Ladies and gentlemen, welcome to the Tecan Group Half Year Results 2026 conference call and live webcast. I am Sandra, the conference call operator. I would like to remind you that all participants have been listed in read-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. Webcast viewers may submit any questions in writing by the relative field. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Martin Brändle, Senior Vice President, Corporate Communication and Investor Relations. Please go ahead, sir. Thank you, and good morning, everyone. Thank you for joining our conference call this morning. We are pleased to share and discuss our results for the H1 of 2026 with you. Joining me on the call today are our Chief Executive Officer, Monica Manotas, and our Chief Financial Officer, Camila Japur. Before we begin, let's quickly go over a few formalities as usual. The press release announcing our financial results was issued this morning at 7:00 A.M., Central European Summer Time. Both the press release and the 2026 interim report are available on our website, tecan.com, under the Investor Relations tab. Additionally, the PDF of the presentation slides, which we will be discussing during this call, is available for download. I'd like to remind you that this call is being webcast live on our homepage, and the link to the replay will be available shortly after the live webcast on our investor webpage. With that, let me now turn it over to Monica Manotas. Monica? Thank you, Martin, and good morning, everyone, and thank you all for joining us for our 2026 half-year results presentation. As Martin just said, I'm joined here today by Camila Japur, our new CFO. Welcome, Camila. You hit the ground running from your start on June 1st, and it is great to have you here, and also as part of the leadership team. Together, we will take you through our performance for the H1 of 2026, our views for the rest of the year and beyond, and also give you an update on our transformation program, Rewired. At our capital markets update in March, we explained to you how we intend to reignite growth at Tecan with our Rewired transformation program. I am pleased to say that our solid results with above-market growth in the H1 gives us good reason for confidence. Now, let me quickly walk you through today's agenda. I will start with a short introduction and the headline financial highlights for the H1 of 2026. Camila will then take you through the financial results in more detail. After that, I will come back to give you an update on our Rewired transformation program, our outlook for the rest of the year, and our targets for 2028. As always, at the end, we will have time for your questions. Our performance in the H1 was solid. I am pleased about the above-market growth in both segments. Profitability is sound, yet reflects the cost of our Rewired program and of IT investments. A look at our results. Group sales came in at CHF 427.5 million, up 3.4% in local currencies, with both our life sciences and partnering segments contributing to comparable growth. Order entry was CHF 444.3 million, up 3% in local currencies, keeping our book-to-bill ratio above one in both segments. Adjusted EBITDA was CHF 64.5 million, corresponding to a margin of 15.1% of sales, slightly ahead of last year. Basic EPS was CHF 0.99 and adjusted EPS was CHF 2.62, both below last year's levels. Here, FX was an important headwind, but Camila will take you through key drivers. Operating cash flow was CHF 17 million. As Camila would explain in more detail, the significant decrease in the H1 of 2026 was mainly due to changes in working capital. These factors are non-structural. Operating cash flow has historically been strong and it will remain strong in a future-proof Tecan. Overall, a solid H1 with good above-market growth. There are areas for improvement, which we are addressing with Rewired, but we remain financially very strong, and this allows us to invest in future-proofing our company while returning capital to our shareholders in line with our capital allocation strategy. Let us now take a look at our end markets. As a reminder on the format of this slide, the slide is intended to show how we expect our end markets to perform this year. The arrows in each customer segment represent the expected change versus last year. There are two arrows for each segment, representing the lower and the upper end of the expected range. Overall, in H1, trends developed as we expected. Markets have been largely constructive and continued to recover. Now let me share some color on how we performed in each segment in H1. I will start in the middle with the biopharma and diagnostics since they are the most relevant for us. In biopharma, we grew high single digits. We are seeing the recovery we were expecting. The diagnostic segment continued to grow steadily, and we delivered mid-single digit growth in this segment. Now moving on to academia government. There, we saw a double-digit decline. Relative to our expectations, our view is that for lab automation, this segment performed on the lower end of the range. Finally, in med tech, we grew in the mid-single digits. We continue to see healthy growth in the market for this segment. However, concentration of our business among a few customers means our growth can reflect single customer decisions more than the overall market dynamics. Now looking out to the H2 of 2026, while we have seen some signs of acceleration in the market, we believe it is too early to call a change in trend. With that, our assumption is that for the full- year 2026, the markets will perform as we anticipated at the beginning of the year. On the whole, I am pleased with the development of Tecan and of the market environment so far this year. Our performance has been solid. We are confident in our ability to grow above the