At this time, it's my pleasure to hand over to Guillaume Daniellot, CEO. Please go ahead, sir. Thank you, and good morning or afternoon to all of you. Thank you for attending this conference call on the Straumann Group's [half year read] 2025. Please take note of the disclaimer in our media release and on slide two. As always, the presentation and discussion will contain forward-looking statements. During this conference call, we are going to refer to the presentation slides that were published on our website this morning. Today, it's my pleasure to host our second quarter's results presentation together with Isabelle Adelt, our new CFO, who has joined us in June. As outlined on slide three of the agenda, I will start by sharing the key highlights of the first half year. Isabelle will then walk you through the financials in more detail before I provide an update on our strategic progress on outlook. At the end of the presentation, we would be very happy to take your questions. Let's start with our highlights and move directly to slide five. First of all, we are really pleased with how the business performed, and I'm excited to share the key highlights with you today. We had a strong first half with revenue reaching CHF 1.3 billion, and the second quarter alone contributing CHF 667.5 million, reflecting solid momentum across all businesses. Organic growth reached 10.2% in the first half and 9.3% in the second quarter. While continuing to invest in capacity expansion, education, and digital transformation, we achieved a core EBIT margin of 27.3% or 26.6%, including strong currency headwinds. One of the highlights of the second quarter is our 2025 new product launches, which are off to a strong start, with iEXCEL gaining momentum following a successful rollout in Europe and Australia. Clinicians have responded very positively to our latest implant innovation, highlighting its clinical versatility, which has led to improved clinical outcomes. We will share more on this later in the presentation, including the latest workflow innovations designed to significantly enhance clinical efficiency and productivity, as well as reduce shelf time for patients. Another important milestone of the second quarter was the regulatory approval of our Straumann premium implant production in China. This marks a significant step in strengthening our market position and supporting long-term growth in the Chinese market. Building on this momentum, we are pleased to confirm our outlook for 2025, despite the latest tariff impact. Looking at slide six, the patient flow dynamics per region remain consistent with the previous quarter, amid ongoing macroeconomic uncertainties. We continue to gain new customers across regions, thus increasing our market share, which reflects our commercial execution strength. Let me highlight once again the remarkable performance of our EMEA business. Despite a persistently uncertain macroeconomic environment, EMEA continues to deliver a solid, consistent growth quarter after quarter. It reflects our clear strategy and effective execution, even with the Easter holidays, which affected the start of the second quarter. Thanks to the successful rollout of launches like iEXCEL, the AXS digital platform, and the intraoral scanner SIRIOS, we continue to reinforce Straumann's leadership in EMEA. In North America, our performance kept the same dynamic as in the previous quarter, a solid outcome given the continued volatility and cautious consumer spending, particularly impacting out-of-pocket dental treatments. The patient flow stayed stable, but also hasn't shown a meaningful recovery yet. Our digital solutions and our multi-implant brand offerings continue to perform well and gain market share, while orthodontics overall remains challenging. Asia-Pacific continues to shine with strong double-digit growth, driven by the robust patient demand and the strong performance of both our premium and challenger brands. Especially in China, the value-based procurement process continues to support dental implant treatment awareness and improves affordability. With our recent launches and investment in education, we are expanding our position across both mature and emerging markets in the Asia-Pacific region. Finally, Latin America completed our global performance with a strong double-digit growth, led by our trusted Neodent brand and adoption of digital solutions. It is important to note that our Straumann implant brand also posted very good growth there. Across all regions, our ongoing product launches, regulatory readiness, and go-to-market investments are not just supporting current results, they are continuing to create a strong foundation for sustainable growth moving forward. I'll hand over to Isabelle, who will take you through the financials in more detail. Thanks a lot, Guillaume, and warm welcome to everybody from my side as well. I'm beyond excited to be part of this great organization and look forward to contributing to the next chapter of our growth and value creation together with a great team. Let me start with our revenue on slide number eight. As already mentioned by Guillaume, the group's second quarter revenue reached around CHF 668 million, with an organic growth of 9.3%. In Swiss francs, this corresponds to 1.9% growth in the second quarter, reflecting continued currency headwinds. At 2025 exchange rates, the 2024 second quarter revenue would have been CHF 44 million lower. This currency effect was majorly due to the depreciation of the euro, the Chinese RMB, and various emerging market currencies. As Guillaume already mentioned, if we look at the operational performance, the specific patient flow dynamic we saw in the regions remained broadly the same as in the first quarter, which supported the strong regional performance we saw in the first half a year. This includes China as well as the U.S. The Asia-Pacific region recorded the fastest growth, driven by China's continued strong contribution and was followed, as already outlined, by the EMEA region, which still is the largest region for the Straumann Group. I would like to guide you through a little bit how that translates into profitability. Looking at our gross profit development on slide nine, in the first six months of the fiscal year, the group's strong top-line growth led to a core gross profit of CHF 972 million, which is a currency-adjusted increase of CHF 91.2 million. The corresponding margin of this achievement was slightly higher than last year at 72.1%, but with a decrease of 50 basis points due to a negative currency effect compared to 2024. This means the gross margin remained at a consistent level despite significant external pressure, which really underscores the group's robust business fundamentals. As already said, 50 basis points down due to FX effect, but other one-offs we saw in the first half of the year were most certainly the ramp-up of our Shanghai campus and the recently imposed U.S. tariffs. We very effectively managed to absorb by managing very diligently our productivity and our spend. We saw that supported by a favorable product mix, basically due to sustained demand for premium solutions and significant focus on improvements in manufacturing efficiency and productivity, we managed to show this very strong gross profit. I think these enhancements really reflect the group's ongoing efforts to optimize operations across the global footprint. What it shows more, and we will see that in the next few slides to come, is the resilience of the group's ability to manage volatility in those uncertain times, while at the same time continuing to invest in strategic growth initiatives such as innovation we just saw, as well as capacity expansion and digital transformation. Moving to slide 10, the core EBIT margin reached 26.6%, which is a currency-adjusted margin decrease of around 40 basis points in those volatile times versus prior years, with currency movements having a negative impact of 90 basis points on the core EBIT. This is mainly, yet again, due to the strengthening of the Swiss franc. Looking at the building blocks besides the gross profit we already talked through, the distribution expenses had a positive impact of 80 basis points, which is due to ongoing investment and focus on how we go to market on enhancing our logistics capacity. As Guillaume already outlined, we, of course, increased a little bit our focus on innovation and education, but at the same time, digital transformation. We invested into our sales force, our