Good afternoon and a warm welcome to the analyst and media conference on Implenia's 2026 half-year results. We present our results again live at our headquarters, Implenia Connect, in German, and we also welcome everyone joining us via this pre-recorded online stream in English. My name is Silvan Merki, I am Chief Communications Officer, and I will lead you through today's event. Please ask any question via the chat window in the stream. We will answer them afterwards during the Q&A session. Here is today's agenda. First, our CEO, Jens Vollmar, will provide a business update on the half-year results. CFO Stefan Baumgärtner will then take you through the financials. This will be followed by an outlook from Jens Vollmar, and afterwards we will be happy to answer your questions in the Q&A. I will now hand over to Jens Vollmar for the first part. Jens? Thank you, Silvan. Also a warm welcome from my side. I am looking forward to presenting our half-year results today. Implenia delivered strong operational results in the first half of the year. One key success factor is the resilience of our business model. Due to highly diversified portfolio, Implenia remains strong despite the current macroeconomic and geopolitical developments. Our order book continues to grow, and the pre-calculated margin has further improved. We won several major bridge and tunneling projects in Germany and in Scandinavia. Overall, Germany delivered the strongest order growth across the markets, both in percentage terms and in absolute value. Furthermore, we sharpened our strategic positioning and published the primer to Implenia. The growth investments we have previously announced are progressing as planned. We expanded our teams and capabilities in attractive growth markets such as data center and defense infrastructure. We reinforced the focus on large and complex projects, and we further optimized specific areas of the organization. Another important step was the acquisition of zigmo engineering in Germany within the division Service Solutions. zigmo complements our competences and creates significant synergy potential. Overall, we have proven in the first half of 2026 that we are consistently executing our strategy and driving profitable growth. Let's look at our financials. The order book increased further, while the pre-calculated margin also improved to 7.9%. EBIT reached CHF 60.4 million. The margin improved to 3.4%. The free cash flow improved by more than CHF 50 million compared to the first half of 2025. Due to the seasonality of the industry, the free cash flow is typically weaker in the first half than in the second half of the year. The equity ratio also increased to 23.4%. Let me now provide you with more details on our business. I will now walk you through the key figures of each division: Buildings, Civil Engineering, and Service Solutions. Let me start with Buildings. The order book of the division Buildings increased to over CHF 3 billion. The revenue of CHF 859 million is about at the same level as last year. The revenue of Building Construction increased while we had fewer transactions in Real Estate Development. Given the strong increase in the order book, we expect the revenue to grow going forward. EBIT in Building Construction increased from CHF 20.7 million last year to CHF 23.5 million this year. The EBIT in Real Estate Development decreased to CHF 14 million, reflecting one completed transaction compared with two transactions in the first half of 2025. The book value of the real estate portfolio increased to CHF 194 million as a result of three acquisitions. This is an important KPI for us as it shows the future real estate pipeline. Here are some project highlights showing the balanced mix of our project portfolio in Buildings. In Switzerland, for example, our specialized expertise is reflected in projects such as the Zypressenstrasse in Zurich, a Real Estate Development together with the modernization business, or the Department of Biomedicine for the University of Basel, or in Germany, where we plan to build large and complex projects like the police headquarters in Münster or an office building in Beelitz. Let me come to Civil Engineering. The division increased its order book to almost CHF 5.5 billion. This demonstrates the strong demand for our expertise in large and complex infrastructure projects. Our revenue declined slightly to CHF 926 million, and this temporary reduction in revenue is due to recently won large infrastructure projects. We have currently several in their initial ramp-up phase, not yet generating full revenue. Our EBIT nevertheless increased to CHF 18.8 million, while the EBIT margin further improved to 2%. The first half of the year is seasonally weaker in terms of profitability than the second half. Therefore, we expect the EBIT margin to increase in the second half. Our strong focus on improving the profitability and the efficiency in this division is clearly delivering results, and we will continue to optimize our portfolio even further. Here are some highlight projects. Implenia is playing a key role in Europe's infrastructure development. We build bridges that enhance mobility, such as the railway bridge on the line Karlsruhe-Basel, or the bridge Marktbreit over the Main in Germany, or tunneling projects to ten cities all through the Alps. For example, the Gotthard Road Tunnel, the second tube, where we celebrated a breakthrough in the first half of 2026. These projects underline our experience and leading expertise in delivering large and complex infrastructure projects across Europe. Let me turn to the third division to Service Solutions. Service Solutions comprises Wincasa as its largest business unit, as well as other planning and engineering services along the value chain, such as the Building Construction, logistics, BCL, Planovita, or Encira in Switzerland. In July, we acquired zigmo engineering as part of the division. zigmo