market, yet we remain prudent. With this, I would like to hand over to Camila Japur, our CFO, for the detailed discussion of our results. Good morning, everyone. Thank you, Monica. I am pleased to present a detailed overview of Tecan's financial results for the H1 of 2026. Let me start with sales and order entry on slide six. On the left top of the slide, you can see the reported sales for the group of CHF 427.5 million, representing a decrease of 2.7% reported figures, but an increase of 3.4% in local currencies. Growth momentum was sustained in the Q2, with sales up 3.4% in local currencies. Moving to order entry, the H1 reached CHF 444.3 million, up 3% in local currency with book-to-bill ratio of 1.04 and above one in both business segments. Important to say that Q2 order growth was stable year-on-year in local currencies, despite a tougher comparison base and Q2 orders exceeding Q1 levels. Moving to slide seven where you look at segment performance. Let us start with the life science business. Sales grew 3.1% in local currencies, outperforming the broader lab automation market. The growth was driven by continued strong performance in the biopharma and diagnostic customer segments, with sales in academia government decline as expected. The life science business was sequential improvement, with Q2 sales increase of 4.6% in local currency year-over-year. From a regional perspective, H1 sales in Europe remained stable, while the U.S. delivered approximated 1% growth in local currency. Both regions experienced an acceleration of growth in the Q2. Asia was the main growth driver, with Japan posting very strong results and China achieving mid-single digit growth. In Asia, liquid handling instrument, including both Thunder platforms and our Labwerx customized solution were major contributions to this positive development. Now, let us talk about our partnering business. Sales increased by 3.6% in local currency, supported by solid growth in diagnostic and med tech. Q2 delivered growth of 2.4% in local currencies, despite an increasingly challenging comparison base. Looking at our different offerings, we saw a continued good growth in Synergence services for complete system, and we saw the highest growth in our Paramit CDMO services, which also benefit from a lower comparison base in prior year. In Cavro OEM components, sales decreased again as we had some supply challenge, and we were unable to ship all of the planned backlog. Order entry was solid, as reflected by a book-to-bill ratio above one in both segments throughout the H1. Now let us change gears to profitability. Before we talk about EBITDA, I would like to comment about our gross margin and OpEx. Gross profit margin declined year-over-year from 36.2% to 33.9%, driven mainly by material cost inflation, inventory valuation, FX, and tariffs. The decline in gross margin was partially offset by a lower OpEx that had the benefit from effects and reduced accrual and improvements from Rewired. Our adjusted EBITDA reached CHF 64.6 million, just CHF 1.1 million below year-over-year. The adjusted EBITDA margin increased to 15.1%, slightly above the 15% reported in H1 2025. This was achieved despite headwinds from FX and tariff, which had combined negative impact of 170 basis points. Nevertheless, underlying profitability improved by 180 basis points, primarily as a result of sales volume increase, a favorable product mix, and the first benefits realized from Rewired transformation program. Let's move to page nine. I want to introduce this new slide to provide greater transparency on the reconciliation from reported to adjusted EBITDA, clearly outline the impact of our transformation and IT investments. You can see in the table on the left side that the difference of CHF 17.9 million to adjusted EBITDA is mainly explained by the cost of CHF 7.6 million related to Rewired transformation program, including restructuring expenses. In the second bullet, we see investments to upgrade our SAP S/4HANA and the new CRM system. This project, named Elevate, was launched in 2024. In the last line of the table, we also have the positive effect from the tariffs refund of half a million. As you may saw in the press release, we expect a further refund of around CHF 6.5 million. Now, let's talk about Rewired. As previously communicated, implement Rewired requires upfront investments. These costs are a combination of cash and non-cash items and are necessary to deliver the sustainable improvements and returns we expect from the program. The total OpEx to deliver Rewired is estimated at CHF 45 million to CHF 60 million, and in H1, we booked CHF 7.6 million. Our savings from Rewired are materializing, increasing our confidence that the program will generate long-term value. My focus in the coming months will be on establishing disciplined cost-based tracking and developing a comprehensive understanding of all underlying cost drivers to position Tecan for sustainable growth and improved profitability. Then, I will be happy to share more quantitative progress of our Rewired execution with you. Changing to Project Elevate, I would like to stress that while Rewired is a comprehensive transformation program, Elevate is our ERP and CRM modernization project. Elevate non-recurring costs in the H1 were CHF 9.9 million. Differently from Rewired that we are invest in the first year in the reset phase, for Elevate, we are moving to the final stages of the project with go-live anticipated in the H1 of 2027. Both Rewired and Elevate are critical to strengthening our foundation and supporting our strategic ambitions. I hope this view helps to increase transparency of our strategic investments. Now, moving to our segment profitability on slide 10. Let us start with life science business. As illustrated in the chart in the bottom of the page, the adjusted EBITDA margin was 