people, and talent in general. This is why we had a slightly negative impact on the administrative costs, which bear all of those investments as well. The same pattern we will see looking at our cash flow on slide 11. You can see our free cash flow slightly declined year-on-year, but is yet solid in the first half at CHF 113 million, and the decline was mainly related to CHF 29 million higher CapEx in the first half of the year, still reaching 8.4% of our revenue. What did we invest into? I think part of that you've seen already, but we really continue to invest in capacity expansion to really continuously enhance our global manufacturing footprint and our digital transformation externally as well as internally. That's why capital expenditure for the first six months remained at a high level, totaling CHF 113 million. Coincidentally, exactly the same number we posted in terms of free cash flow. Three things to mention here. We're expanding our manufacturing sites. I'll give you a few examples. In Brazil, we are about to build the third factory for our Neodent brand to enhance our capabilities and foster the growth we are seeing. In Germany, we opened the new factory for our MEDENTIKA brand. Most importantly, we are progressing steadily with the development of our new Shanghai campus in China. This campus will serve as a hub for manufacturing, clinical education, as well as innovation in China. All of those projects I just mentioned are critical to enhancing our production capability, plus strengthening our presence in our global key markets. Having said this, our cash position end of June was at CHF 247 million, so still a very solid performance, especially taking into account that we obviously hate all of this. Concluding, turning to slide 12, let's look at our core financials. I will not go into all the details, so for full clarification, you will find the year-on-year comparison on the reported IFRS basis and the core reconciliation table in the appendix of this presentation. Two things to highlight: the net financial expenses amount to CHF 224 million, reflecting currency hedging costs and currency losses in the group's main exposures. I think really the counter effect we've obviously seen in the FX results we already talked through. At the same time, our core net profit amounted to CHF 265 million, increasing 16% at constant currency year over year, while sustaining a very high margin of 20% of revenue, which led to an FX-adjusted basic earnings per share of CHF 1.66. Having said this, I will hand back to you, Guillaume, for our strategic outlook. Thank you very much, Isabelle. Let's talk about our achievements and recent strategic progress, starting directly with slide 14. Within today's uncertain environment, we remain very confident in the strength of our fundamentals. We operate in a large global market with a share of 12.5%, with strong growth opportunity thanks to the limited penetration of our clinical solutions both in implants and orthodontics, but also in digital dentistry. Additionally, we are well positioned to further capture a significant additional share of this market thanks to our well-diversified, multi-brand and multi-price portfolio and a broad geographic presence, which is backed by a global manufacturing footprint. Implantology, of course, is the cornerstone of our business, where we lead with a 35% global market share. As mentioned in the last quarter, we see considerable growth potential in both developed and emerging markets, driven by increased awareness, more trained clinicians placing implants, and improved affordability for patients. Let's move on to slide 15. Our well-established strategic compass is designed to guide us in capturing a larger share of our total addressable market of around CHF 20 billion. At the core of our strategy are three key pillars: innovation, digitalization, and education, each essential to unlock the opportunities ahead. I'm pleased to report that we have made strong progress across all those three areas in the second quarter. First, starting with our premium implant segment, iEXCEL clearly demonstrates the strengthening of our position as the most clinically versatile and efficient solution. In the value segment, Neodent and Anthogyr continue to expand their reach. On the digital side, innovations like SIRIOS, UN!Q, the Midas 3D printer new technology, and the Straumann AXS platform are transforming workflows, making treatments more efficient and accessible. Altogether, those innovations support both existing and new customer acquisition, reinforce our leadership across the value chain, and position us strongly for continued growth. Now, let's move to slide 16. As we continue to innovate and grow, it is important to stay focused on the challenges clinicians are facing and the true problems we are committed to solving. The premium implant market can be typically split into three segments following implant designs: parallel wall implants, which now make up about 10%- 15% of the total implant volume market; apically tapered implants, making up roughly 40%, 55%; and fully tapered implants, which are around 30%- 35%. The trend is clear: apically and fully tapered designs are growing at a more dynamic pace, driven by emergency protocols and patient demand for faster treatment, while the classic parallel wall implant segment is declining. Until now, managing different clinical situations required multiple implant systems. To treat different bone densities, clinicians have to choose between parallel wall, apically tapered, or fully tapered implants, all with different surgical kits, prosthetic platforms, and connections. It is demanding a lot of training, more stock, and limits surgical flexibility chairside. When conditions change during a procedure, switching implant designs also meant switching instruments, adding time, complexity, and stress for the clinician. An additional major pain point remains inventory complexity. Many practices still operate with multiple and fragmented systems, leading to inefficiencies, higher costs, and heavy inventory burdens. iEXCEL changes all of that. It brings together four implant designs in one system with a unified prosthetic platform, a single connection, and one surgical kit only. This simplifies workflows, reduces inventory, and gives clinicians true intraoperative flexibility, enabling implant design changes on the spot during surgery without changing instruments. Feedback from all first users has been extremely positive. Clinicians report greater procedural control, streamlined workflow, and very positive clinical outcomes. Therefore, with iEXCEL, we are not just simplifying implantology; we are really setting a new benchmark in premium treatment versatility. Let's move to slide 17. To further differentiate, iEXCEL is coming with Roxolid and SLActive, two of our most Straumann Group advanced technologies, enabling minimally invasive protocols and faster osseointegration. The combination of its new implant design and the strength of Roxolid allows clinicians to confidently use a reduced 3.75 diameter in most indications. This not only enables less invasive treatments, but also helps preserve bone, supporting better functional and aesthetic outcomes. A key part of our next-generation iEXCEL portfolio is the apically tapered C-LINE, made of Roxolid and featuring our proven SLActive surface. The new BLC implant within this line integrates the torque-fit connection already known from our X-Line for its high strength and slim abutment designs. BLC also introduces an improved self-tapping thread design and extended cutting flutes that eliminate the need for tapping, hence increasing placement efficiency. A major milestone in July was the launch of the Roxolid SLA version of the iEXCEL C-LINE. SLA is classic surface technology with a proven surface topography that supports reliable bone integration, ideal for standard healing protocols. By offering now this new option, iEXCEL can meet a wider range of clinical needs and cost-conscious customer segment requirements, making it one of the most universal systems in our portfolio. This additional option strengthens our ability to compete wisely across all geographies, supporting broader market penetration and sustainable growth. Let's now move to slide 18 to talk about one of our important R&D focus: ceramic implants. In July, the Straumann Group acquired full ownership of Maxon Dental, increasing our stake from 49%- 100%. Located in Kenzingen, Germany, Maxon Dental