Dear investors, dear friends, good afternoon. Welcome again. I am Guo Zhi, the Corporate Secretary of ADAMA Limited. Welcome to the online roadshow of Q2 and H1 for 2026 of our company. We have prepared simultaneous interpretations for you to choose the appropriate language, the suitable language for you to listen to the entire event. Participants attending today's roadshow include our CEO and President, Mr. Gaël Hili, Madam Efrat Nagar, our CFO, as well as our Financial Corporate Management Director, Madam Rivka Neufeld. You can see them on the screen. Our guests will present to you the performance for Q2 and H1. Following that, you can raise that question section on the right bottom of your screen. As a routine, please read carefully the legal disclaimer, before we start. Without further ado, we will give the floor to our President and CEO, Mr. Gaël Hili, to present to you how we have performed. Please, Gaël. Okay. Can you hear me right, Guo Zhi? Yes. Okay, good. Good afternoon, everyone. It is my pleasure to be here to introduce the H1 results for ADAMA and make some comments on our performance and how the market is evolving. Before I do that, I would like to set up the scene because, in 2026, from the beginning of 2026, we actually, as a company, entered a new phase, and it is important that you understand, and I will share with you what this new phase is about. Next slide, please. Since 2022, where the industry and ADAMA had a peak, a high peak in performance, we have been in 2023, in 2024 and in 2025, going through what we call the Fight Back and then the Fight Forward transformation. This lasted basically three years, 2023, 2024, and 2025, during which we made a lot of efforts, a lot of action to restore the profitability of the company and bring it back to a sustainable financial position, which was not the case at the end of 2023, as you probably remember. We did, during that period, a lot of changes in the company, operating model, changes to our asset footprint, changes to our operating model as a company, changes to the way our geographical footprint. This resulted in a 20%-25% performance, which was, as you remember, much better than 2024 and 2023. Now, after having stabilized the company, we are entering the next phase of our strategy execution. During the previous phase, no, sorry. Stay on that slide. During the previous phase, we built discipline, and we want to turn now this discipline into impact as we grow. That is what we call the next phase, Growing Forward. We stabilized the company. It is now time to grow and to grow in a profitable way. Growth is going to be the essential next step for ADAMA, but it must be, and that is what I would like you to keep as a message, it must be the right type of growth. In the past, ADAMA has sometimes grown in certain periods, but with a growth that was diluting its profitability. We definitely do not want to do that. Now, we have to do, and I will finish there for this slide. We have to deliver that growth in a market that is for sure more complex, more competitive, and more pressured than it has been in the last 10 years. That means that we need to become more outward-focused, closer to customers, and sharper on competitors, because we will grow only if we beat competition in a market that is not growing. Next slide. Obviously, we have a clear ambition, a clear growth ambition as we enter this new phase. This slide shows what we want to deliver by 2030. Obviously, I talked about the growth, profitable growth. I t is about margin and cash discipline on top of top-line growth. It is about making tough choices, but better choices, and delivering long-term value for ADAMA stakeholders. Now, we want to become and remain and strengthen our position as a top post-patent synthetic chemistry provider, providing differentiated solution to the end user into all the key chemical markets in the world where we are already present. Next slide. Now, as we enter this new phase that we call Growing Forward, we see four sources of value, and the value being both profit and cash. First, if I start with the top two, number one and number two on the slide, they are the customer-facing heart of our strategy. This is where our differentiated value innovation strategy comes to life. The first pillar is about what we offer, our portfolio. We will continue to drive portfolio differentiation that meet grower needs. We have been investing in the past for that. We have a very strong portfolio already today, and we want to continue to enhance it in the future. This means creating value through the right differentiation, differentiated offer that support also the basic part of our portfolio. We will continue to sell commodities, but we're going to see the weight, both in term of top line and bottom line of the commoditized part of our portfolio, shifting or reducing to the benefit of the part of our portfolio, which is more differentiated and more profitable. The second pillar is about how we sell. I was saying before that the current market and the way we see the market, in the next month and years is very, very competitive. In order to differentiate ourselves and to win with differentiated portfolio I was mentioning a second ago, we're going to need to uplift our commercial capabilities. There are some markets where we