13.8% of sales. This segment absorbed most of the negative impacts from FX and tariffs that were partially offset by positive contribution from higher volumes and operation improvements under the Rewired program. In the partnering business, the adjusted EBITDA margin increased to 18.7%, driven by higher volumes, a favorable product mix, and operational improvements resulting from Rewired despite adverse effects and tariff impact. On slide 11, we will talk about net profit and earnings per share. Before talking about adjusted figures, I want to explain the factors that impacted the non-adjusted earnings. All reported earnings figures include EBIT, net profit, and earning per shares were affected by higher costs related to Rewired transformation program and Elevate project. Reported net profit of CHF 12.3 million was also impacted by negative effects from FX hedging below the operating profit line. Now, I will talk about the adjusted numbers that you can see in the chart. Adjusted net profit declined by 3.5% to CHF 32.5 million. Adjusted earnings per share were CHF 2.62, down 1.5 year-on-year. The decline in adjusted earning per shares is lower than the decline in adjusted net profit as the number of outstanding shares was reduced through the ongoing share buyback program. In my last slide on page 12, I will talk about cash flow. Before diving into the numbers, I would like to highlight that Tecan maintains a strong financial position to continue investing our transformation program to future-proof Tecan, while also returning value to shareholders through dividends and our share buyback program. Let us start with operating cash flow that is positive, but significantly lower at CHF 17 million, with cash conversion also declining compared to previous period. This was mainly due to higher accounts receivable for increased sales late in the period, an inventory build-up to enhance operational resilience amid supply chain challenge, and higher payments, including tax payment related to a prior period. These factors are non-structural, and operating cash flow has historically been strong. Day sales outstanding increases slightly from 45 to 47 days, mainly reflect the higher accounts receivable concentrated in the end of the quarter. The change corresponds to a normal fluctuation. I also want to reinforce the message that cash flow generation is a key focus area for me, and we will continue to drive actions to maintain healthy working capital. Now moving to investments. In the H1, it amounted CHF 4.3 million. This includes CHF 25.7 million invested in property, plant, and equipment, and other intangibles, which cover the new consumable production line in the U.S. and investments related to Elevate project. Cash flow from finance activities in the H1 include the dividend payments of CHF 37.2 million and the purchase of treasury shares of CHF 30.5 million. This reflects our commitment to attractive shareholder returns while ensuring the capital strength to transform and expand our business. I also want to talk about net liquidity in the last 12 months, comparing June 2025 versus June 2026. We saw a decline to CHF 73.5 million in the H1, reflecting the combined impact of all mentioned effects. Before I hand back to Monica, I would like to reiterate my confidence in Tecan's strong position and our ability to successfully navigate this transformation journey. I am confident that as part of Rewired, we can deliver sustainable, profitable growth. Thank you. Thank you, Camila. I would now like to give you an update on our Rewired transformation program and share our outlook for the remainder of 2026 and beyond. As a reminder, we launched Rewired in the Q1 to future-proof Tecan and to help us excel in both innovation and execution. This three-year program is designed to generate more than 4% CAGR versus our 2025 baseline, taking us to our 2028 targets of CHF 1 billion in sales and 20% adjusted EBITDA margin. It is built around three pillars. First, it is portfolio discipline. We are building on our strengths, investing in scalable, differentiated segments, and exiting non-core businesses to drive focus from a talent and innovation perspective. Second, commercial excellence. We are building an organization that outperforms the markets through sharper segmentation, value-based pricing, and a more agile go-to-market approach. Third, operational excellence. Creating scalable, resilient operations on a lower cost base and which convert growth into margin and cash. Underpinning all three pillars is a performance culture. Successful execution relies on ownership, accountability, and collaboration across the organization. Now let us look at the progress we have made against each of the three pillars since our last update. Here are some highlights. On portfolio discipline, we closed our Boston design site in April. This was a site we acquired in 2021 as part of the Paramit acquisition that housed dedicated early-stage design functions for medical devices. We have also advanced the planned exit from selected Tecan Genomics activities, with the process progressing as planned and our customers continuing to be served seamlessly throughout. On commercial excellence, we are building out the ecosystem to position Tecan as the partner of choice for AI-powered labs. The first concrete milestone is Agentic AI for Introspect as part of our NVIDIA partnership. We are also collaborating with NVIDIA on the further development of physical AI capabilities. In parallel to the NVIDIA partnership, we are advancing a growing portfolio of AI-driven initiatives with technology partners and customers, where we position Tecan products as key enablers of AI-powered laboratories. For example, in Japan, Tecan collaborated with a customer to develop a biofoundry, which is a highly automated factory for biology that integrates robotics, AI, synthetic biology, genome engineering, high throughput testing, and data analytics. Tecan technology serves as a core component in this innovative setup. In terms of geographic expansion, in May, we expanded our direct presence in India with a new local sales and service team based near New Delhi, an important step in one of the world's most dynamic life sciences markets. Operational excellence is focused on scalable, resilient operations that convert growth into margins and cash. Efficient operations and a lower cost base are a priority for us. At the end of March, we divested our precision machining site in California and consolidated that manufacturing capability in Vietnam. Our U.S.