly at lower income levels. We see encouraging areas of growth in reformulation, natural colors, and GLP-1 related briefs. Last, in Latin America, temporary headwinds in specific markets, notably Mexico, continued leading to overall -1.5% like-for-like sales growth. However, we are beginning to see early traction from targeted action and remain confident in our market positions and ability to progressively strengthen performance over time. Overall, Q2 marked a clear step in the right direction and supports our confidence in continued sequential improvement into half-year 2, supported by healthy leading indicators and easing comparables. Turning to the regional view on group level on Slide 9. We delivered balanced, broad-based growth across geographies, with high-growth markets up +5.2% like-for-like and mature markets up +2.0%. EAME maintained good momentum and contributed +3% like-for-like for the half-year on top of a high comparable. North America increased +2.3% like-for-like. Although Taste & Wellbeing, as seen before, remained more challenged in the region. This was offset by a continuously strong momentum in Fragrance & Beauty across both Consumer Products and Fine Fragrance. Asia Pacific increased by +9.2% like-for-like, reflecting continued strong growth across key markets, particularly China and India, and also strong growth especially in Indonesia. Latin America recorded a -3.9% like-for-like growth in half-year one 2026, influenced by temporary market conditions in Mexico in Taste & Wellbeing, alongside a strong prior year comparison in Fragrance & Beauty. In conclusion, our balanced exposure across mature and high-growth markets continues to provide solid, consistent growth and resilience in a complex environment. We are conscious that there are areas where we are actively working to further optimize our performance step by step. Moving to Slide 10. This slide illustrates our 2030 strategy in action. Concrete examples of how we extend customer reach, deepen geographic presence, and innovate for differentiation, and care for our people, nature, and communities. We secured the seventh consecutive CDPA for climate action and achieved the CDPA for supplier engagement, reflecting continued progress towards our net-zero ambition and 2030 purpose goals. We continue to invest in our footprint to deepen our geographical presence. We broke ground on an expanded fragrance manufacturing complex in Pedro Escobedo, Mexico, and we opened a new state-of-the-art production site in Cikarang, Indonesia to support Taste & Wellbeing growth in Southeast Asia. We continue with our M&A strategy that is supporting our 2030 strategy to extend our customer reach, especially in local and regional customers. For example, through the acquisition of a strategic majority stake in Eurofragance, a highly creative, regionally rooted fine fragrance house. Together, these milestones show our 2030 strategy being put into practice, advancing sustainability, unlocking differentiated innovation, and expanding our local presence to capture growth. On the next Slide 11 shows how we turn insight and science into customer value, practical innovations that address clear consumer trends. The examples here span Taste & Wellbeing, Fragrance & Beauty and illustrate our focus on application-ready solutions and enabling technologies. Let me highlight a few for Fragrance & Beauty. In Active Beauty, we launched PrimalHyal NeuroYouth, an advanced hyaluronic acid technology supporting skin longevity, firmness, and sensory perception, opening new opportunities in skin health and beauty. We strengthen our fragrance performance toolbox through strategic equity investment in collaboration with Microcaps AG to expand our high-precision microencapsulation capabilities, enhancing fragrance longevity and performance across Fine Fragrance and beauty application, including alcohol-free formats. Let me highlight Haus of Suds, which reimagines laundry as a multisensory experience, helping customers create emotionally engaging scent concepts in differentiated product formats across generations. In Taste & Wellbeing, we focused on GLP-1 and broader wellness trends that are increasing demand for lower-calorie and functional products. We combine consumer insights with taste, delivery, and masking technology to help customers reduce sugar, fat, and salt while maintaining indulgent taste, helping customers turn GLP-1 and specialty briefs and functional beverage, one of the fast-growing subsegments into winning products. Our hot and spicy, where our chefs council in Mexico combined culinary expertise with sensory science to develop cutting-edge hotness technologies and practical flavor solutions that help customers win in spicy and flavor-forward segments. In February, we opened the House of Lime in Mexico, an immersive co-creation space combining flavor expertise, sensory tools, and digital capabilities to help customers accelerate innovation and speed up brief to market. Across both divisions, our focus is clear. Translating science, insight, and creativity into differentiated solutions that help customers innovate faster and grow. With this, let me pass the word to Stewart Harris, who will go into more detail regarding our performance in half year one. Stewart, over to you. Thank you very