is a German structural engineering and building design specialist. We do not expect zigmo to deliver an EBIT contribution in 2026 yet due to transaction costs. Service Solution, nevertheless, increased its EBIT to CHF 11.7 million. Wincasa slightly increased its assets under management to CHF 86 billion, and the order book of the other businesses, BCL, Planovita, and Encira, increased by 25% to CHF 69 million. Going forward, we plan to further expand the service business in high-margin areas, also through selective acquisitions. Here are some projects illustrating the broad range of our service offering within the division, demonstrating the strong collaboration across the group. For example, the Shopping Arena in St. Gallen, which combines Wincasa's center and mixed-use site management services with building modernization expertise, or the Dohlenweg in Zurich, where Wincasa for the transaction and Buildings for the development part was involved. Or last but not least, Hochbunker H in Mannheim, Germany, where zigmo engineering and Buildings worked together as partners even before the acquisition. We are not only continuing to make progress in implementing the strategy in the divisions but also in cross-divisional initiatives. We are expanding our expertise in attractive and specialized market segments, for example, data centers, defense infrastructure, bridges, and tunneling. We are increasingly deploying AI applications across projects and processes, for example, in contract management or in our Value Assurance process, the Implenia risk management. This improves the productivity and the efficiency. At the same time, our group-wide culture program is strengthening collaboration, leadership, performance orientation across the organization. This embeds our values even more deeply in our daily work. Before I now hand over to Stefan, our CFO, we will show you a short video featuring project highlights from the three divisions. Action. Implenia plans, builds, and operates buildings and infrastructure, safe, sustainable, innovative. We improve how people live, work, and move. What drives us is creating the space for a future that succeeds socially, environmentally, and economically. In Building Construction, Implenia creates identity and shapes the future. In the heart of Munich, we are transforming the Bruckmann Quartier into a vibrant, sustainable urban district. Implenia brings the historic together with the new for sustainable working environments.[Non-English content] At the University of Basel, Implenia is delivering the new biomedicine building on the Schällemätteli Life Sciences campus. It is a highly complex laboratory and research building. By planning it entirely digitally, Implenia lays the groundwork for fundamental medical research to translate quickly into better health for people. Modern infrastructure is the foundation of our society. South of the Brenner Base Tunnel on the Fortezza-Ponte Gardena line, we are tunneling through Alpine rock. We are shifting traffic onto the railways, easing the pressure on the environment and bringing people across Europe closer together through shorter journey times.[Non-English content] In northern Germany, Implenia is delivering the replacement for the Rader Hochbrücke, one of the most important links between Germany and Scandinavia. The 1,500 m long and 42 m high composite steel bridge over the Kiel Canal is being built while motorway traffic keeps running. The result is a future-ready structure that will safeguard mobility and freight transport in Northern Europe for the long term. When Schönbühl Shopping Center in Lucerne opened in 1967, it was the first of its kind in Switzerland. Today, Planovita with precise building services planning makes sure this busy destination keeps running reliably in the future. The center is managed by Wincasa and modernized by Implenia Buildings. We plan the complex building services behind the scenes so that everything functions reliably. And we modernize the center with our construction colleagues in such a way that the visitors barely notice anything. At the Prime Tower in Zurich, Wincasa shows how modern site management brings spaces to life and keeps developing them in operation. This turns Switzerland's tallest office building into a lively place with restaurants, events, and offerings that enrich the Zurich West district. From the digital design to precisely planned and delivered construction to optimized operation, Implenia supports the entire life cycle of buildings and infrastructure. The planet earning contributions of all divisions underline Implenia's resilience despite ongoing geopolitical and macroeconomic uncertainties. Our order book increased by CHF 746 million year on year to CHF 8.5 billion, up 9.6%, providing a solid foundation for future growth. At the same time, the pre-calculated project margin of the order book improved from 7.5% to 7.9%. Revenue of CHF 1.8 billion was 4.8% below prior year, mainly due to the typically lower revenue contribution during the initial ramp-up phase of major infrastructure projects. Foreign exchange effects had no material impact on first half year earnings, supported partially by our natural hedging. In the first half of 2026, we made grow investments in a low single-digit million Swiss franc range and remain on track to deliver the planet full year investments of approximately CHF 10 million to CHF 20 million. We delivered a strong EBIT of CHF 60.4 million, up 6% year on year despite a lower contribution from real estate transactions. With revenue of CHF 1.8 billion, the EBIT margin increased to 3.4%, up by 0.3 percentage points versus the prior year, mainly driven by higher margins in Civil Engineering and Service Solutions. The achievement of an investment-grade rating and the early refinancing of our syndicated credit facility further enhanced our financial stability, flexibility, and funding profile. By extending