-based pipette tip production has been operational since Q2, giving us more responsive, resilient supply for the U.S. market, including a meaningful reduction in CO2 emissions. We continue to advance on our previously initiated investment in a harmonized SAP enterprise architecture. The project is an important step, and as Camila explained, its cost is recorded under the Elevate program. To drive the work on all three pillars, we have also made progress in strengthening our performance culture. Examples from the H1 of the year include clear P&L ownership by the businesses with aligned incentives, ownership of the innovation roadmap by the businesses also with aligned incentives, and tighter cost discipline. My first year as CEO has clearly confirmed the potential of Tecan. To realize this potential, to future-proof the company, and to drive long-term value, we launched our Rewired transformation program in the Q1 of this year. Following the implementation of initial measures in the Q2, we expect these to contribute to our full- year performance and serve as the foundation for accelerated growth and profitability. We will continue to share proof points as we progress with Rewired. With this, let me turn to our financial outlook for 2026. We continue to expect sales growth in the low single digits in local currencies for the year, and our aim is to grow above the market. Our results in the H1 confirm our confidence in our performance and in our adjusted EBITDA margin outlook of 15.5%-16.5% for the full- year 2026. We now expect a slightly lower negative impact from tariffs than previously assumed. At the same time, we expect positive effects from higher sales volumes, a favorable product mix, and the initial benefits from our Rewired transformation program. Based on these developments and based on what we delivered in the H1, we currently expect to close the year towards the upper end of our guided range. Now looking forward beyond 2026. We also confirm our outlook and targets for 2028. CHF 1 billion in sales, representing a CAGR above 4% from our 2025 baseline in local currencies, and a 20% adjusted EBITDA margin. Beyond 2028, we confirm our ambition of mid to high single-digit sales growth and an adjusted EBITDA margin above 20%. Now, to sum up the H1, I am pleased about the progress we achieved. We grew above the market. We have good momentum in life sciences and partnering is on track. We have a significant opportunity to realize the full potential of Tecan. Rewired is progressing well, and we expect it to contribute materially in 2027 and 2028. While I am pleased about our performance in H1, I am still prudent about the market recovery and continue to expect it to be gradual. What I am certainly confident about is our ability to execute and deliver on our commitments. We are now very happy to take your questions. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume of the webcast while asking a question. Webcast viewers may submit their questions in writing by the relative field. In the interest of time, please limit yourself to two questions. Our first question comes from Aisyah Noor from Morgan Stanley. Please go ahead. Good morning, Monica, Camila, and Martin. Thanks for taking my question. My first one is on the Rewired program. Could you give us a feel for the sustainability of the cost savings you've generated from this program? Could there be upside to this program versus when you first announced this program? What are the one-off or restructuring costs you've earmarked for the period versus the CHF 8 million you booked in the H1? My second question is a bigger picture one on AI, which I notice you've highlighted a lot more in this quarter presentation with this NVIDIA partnership, which all sounds very exciting. How are customer conversations trending here? Do you see this resulting in, for example, higher automation requirements, expanded project discussions, et cetera? When do you think this could materialize more concretely in your order growth? Thank you. Yeah, thank you for the questions, Aisyah. Let me start with the Rewired piece, and I can give an overall context, and maybe Camila, you can add some perspectives as well there. Overall, I am happy with the way things have started on Rewired. On your question around sustainability of savings from what we've seen so far, if you actually take a look at the first savings that we've seen have been really through the exits of the businesses that we talked about also in March and what we've started to execute. Those costs come out of the system. Those are certainly sustainable. That's a permanent kind of cost out that we will see out of those. As we continue to execute, you will start to see more of those coming through. As we said, we launched the program in Q1, so we technically really just have one quarter under our belt. Yes, you're right, we do continue to review the program to see if there are other opportunities to be added. Obviously, being careful on ensuring that we don't miss the focus of the team on the execution side. It's a balance that we're playing. But overall, very happy with how things have