much, Christian. I would like to add my warm welcome to all of the participants on the call. On the following slides, I'll give you an overview of the 2026 half-year operating performance of the group and that of the two divisions, as well as the financial performance of the group. Let me start with the performance highlights on Slide 13. As Christian already noted, group sales in the first six months of 2026 were CHF 3.8 billion, an increase of 3.6% on a like-for-like basis over the same period in 2025, and a decrease of 1.7% in CHF due to the continued strength of the Swiss franc. The adjusted EBITDA was CHF 923 million compared to CHF 973 million in the first half of 2025, a decrease of 5.2% in Swiss francs, whilst when measured in local currency, the adjusted EBITDA increased by 0.8%. The adjusted EBITDA margin was 24.3% in the first half of 2026, compared to 25.2% in the same period in 2025. Due to the non-recurring cost that Christian already touched upon and that I will expand upon in the coming slides, the net income decreased to CHF 475 million, and the net income margin was 12.5% of sales. The adjusted free cash flow of the group was -CHF 119 million in the first half of 2026, or -3.1% of sales, mostly due to the higher investments and temporary working capital effects. The net debt to EBITDA ratio was at 2.8 times at the end of June 2026, compared to 2.5 times in June 2025, and 2.1 times in December 2025. With the increase in leverage driven by the impact of the aforementioned non-recurring costs in EBITDA. In order to ensure consistency and comparability over the strategic planning cycle 2026 to 2030, and ahead of the introduction of IFRS 18 in 2027, the group has updated the definitions of some of its key performance metrics, notably by replacing comparable EBITDA with adjusted EBITDA and introducing adjusted free cash flow and adjusted earnings per share. Please turn to Slide 14, which shows the overview of the exchange rate development in the first half of 2026. This slide shows the comparison of the exchange rates in the first half of 2026 versus the same period in 2025. The Swiss franc continues to strengthen against most major currencies in which the group operates, with an impact on the group's reported results in Swiss francs. This is particularly evident in the year-over-year comparison of absolute Swiss franc results in the first half of 2026 versus the comparable prior year period. However, as we have consistently noted, our operational and geographical spread provide good natural hedges to mitigate the currency impact, and our EBITDA margin remains well protected against currency fluctuations. Please turn to Slide 15 for an overview of the half-year operating performance of the group. The gross margin slightly improved to 44.5% in the first half of 2026, compared to 44% in 2025. With the continued impact of the Fragrance Ingredients competitive environment evident in H1, more than offset by good operational leverage in both divisions. On the EBITDA level, the EBITDA was CHF 820 million in the first half, compared to CHF 945 million in the same period in 2025. Mainly impacted by higher distribution costs, negative currency impacts, and by the non-recurring costs of CHF 103 million. The group recorded CHF 83 million of litigation settlements and provisions in the first six months of 2026, as well as CHF 20 million of acquisition, restructuring, and project-related costs, compared to CHF 19 million in the prior period. After adjustment for these non-recurring costs, the adjusted EBITDA margin continued to be strong at 24.3%, compared to 25.2% in 2025. On the following two slides, I will take you through the operating performance of the two divisions. If you turn to Slide 16, we will start with Fragrance & Beauty. Fragrance & Beauty recorded an EBITDA in the first half of 2026 of CHF 492 million, compared to CHF 525 million in 2025. The decrease mainly driven by slightly lower gross margin, investments in growth, as well as currency impacts and non-recurring costs. In the first half of 2026, the Fragrance & Beauty division reached a settlement agreement in relation to certain civil proceedings of CHF 30 million in connection with the broader competition authorities' investigations into the fragrance industry. Furthermore, incurred acquisition, restructuring, and project-related costs of CHF 4 million, compared with CHF 15 million in the first six months of 2025. The Adjusted EBITDA margin of the division was 26.2% in 2026, compared to 27.6% in 2025, continuing the excellent financial performance profile of the division. If you would like to turn to page 17, we will look at the operating performance of the Taste & Wellbeing division. Taste & Wellbeing recorded an EBITDA of CHF 328 million in the first six months of 2026, compared to CHF 420 million in the same period in 2025. The decrease is mainly due to negative currency impacts, as well as the non-recurring cost of CHF 69 million. In the first half of 2026, the Taste & Wellbeing division recorded a provision of CHF 53 million in relation to an adverse judgment against Givaudan in the state of Missouri in the U.S., in connection with longstanding butter flavor litigations involving alleged pulmonary injury. The outcome in this case is exceptional and inconsistent with the