is one of the most advanced technology centers for ceramic implantology and the developer of the world's first two-piece ceramic implant system using proprietary ceramic injection molding technology. Ceramic implants are more than just an aesthetic alternative. They offer distinct biological advantages that will become increasingly important in clinical practice. According to clinical studies, these include a reduced risk of inflammation, better soft tissue integration, and a potential lower incidence of peri-implantitis compared to traditional titanium systems. To lead this promising field in the future, we have taken another step forward by acquiring Maxon Dental fully. This acquisition not only secures a well-advanced and scalable technology platform, but also strengthens the Group position as a leader in implant solution innovation. Moving on to slide 19, let's take a closer look at how we deliver excellent customer experience beyond the product, which is closely linked to one of our key success pillars, digitalization. In today's environment, offering high-quality products is no longer enough. What truly differentiates us is our ability to make clinical workflows simpler, faster, and more connected, and that's exactly where our new digital capabilities come into play. Allow us to present a few examples to explain this in practical terms. The Fast Molar workflow, for example, is a streamlined, three-step-only approach that enables to restore quicker and easier posterior teeth. The solution uses fewer parts and reduces significantly chair time, helping dentists work more efficiently and comfortably while still delivering highly reliable clinical outcomes. On slide 20, let's look at another workflow innovation example, which is supporting the digital full-out workflow, the latest Straumann EXACT innovation. It helps clinicians treat patients who need a full set of new teeth by guiding them through each step, from the first digital scan all the way to the final restoration. It simplifies what is usually a very complex process and saves time both for the dentist and most notably for the patient. Now turning to slide 21, let's take a closer look at China, a market with massive long-term potential, where education and local capability building play a critical role in accelerating adoption and expanding market access. While implant penetration in China is still low, the introduction of volume-based procurements has significantly increased patient access and awareness, leading to a clear acceleration in adoption. However, product availability alone is not enough. To fully unlock the market's potential, investment in clinical education and training is essential. That's why we have made it a strategic priority to build a robust local clinical ecosystem centered around our new education and training center, together with the ITI partnership. This facility is equipping more local clinicians with the skills and confidence to deliver high-quality implant treatments, laying the foundation for sustainable long-term growth. In parallel, we have made strong progress in local manufacturing with the phased launch of our new Shanghai campus, which is now licensed to produce Straumann implants. This allows us to manufacture implants locally, improving responsiveness, reducing cost, and importantly, ensuring we are well positioned for future volume-based procurement cycles. With this, Straumann is ready to lead in this high-potential market and shape the future of implant dentistry in China. Let's take a moment now to talk about what sits at the foundation of our consistent performance, our Player-Learner culture. On slide 22, you will see how our shared mindset and core beliefs shape the way we work and grow. We strongly believe in our high-performance player-learner mindset. It's this culture that empowers us to adapt, grow, and stay focused on delivering on our purpose, which is unlocking the potential of people's lives. To show a great example on how our purpose is actionable in our organization, let me highlight our internal Smile Movement initiative. It's a global initiative we launched in March that brings our people together through walking, running, and cycling. Every kilometer is tracked and matched with a donation to the new Straumann Group Foundation, which will help fund dental restorations for patients in need. The goal is to collect at least CHF 0.5 million through a worldwide team challenge. It is a powerful reminder that together we can make a real difference beyond our daily work. Finally, let's look at our outlook on slide 23. We have entered 2025 from a position of strength, backed by a diversified portfolio, a strong market presence, and a clear strategic vision. With this foundation, we remain confident in our ability to navigate the complexities of the global landscape and continue expanding our market share, reinforcing our confidence in our long-term ambition for 2030. Our broad geographic presence provides resilience against regional economic fluctuations, while our worldwide manufacturing footprint supports our supply chain flexibility in times of growing geopolitical complexities. It comprises 19 sites worldwide, supporting flexibility and agility. In particular, our strong local manufacturing presence in the U.S. has proven essential. The majority of our premium implants, prosthetics, regenerative solutions, and aligners for the U.S. market are produced domestically, safeguarding operational continuity. For value implants, Brazil remains the most efficient production location, and we continue to maintain flexibility across our network. Amid the evolving landscape of global trade, including newly imposed tariffs, the group is proactively implementing a range of measures to mitigate its impact. As a result, and despite these external headwinds, we remain confident in our ability to achieve organic revenue growth in the high single-digit percentage range in 2025, along with a 30- 60 basis point improvement in the core EBIT margin at constant 2024 currency rates. Let's move to slide 24 now. Before we wrap up today's presentation, I'm pleased to announce our upcoming Capital Markets Day, which will take place on the 25th of November. The event will be held both in person and online, and we would be delighted to welcome as many of you as possible on site in Basel. A formal invitation with the full agenda and registration details will follow in September, and we hope to see many of you there. With this, we would like to open the question-and-answer session. If you have a question, please press star and one on your phone to join the queue. As usual, we kindly ask you to limit the number of your questions to two in order to give other participants a chance to post their questions within the availabe time. Chorus Call, can we have the first question, please? Yes, sure. The first question comes from Hassan Al-Wakeel from Barclays. Please go ahead. Hi, good morning. Thank you for taking my questions. A couple from me, please. Firstly, can you talk about what you're seeing in North America, particularly the U.S., as you've moved through the second quarter and into the third? Given you continue to expect a better 2025 versus 2024, what are the key drivers for the confidence in an improvement here, or is it entirely comp-driven? Secondly, can you talk about the gross margin strength despite some of the headwinds from the Shanghai campus and your expectations at the gross margin level over the coming year as utilization improves compared to that 50 basis point headwind in the first half? Any color on the key mix elements that drove the offset here would be helpful. Thank you. Thank you, Hassan. U.S., as you have seen, we have seen a slight sequential quarter-over-quarter growth rate improvement, but it still remains a market where patient flow is still not very strong. We have not seen any deterioration. We have seen a stable market environment, which is continuing as we speak. When we see U.S. in, the limited visibility, I would say, that everyone is having on the current, I would say, effect on tariffs on the U.S. economy and especially the consumption and the patient demand, we see this stability that will continue over the coming two quarters at least. That's mainly how we see North America. It means that with our current numbers, we are also gaining market share, which is very important for us because we believe that when the macro will be better, we are going once again to have very strong positions to