launched. Camila? Yeah. Just to complement this, before you mentioned the AI piece. On top of that, I want to highlight that the focus in coming months will be to establishing a disciplined cost-based tracking and develop a comprehensive understanding of all underlying cost driving that we have in the company. This will also enable us to give more transparency about the numbers, how they trend. I need a bit more time. You also asked about the restructuring cost. I would say for Rewired program 2026, it will be similar level in the H2, so we reported the total cost, and for 2026 is a bit lower than the average for the three years. I'll, yeah. Okay. AI. I'll turn over to the second question around AI. This is a really, really exciting topic for us. Certainly we see it from on the side of the opportunity of how automation can play a role and just seeing the excitement from a customer's perspective. I would say, maybe two sides. Certainly, what I see on the customers, primarily on the clinical diagnostics side, they have been really excited to see the capabilities that we've added to our Introspect tool because these customers tend to have larger fleets in their labs, and they really are focused on efficiency and optimization. They don't have the ability to have manual processes, just something that relative to the volumes that they handle just wouldn't work. They definitely rely on automation and a tool like this really allows them to truly understand all the opportunities, from an efficiency perspective of the fleet that they have. We have more things coming as part of the collaboration with NVIDIA. I mentioned Physical AI, but there's another piece that we're talking about that we're calling Discovery Introspect that will allow for faster processing of larger subsets of data. Again, something very much targeting this subset of customers. On the side of our biopharma customers also, they are very excited to see how they embed AI in their drug discovery process. Here we help them by ensuring that we make the validation of the results as optimal as possible. Again, there is no way for them to be able to manage all of this if they are accelerating the in silico bit, if the validation doesn't leverage automation and AI as well. The connection of those two to create that closed loop is where our value add from an AI perspective comes into play, and they're interested in the concept of autonomous labs. All of that is certainly in the conversations. You ask how much of this is truly maybe converting to business. I would say it is at the very, very beginning of the process. I'd say all of the customers have this in mind because they see the benefits in different ways in what they do. Stay tuned because we have more things that we're working on from an AI perspective to continue to partner with our customers. I hope that helps. It does. Thanks so much. The next question comes from Harry Gillis from Berenberg. Please go ahead. Thank you very much for taking the questions. Just as we start to think about 2027 growth, I have some related questions on what we are seeing on the order entry side. I guess order growth slowed from 6.7% in Q1 to stable in Q2. Although I appreciate the book-to-bill was above one and there was a sequential improvement, but just trying to understand with tougher comps on the order side also into H2, how should we think about orders as we move into H2 with, we are seeing the underlying improvements in certain areas of the market, but also the tougher comps. Then maybe by division, I noticed you said life sciences orders accelerated in Q2. Is the broader slowdown maybe to do with your largest customer in partnering, or does it reflect any underlying slowdown? Really just trying to get a sense of confidence in terms of the orders and the backlog in H2 as we start to think about 2027 growth. Thank you. Thank you for the question, Harry. I will give you an overall view. A lot to unpack there, but I would maybe start by saying that I feel good. When I think about the launch point into H2, I feel good about what I am seeing, a combination of the order behavior, but also the continued expected recovery of the markets. Maybe that is a high level. You are right in what you are saying that sometimes you have to take into account the comp that is slightly different in the different segments. When I think about life sciences, maybe as a start, I would say that definitely we saw an acceleration, I think you mentioned and we mentioned it in the prepared comments in Q2 versus Q1. Underline that, it goes to the recovery that we are seeing in the market, because we did see better results out of the instrumentation part of the portfolio. With orders accelerating in Q2, I feel good about the H2. Of course, we want to keep an eye on how the markets continue to recover. There were a couple of things from a comp perspective, particularly consumable side, as customers prepared to take advantage of the new capability in the U.S. We know that they placed some orders in the H1 that perhaps we are not going to see in the H2. I still expect consumables to grow higher than the overall average. But I know that there are some dynamics there that will have an impact in H2. Overall, feel good, I guess, particularly on the side of what we are seeing in terms of acceleration of the instrumentation part. I think that is a good signal for market recovery. On the partnering side, you made the point around the largest customer. That is definitely playing a role. We always knew that this year was going to be a little bit skewed from a growth perspective, just given how the comp worked out in 2025. H1 was always going to be stronger than H2, and I think that is reflected in the order entry levels. No surprise there. We continue to stay obviously very close to that customer as we think about H2 and then obviously the