believe we have those capabilities already, and in some markets, we're building them very rapidly and very aggressively. We want our teams in the regions to make better choices, sharper execution choices in front of the customer in the future. Now, together, as I said, these two pillar, they represent how we create value for the customer with our portfolio and how we deliver those, or capture the value, commercially. Now, pillar three and four are also very important. They play a different role. They are what make our growth more profitable, scalable, and sustainable. Of course, the growth will be won in the market in front of the customers, but there are a lot of things we can still do at ADAMA. Despite everything we changed in 2024 and 2025 in the previous phase, there's still a lot of things we do in order to support and improve our profitability and our cash generation. The third pillar is about continuously working on becoming more competitive in term of cost of our products. Making sure that we have the right cost position, the right supply reliability, the quality, and the flexibility. As I said in previous meetings of this type, we are looking constantly at our production assets and optimizing them. Making them more competitive. As I said, the market is very, very competitive and continues to be, we cannot just sit on the current situation. We need to continue to improve the competitiveness of our production assets. This is a very important pillar of our growth strategy. The fourth pillar is, I would say everything else, but all the initiatives that can be delivered within the company in order to optimize the way we operate. Processes, systems, and data that supports decision, and it's a real source of growth and profitability and cash. During Fight Forward, which was a previous period for ADAMA, we built that discipline of defining initiatives. Let me take an example. Cost saving initiatives and following them through, executing on them. This is what brought us to 2025 results that we had. We will continue to utilize and even improve the discipline that we created in the company to look for opportunities of optimizing anywhere in the company. These are the four pillars of our strategy. Now, obviously, there are a few things that need to be supporting that execution for us to be successful. First of all, we want to continue, as I was saying just a second ago, to be very, very focused on execution discipline. Once again, we built a lot of that discipline during the last two years. We will keep it. Our operating model, this is the second bar, at the bottom, has changed to a matrix model during the last two years. Now we need to get the best out of that model for taking better and faster decision. Last but not least, we need all across the company with all our employees to demonstrate the right behaviors that align, that support the four pillars I was mentioning earlier. Next slide. I just wanted to share that to basically put us or help you understand where we are as ADAMA in term of phase of the history of our company. We restructured. We have done a lot of work to bring the company into a sustainable, healthy financial result in 2025. Even if our net income was still negative in 2025 due to some restructuring charges, now we are moving into growth. Now, how did we do in Q2 and in H1 2026, in that context? First of all, I want to focus on some very important highlights, which we are very proud of. If we look at Q2 and H1, what I am going to say now relate to H1, which obviously include Q1 and Q2, but it is a better approach, or it is more significant than just looking at Q2. I will mention the number I am going to mention now are about our first half, H1. We saw volume growth across most region. That is the good news. The challenging news is that we saw price pressure also across nearly all our regions. Actually more price pressure in the market than we thought we would see, especially after the start of the war in the Middle East. We were hoping to see more price power of the industry during after the war, which unfortunately in most cases did not happen due to several factors, the most important one being that this industry is still very highly on overcapacity situation. We saw growth on volumes, lower prices. We saw higher gross margin supported by improved mix, and this is a very positive sign that says that our strategy execution is starting to work in this next phase. We saw a better mix, meaning we saw more sales of the differentiated part and more profitable part of our portfolio in H1 2026. We did not see it everywhere yet, but we saw it in several regions, which is telling us that our strategy, if executed correctly with the right capabilities in the right markets, can work. We continued during H1 2026 on the way of cost control and OpEx discipline. This is, as I said, continues to be a very competitive market in which we cannot slow down that discipline. For example, one data point I can give you is that the number of employees, in H1 globally has continued to reduce. This reduction has started two years ago, but it continues quarter by quarter. We are also very proud of an improved debt profile, and cash management, which has significantly lowered our financial expenses. This resulted in a positive impact on the net profit. We have a