enjoy a better macro thanks to all the market share gained with iEXCEL. As we are seeing, and we can comment that later, iEXCEL being super well received and making inroads in the U.S. market. I would say U.S. overall on the market per se, stable and slow still as we speak, but market share gain, strong performance, and innovation very well received in that market. Gross margin, do you want to comment this, Isabelle? Sure. Thanks for your question, Hassan. Regarding the gross margin development, what we already stressed, we were very pleased to see the development in the first half of the year because I think this really shows the strength and what we'll say this player-learner culture h talked about earlier. We have a lot of headwinds coming our way, especially when you look at tariffs, when you look at general macroeconomic development. We have been really able to just take those challenges and turn them into our strengths for implementing the right measures in the countries. When you look at gross profit, there's obviously two sides to that. On the one hand side, really, what do you sell in the countries? Where do you grow? On the other hand side, how do you manage your operations? I think both of them have played out in our favor very nicely in the first half of the year. We saw strong growth in the Straumann-branded implants as well as in the Challenger brands, which of course helps us to have a good pricing, a good margin in the markets. I would say equally important, we really strengthened and continued our efforts into having a good production footprint and continuously enhancing, increasing our efficiency productivity on the shop floor. Both of that really helped to mitigate the adverse impacts we saw from generally macroeconomic development, but then as well from the tariff that of course hit a little bit and the ramp-up of the Shanghai campus. Since you deliberately asked for the Shanghai campus, and you can imagine it's a huge project for us. As Guillaume said, we received the license to manufacture all of the products, and we are planning to go to market with the first products produced there in the coming month. This will still take a little bit until this factory is fully fledged, fully up and running. We expect to see a little bit of impact until the second half of 2026, until we will be able to manufacture and deliver all of the products we will need in China in this new facility. That's very helpful. If I can just follow up on China, and I guess as you see that little bit of impact until the second half of 2026, what are your assumptions for VBP this year and next year, and whether you're already seeing or expect to see some postponement of spend ahead of VBP next year? What we can say on VBP is that first, it's currently under reflection at the Chinese authorities. There is not so much that we know about what would be the next rules from a formal standpoint. The second thing that we can say is that we believe that local manufacturing will be an important factor from what we have understood. At least that's what we believe right now. If it's the case, we will have very favorable positions because we will be one of the very few international companies having a ready approved local manufacturing site for the Chinese market. That's what we can say as we speak. We will see potentially in the fourth quarter, the patients may be waiting a little bit about the VBP side. As I think there is the expectation that the price cut will, if any, not be major. We don't expect it's going to be as significant as it has been in the VBP 1.0. That means a depressed Q4 and very strong afterwards following year. We think it will be much more smooth because this is what we have seen also in all the different VBP 2.0 in the other industries. Very helpful. Thank you. The next question comes from Richard Felton from Goldman Sachs. Please go ahead. Thank you. Good morning. Two questions from me, please. First one is a slightly longer-term one on the U.S. I'd be interested to know what kind of scenarios for North America you are embedding in your medium-term guidance. In light of some of the recent weaknesses, has your strategy changed at all in that market? That's the first one. The second one is on potential for Brazil-U.S. tariffs. Can you maybe help us frame what the potential impact is on your business and also what actions you can take to mitigate that impact? Thank you. When it comes to the U.S., the midterm scenario is still having a U.S. which is recovering step by step. Of course, again, being able to be above market through constant innovation that we have been placing and that we will continue to place. This is what we are experiencing as we speak. Therefore, the U.S. will continue to be a growth provider and a strong contributor for the years to come. Honestly, our midterm scenario is also having strong other geographies, meaning that we are not relying only on North America to be able to deliver on our overall long-term view. When it comes to Brazil, as we speak again, we have seen some significant change from month to month. The impact of the Brazil tariff is consequent. What we have said is that we have been anticipating already this through obviously building up inventories on one side, being able to look at alternatives that we are working on also at the moment from a supply chain standpoint. We have time also, thanks to the inventory buildup that we have the next six months as well, to try to put some of them in place. That is what we're doing in addition to what Isabelle clearly highlighted and that we are honestly very happy and proud of our operation teams with all the efficiency gain they have delivered during that time frame. The operation improvement and efficiency in the shop floor also supported very significantly some of the headwinds we had with tariffs this year. Thank you very much. The next question comes from Susannah Ludwig from Bernstein. Please go ahead. Hi, good morning, and thanks for taking my questions. I have two, please. First, can you maybe just talk a little bit about how the iEXCEL implant system launch is progressing relative to your initial expectations for share gains? You historically had talked about sort of 10% share gains in the tapered categories. To what extent do you think you've delivered on those gains so far? The second question is just quickly on FX. Could you give an update on your expectations for the FX headwind to 2025 on both the top line and then on margins as well? Yes, we'll take the iEXCEL side. Isabelle will comment on the FX side. Yeah, we are really pleased with the iEXCEL. The momentum we are having right now, we have been launching in North America last year. We have started full launch in EMEA at the beginning of this year. If I can share potentially two numbers, it's to say that right now the iEXCEL portfolio represents already 15% of our total premium implant volume sales, meaning that it has already taken a meaningful share of our total activity on premium, which is demonstrating the repurchasing aspect of iEXCEL, which is always the most important one that you have when you launch a new product, making sure that the people that have tested and tried an innovation are going to stick with it because they see real value from it. That's where we're really happy with our very high repurchasing rate, which is driving already a significant share of our total premium implants despite having the market less than two years already being launched. The second important number is that the major new design is the BLC-Line, as we tried to explain in the script a bit before. This new BLC-Line is, I think, a really universal and very versatile implant, which is, we think, really the best system on the market today. If we look at all the acquired C-LINE customers, 25%, 1/4, are coming from non-Straumann users. It is not only providing the clinical, let's say, benefits superiority that we were looking for, but it's also delivering on the new customer acquisition that we were planning in order that we can drive the market share that we announced before launch of our iEXCEL system. I think we have been confronted into our iEXCEL potential moving forward and that we are executing in line with plan as we speak. I'm happy to elaborate a little bit on our margin guidance and the effects of fact we have seen and we're expecting for the second half of the year. I think an important note from an operational part is that we just reiterated our margin guidance of an