prospects going forward. When I think about what we are seeing on the Synergence side, I feel good that our customers are seeing also the recovery that we are seeing in the H1. I feel good about the expectations for the H2. We see some of our big customers having strong success in the market. That is going to reflect well for us. As Camila made the comment around Cavro, we have backlog that we could not ship in the H1. That would add to the expected results in H2, is that we have a catch-up that we need to do there. That will help overall the H2 results. It is exciting to see what some of our customers, both on diagnostics and life sciences, are doing in terms of components. I feel good about that business as well. I hope that gives you an overall sense of how to think about H2. Yeah, that was super helpful. Thank you. Could I just ask one more question, and then perhaps I can join the queue again. It was helpful saying you expected to deliver towards the higher end of the margin guidance, so that is the base case. However, I noticed the underlying improvement you have tweaked down from 50-150 to 40-140 basis points. I was just wondering if there is a specific reason on that, just given H1 seems to progress very well on the adjusted EBITDA side of things. We are very comfortable with our guidance now, and I think the first results of Rewired give strength our confidence. This is why I also mentioned that we expect to be more in the upper range of that guidance. As I joined in June, my focus now is to really have a very good grip and understanding of our cost base and attract this in a very disciplined manner. Then we believe that with the solid results in the H1, that this will continue in the second one. But I prefer to take a more conservative approach here for guiding the upper range of that reach, but not changing guidance. Thank you. Super helpful. Thank you. Thanks, Harry. The next question comes from Jan Koch from Deutsche Bank. Please go ahead. Good morning, Monica. Hi, Camila. Hi, Martin. Thanks for taking my questions. I would like to come back to the phasing in H2. Could you help us to better understand the phasing of especially sales and order intake in Q3 and Q4? Given the tough comparison in Q3, do you expect order intake growth to improve sequentially? Secondly, great to see the sequential growth acceleration in life science. Aside from exposure to the Academic & Government channel, are there any life science businesses that haven't returned to a more normalized growth rate yet? Could you also update us on the current sales exposure to the A&G channel in both the life science and the partnering businesses? Okay. Do you want to take the phasing? Maybe I'll start on the first part, is on the phasing of the numbers. I guess maybe as a general comment, I expect this year to look more as how the business was looking before all the ups and downs during the pandemic and following. Which means at the very high level, we tend to have a bit more weighing on, from a sales perspective on the H2, than we do on the H1. That's kind of the expectation overall. There's really nothing to highlight Q3 versus Q3, other than maybe keeping an eye a little bit on the comp that we saw primarily on the partnering business. For part of the business, it was a little bit higher in the Q3, and for the other part of the business, it was a little bit higher on the Q3. That would be the only watch-out as we think about the H2. As I said, I feel really good about what we're hearing from our customers in terms of the prospects and how they are doing in the markets and to deliver on our commitments in the H2. I hope that gives you a little bit of color from a phasing perspective. If I take the second part of the question, which is on the life sciences, I think you were asking what are the areas where perhaps we're not yet seeing a recovery. Certainly, I would say that maybe two aspects there. One is on the academia government, as I mentioned in my comments. I think this is the area that is lagging from a recovery perspective. We saw weakness, quite honestly, pretty much across the board in all geographies, perhaps except APAC or the Asia region, except China. When we look at what is going on, it is clear that it's not even throughout, right? There are certain institutions that have funding, so it's really a matter of looking where the funding is and really supporting those customers in that perspective, and that's really the work that the team has been doing. We're following very closely, the sources of funds and ensuring that we start to see that flow, and keeping an eye on that. Maybe the second area, in life sciences, we're keeping a very close eye is the development of the growth in instrumentation. There, as I mentioned, we did see quite a difference in the Q1 versus the Q2. So it's really nice to see how that has improved in the Q2, and I think that's really a good testament of the overall recovery, particularly what we're seeing in the biopharma segment. Got it. Thank you. I think I got- Oh, sorry. Yeah, one quick follow-up, if I may, regarding the supply chain issues that prevented you from shipping all orders. Could you quantify that impact and have these issues now been resolved? Yeah. The issues relate particularly to supply with a couple of major suppliers that we have within Cavro. We see an improvement overall, but we expect that recovery to take place throughout the H2. I think it's going to be a gradual one. That's what I would say. And from the perspective of the size of it, maybe just to give you a sense and maybe you have a sense of the size of Cavro, it did put Cavro in total negative. You should see that going back to positive territory as we recover overall. Got it. Thank you. Thank you. The next question comes from Sebastian Vogel from UBS. Please go ahead. Hello. Good