Ladies and gentlemen, good day and a warm welcome to today's earnings call of Cherry SE, following the publication of the preliminary half-year figures of 2026. I am delighted to welcome the CEO, Rogier Volmer, and CFO, Jurjen Jongma. The management will speak in a moment and guide us through the presentation and the results. After the presentation, we will move on to a Q&A session in which you will be allowed to place your question directly to the management. We are looking forward to the presentation now, and with this, I hand over to you, Mr. Volmer. Please. Thanks, Ingmar. Good afternoon, everyone. Thank you for joining Cherry's first half 2026 earnings call. I will start with a general update and some investment highlights. As shared during our last update call, we focus on stabilizing and simplifying Cherry and focus on what matters. First on stabilize. We are aligning the cost base to the revenue. We are bringing inventories back to healthy levels, and we keep tight control on operations and cash. Second, simplify. We are working towards a leaner organization, clear accountability, a smaller and better product portfolio, and faster decisions. Thirdly, on focus, there will be fewer priorities and resources go to the segments where we can win. We will focus on the needs to have before the nice to have. These three moves will lead to one ambition, which is for peripherals to reach breakeven at around EUR 85 million revenue and around 44% gross margin. If you go to the next slide, you will see that when I started, we did a full review, and this slide shows what we said, what we would do, and what has changed so far. On the stabilize part, our operating expenses are lower for the first half of last year. The gross margin improved materially compared to last year, and the channel normalization is underway. On simplify, we have the new management board structure in place, and the responsibilities between Jurjen and myself are implemented. A new leadership team for peripherals is installed, and we kick off the product review to further simplify our operations. On focus, Project Blossom is launched, where we focus on four growth initiatives and a cost-saving program. One of these growth initiatives is our security and industry business. For Digital Health, we are well on track to deliver our ambition for the full year. Two points on the next slide. First, my appointment as CEO was confirmed effective July 1st after my interview. This gives continuity and stability while we execute the turnaround. Second, Jurjen and I both participated in the rights issue. We acquired new shares and we both oversubscribed, showing our confidence in the direction of the company and the long-term value we can create. With this, I hand over to Jurjen for the financials. Yeah. Thanks a lot, Rogier, and all of you, good day. Before we dive a little bit deeper into the financials, a couple of remarks on today's presentation. First, the final half one numbers will be released after the completion of the 2025 audit, and I will come back on this later. Second, our discussion today focuses on operational segments in their current structure to provide the best basis for comparison. For completeness sake, however, we will show the so-called discontinued operations P&L in this presentation as per the IFRS requirements. Thirdly, the presentation covers the first half performance, where detailed Q2 figures will be made available in the appendix of the presentation, and we will publish that online after our call. Lastly, but equally important, is to highlight that in this presentation, we focus on our operational performance excluding Active Key that were sold to Contour last year. Let me turn to this discontinued operations P&L on the next slide. While revenues continue to reflect the challenging market environment, especially in Europe, we achieved a significant improvement in profitability. Gross margin increased from 37% in the prior year period, and the adjusted EBITDA loss improved to minus EUR 4 million from minus EUR 10 million last year. This was mainly the result of our structurally lower cost base and an improved margin, as well as a positive earnings contribution from DHNS. At the same time, we further reduced working capital, demonstrating our continued focus on cash generation and balance sheet discipline. Our cash balance at the end of June was EUR 4.3 million, which was further boosted in the month of July on the back of the recently completed capital increase. Let me now take you through our first half 2026 performance. As I said, the structure of the presentation basically represents the structure of the segments as you know it. Comparable first half 2026 group revenue came in at EUR 40 million, approximately 3% above the first half of 2025, with EUR 39 million on a comparable basis. When discussing the year-on-year development, it's important to know that this comparison is affected by several extraordinary effects in the first half of 2025, and these mainly relate to the one-off Argand inventory transaction that we did in November of last year. In the first half of 2025, we sold approximately