improvement of 30-60 basis points for the full year. As Guillaume already said, you know, this comes from operational leverage from the investments we have been making and the productivity measures despite all of the negative impacts we see. Obviously, the appreciation of the Swiss franc and depreciation of all other currencies, this was a little unexpected, especially looking at what happened during April. If you recall, the beginning of the year, we said for the full year, we are guiding at constant currency. I think that's important to stress. We were guiding for an impact on the bottom line of roughly 100 basis points. Given we're already at 90 basis points at the half year, this is, of course, not realistic anymore. What we currently see in our simulations is that on top line level, we expect an impact of 470-490 basis points and on the bottom line of 130-140 basis points for the full year. Great, thanks. That's very helpful. The next question comes from David Adlington from JPMorgan. Please go ahead. Morning, guys. Thanks for taking the questions. Maybe firstly, just a round out on tariffs. I just wondered if you could quantify the impact on tariffs so far, and then where you see opportunities to mitigate or any further risks, particularly notably Brazil, and how you might mitigate those risks. Secondly, I know it's already been asked in terms of China, but maybe in terms of pricing for next year for VBP, do you think you'll continue to grow, and do you think you'll still be in double-digit growth even with VBP next year? Thank you. Thanks for taking the tariff side. Yeah. To elaborate a little bit on the tariffs, I mean, of course, when you just look at the gross impact we would have seen if we didn't have or hadn't done anything, it would have been massive. I mean, if you look at the two biggest ones for us, obviously, the 50% we see from all imports from Brazil to the U.S., which is impacting our Neodent products, and then partially still imports from Switzerland to the U.S. for the Straumann-branded products from our site in Villeret. I think we have taken a lot of measures, especially looking at enhancing the footprint in the U.S. even more and looking into having more finished products really readily made in the U.S. Having said this, I think we have a lot of very good mitigating measures in place already. We continue to execute in them. Of course, it's a very volatile thing we're looking at with the tariffs. All things being equal, if what we currently see stays, I think we really have, we did our homework. We really elaborated on what are the options we do. We need to execute relentlessly and make sure we really get those measures into place. Currently, I don't see a big risk there. As Guillaume rightfully said, this is what you see in the working capital too. We really put a lot of stock in the U.S. still in June and in July to make sure we can still deliver and really provide the best experience for our customers while getting a little bit of time to implement the countermeasures we actually defined. I think we are in a very good way to mitigate the impact to something we can still then somehow absorb and compensate with other measures we already put in place in terms of productivity and OpEx savings. Okay. On China. Yes, sorry, David. You know, it's saying if we can grow double-digit growth in China next year without knowing where the VBP will be, I think it would be a really challenging exercise. Honestly, when we look at the different scenarios, yes, we see, obviously, most scenarios will allow us to grow in China significantly because of the fundamentals that we have there. Again, still very low penetration, still the willingness of the Chinese patient to pay and upgrade for treatment, which is still very strong. We see that again and again in the marketplace. Obviously, adding all the different options and increasing options even on our side to be able to cover the different price points. What worked out very well for us since quite a lot of years has been this multi-brand, multi-price portfolio. We believe that whatever the VBP new rules, we are, I would say, increasing as much as we can the different options we have on the markets and being able to grow not only our premium brands, but also our Challenger brands. I want to remind again that we have not only our Straumann premium brand, but we have Anthogy, the Challenger brands. We have T-Plus as our Challenger eco brand, which is also seeing quite some momentum in the tier three and four cities. I think growing in China is not only in one mode. You need to really have all those different options like local manufacturing, like capability to have that multi-price points to be able to harvest as much as the opportunities that are going to go there. That's one of the reasons why we are saying that we are expecting VBP and driving different scenarios. In most of those scenarios, we have a lot of different cards to play. That's one of the things that I think we are benefiting from all the decisions that we anticipate from the past of adding our manufacturing site ready. Just for your information, we were planning to have it by mid-2027. We rushed everything up possible to be able to have that well ahead of time. We have been able to make it then 10 months ahead of our initial planning to make sure that we can have that as a very favorable scenario for us in the VBP 2.0. Once again, I think difficult to have a final answer on what would be the level of growth in China, but we are very confident that we can find paths for growth in China, whatever the VBP 2.0 options will be. Perfect. Thank you. Maybe just a follow-up on the tariffs. Just wondered, will that require the mitigating impacts? Will that require micro-CapEx in the U.S.? Secondly, do you see any opportunity to improve your pricing in the U.S. as one of the mitigations? Thank you. Yeah, no, I think we can, you know, we can even, I can express that even more in detail when it comes to U.S. manufacturing. What we have been anticipating as well is that our Boston premium implant manufacturing was doing a lot of semi-finished products and some finished products also, but a lot of semi-finished. What we have done is that we have been able to implement a lot of new processes and especially of the finishing processes in a very limited, in a very small amount of time, as Isabelle was alluding to, and the agility of the operation team, in order that we can cover a much larger share of finished products in the U.S. market. That means limited CapEx, but of course, a huge impact by being able to cover a very large amount of our premium implant brand there. No CapEx has been really used for refurbishing or significantly enlarging our Boston manufacturing. This being said, that's why our CapEx is still at a pretty high level because we want to cater for all the very dynamic regions that are Asia-Pacific on one side, obviously, which is then on the premium side, then our China, Shanghai side, but also on the Challenger side and Neodent, where you know that we are building another third manufacturing site in order to cater for all the very strong double-digit growth on Challenger implants that we are facing now and that we need to have absolutely ready by the end of 2026 or latest Q1 2027 to be able to then cater for demand. Most of the CapEx you have seen, including some digital investments, have been done mainly for facing the growth that we are still generating. It has been a lot of adapting our activities and our different technology in the right site, depending on what kind of finishing or finished goods or semi-finished goods that we have been doing. Great. Thank you. The next question comes from Graham Doyle from UBS. Please go ahead. Morning, guys. Thanks for taking my questions. Just two, one on APAC and one on the U.S. In terms of APAC, could you help us just think about the phasing of growth as we go through Q3 and Q4, just in terms of those comps and then thinking about that potential VBP impact? Just on North America, just to clarify, in terms of our modeling, when we think about the kind of phasing through this year as well, if we assume that 2025 is to be better than 2024, sort of as you guys said at Q1, that would imply like 6% growth in H2. Does that still feel sensible, or should we maybe think about pushing that further out just as the market takes a little bit longer to recover? Thank you. Yeah, Graham, thanks for your question. When it comes to China, first, we are not guiding