morning. I have got two questions. The first one is on the margins. It is not easy, but nonetheless, to think about how margins were looking in June or May, compared to the average of H1 that you gave us. The other question I would then take afterwards. It came strong more in the end of the quarter, but this is because of the fluctuation in volume revenue that we have more concentrated in the end of the quarter. That is the main reason. Volume helps, right? Sure. Do we talk like whatever, 50 basis points higher than the average or more like 100 basis points? Is it just some sort of granularity? That would be great. We do not disclose on that detail level, Sebastian. Sure. My second question is with regard to the underlying improvements that you were showing into the waterfall charts. As you have said, you have 180 basis points in the H1. You guide for 40 to 140 basis points for the full- year. Is that just outright overall massive conservatism or is it something to be expected to see these 180 basis points to going something like, the midpoint maybe in the 90 camp? Yeah. As we mentioned, we are very confident on the guidance for the H2 and the full- year. We believe, as Monica mentioned, that we will be more on the upper part. I just started in June, so I want to have a better view of our cost drive, cost base to feel very confident to change guidance at this stage. We are confident that we will be in that range, more in the upper part. Got it. Many thanks. Next question comes from Delphine Le Louët from Bernstein. Please go ahead. Yes, hello. Hi, good morning, everybody. Just to be back on the tariff, please. Can we get the sense of the seasonality getting into H2 and to confirm that approximately 90% or 95%? So far that we've been seeing in Q1 was dedicated to the life science. This is the first question. The second question deals with the investment which is ongoing both regarding AI and regarding IT infrastructure. Can you give us a sense of how big is that for the Rewired and the reignite, and how much we should think about that getting into 2027? Let's start with tariffs here. In the H1, as you saw in the bridge, it was a negative impact of 50 basis points. And we got a bit refund that is not visible in the bridge, because this is adjusted. For the H2, the impact should be lower. We estimated around 30 basis points, which lead for the full- year impact of 40 basis points. And this reflects the most recent change in the tariffs communicated, right? When it comes to investments for the Rewired program we have, as you know, this is a journey, it's a three years program. And our expectation is that in 2026, we are more in the lower end of the spend. 2027, that will increase because there are a lot of transformation going on in the company. So it will be a high impact in 2027. For the IT investments, what we call Rewired program, that is SAP S/4HANA and the CRM system. Here, we are more towards the end of the program, so our expectation is to go live in the H1 of 2027. I expect the spend perhaps at similar level than we had in H1 of 2026. That is just to give you an idea. No, but perfect. Thank you. Very useful. Thanks a lot. [inaudible], on the tariff point, you are right that the majority of the tariffs are borne by our life science business. It does just have to do with the way the contracts are set up on the partnering side. Mm-hmm. Thanks. As a reminder, if you wish to register for a question, please press star followed by one. We have now a follow-up question from Harry Gillis from Berenberg. Please go ahead. Thank you so much for taking the follow-up. I think you noted mid-single digit growth for the life sciences business in China. Could you maybe just discuss what you are seeing in the different end markets, maybe academia government versus biopharma, and how sustainable that growth is? Thank you. Thanks for the question, Harry. You are right. We did see that business back to growth. When I think about the market dynamics in China, I do not really think that anything has changed relative to perhaps what we discussed maybe at the beginning of the year and even towards the end of last year. I think that what changed is more our team's understanding of how to win in that market overall. When you actually look at the overall results by segment, we see that the driver of the growth for us has been on the biopharma side, which is nice to see. I think I have shared in the past that China is very much at the forefront when it comes to innovation. When we actually first started to see the concept of robotic work cells applied into autonomous labs, it was actually there in China. Our offering there, including what we have through our Labwerx team resonates very well with the customers over there, and that is why I think that is what is driving our growth in biopharma. I think from a market perspective, I think it is sustainable, so I think it will be a matter of us continuing to execute well and execute to continue to gain share in. I think on the academia side, it has not really changed. The concept of local continues to be important, and typically what our customers will need to do is they will have in tenders a certain minimum requirement of the made in China piece, and then they work with us to figure out how our piece fits within the total to increase their chances of getting the funding. We had a very nice win in the H1 from one of our academia customers, a tender that they put out that helped on the orders. We haven't shipped the product, but that should help in the H2 from a revenue perspective on the academia side. But as I said, I think when you think about the overarching dynamics, I don't think they have changed. It's really more how we manage the dynamics and win in that market. Thank you. The next question comes from Laura Pfeifer-Rossi from Octavian. Please go