broader litigation history over the past 20 years, and we are considering all available legal options in terms of possible next steps. In addition, the division recorded restructuring and project-related costs of CHF 16 million, mostly related to operational restructuring expenses, compared to CHF 4 million in the prior period. After adjustments of these non-recurring items, the Adjusted EBITDA margin of the division was 22.2%, compared to 22.7% in the first half of 2025. Please turn now to Slide 18, where we look at the net income. The net income before tax was CHF 580 million in the first half of 2026, compared to CHF 713 million in the same period in 2025, largely driven by the non-recurring costs of CHF 103 million, which we have already covered. The effective tax rate was 18%, compared to 17% in the half year of 2025, mostly driven by the progressively increasing safe harbor rate under the OECD minimum tax initiative. Net income after tax was CHF 475 million in the first six months of 2026, compared to CHF 592 million in the same period. The net income margin at 12.5% in the first half year, 2026. When adjusted for the non-recurring costs, including tax effects, adjusted basic earnings per share were CHF 60.25 in the first half of 2026, compared to CHF 66.71 for the same period in 2025. Please now turn to Slide 19, where we see the Adjusted Free Cash Flow performance. In the first half of 2026, the group had Adjusted Free Cash Flow of CHF -119 million, or -3.1% of sales, compared to -0.4% in the same period in 2025. This difference is largely driven by temporary working capital effects, as well as higher investments at a group level. At this stage, the only adjustment to the prior definition of free cash flow is the CHF 30 million settlement agreement reached in the Fragrance & Beauty division, as previously noted. Net investments were up CHF 207 million in the first six months of the year, representing 5.4% of sales, compared to 4.4% of sales in the prior year period, due to the timing of key investment projects. As a reminder, we have guided to a net investment range of 4%-5% of sales in the strategic planning period 2026-2030. Net working capital was 30.8% of sales in the first half of 2026, compared to 27.1% in the first half of 2025, due to sales phasing and temporarily higher inventory effects. We continue to balance our working capital ambitions with the business needs. We expect to see a meaningful improvement in working capital by the end of the year. Please turn to Slide 20 on the debt and leverage profile. This slide shows that the group continues to have a well-balanced and stable debt portfolio, with interest rates which have been locked in at attractive rates. At the end of June 2026, the net debt was CHF 4.6 billion, with a weighted average interest rate of 2.12%, compared to 1.94% in December 2025 and 1.9% in June 2025. There is a relatively large portion of short-term debt within one year due to the traditionally higher short-term debt at the half year and some maturing bonds in the first half of 2027 being reclassified as short-term. At the end of June 2026, the net debt to EBITDA ratio was 2.8 times, compared to 2.1 times in December 2025 and 2.5 times in June 2025, with the leverage being impacted by the non-recurring costs, as explained previously. This concludes my section of the presentation. I would like to thank you for your attention and hand back to Christian. Thank you, Stewart. Now let's look forward to our 2030 strategy and outlook. Our 2030 strategy is about purposeful evolution, building on the strong foundation of our proven model, combining innovation, customer partnership, and disciplined execution to deliver sustainable growth while preparing for what's next. As I mentioned earlier, my focus is centered around three priorities: optimize, future-proof, and together. Priorities that build naturally on the strengths of Givaudan and the opportunities we see ahead. Our success is rooted in close collaboration with our customers, suppliers, partners, and teams around the world, delivering differentiated solutions with excellence, agility, and care for people, nature, and communities. I look very much forward to sharing more detail on our strategic priorities and ambition at the Summer Investor Conference in Zurich at the end of August. Now, on the next slide, a reminder on our targets for the 2030 strategic cycle. What I can confirm is that we are committed to our 2030 performance ambitions, delivering 4%-6% like-for-like sales growth and Adjusted Free Cash Flow margin above 12% on average over the five-year period from 2026 to 2030, together with our purpose-linked targets. As you know, we've consistently managed the business against midterm ambitions rather than annual targets, which remains the right approach for our project-led business model, giving our teams the flexibility to focus on sustainable growth and long-term value creation. It also supports disciplined execution and agility while ensuring the right balance between delivering short-term performance and investing for the future. On the next slide, I can share a few words on the outlook. As highlighted earlier, we delivered another solid underlying set of results in the first half of 2026 against high comparables of 2025. With continued