on a ritual base and on quarterly bets. As you know, the major information I think that we shared this morning is that we are very confident to hit guidance. This is obviously through all the different opportunities that we are playing in the different regions. When it comes to China, we have, and we said at the beginning of the year, we have then embedded in our guidance the fact that we have a VBP 2.0 at the end of the year and that we are seeing Q4 as not having the same dynamic potentially as the first three quarters. We are going to see, but we still expect to have some growth and some interesting growth from China, which is going to drive, again, the overall and lift the overall growth profile of our second semester. That is why we are still very positive for China, despite the fact that, yes, I think we believe that some of the fourth quarter can be potentially impacted. As we see right now, we do not have significant disruption or inflection point in our growth rate when you look at the Chinese business. The second thing I would also like to highlight is that Asia-Pacific is not just limited to China. We have super strong results in very important markets such as Japan, which is, you know, very, very solid and with a strong contribution to Asia-Pacific. We have a country like India, like Thailand that also start to contribute very well. We have quite a good balance of geographies in Asia-Pacific that are also supporting a potential then a bit slower growth profile of China during the fourth quarter. That is where our confidence is coming from as well, that we are not only then depending on one country's performance. When it comes to North America, you know, North America, once again, it is very difficult to predict as we speak, as everyone is trying to see what is going to be the tariff policy impacting the demand and the future inflation. They already debate about how to read inflation, if we read core inflation or not the overall inflation to really see what is going to be the outcome from, for example, the dental impact as this is completely, you know, out of pocket from spending from patients. Are we going to see when we expressed in Q1 that we would see then 2025 better than 2024? We were not all those tariff, you know, discussions, and it was by far not at all at those levels. Obviously, this is impacting some of our perspectives. Do we believe it's still possible? Yeah, I think it will depend on our capability to leverage still innovation. It's our capability also to make sure that we can do better with regard to a lower comp. If you are factoring in the potential inflation effect, that would be a headwind. Obviously, this is putting some question mark on this side. What we are seeing when I see North America, and I expressed before, is that we see our performance stable quarter over quarter to slight improvement, which should help us to have, again, a very strong confidence in achieving our overall guidance for the year. That's where we see. We see the current development also being positive from a stability standpoint and expect to be able to drive this growth profile as we speak as soon as inflation is not going to come in the way. That's really helpful. Totally fair. Just a quick one to follow up on VBP because it's harder for us to ascertain. Would you expect the surgeon fee to be sort of slightly cut again this time as well to unlock a bit more volume? Is that logical to assume? Honestly, Graham, I don't know. Here, I would say it's a lot depending on what the Chinese authorities are wanting to do. Do they want to favor, again, patient affordability? Do they want to sustain still a very strong clinical ecosystem? As you know, and we expressed that a couple of times, the current level of pricing for clinicians is pretty low for their own operations, especially because the prices are mainly related today to public hospitals. We know the private side, where you have a lot of competition, could even sometimes go lower on the clinician fee for the implant placement. I would be careful here saying we don't know. What I would say is that I would not expect a lowering fee for the practitioner when it comes to implants in 2025 in the VBP. That can be proven wrong because I have no facts to back this up. No, completely fair. Thank you very much. I appreciate it, guys. The next question comes from Maja Stefani Pataki from Kepler Cheuvreux. Please go ahead. Yes, good morning. Thanks for taking my question. I'd like to start with the reiteration of your 2030 growth outlook, as you've put it in the presentation. Remembering the last Capital Markets Day, the clear aligners were actually stressed as a very important part of getting to that target, as I recall. I was wondering whether this has changed, whether you're surprised about the implant strengths, and whether you think you can actually get there as well if the orthodontics are not going to grow the way that you were initially anticipated. My second question is a bit of a housekeeping question. Could you please provide us some expectations for the net financials for the full year, given the hedging and FX losses? More conceptually, if we think about a five-year, 10-year horizon, where do you see the biggest growth opportunity for the Straumann Group? Thank you. Thank you, Maja. You know, you are trying to steal the thunder for the Capital Markets Day because that's, of course, all those are important topics for us that we are going to address there. We hope to see you on November 25th together with everyone. What we can say is that our GoFive review confirmed our commitment to the ortho side. There are ways of doing it also a little bit differently on our side, or with a focused approach. We are continuing to improve our technology. This is what we are continuing doing and that we are confident in what we do at the moment. Once again, our ortho franchise, despite a low base, is still growing double digits at the moment. That's why it's giving us confidence that we have a way to continue having ortho as a driver for our growth contribution in the short, but also in the long term. Now, was it in line with our then 2021 Capital Markets Day when we were sharing that ortho will be a very, very big contributor for our 5 billion at 2021 then the exchange rate? It is at the moment lower than what we have anticipated. Are we being surprised by implant growth? Surprised might not be the right term. I think we have played all the opportunity in front of us, which has delivered really strong results, stronger than planned, but not surprising based on the fact that our market is very underpenetrated. We have to, talking about five to ten years horizon, and we will be able to comment that deeper in the Capital Markets Day, the dental implant is still incredibly underpenetrated. When we see the number of missing teeth around the world, the capability of patients able to pay, and especially the clinician being trained to address those needs and being able to deliver the implant procedure, which is really the standard of care for replacing a tooth, we are very, very confident. Our capability and opportunity to grow in the future. Just to illustrate that with facts, already today, we are very often asked about the consistency of our EMEA regions. Beside the capability to say that, yes, we have a strong execution, I think we have done the right thing at the right moment. The strong demonstration of the standard of care for replacing a tooth being an implant is really demonstrating in EMEA, as a lot of general practitioners are placing implants now. This is very often what is needed in the other regions. A lot of the GPs are still doing free unit bridge or are also very often doing nothing. This is detrimental to every patient's health and systemic health if you are not able to have good oral capabilities. This is why we believe that we have a very strong growth opportunity and company profile in the future. More at the Capital Market Day, November 25th. For the ethics, Isabelle, please. Let me comment on the net financial expenses a little bit and especially on the financial result we're showing. I think systematically there's no big difference compared to prior year. We basically still hit our foreign currency exposure and we still make sure we have a good coverage and we still believe we're on a good way in the way how we handle this. Although, of course, what happened in the second quarter was a little unprecedented. Why is the number we actually see higher