EUR 6 million worth of SKUs that in 2026 we also sold, but then on behalf of Argand, and hence these revenues were recognized as revenue by Argand and not by Cherry. In addition, there were adverse foreign exchange effects of around half a million. Excluding these items, the underlying peripherals business proved resilient, with revenues declining by 3% despite continued challenging market environments. Looking at the individual businesses, CDH continued its strong momentum, delivering a revenue growth of 36% year-on-year, while the components business continued to face a difficult market environment and recorded a further decline. Moving on to the next slide, I will dive a little bit deeper in the quality of these earnings. Turning to profitability. We delivered a significant improvement in adjusted EBITDA, despite the fact that revenues fell short of the same period last year. Adjusted EBITDA improved to minus EUR 4 million in the first half of 2026, compared with minus EUR 10.2 million in the prior year period. This was primarily driven by disciplined cost management and strong margin execution. At the group level, we reduced costs by around EUR 10 million year-on-year, while gross margin improved by 12 percentage points. Both the peripherals business and DHNS made a meaningful contribution to this improvement. Although gross margins in the component segment have also significantly improved, top line in components remains weak. You will find that central costs remain relatively stable year-on-year, which is where a big part of the Project Blossom efforts are focused on. Moving to adjusted EBITDA. I have mentioned before that it is important to me, and to us, that we are transparent as to how and by how much we adjust EBITDA to get to adjusted EBITDA. As you can see on this slide, we adjusted for non-recurring gross margin effects to the tune of almost EUR 1 million. This particularly relates to lower margins related to selling off slow-moving inventories and restructuring costs in the manufacturing area. Adjustments in operational expenses mainly relate to transaction costs related to the divestment of DHNS. As you know, we have a thriving DHNS business, and our difficulties largely relate to the components and peripherals segment of Cherry. Let us dive a little deeper into the developments of these segments from a gross margin and from a cost point of view. We have been quite vocal about the fact that we believe that the entitlement margin level for our combined peripherals business lies around 44%. This relates to sales minus material costs. Year-on-year, we improved this on an adjusted basis from 41.7% to 45.1%. This entirely relates to more focus on margin management and a better product mix. Second, as I will further elaborate on when talking about cost, our so-called gross margin two saw an increase of 12.5 percentage points to 29%. This basically relates to substantially reducing our manufacturing base. We still believe that 29% is not good enough, but the improvement is promising. Thirdly, we must make sure that our cost base comes down. You see this on the right-hand side where I show that costs have come down from EUR 17.5 million in H1 2025 to EUR 10.8 million in H1 2026, predominantly driven by lower manufacturing costs and lower selling expenses. We have also said that this is not the end of our cost reduction efforts, and in Project Blossom, we plan to take out even more costs. Let me end this financial section with an update on the key topics on the next slide. First of all, let me update you on the status of the 2025 audit and our recent financing activities. The audit is well advanced and the majority of audit procedures have already been completed. However, as you can imagine, the anticipated divestment of DHNS will have a material impact on the remaining Cherry business in terms of size, in terms of planning and outlook, and in terms of financing. All of these aspects have to be evaluated by the auditor. Consequently, the audit cannot be completed until there is more clarity on the outcome of the divestment. On the financing side, we successfully completed our rights issue. The capital increase comprised up to 9.7 million new shares and was subscribed almost in full. Only 877 shares remained unsubscribed, and these were subsequently acquired by members of the management team. Gross proceeds amounted to approximately EUR 10.1 million and further strengthened the company's financial position. Finally, let me briefly update you on the planned sale of our Digital Health & Solutions business. We have received a number of non-binding offers, which are currently being evaluated. As this process is ongoing, we are not in a position to now provide further details at this stage, but obviously we will do so as soon as something new is worthwhile mentioning. With that, let me hand back over to Rogier for an operational update. Thanks, Jurjen. Thank you. Let me start with our Personal business and where we currently stand. Over the first half year, our priorities have been very clear. Restoring profitability, normalizing the general inventory, which in this case is