higher reported and a higher adjusted H1 net income, which I know is a very important KPIs for investors in China. We are very proud and happy to report that. As I was saying before in my introduction about ADAMA's new phase, if we look at the crop protection industry at our market, we have seen in H1, and we expect to see it for the rest of 2026, relatively stable volumes in the market, which is good news in a way because we have seen high variability in the previous two years, also related to inventory levels that were high in 2024 and 2025 in the channel. This has gone away. We are, from that point of view, back to a relatively normal and healthy situation. That is good news. As I was saying before, price is a challenging issue. It is not only ADAMA. The agrochemical industry is not demonstrating yet price power in the first half of 2026. Also, despite the cost increase sign that came at the start of the war in the Middle East, even with that, we saw prices remaining under very high pressure. If we look at farmer income, well, it is even more under pressure than in 2025. Why? Because if you look outside of agrochemicals, which is a bit the outlier, unfortunately for us, all other inputs that growers use for the crop around the world have increased after the start of the Middle East war. Their prices have increased. You take fertilizer, you take fuel, you take seeds. All these have increased, but the commodity prices, the price at which the growers sell their production, have not significantly increased. Y ou see that the profit of the growers is getting squeezed significantly, even more than in 2025 this year. That is putting this market, and I do not even mention the weather and the geopolitical challenges that are all across the world, tariffs and things like this, which puts pressure on top of what I was mentioning. If you keep those two things, the fact that there is no price power in this industry at this stage, and the fact that the grower profitability is under pressure even more than the last few years, tells you that this is a market that continues to be challenging. It does not mean that ADAMA cannot grow in this market. We can grow, and we are demonstrating it in several regions, but the market is difficult and we believe will continue to be difficult at least until the end of 2026. We see no sign of reduction of the challenge of overcapacity in China, which is one of the key macro factors that is putting pressure on pricing in this industry. Efrat? Yes. Thank you. All what I just mentioned by Gaël reflected in our P&L for the first half of 2026, which is with stable sales driven to generate higher gross profit and higher gross margin. We see it later on in our bridges. Supported net profit higher than last year, if we are speaking of in terms of adjusted and in terms of reported $62 million positive income versus losses 2025. Important to mention, our financial expenses significantly reduced versus last year supported this profit increase. This is due to our focus and the ones that with us in the last few years, you know our focus on our cash generation and also in this half, we are presenting positive cash flow, which of course reduced our level of debt and decreased our financial expenses. More than that, also our structure of debt, which means that we are replacing high-cost debt with low-cost debt following, as you remember, our buyback of our bonds last year also supported our lower financial expenses. These to generate higher net adjusted and reported profit in H1 2026 versus H1 2025. Next slide. I think it is Gaël. Yes. Yes. Thank you, Efrat. On this slide, you see the performance of our sales by region, and there are significant differences. I will start by the top with the high-performing region. You see that in Europe and Africa, Middle East, in H1 2026 versus H1 2025, you see the volumes have increased significantly by 9% in USD and by 2% in CER. With these type of numbers, we are convinced that we gain market share in Europe, Africa, Middle East. This is a region where the growth of the differentiated part of our portfolio is working, is delivering, and a region that gives us a lot of assurance that this strategy I was talking about before is working when you have the right execution discipline. Also significant growth in North America, which, by the way, continues after two years of strong performance. You see North America, the growth 5% in USD. Same thing, based on the back of strong execution of launch of new products and also significant commercial effectiveness initiatives to improve the level of our commercial capabilities in that region. Latin America, you see, is the other way around. Actually, our volumes in Latin America have grown. The problem is that Latin America, and especially Brazil, Argentina too, but Brazil really very intensely, is the place, the market in the world where this price pressure I was mentioning earlier is the most acute. It is acute, especially in the mid-tier off-patent segment that ADAMA is playing in. The level of aggressiveness of new entrants, especially from China and India in this market, does not allow or is making the market very, very difficult from a pricing point. All the volume growth that we achieved in Brazil has been offset by price, unfortunately. Asia Pacific, if we exclude