than what we've seen the year before? Two main influencing factors, obviously, especially after what happened in April, the cost for the currency hedging itself went up quite significantly. This is what we see here. Then obviously due to IC loans, we have a little bit more of unrealized currency losses. I think it's worth mentioning it's unrealized. We don't expect this to come through. Having said this, what we expect to see in the second half of the year so far, and I think really in line with our expectations for the FX in general, is very similar to what we've seen in the second half of prior year. Okay, thank you very much. The next question comes from Daniel Jelovcan from ZKB. Please go ahead. Yeah, good morning as well. Just one left on the iEXCEL, which you shared with us is 15% of the premium implant sales. Where can that number go, let's say, until the end of the decade? Is it 50% or actually, why should, let's assume I'm a dentist, why should I take BLT and not BLC? Is BLT still sticky and there are little switches and so on and so on? Just to get the kind of a ballpark figure would be nice. Thank you. Very good question, Daniel. I would say three points here to answer. Our goal is obviously to have this number, the highest possible as iEXCEL volume share of total premium implant sales. We are seeing the possibility to go to 70, 80% moving forward when we look at the long term. Why do we think it's possible? Because it's the best system, really, even in our portfolio, and it really solves a lot of the challenges that many implant clinicians are having. Why this is important for us? On the one side, we are still able to make up then a better ASPs thanks to innovation. This is what is very, very important. We are still having a higher ASP with iEXCEL versus the legacy line. The second thing is if we can continue to streamline portfolio in the future to support operations, being able to increase, again, gross margin as they are able to do, at least maintain gross margin despite all the different headwinds we are having on this side, being able to then streamline portfolio and get rid of some of the legacy line will be very important. One of the factors that will help this will be, of course, registration in all the different geographies. For the time being, of course, BLC-Line will be registered only in 18 months from now in China. We are still waiting to have also in all critical Asia-Pacific countries such as then Japan. As soon as it will be available everywhere, I think we will have that ability to, yeah, I think a majority of our premium implant volume being iEXCEL then implant. Okay, very clear. Thank you. The next question comes from Vik Chopra from WF. Please go ahead. Good afternoon and thanks so much for taking the question for me, please. I guess maybe the first one, you know, you maintain your guidance and my question was specifically on your EBIT guidance. Maybe just talk about what gives you confidence in achieving this guidance range and what gets you to the low end versus the high end of the 30-60 basis points and then adequate follow-up, please. Yes, I think thanks for your question. I think why are we confident to maintain this guidance? I think to stress again, we're guiding at constant currency. Having said this, of course, what we cannot do is absorb this 130, 140 basis points in terms of headwinds we get from FX. I think why are we still confident, besides everything that has happened, especially with the tariffs? This really comes back to all of the measures, all of the investment we have put into place. What I can say, only being with the company for a couple of weeks now, it's really this player-learner culture and being very agile in reacting to what is being thrown at us. Especially the operations team, they have done an amazing job to mitigate the tariffs, put in place additional productivity efficiency gains. We managed our logistics capabilities really well, but then very diligently looked at what do we actually spend money on and is it strategically important? I think what we really want to maintain is this big resilience we see in the company and this capability to still keep on investing because you know, you can really advance more and beat your competition when the weather is tough. I think this is what we've shown in a very, very good way in the first half of the year that we really know how to take the curveballs thrown at us and compensate for this. This is why I said building blocks in a nutshell will be the operational leverage, obviously. To really absorb the growth in an efficient way and continue to focus on investing in the right things that will bring benefits in the long run, but at the same time taking all of the quick wins and implementing all of the measures we can to improve productivity efficiency month by month. Thank you, Isabelle. I would summarize three things. Top line, we need to drive growth for operational leverage, as just Isabelle said. Secondly, mitigation measures executed. I think we have anticipated this. That's why we are very happy where we are. That's why we are confident on the guidance. Third, OpEx discipline that has been also strongly executed by the team and where we see a lot of adherence to it, relating to the culture that we have been discussing. Everyone is really trying to achieve a company result and everyone is really feeling being on the same boat. All of this being executed flawlessly should help us to be where we want to be at the end of the year. Okay, thank you very much. My follow-up question is for Isabelle. I guess maybe you know, you haven't been here that long, but I'm just curious as to some of the lessons that you've learned from your time at your previous company that you think you can apply at Straumann. Thanks for taking the questions. I mean, looking at where I previously worked, I think it was a very similar environment to what I find here at Straumann. I spent a lot of my time in either China or private equity before I joined Straumann. I think this is what I was exactly looking for. You know, the fast decision-making, the fast pace. When you look at my CV, I will not repeat all of that, but I've been in finance all of my professional career in very different positions, exposure to very different projects. What I'm really looking forward to bringing in is this experience in finance transformation and digital transformation since I've done that a couple of times already. I think Straumann has a proven track record in showing that we can reinvent ourselves quite quickly and we can really adjust quickly. This is what I'm really much looking forward to, to driving together with a fantastic team I found here in finance and in Straumann in general. The next question comes from Veronika Dubajova from Citi. Please go ahead. Hi guys, good morning and thank you for taking my question. I will keep it to two, please. I just want to circle back to tariffs, obviously. Congratulations, you've done a fantastic job mitigating it this year. I'm just trying to think through what 2026 looks like. I think if I just do the rough math, given the disclosure that you've given us, I think at current rates we'd be sort of looking at somewhere between $20 million and $30 million headwind from tariffs next year if there is no mitigation. Isabelle, maybe you can talk through kind of fundamentally, so not just this year through inventory, but as we move into 2026 and 2027, what's the proportion of that $20 million to $30 million headwind that you think you can offset through changes to the manufacturing footprint and pricing and sort of, you know, how should we think about tariffs next year and beyond, assuming that we stay at current rates? I know that's a big if. I wanted to kind of ask a question about clear aligners, but sort of slightly different. Obviously we've had some pretty downbeat commentary from some of your peers in the market about folks switching to wires and brackets. I guess two parts to that. The first one is, are you seeing that in your business? If you're not, why do you think that might be the case? Then a sort of a second bigger picture question is, I think in the past we've seen sort of clear aligners being a precursor to weakness elsewhere in the dental market. If I think through what happened after 2022, certainly clear aligners slowed down first before we saw a slowdown in broader dental implant procedures and broader dental. I'm just curious if you think that's a risk here or if you think that this is very