Europe only, and sharpen our go-to-market approach. First, we achieved a meaningful recovery in gross margin, as already mentioned by Jurjen. This reflects the benefits of our disciplined cost management and more focused product portfolio and improved pricing quality. At the same time, we continue to normalize the general inventories. We are working closely with our distribution partners to bring inventory levels back to a healthy position over the course of the year, creating the basis for more sustainable sell-through. We have also further refined our commercial approach. Rather than going after broad market coverage, we are concentrating on selected full-service partners and prioritizing product market combinations where we see the strongest opportunities. This reduces operational complexity, lowers inventory risks, and improves capital efficiency. Regionally, our priority is different. In Europe, the focus is on accelerating sell-through, completing the general cleanup, and launching targeted B2B growth initiatives. In the U.S., we are redesigning the commercial model, reducing number of SKUs, and further optimizing our route to market together with our reseller network. In China, market conditions remain challenging following the phase-out of governmental support for consumer electronics, and here our priority is to continue adapting the portfolio to the current demand environment. Let me now turn to Digital Health & Solutions. This business operates in a highly regulated market with high entry barriers, giving strong visibility and effective long-term growth. The main driver is Germany's telematics infrastructure rollout. Around 150,000 institutions are still to be connected by 2027, which gives a predictable demand. Our certified secure platform already handles secure messaging and sensitive health data with room to expand into further compatible services. We also see a clear path to growing our recurring revenue. We are well-positioned to move from hardware-led sales to SaaS subscriptions, and our install base and terminals support cross-selling additional software over time. In short, the regularly detailed wins, the growing install base, and rising recurring revenue gives this business a clear, sustainable growth path. On Project Blossom, let me summarize again the key operational priorities under this project. The program is built around five focused initiatives that are designed to accelerate profitable growth while further improving operational efficiency. The first priority is to strengthen our position in China by accelerating growth in those market segments where we see attractive opportunities are further aligning our portfolio with local demand. In parallel, we are redesigning our commercial model in the U.S. to simplify our route to market, improve execution, and increase commercial effectiveness. The third focus area is expanding our presence in our home country, in the DACH region. We see attractive growth opportunities in both existing customer relationships, new market segments, supported by a more targeted go-to-market approach. We are also investing in our position in the security and industry segment, where we aim to further strengthen our market position with a differentiated product offering and deepen customer relationships. Finally, all of these initiatives are supported by continuous focus on efficiency and effectiveness. We remain committed to simplify processes, reducing complexity, and allocating resources to areas where the highest value creation is possible. All combined, these initiatives form a clear operational roadmap to improve execution, strengthen our market position, and support sustainable, profitable growth over the coming years. On the next slide, you see the key priorities for the Cherry Group. As you can see from this slide, we have four key priorities. We have successfully completed the capital raise, which gives us the bandwidth to implement Project Blossom. As mentioned before by Jurjen, the sales of Digital Health is well on the way and several non-binding offers are under review. With proceeds from Digital Health, we will repay debts and strengthen our balance sheet. Last but not least, execution of Project Blossom will bring us back to growth and a reduced cost base. We are pleased to share that we are well on the way with all these priorities. Let me finalize with a management summary. The four messages to take away. One, we are consolidating the plan. The cost base will be aligned to revenue, and gross margin is materially up. Two, we have a clear strategy: stabilize, simplify, and focus with one transformation program, which is called Project Blossom. Three, we have a clear ambition. We also break even at around EUR 85 million revenue and around 44% gross margin. Four is a disciplined execution. Few priorities, clear accountability, and a strong focus on cash and working capital. I will now hand over to Ingmar for the Q&A. Thank you, Rogier. Thank you very much for the presentation, and we will now move on to the Q&A session. For a dynamic conversation, we kindly ask you to ask questions in person via audio line. To do