China, we see growth. We see actually growth, and mainly this is the big country in that region, is India. The growth is coming from India mostly, which is good news. We are recovering in India after two difficult years. The market is not easy either in India, I can tell you that for sure. Still, same story as I was saying for North America and Europe, we see the execution of our strategy starting to have impact on the ground. You see a big negative in China here. We have to be careful here because we have to exclude the fact that we took a conscious decision to close an asset in 2025 in our Anpon site. To close an asset, which was a Non-agrochemical, Non-ag. We were producing chemicals, commodity chemicals for industries outside of agriculture in this plant at a relatively, actually, at a significantly lower margin than our average. We closed that asset. Of course, now the difference is showing up on the sales, but if we exclude those sales, we see that our Chinese business is actually growing volume on the branded, formulated part of the business. It is also a slightly decrease number tech sales. This is due to a phenomenon that has affected all the tech sales player in China after the war. At the start of the war in the Middle East, you had a bit of a moment or a few about a month where the market kind of stopped with all buyers and all sellers waiting to understand where the pricing was going to go, and that has resulted in lower volume on the tech business. I would not see it as a structural issue. The one thing to remember here is that overall, our performance in China is actually pretty solid. This is taking us with a growth for the total of the company, about flat sales on the top line, if you combine all this in US dollar. Next slide. Thank you, Gaël. Looking on the sales as mentioned by Gaël, flat sales versus last year. If you are looking on the details behind, the picture is a hybrid. Starting with a volume, higher volume by 1%. If we are taking, by the way, out the Anpon sales that we did not perform in H1 2026 due to our decision to exit from this activity, our sales basically increased 3% and our volume growth would be significantly higher. However, the prices decreased. The pressure of prices in the market decreased by 4%, and together with a positive FX impact due to the weaker dollar, as mentioned, we are generating in this a healthy $2.1 billion sale. Stable sales, excluding Anpon, is basically 3% sales increase. I think what is important to mention here, it is not only our volume growth, but the contribution of this volume growth into our gross profit, as reflected in $36 million in the gross profit, which means that our mix of product is positive. We are selling more profitable products and less non-profitable products. Together with more or less the same sales, we have succeeded in this quarter to generate higher gross profit, 2% higher, $632 million, and higher gross margin above 30%. With OpEx, which is more or less stable, despite the fact that it is impacted to support the growth of the sales, we are performing slightly lower EBITDA than last year by 3%, and getting to the $302 million. If we will move to the cash, we can see that our operating cash flow also impacted with our decision to stop the activities in Anpon. As a mix of sales, despite the fact that we had a stable sales, the mix of sales moved to more long-term collection, which impacts the operating cash flow. Together also from the company, Iron Project, which merges the Israeli company, and for that we had to buy and to procure more inventory to support the future. We basically are generating only $100 million operating cash flow. Together with the sale of Hagan logistics center and our continued focus on CapEx investments are generating very short in ROI. We are succeeding also in this half to present a positive cash flow of $54 million versus $90 million last year. Good. Thank you very much, Efrat. We are at the end of what we had to present today in terms of slides. We will move to the Q&A in a second. Let me, though, repeat one last time, that these results, we believe, of H1, are showing resilience and are showing that broadly, the execution of our strategy is working. We are showing growth in the places where we are putting that execution in place. This is happening in a market that is very, very challenging and competitive. We will move to questions with that. Guo Zhi? [Non-English content] Okay. Now we will enter the Q&A session. If you have any questions, you can enter it in the chat box. Question number one. The management mentioned during Q1 2026 communication that the company has raised prices in different regions. What is the current status of these price increase implementation? How did prices in Q2 this year change compared with the first quarter this year? Can selling prices be further raised in the third quarter this year? What is the expected corresponding change in gross margin? Sorry. I'll answer that one. It's true that we have, intentionally, after the start of the war in the Middle East, because of the risk of this war to impact our costs negatively, to increase our costs. We have put price increases in nearly all our markets. On all of them, actually. We've announced price increases. ADAMA, as you probably remember, is a company that