specific to clear aligners at this point in time. Thank you so much. Thank you, Veronika. Also, interesting questions. When it comes to tariffs, I think you ballpark number. It's around those kind of numbers that we see also playing with regard to some of the remaining effect of Brazil, some of the remaining effect on, and if those tariffs are staying there, which you know nobody knows right now. How much will remain and how much we think we will compensate with some measures, you know, this is too early to say for us at this moment in time because there are some mitigation measures that we are assessing right now and we don't know if they will be possible or not, if they will be realistic or not. That's why we have been able to gain significant time with increasing inventory. I think it would be really difficult to tell you in which proportion we can absorb that from just simple operation mitigation measures. What we know is that through our volume development and so on, we will anyway be able to absorb most of this with all the different elements that Isabelle was mentioning before. That was namely a lot of operational leverage, a lot of gross margin efficiency from a pure shop floor efficiency, and also obviously for some activities that we are doing on the side, potentially price increase, which is going to be a reality in some markets in some aspects. One of the facts is that we don't need to increase pricing, for example, only in the U.S., but it's about increasing also pricing and our pricing strategy for 2026. Those are a lot of different levers that we can pull for this, and we will tell you more when we are going to guide for 2026. When it comes to clear aligners about what we're seeing, I think first we cannot comment on competitors' situation because we don't know that from the inside. The only thing that we can say is that we don't see too much that coming back to braces and brackets, especially because first we are not really having a lot of specialists as customers. As we expressed, we are focusing on the GPs, and generally speaking, few GPs are doing braces and brackets anyway. One of the aspects of this is that I don't think that our market penetration today is allowing us to have a strong stance on whether this is true or not. This being said, we still see significant development on the GP activity on our side and also with some specialists. We still believe the clear aligner market is a very interesting segment as a market today. We have seen that there are different companies with different performance, some with strong developments, some with more challenging situations. We are really happy to keep playing in this field because we believe that there is really growth opportunity for us as a company. Third, can we conclude something versus total dental versus clear aligner movement? I personally think that it's a no because the clear aligner market, when you were seeing in 2021, for example, 2022 with that incredible growth, if you remember, a lot was coming also from significant advertising pressure from direct-to-consumer companies. There were direct-to-consumer companies everywhere. In the U.S. with Candid and with Smile Direct Club, in Europe, as we know, with DrSmile and a lot of different also local providers with a lot of millions of dollars and euros invested into social media advertising, TV advertising, and so on. I think this has also very significantly inflated demand on the aesthetic side. Those are the cases in an inflationary environment on a lower macroeconomic situation. Those cases, or at least a large part of those cases, have disappeared. Most of the cases that are staying are still very much on the functional side. Kids as an example, and we see it's still very healthy. Adult treatments who are doing that for really being able to have a better functional side. You have still some aesthetic anterior treatments, but those are the ones that are depending, I would say, for the micro side. This is, I think, for me, a lot of the explanation of that big difference when it comes to the total macro clear aligner 2021 versus now. I don't see the same approach being done on dental because the rest of dental treatments is a lot functional versus being aesthetic. That has been one of the reasons we many times expressed that the implant treatment has been very significantly resilient in those more difficult times versus clear aligner because of the natural side of the functional need of replacing teeth instead of making the smile being beautiful. That's just my take on what has happened in those past three years on that clear aligner segment. That's very helpful. Thank you so much. The last question for today's call comes from Dylan van Haaften from Stifel. Please go ahead. Thanks, guys. Just one question because we haven't spoken about SIRIOS or Midas that much. You had a comment about DSO adoption. Could you maybe reflect on how clearly it's a value proposition, how it's landing right now, and if you're seeing traction as a bundle or more on the SIRIOS side, and how we should kind of think about that ramping from here? Wow, thanks a lot, Dylan. I think that's a really appreciated question because this is one of the areas of the conference that we have not been touching about digital. The one thing that I will take as an opportunity to express is that we are doing double-digit growth on digital. Despite this kind of a big challenging macro period where we are saying maybe dentists will not invest in CapEx, our iOS sales are doing very well with the combination of FreeShape on the premium side with a very, very good technology and SIRIOS as a cost-effective system, which is also super appreciated by our customers. SIRIOS is one of those recent launches which is also making the difference. We are looking at the second half of the year with being the peak period for iOS, and we believe that SIRIOS will have quite a lot of things to support when it comes to growth rate also for the company. SIRIOS as a standalone is really a success since the acquisition of AlliedStar. We are seeing that as combining this with latest technology in 3D printing with Midas being one of the winning combinations in the marketplace on the prosthetic side. Now coming specifically to Midas and the SIRIOS in combination, yes, it has been attractive. We are still, you know, it's a very new technology. We are still seeing the very early adopter then trying to use this. What we can say is that for the practitioners that are really looking at efficiency gain and that are really looking at doing posterior prosthetic right now in a very lean approach, the solution has been very appealing. We just installed the first systems. It's a bit too early to say if it's going to be a, you know, like a tornado on the prosthetic side because we know also that dentistry is a pretty conservative environment. We see new technology being adopted step by step. I think when you look at the intra-oral scanner, I think it took something like 10- 15 years to be where it is today. It was also a cost challenge. Here with Midas, the cost is not the topic. It's how much we can make sure that the final outcome, which is the crown, is going to deliver on expectations. I think the technology is there. We are implementing it. Customers are happy. We just need to see how much they are going to be happy with the restoration, the final crown, and how much it will deliver on expectations from, let's say, the length of the treatment, how much it will stay in mouth, how much is the aesthetics. It will be a very important topic on the material side. For this, our partner SprintRay is also doing a very good job in innovating on the material side and giving a portfolio of indications for SprintRay to be just a no-brainer from a GB chairside technology. We are just at the beginning of it. We are very confident about this. We are very excited to partner with SprintRay, which is also having a mindset of customer centricity, innovative, fast decision-making. We are at the beginning and we will be able to share more about the first uses of this combination, especially at the Capital Markets Day and at the end of the year when we would have something like six months behind our belt. Excellent. Thanks so much. Yeah, thanks, Dylan. Thank you all for joining us today and for your continued interest in Straumann Group. We look forward to seeing you again soon and wish you a pleasant rest of the summer. Have a nice day and goodbye from a sunny and warm[bubble]