ahead. Yes. Hi, good morning, everyone. Thanks for taking my questions. Maybe just coming back to the sales guidance. You have not changed the wording, and you have not mentioned neither that you would expect it maybe to be at the upper end as you have done with the margin. So I'm just wondering what degree of conservatism is still embedded in that implied growth rate for H1. When I take the midpoint, it's probably only 1% growth required in H2. And what would prevent the strong momentum you have seen in H1 from continuing or maybe even accelerating? The second one is on Paramit, specifically maybe on the largest customer. Can you discuss a little more here the sales and order development you have seen and also what we should expect for the rest of the year? I think if I remember correctly, in March, you were expecting rather flattish sales trends for the largest customer. Just wondering if that has changed anyhow. Thank you. Thanks, Laura, for the question. I am going to start with the sales guidance. I would say that here, as I mentioned in the prepared comment, I am being prudent from a market perspective. We are seeing the recovery, but this is something to be watched, just because I am not ready to call out a change in the trend, and that then plays a role in what we are expecting from a total sales perspective. That is the overall comment from a market perspective. I want to be prudent and continue to see as the market continues to recover. With that said, obviously, we do have some differences from a comp perspective to be careful about, particularly on the partnering part of the business, which ties to the second part of the question, which we always knew that we would have a harder comp from a H2 perspective because our largest customer had a stronger H2 in 2025. As it relates to Paramit, as you said, we have been guiding for a flat number in 2026 versus 2025. We had really strong growth in the H1, as Camila mentioned, and this was particularly even more so in Q1, just because of matter of how the comp actually worked in 2025. We did see, as we expected, a strong H1 with them. As we reviewed the next six months with them and looking particularly at how they are seeing the product mix, because as you know from a demand perspective, they really have no issue with how they are seeing the growth, which is really great to see. But as we look at our deliveries and how they are expecting product mix, right now, the latest numbers are coming in just slightly below the 2025 numbers. But that does not change at all the expectations of the Paramit or the CDMO business from a full- year perspective. They will make up that small difference with growth in other customers. But that is what the latest discussions with them are. Okay. That's helpful. Thank you. We now take the last question for today's call. It's coming from Daniel Jelovcan from ZKB. Please go ahead. Good morning also from my side. First of all, Camila, a good start in retrospective. I only heard very positive things from investors when you were with u-blox, so yeah. Thank you. First question. I did not really understand the negative hedging costs. When you lose on the top line and on the margin in terms of forex, should there not be a positive hedging gain below the EBIT? That is my understanding. Can you maybe explain the bridge, how that happened? First question. This is zero versus spot. The cash, it is not impacted, so we have an average, right? This is zero. Then we have, as the dollar is going up in the later phase and month, then we also have the negative impact of the hedging contract, right? This helps in the cash flow. We do have a large exposure to dollar, a net exposure of around CHF 160 million, so it is important that we keep the hedging contract to mitigate that impact. We do not disclose more details about it in this call. Yeah. Okay. Last question on the academias. A lot of peers have now said that there is a budget which is geared to 82% to late-stage clinical work and 18% to early discovery work at academias. Can you elaborate a bit on the impact on Tecan? Where are you more geared? That would be helpful. Thank you. Yeah, I can take that, Daniel. I assume you are talking about NIH funding. Is that correct? Yes. Yeah. We did see earlier this year that there was approval for this fiscal year on a budget that was slightly higher than the previous year. I think what our customers are telling us is they don't necessarily see the actual flow of the funds, and there's been data out there showing that. That's really the key watch-out as we look forward in supporting our customers in this segment is how will they then start to see the flow of funds into their projects? Because one thing that is very clear is that if you think about the priorities in what the administration wants to see accelerated from a research perspective, it's things related to AI and automation. I think it's how we expect to see those funds flowing through, and that's really what they're not seeing, and that's driving their level of conservatism. Certainly, a watch-out, especially as they start conversations about the next fiscal year and our customers actually figure out how to prepare their grant proposals on the basis of the new rules that are in place. Okay. But your exposure is more geared to late-stage clinical work or early discovery in general? Yeah. It tends to be more early discovery. But when you think about the academia exposure, it's roughly about 15% of the life sciences business. We really have no exposure on the partnering side, so that works out to be roughly about 5% for total content. All right. Thank you. Good. Thank you very much. With that, we would like to conclude today's call. Thank you very much for your participation, and we wish you a great day. Thank you. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.