good growth momentum and industry leading adjusted profitability, despite an environment that remains marked by geopolitical and macroeconomic uncertainty. We continue to see strong momentum in Fragrance & Beauty, and we see the start of what we call the sequential recovery in Taste & Wellbeing in line with our expectations. Based on this and easing comparables, we are looking ahead with confidence towards H2 and overall, on delivering our targets for the strategic cycle 2030. While we have some areas to optimize, we are convinced of the resilience of our business model, supported by our diversified portfolio across customers, geographies, and product segments, as well as a healthy project pipeline and encouraging lead indicators. At the same time, the external environment remains uncertain, and we continue to closely monitor geopolitical developments and broader macroeconomic conditions. Our input cost, we now expect to be low single-digit inflation in the second half of the year. As always, we're working closely with customers to appropriately manage these developments and to offset those input costs by continuing to prioritize supply reliability and service quality. On the U.S. tariffs, the situation remains fluid. Following the Supreme Court decision, we have started to receive partial refunds of previously paid tariffs, and we expect these to be passed back accordingly to customers, broadly offsetting the inflation-related pricing impact within like-for-like growth. With that, we're at the end of our 2026 half year result presentation. Let me hand back to the operator for the instructions to open the Q&A. Stewart and I are looking forward to taking your questions. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their telephone. 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 star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press star and one at this time. The first question comes from Alex Sloane from Barclays. Please go ahead. Yeah. Hi. Morning, all. Thanks for taking the questions. Two from me, please. The first one on cash flow and working capital, obviously, free cash flow is weaker than expected, and you highlighted quite a significant working capital build in the half. Presumably part of that build is maybe Givaudan carrying higher inventories amid supply chain disruption concerns or raw material availability concerns. If that's the case, do you think some of your customers may have also behaved similarly in any regions or segments? I'm thinking, could any of the very strong Consumer Products performance in fragrance, particularly in Asia, have benefited from the same dynamics? If so, is there any kind of unwind risk to think about there in the second half or into next year, if relevant? That's the first one. The second one would be on Taste & Wellbeing. Good to see the sequential improvement and that you're confident in that continuing in the second half. If I could maybe just ask specifically on North America, which remains, I guess, one of the weak spots in the quarter. Is this just weak end markets? Or is there any market share loss challenges for Givaudan, do you think, perhaps associated with the litigation provision that you've disclosed today? I think last year at the Investor Day, you had talked about efforts to accelerate growth in North America, Taste & Wellbeing through expansion into food service and going after private label. Maybe you could give a bit of an update in terms of where we are on those initiatives. Thank you. Okay. Thank you, Alex. I maybe ask Stewart to take the first question, and then I will take the second one on Taste & Wellbeing. Yeah, Alex, good morning. Thanks for the question. Yeah, I think on the cash flow you've seen, as you called out, if you look at the constituent parts of cash flow, you will see in receivables we are up, and in inventory we are up. I think those are temporary effects. We would expect, as I said in my speaker notes, to have a meaningful improvement in working capital in the second half of the year. To specifically address your questions and where it may translate into customer order activity, we said in Q1 that we didn't see any evidence of pre-buying or stocking on the customer side. We saw the evidence of that coming through in the second quarter, and we have the same position today, actually. Across the business, we don't see anything other than strong recurring demand and no evidence of any stocking that we would expect to unwind in the second half. Okay. On Taste & Wellbeing, particularly on North America, I think we see obviously a continued difficult market environment in North America on the end consumer side when it comes to demand, that is probably not all behind the performance. We also know that there is some shifts that we see, for example, when it comes to sub-segments. When you look in, for example, within beverage, you still see fast growth in functional beverage, even fueled by GLP-1, you would see that still the high protein market is growing very fast. I think for us, what will be important and what we're really working on is to ensure that we're capturing the right growth in the right sub-segments. De-averaging even more on our strategy in North America, what gives me confidence is that I see the pipeline inflow. We see a good pipeline