has about 6% market share globally, 6%-7%. We're not the market leaders. The problem is that in some cases, not in all cases, in some cases, we managed to drive those price increases to the bottom line. In some cases, we didn't. Why? Because the market was not moving. We had to swallow back some of those price increases. The result is still better prices in Q2 than in Q1, but not to the extent of what we hoped when the war started in the Middle East. We saw some price traction, for example, in China. China is a market where we saw some, for our Formulated business, some good price performance. We managed to apply some price increase in the U.S., but you have some other markets like Brazil, like Argentina, even like Europe, where our attempt to increase prices did not work as we hoped because the market and especially the market leaders, the big company who lead this industry, did not show any intention or willingness to increase prices. We will continue to push prices as much as we can in Q3 and for the rest of the year. Now, being realistic about the market. If the market finally shows some price power, of course, ADAMA will too. We depend also on the market leader of this industry to product price power, which they haven't done so far. The last thing which is important, despite all this price pressure, I remind you that we have managed to increase our H1 gross profit in the first half of 2026 versus the first half of 2025, which is quite an achievement. [Non-English content] Okay, question number two. The China Meteorological Administration has indicated that this year will see the strongest El Niño effect in history. How does the company view the impact of this event on global food prices? What will be the subsequent implications for demand and prices of key products? Usually, this type of meteorological phenomenon, El Niño, brings extreme weather that are not in favor of agriculture. Usually it is more a challenge. It is more a minus than a plus for growers. Now, there are some variability globally, but if you make an average, usually, historically, El Niño is more affecting agriculture than helping agriculture. Usually the most affected area are Asia-Pacific and Latin America. Obviously we are monitoring very closely those markets, week by week, month by month. Frankly, what you need in a situation like this as a company like ADAMA is a flexible supply chain. We are increasing the focus and the attention on our supply chain to make sure that every time we take decision, especially for those two markets, they are taken as late as possible, so that to give us as much possibility to react as possible on how those markets are evolving. If you look at the value of the market globally, H1 was relatively flat as a global market, maybe down a little bit, but not because of volumes. Okay, because El Niño could affect the volumes because of the prices. We do not see that fundamentally different in the second half, where markets like Brazil and Argentina, so the Southern Hemisphere, are going to come. Yes, there will be impact of El Niño, but overall, our assumption today, and if you hear comments from our competitors when they release their result it is the same. They are still believing or assuming a market that is relatively stable year-on-year versus 2025. [Non-English content] Let us see the third question. ADAMA reported net income for H1 changed to an income of $62 million from a loss to $11 million last year, yet adjusted EBITDA declined 3% year-on-year after excluding the $36 million capital gain from the sale of the Israel logistics center and favorable currency effect. What is the true YoY trend in operational profitability for H1? Which financial metric does the management team internally prioritize? Furthermore, the adjusted net income declined year-on-year in Q2. What are the factors in your mind which have impacted the Q2 performance? I will take it. We suggest that we look at the adjusted figures, mainly adjusted EBITDA net income. As you probably know, adjusted figures exclude expenses and incomes that are not part of the company's ongoing activities. If we are speaking about H1, adjusted net income, as I presented, increased by 28%, excluding the capital gain from the sales of logistic center in Israel and the other extraordinary items. Facing the challenging industry environment as presented by Gaël, ADAMA remains focused on selective growth, disciplined execution, and improving profitability and cash. This was reflected in our improved volume, supporting better gross profit and margin, and of course, as I already mentioned, lower financial expenses and positive cash flow. Currently, we are focusing on improving our performance and protecting our profitability. Net income is an important metric. That's why we improved our debt structure, which together with positive inflow, contributed to lower financial expenses, and we just finished merger of the Israeli entities to improve additional operational efficiency. [Non-English content] Let's look at the fourth question. Revenue in China declined 23% YoY in H1, and it has so far fell 8%, even excluding some one-time factors. When do you expect to see a recovery? I mostly answered that question already during my presentation, but I will repeat the main points here. The drop of revenue, 23% in