maturities to 2031, we have strengthened the long-term security of our liquidity reserves and guarantee lines. The consolidated profit increased by 6.8% to CHF 35.6 million. In the first half of 2026, free cash flow amounted to negative CHF 118 million, up by CHF 51 million compared to the prior year period. Free cash flow in the first half of the year was primarily driven by higher operating profit, the positive development of net working capital, in particular from project-specific services received from suppliers and subcontractors, where associated costs had not yet been invoiced or approved. Further upside potential lies in reducing contract assets and increasing contract liabilities, respectively advanced payments supported by growing business volume. Our objective remains to further improve free cash flow conversions over the cycle. At the end of June, cash and cash equivalents amounted to CHF 376 million, up by 38% or CHF 104 million above the prior year level of CHF 272 million despite the usual seasonal fluctuations. Total assets, including short-term deposits, increased compared to the prior year. The main drivers were significantly higher cash and cash equivalents, targeted investments in our real estate portfolio, and a higher share of investments in associates, primarily reflecting the earnings contribution from Cham Swiss Properties. Reducing contract assets by accelerating the settlement of claims and variations remains a key priority. This is an important lever to further improve the cash conversion. The increase in trade payables reflects improved supplier management rather than an increase in outstanding creditor balances. All the current liabilities declined year-on-year, mainly driven by lower short-term financial debt and contract liabilities. At June 30, all syndicated credit facilities of CHF 400 million remained fully available, complemented by additional bilateral credit lines. Net debt was reduced by about CHF 80 million compared to the prior yearly period. As per June 30, the equity ratio was at 23.4%, adjusted for the short-term time deposits from the bond issuance, up by 2.2 percentage points compared to the prior year period. Over recent years, we have consistently improved our operating performance, also in the seasonal weaker first half of the year. Free cash flow, which was seasonally negative in the first half of the year due to industry-specific factors, amounted to negative CHF 118 million, up by CHF 51 million year-on-year. I would like to highlight that Implenia has consistently generated strong positive cash flows in the second half of the year. In addition, we have continuously strengthened our equity ratio over the last years. Supported by our strong operating business, we remain confident in Implenia's long-term financial development. With that, let me hand over back to Jens for the outlook. Thank you, Stefan. Let me now turn to the outlook. Given the strong performance in the first half of the year and the good visibility based on the order book, we confirm our guidance. That means for 2026, around CHF 150 million EBIT before the announced growth investments of CHF 10 million-CHF 20 million for the strategy implementation. From 2027 onwards, we expect further improvements in profitability and EBIT of more than CHF 150 million. Short to medium term, we remain committed to the financial targets: profitable growth, an EBIT margin of 4.5%, and an equity ratio of 25%. Furthermore, the key investment highlights outlined in the primer published in June remain unchanged. We are firmly on track here as well. In summary, Implenia is well positioned for the future. We further increased our order book and the pre-calculated margin. We've won various important projects, and we have even more in the pipeline. We increased both EBIT and profitability. All the divisions delivered sound half-year results and contributed to the positive performance of the group. We continued to implement our strategy consistently, and we are progressing in areas such as digitalization, AI, and specialization. Implenia is growing with a differentiated offering. With that, I hand back to Silvan. Thank you. Thank you, Jens. Thank you, Stefan. Our upcoming events for your calendar. The annual results 2026 we will publish on 3rd March 2027, and our annual general meeting will be held on 31st of March. If you have any questions after the event, please contact us via the well-known touchpoints. That said, we close our pre-recorded conference here in English. In a few moments, you will be switched to the live stream of the Q&A, where we are taking up your questions in English or in German. See you there. So we switch in auf English. With that said, we welcome the English audience from the stream, Jens and Stefan here on stage again and we switch the language for our Q&A with Jens and Stefan on stage. Please join me. [Non-English content] We are now happy to answer your questions here in the room or via the chat of the stream. You can submit them to us in English or in German. [Non-English content] [Non-English content] [Non-English content] [Non-English content] Beides. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Luca just asked for the translation in English. Tommaso asked about the JV income and the amount of EBIT included in the JV income from Cham Swiss Properties. It's a low single digit million CHF amount. As we are entering more and more in JVs, as we are focusing on large and complex infrastructure projects, this result increases and SG&A is not allocated to the JVs in the same way. That's the reason why the JV income increased significantly compared to previous years. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] The question was related to trade payables and around the free cash flow and the free cash flow significantly increased, but not due to the fact that we did not pay creditors. The position within trade payables of creditors decreased actually. [Non-English content] [Non-English content] [Non-English content]. The question was, why don't we narrow this? Because we think it's the best estimate today, CHF 10 million to CHF 20 million, and we are investing in people. So we've already invested a low single digit million amount of Swiss francs in people, especially. Of course, some investments were related to the zigmo engineering. That's true. It's both. It's hiring of people and M&A, especially, but not only. There are some other topics related to that. So we still believe that CHF 10 million to CHF 20 million is still a valid or the best estimate that we can give you today. Thank you very much. The micro is still open. I see a hand over here. [Non-English content] [Non-English content]The question was related to the EBIT margin in Service Solutions. The question was, what is the reason for the increase in margin to 9.5%? The answer was, it's a mix of measures, different measures, SG&A reduction, profitability of the projects. We are targeting, of course, to at least keep the high margin in Service Solutions. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] One Property in Lausanne. [Non-English content] Joel Knupp, Zürcher Kantonalbank. I have two questions regarding the free cash flow conversion, which you want to continue to increase. If you look back at the past five financial years and exclude the Wincasa acquisition, you get a free cash flow conversion of just over 60%. You want to increase that further. My question is about the levers you see in the future. You mentioned the reduction of contract assets and the increase of contract liabilities. I would be interested to know what other levers, what other change factors you see to sustainably increase free cash flow conversion? [Non-English content] So it is also a whole mix of measures where we see the potential and our goal is to have at least 80% of the EBIT cash conversion. The same question came in English. Maybe a short translation from Alexandra Bossard, but if you have an addition, Jens. [Non-English content] [Non-English content] The question was around free cash flow and cash conversion and what kind of measures are implemented or are planned to be implemented to increase cash conversion. The answer was different measures related to processes, governance, incentive structures, contractual topics. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] That will most likely be related to the type of revenue we lost. That was more asset-heavy revenue. Therefore, the EBITDA also had an impact, and the D&A or the D&A issue is probably equally relevant. Ultimately, what is much more relevant for us is the bottom line: What is the EBIT? And in that respect, that perhaps also underlines the focus on more white-collar asset-light business and certainly the decline in asset-heavy business that we have seen. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] In the first half of 2026, it was mainly driven by Buildings. The last 12 months, I would say the second half of last year was mainly driven by Civil Engineering. It is both. I mean, looking at the pipeline, the current order intake, especially in Germany, we are quite optimistic that Germany continues to be a growth driver for Implenia. This is what we feel in the organization. This is what we see in the markets. Just yesterday, as I already mentioned, the building permissions, the published figures yesterday, they increased significantly. Hopefully it will be sustained on this level. We are, I mean, looking just on the order intake, it is good. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Revenue development in the second half and going forward. Ja, we always said that this year we expect the revenue to be flattish. There are some projects in the pipeline which will generate revenue already this year, such as the Karlavägen project in Sweden. There are other projects in the order book which will generate full potential only next or the year after. [Non-English content] Of course, there are always specific targets. [Non-English content] So there are some we don't say or give more specifics. [Non-English content] Anything new. Do we have questions in the room still? I see a hand over here and over there also. [Non-English content] [Non-English content] [Non-English content] [Non-English content] So that question was on the precalculated project margin compared to the realized EBIT margin. Ja. And the answer so far? The answer was that it's not comparable because one is project margin, the other one is EBIT margin and we want to and we're confident that we will increase also the EBIT margin because the order book increased, the precalculated margin increased. So in between there is SG&A costs, which is also decreasing. So you have higher precalculated margin, lower SG&A means higher EBIT. That is the answer. Thank you very much. We have a question over here. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] The question was on AI. On AI. On AI strategy. Advantages, measures and dangers. We have an AI strategy which is based on mainly three pillars, on data protection policy, on education, on use cases. We are using it on site, in our offices, in different functions and departments for process efficiency and others. We see more opportunities and it will help us to provide also the clients with more information and to increase the efficiency of the entire industry. Thank you very much. [Non-English content] We are a bit over time already and we would like to conclude the Q&A session for this conference. Thank you very much for your questions. Thank you to Stefan and Jens again. This also concludes this conference at all. We would like now to invite you here in Implenia Connect to join us for lunch and we say goodbye to the people in the stream. Thank you very much for your visit. Thank you very much for your trust in Implenia. Thank you and goodbye.