inflow, of course, also in natural colors. That is obviously the shift with the MAHA movement towards natural colors. The pipeline is strengthening. The area also where we are weaker, and that's something which we are looking at and working on, is we're also having natural ingredients that we sell where for sure we are not so happy with the performance. It will take a bit more time on our side as well to really capture the shifts in the sub-segments, because you know that we're a project-based business, that transforming pipeline into actual revenue is always with a bit of a time lag. Really, you're looking at the pipeline. I'm very confident that Noram on our side will turn around also sequentially. The shift, we talked last time about private label, for example. You mentioned again food service. All this, unfortunately, as we're not selling final products, but we're basically selling into projects, we're into briefs, we need a bit of time to convert pipeline into revenue. Thank you. The next question comes from Nicola Tang from BNP Paribas. Please go ahead. Hi, everyone. Thanks for taking the question. First, I wanted to ask about input inflation. Thank you for quantifying the low single digits in the second half of the year, the percentage in the second half of the year. Can you share more detail on what you're seeing in terms of naturals versus synthetics, and also how it impacts the two divisions, if there are different view on inputs for the two divisions? Linked to this, Q1 you gave this helpful sensitivity, this CHF 10 move in oil price roughly having a 1% impact on synthetic raw materials. I was wondering if you could help us understand what oil price assumption is baked into this input guidance that you've given. I appreciate it's pretty complicated, and you're not buying oil, but there's clearly a lot of volatility in oil price. I was just wondering if the oil price stays where it is now, which is higher than it was earlier in the quarter, should we assume that that means higher synthetics, say, in another six months time. Maybe just on the natural side, I think previously you've talked a bit about potentially higher costs with fertilizers or with weather impacts like El Niño. Again, if you could share what you're seeing and what's baked into the guidance. Thanks. Okay, Nicola, thanks. A lot of different elements therein. Let me try to unpack them and keep it as simple as possible. I think if one looks at naturals versus synthetic, I think historically, as you know, we've seen naturals more or less progressively increasing consistently over time, a little bit more volatility in synthetics. But I think if we look to the second half, we see a fairly balanced picture at those levels across synthetic and natural input costs. No major weighting towards one division or the other. In terms of the oil price assumption, it's relatively easy for that one in so far as we basically are looking now at contracted raw material prices for the second half. We don't anymore have an underlying oil assumption based in. Those are now based on firm contractual commitments that we have. That gives us a good level of confidence about the indication we've provided. More broadly, you touch on El Niño effects and others. I think it's fair to say that we don't expect those effects to be evident in 2026. We expect those more to be evident in 2027, and we would update that more, of course, in the normal rhythm in January of 2027. I think for second half 2026, in summary, evenly split between the divisions, and confidence in the contractual basis that we have that we have a good visibility on that for the rest of the year. The next question comes from Matthew Yates from Bank of America. Please go ahead. Hey, good morning, everyone. I'd just like to follow up on a couple of things Alex mentioned. Stewart, just going back on receivables. If my math is right, I think that was up 13% on what is effectively a slight sales decline for the group. Is that telling us something about the strengths of your June activity, or is there any issue here around sort of overdues? If you could just elaborate a little bit more on the receivable element. Maybe for Christian, following up on the U.S. discussion, you mentioned there's a variety of opportunities around GLP-1s, but presumably there's also some risks in terms of calorie disruption. When you take those two things together, net-net, do you come to the conclusion that this is an overall a negative, neutral or positive dynamic for Givaudan looking forward? Thank you. Okay, Matthew, I'll kick off. You've been busy doing your calculations in the first part of the morning. I can confirm there's no challenge related to overages or that, it's more in relation to phasing of sales. On the GLP-1, net for Givaudan, I see GLP-1 as a significant opportunity. Let me explain a bit why I see that. I think if you look at the strengths that we have, for example, in sweet modulation, the strengths that we have in protein masking, all those are basically segments that are winning. Whenever you go beyond flavor into taste solution, where protein masking is part of it, where sweet modulation is part of it, that is something that is positive for us because we're increasing the share in the final customer product. All these reformulations