China, is mostly due to a decision we took consciously to close an asset of basic chemicals for non-ag markets. Now, it's true that even if you exclude that reduction, we're still reducing the top line by 8%. This is coming from the business of tech sales. Our formulated branded business is growing in China in H1. The tech sales are going down because of what I was saying before. There's been about a month, maybe even six weeks after the start of the war, where this market has stopped, basically, because both buyers and suppliers were waiting to see what was going to happen to prices, a bit kind of wait and see type of position, which lowered the overall size of the market during those six weeks. Then it recovered, but this is what explains the slight drop on our tech sales business out of China. [Non-English content] Now we see the fifth question. ADAMA launched 23 new products and obtained 54 registration certificates in H1. What is the current revenue proportion of these differentiated formulation products? How much higher is their gross margin? What is your target for the next two to three years? On new products, and yes, you're absolutely right, we launched a significant number of new products in the first half and also obtained a significant number of new registrations. Unfortunately, we do not disclose the breakdown externally. However, I can tell you, as I was saying in my introduction, that we very much focus in ADAMA on these new product launches, and not only on their launch, but also on accelerating the growth in the first two to three years of the life of those products. This is one very key focus. When I said to you earlier that we're looking at improving our commercial capabilities in our key markets, this is one of the focuses, how we launch and grow products. One of the actual concrete results or proof points of that is the fact that our mix is positive in H1. This is a very important metric for us as we go into this new phase of growth for ADAMA. We want to grow our profits supported by the mix. The mix basically tells us that those new products volumes are growing and they're growing with the right level of profitability. [Non-English content] Question number six, operating cash flow declined sharply from $242 million to $100 million, and free cash flow fell from $90 million to $54 million. You explained it is because of collection time difference and inventory stocking. Is it purely a time issue related to disturbance, or do you think it reflects the structural increase in your working capital? Okay. I will take it. It is for you. Yes. I will go to the end. Our current level of working capital is not due to any structural increase in working capital as we saw a few years ago. I think this is a very important statement. As mentioned and also included in the question and as represented in our presentation, this is due to collection, steady sales with different mix of sales for moving to more longer-term collection sales. Also as I mentioned, Iron Project, the merger of the Israeli entities to increase operational efficiency. This requires us to procure and produce more inventory, in order to not lose any sales in the future due to this name change. [Non-English content] Question number seven, your company previously expected to resume sales in Turkey in the second half of this year. What is the latest progress in this regard? Guo Zhi, sorry, I lost the translation on this one. This one, the question about Turkey, right? Yes. This one is about Turkey. Okay. We mentioned that in previous road shows, that we were planning to resume our business toward the second half of 2026 in Turkey. Everything is lined up as per this plan, and this plan is progressing well and normally. The impact we will see in 2026 will be very small. Most of the impact will be actually in 2027. This was our plan. There's nothing that has changed in this plan. [Non-English content] Question number eight, assuming global agrochemical demand maintains moderate growth and active ingredient prices do not rise significantly, what does the management team consider to be the most critical driver for the company to achieve a notable YoY improvement in your margin? Is it selling price, volume, gross margin, expense ratio? Of course, there are several factors of focus when we look at the first half of 2026, and when we look at the second half of 2026, honestly, they are the same. First, we continue to look at growing the differentiated part of our portfolio, okay, at the right price, in a market that is very competitive. This is what I was mentioning earlier about looking at the mix as one important measure of the success of the execution of our growth strategy. We will continue to look at this. The other part continues to be the cost, okay. We will not slow down cost control measures in the second half of 2026, for sure. The market does not allow that. We will continue to manage those two end of the P&L, the top line with the mix and the cost of our operation, and by the way, both cost of products and cost of operation with OpEx. [Non-English content] Question number nine. [Non-English content] In April and May, you increased prices. Do you think it has effectively offset the rise of raw material cost during H1? Following the sharp rise in global chemical prices since