that come are something that I see as positive because they come with a higher share on what we can provide to the customers. There we have some unique capabilities, bioscience solutions that we can apply. For me, GLP-1 is positive. The same, by the way, on the discussions that you have on sugar reduction, on salt reduction, on fat reduction, because also here, we are very well set with our technologies. Let me give you an example of something that gains popularity, and not just in the U.S., everywhere, which is air fry, right? Because air fry is seen as a healthier form of preparing your food. Still, the consumer wants the same kind of tastiness that you're used from normally fried products. I think that is taste solutions that we provide, so that in the end, when you use air fry, the taste that you want, this richness, that also comes from frying in fat, is maintained. Those trends that we see are positive for the solutions, so that in the end, when we look at the net-net, we believe that those movement is positive for us, will lead to more briefs, will lead to more innovation, and that we can leverage this going forward. Thank you both. The next question comes from Celine Pannuti from J.P. Morgan. Please go ahead. Thank you. My first question is on Fragrance & Beauty. In fact, I have two focus here. One, on Fine Fragrance. We continue to see a positive development, but as well, we see that some of the end market seems to be slowing and some of the customers have even declined or nothing declined in Europe. Can you talk about your outlook for this division? What do you see in terms of maybe a regional or customer mix, and whether you continue to expect Fine Fragrance to remain positive as a subcategory? Likewise, on Consumer Products, which did very well, could you flesh out, in the second quarter, you said there's been no pre-buying. What regions or categories drove that performance? Maybe my second question is going to be shorter. Given what you said on tariff being given back to your customers as well as some pricing to offset cost inflation, it seems there probably will be not much pricing in the second half. Is it fair to expect that the volume robustness that we've seen in Q2 should recur in the second half of the year? Though you don't give guidance on a yearly, even less on a quarterly, whether the four to six range is something you can continue to achieve now that you have recovered that level in Q2. Thank you. Okay. Thank you for the question. When you look at the Fine Fragrance performance that we see, you see that we've been growing 7.3% over outstandingly high comparables of +18 in S1. Even if you would look at quarter two, you know that normally we don't like so much to look at quarters as a project-based business. Even if I look at quarter two, we had comparables of 19%. Quarter two was a very, very strong quarter last year. Overall, we see the trend strong because of course we are serving multiple price segments, brands, global customers, as well as local and regional customers. That's also why we continue to see the positive momentum in Fine Fragrance, really across the world, right? That's why we continue to be very positive on the momentum and the momentum that you see today also in half year one. Even when we look at our pipeline, the pipeline remains really good. On Consumer Products, we're not giving details, but we really see broad-based growth in Consumer Products. You saw we had a very strong quarter one. We have a strong quarter two. It's also interesting when you look into the customer groups. We always talk about the natural hedges, but we're also seeing Consumer Products. We see strong performance in local regions, but we also see strong performance in our global customers. We see in segments, when you look at fabric care, for example, we see continued strong momentum there. I think is right now just that we see that consumer love fragrance in also the Consumer Products part, and that our customers are reflecting it with their investment into fragrance, into their formulas or into their products. That is a trend that we see also, again, looking at pipeline broad-based, going to continue. That's why, obviously it's very strong growth, but I think the general growth momentum is strong. As Maurizio Volpi, who is President Fragrance & Beauty, would always say, I think it's probably no better time to be in fragrance than today because really consumer love fragrance. Then maybe for pricing, trade, et cetera, Stewart, you want to take? Yes. Good morning, Celine. Thanks for the question. Indeed, I think, as we mentioned, we have started to receive refunds of tariffs. None of that is reflected in the half year results, but we expect to give that back to clients in the second half, which, as you say, will be the offset to the price pass-through on the low single-digit second half input cost. I think your assumption is a correct one, that on a net basis, we shouldn't expect to see any meaningful contribution of pricing in the second half. In respect to the overall posture in relation to the second half, I think you've heard us, we go into the second half with a lot of optimism. I think the lead indicators are positive. We expect to see continued good momentum in Fragrance & Beauty, and as Christian has mentioned, sequential