March, when do you think the full impact will be reflected? It is a question not only for ADAMA, it is a question for the industry. Yes, we saw some price increases for some raw materials after the start of the war in the Middle East. Now, these price increases did not impact, or very slightly, our first half results, because there is a lag. What we buy in Q2 is not being sold before Q3, sometimes Q4. We will see this impact in the second half of the year, in H2. Now, again, our ability to offset that impact with price will depend on us, obviously, but also on the market. If the market shows, finally, I would say, shows some price power, of course, we will offset this cost with price increases. This is our intention. This is our strategy. Once again, we have to be careful because in H1, there was no price power in the market. We will do whatever we can in a market that is being difficult because of overcapacity. [Non-English content] T he question number 10, the company has reiterated that its 2026 targets are to strike a balance between sales growth and further improving growth margin. Have you achieved this target in H1? I'm lost in the question, Guo Zhi. This is question number what? [Non-English content] Number 10. [Non-English content] Question number 10. The company has reiterated to strike a balance between sales growth and further improvement of growth margin. Do you think it has been [inaudible]? For some of the year, it has been achieved, because we have delivered higher gross profit. Now, it's true that our EBITDA has been pressured because we did not expect the level of price pressure we found in the market. Still, in the context of the market, delivering a higher gross profit in H1 is, I think, a tribute to delivering on our promises and our intentions. [Non-English content] Question number 11. In the second half of 2026 and 2027, what is your focus? I will not repeat this one. This is the four pillars I showed in the beginning of my presentation. These are the areas of focus for 2026, but also for 2027. Frankly, probably beyond even 2027. These are the four areas, the four pillars I presented before who are our strategic focus for the weeks, the months to come. [Non-English content] Question number 12. Can you share the latest update on the warehouse damage at the Israeli facility at the end of March? How is the government's compensation processing regarding the $5.7 million inventory loss and subsequent repair cost in this incident? The good news there is that the plant, it's true for now a significant time, is operating normally. We have resumed activities. It took us about two months to resume activity in all the part of the plants which have been affected by this strike. The plant is operating normally. Now we have to go through some bypass and some changes in the way the production set up is operating the plant, but it's working. Regarding the financial impact, we started working both with the Israeli government and with insurance companies to get compensated according first to our insurance contract, but also according to the rules of war events in Israel. We started working with both those entities. Both those entities, this is the good news, we saw cash starting to flow already from those two sources in the last few months. The process is working. We are providing information to our insurers and to the Israeli government, and we expect a significant part, if not all, of the financial impact that has been generated by those two missile strikes to be compensated through those two sources. [Non-English content] Question number 13. How effective are your efforts in expense control since the Fight Forward plan enters a new phase? Thank you. I will take it. Basically, it is very effective. If we are looking on our operational expenses versus last year, it seems that there is an increase, but if we are taking out the impact of the FX, weak dollar means higher OpEx in dollar, which are higher operating expenses in dollar. Basically, if we are taking it out, we are reducing our operating expenses in H1 2026, and this is despite the higher volumes that require more logistics and more marketing to support those sales. Bottom line, very effective. [Non-English content] Okay. Thank you very much for all your questions. That will conclude our Q&A session, and I will give the floor back to Gaël for a final wrap-up. Thank you. Thanks to all of you first for attending this session. Thanks to Efrat and Guo Zhi. I want to conclude on the way I started. This is a new phase for ADAMA, a very different phase from the last two years, and a phase that is all about profitable growth. We see this profitable growth and we need to achieve this profitable growth in a very competitive market, extremely competitive, which makes it even more difficult and complex. Still, we are showing the first very promising result in some key markets of our ability to deliver on the profitable growth. We will continue with that priority for the months to come of profitable growth without losing any focus on two things, which are cost and cash. Thank you very much for attending today. [Non-English content] Okay. Thank you all very much. With that, we will end our presentation this time. Please keep a close follow-up to ADAMA. Thank you very much for your attention, and bye-bye.