improvement in Taste & Wellbeing. Whilst, as you know, we don't guide on a full year basis, I think we've given you the overall elements which lead us to be optimistic about the second half and ultimately for the full year. Thank you. The next question comes from Lisa de Neve from Morgan Stanley. Please go ahead. Hi. Thank you for taking my questions. My first one is a follow-up on Taste & Wellbeing. You've talked during the presentation a lot about improvement in this market and the initiatives you're taking. Can you just detail to us a little bit of the initiatives you've taken across the different regions and also in terms of timeline of momentum and when you expect to see the fruits from this initiative? That's really my first question. Secondly, would you mind us taking us through the key bridge items for EBITDA in the second half or for the full year that we should take into consideration, given the pricing inputs and tariff refund effects next to your easier comps? That would be very helpful. The last question I had is a bit of a different one on natural colors. I can see that in the U.S., there's a lot of traction on natural colors, but there's a lot of recent research that points to actually an increased association of risk for diabetes and cancer, both in artificial colors and natural colors. My question to you is, do your customers really look at implementing natural colors because of a regulatory shift in that environment? Or do they think broader and actually want to completely de-risk themselves from the potential negative association of consuming any type of color in their products? Any thoughts on that would be great. Thank you. Okay, I take first and the third question, and then Stewart will take the second question, I suggest. On Taste & Wellbeing, obviously as we said, we are in a more difficult environment overall on the food and beverage categories, and particularly in some regions like Latin America and North America, that is more visible. The consumer today really is constrained also in North America, coming out of inflations in 2022, 2023, the high inflation period, but now coming again out of some of the price hikes that you see linked to petroleum prices, when they have to fill their tank, et cetera. That's why you see shifts into, for example, private label. We have to be, and that's what we're working on, and that's also what we're going to share more of end of August, in the way we're going to leverage the opportunities better. For this, I think we have to be even more de-averaging, between what we call segments or categories, subcategories, to ensure that we're focusing and doubling down on the areas of growth. I was talking about, for example, high protein and our capabilities in protein masking. Functional beverage, that is growing very fast. Here, when you look at our ability in flavor, in masking, because many of those functional ingredients, they come with not a nice taste, in natural color. All that is elements were, in this very big business segment, we should be increasing our market share faster. We are de-averaging more into segments, sub-segments also by region. We talked about food service. I think we have started that and we already see some of that come through. The pipeline is really strengthening. I think the pipeline inflow is very strong. As I mentioned before, we need to give a bit of time to turn pipeline then into revenue. That's why we've always been talked about sequential recovery, and it's not like going from one quarter to the next where you would see this resolved. A great example I could give is even when last year we talked about the issue on Indonesia. It took some time, but today Indonesia is, for example, in a very strong performance and again, strongly contributing. That's on Taste & Wellbeing. Again, we will share more end of August, but doesn't mean we're waiting. We're already in working in execution mode. On the natural colors, I take the third question before I pass to Stewart. We see today a big demand from the consumer, to move out of artificial color into natural color. The concerns that you share, we don't really see them because what we see with the vast majority of consumers, the consumers love food also when it is having colors, when it is bright, when you look into beverages, because that is part of the overall taste and sensorial experience of food, right? You would not imagine many of the products that they would go well in a completely uncolored or the way they would otherwise look. We believe that, and we see the pipeline also on projects. It will take some time, right? It's significant reformulation projects, because you have to get the right color, you have to get the right masking of the natural color, et cetera. It is taking time, but the pipeline is very strong. From the consumer research we do, we really see their demand to move out of artificial color into natural colors and keeping natural colors. Here we are very confident on that particular trend. Maybe, Stewart, you take the- Yeah, sure question on EBITDA. Lisa, good morning. Thanks for your question. I'm going to maybe focus a little bit on the distillation of your question around maybe phasing of the margin. If we look, I think, 24.3% Adjusted EBITDA in H1. We're really happy with that, particularly when you look at the improvement versus the second half of last year, when we had, for example, the onset of tariffs and the more competitive environment in Fragrance Ingredients, for example. I think that's very positive. If we look to the second half and the full year, we don't expect there to be the same level of half year to full year contraction as we saw in 2025, but more similar to 2023 or 2024, which in short, based on everything we know today, at least brings us into the range of ±24% on a full year basis for the EBITDA outlook. The next question comes from Ranulf Orr from Citi. Please go ahead. Hi, all. Just two on cash flow from me, just to wrap that up, please. The first one is just on your confidence in working capital normalization. Are you comfortable that you can sufficiently deliver that to get towards your long run 12% of sales free cash flow target this year? Appreciate it's not as an annual target, but curious on that. Then secondly, just on the new definition of Adjusted Free Cash Flow. I'm just curious to understand whether that gives you more flexibility to achieve that long run 12% of sales target. Thank you very much. Good morning. Thanks for the question. I think on working capital, we've traditionally seen it higher at the half year. I think we are always looking at the business requirements first. I think we have consistently demonstrated that we're able to manage working capital very effectively. We've been in the 23%-24% of sales, and we know the levers, and we have the discipline in the organization to be able to implement that impact. As you rightly said, we're not providing annual guidance. We remain, as we've said, consistently confidence in the overall free cash flow guidance over the strategic planning period. When one looks at the Adjusted definition, and I think that's why I was keen to be clear on the only item we've adjusted from the historic definition of free cash flow. The only item we've adjusted is the settlement in relation to the Fragrance & Beauty division item we covered during the presentation. In simple terms, no, it doesn't give us additional flexibility. We will continue to be very strict around any adjustments which we make to free cash flow, and our commitment is to ensure that the underlying business performance delivers in line with our free cash flow targets. Thank you. The next question comes from Eric Wilmer from Kempen. Please go ahead. Hi, good morning, everyone. Thanks for taking my question. I was wondering if you could say a few words on the recent botanical extracts and natural colorants disposal by one of your key peers. I realize there's probably a bunch of other things in there as well. However, the asset also includes two of the mentioned segments, so botanical extracts and natural colorants that you also seem to quite strongly believe in. I was wondering, was the asset not as complementary to your business? Thank you. Okay. Thank you for the question. I think first, I don't think we comment on disposals of assets from our competitors, because I don't think it's right, and I think it's basically on their business decisions. What I said before, I think we strongly believe in the opportunity in natural colors, and we believe that the opportunity in natural colors, of course, is accelerating also with the MAHA movement because it brings together what is really close to our heart. It brings together the creation because it's a creative on technology and science-based process, but it also leverages our flavor knowledge on masking those natural colors because they come with a taste versus synthetic colors that don't come with a taste. We believe that natural colors is a very strong area to be in. What I also mentioned is that botanical extracts, there's many. You would have to de-average. We see in some areas we see good growth, I was also mentioning before, particularly also in North America, that there's other areas which are more kind of challenging, which are more commoditized, and which are also today, compared to our core business in flavor and taste solution, underperforming. That is what is kind of a segment. Natural colors obviously is absolutely critical. We also have work to do on some of the botanical extracts, and that's what we're actively working on. That's where I can leave it. Very helpful. Thank you. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Christian Stammkoetter for any closing remarks. Okay, good. Thank you all for your questions and for the strong interest shown today. Before we close the call, let me briefly highlight a couple of upcoming events. First of all, we're very much looking forward to welcoming you either in person or via webcast to our summer investor conference on August 27, 2026, in Zurich. I also want to remind that we're planning an investor field trip at the end of September, which will take us this year to Naarden in the Netherlands, where we will visit one of our key European sites for the Taste & Wellbeing business and where we have time also to go into the discussion on Taste & Wellbeing. We look forward, of course, to continue the dialogue with many of you over the coming months. A big thank you, and I wish you all a very nice summer. Thank you very much. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.