so, click on the Raise Your Hand button. We already have participants with a raised hand. Bastian Brach, you should be able to unmute yourself, switch on the microphone and ask your question, please. Hi. Good afternoon. Some questions from me. The first one is on the peripherals company, which seems like you stabilized it a decent amount with only 3% decrease on an adjusted basis. In a few words, about Cherry to explain what the most important changes were you made on that business. Was it more on inventory? Was it more like on your partner selection? On top of that, what is needed to grow the business and increase margins further to reach your 2027 target? Bastian, the question was not entirely clear. You broke up a little bit. I think your question related to the peripherals business and how the margin increase came about, whether it was on the back of partner selection, distribution channels, product mix, and things like that. Is that correct? Yeah, it was on margin and on the growth. Only 3% decrease on an adjusted level. It seems like you stabilized it quite a bit. What measures you took there, as well. Yeah. Let me do one part of the equation, and then I hand over to Rogier for the, let's say, more commercial aspects of margin improvement. I think one of the major drivers outside of our decision to limit distribution to specific distribution partners is the fact that, as you know, in the course of 2025, a restructuring plan under StaRUG was agreed to with the banks, and that basically pushed a fairly steep reorganization and restructuring of the manufacturing environment. That obviously specifically relates to peripherals and components. This is, from a cost point of view, one of the elements that boosted margins. Then, I think on the commercial side, and I'll turn to Rogier in a bit, but we're just much more stringent on what deals to pursue and what deals not to pursue. But Rogier can elaborate on that. Yeah. Indeed, Bastian, sorry, I could not reply immediately because you were breaking up a little bit. On the margin improvement, what we see is it is actually across the three regions. Both China, Europe and U.S., we see margin improvement versus last year. In the U.S., related to what I shared earlier, is the changed operating model, where we decided to focus on fewer accounts but do them better. Also to optimize, for example, promotional spend. To make sure that we return on the investments that we do, meaning sometimes less is more in this case. Investing more promotional spend is not always leading to better results. It is a mix across the countries, across the regions. In Europe, it is, as mentioned as well, is more focused on, say, which customers to work with, which products we want to sell, but also a first step into improved pricing quality in the pricing model and pricing structure that we are kicking off. You see that these effects are kicking in. It is early days, but we see that the operational margin indeed is improving versus last year, given the input and efforts that we have put in. Okay. Thank you. Maybe a little outlook on H2. Do you think you can grow the peripherals business in H2 again on an adjusted basis, or is that too early? Yeah, it is a little bit too early to say. One point which I raised is that we have still some challenging channel inventories in Europe, which will slow down sell-in. There we need to accelerate sell out or sell through to get to healthy levels. It is a bit early to say. For us, important this year is that we are also preparing the company to get to the level where we said we would be next year, which is the stabilized 44% gross margin or the minimum of 44% gross margin. In 2026, we are working towards that plan for 2026. Okay, perfect. Thank you. My last question is on the components business, which is still in a challenging situation. Would you expect the business to wind down in the future, or what kind of prospects do you see here? We're looking at that as we speak. Yes, it is challenging. Yes, we're looking at all opportunities, and we're looking at all models to make the best decision for the company going forward. It's under review. To your point, it is indeed a slightly more challenging market than the personal business. Okay. Thank you very much for taking my questions. You're welcome. Thank you, Mr. Braaf, for your questions. We move on to the next participant, Oliver Frei. Mr. Frei, you should be able to unmute yourself, switch on the microphone toggle, and ask your question. Mr. Frei, you should be able to unmute yourself. I hope you can hear me now. Yes. Perfect. Sorry. Thanks for taking my question. Maybe on top line again, the inventory or channel normalization has been going on for quite a long time. Is there maybe any end in sight, maybe some hope that sales are going to increase soon, maybe this quarter beginning? Well, this hope is a bit more than hope. What we're working against is that we are trying to normalize it in the course of this year. Also here, what I mentioned as an answer to the question of Bastian is that we're preparing the peripherals company to be ready for 2027. So the aim is to reduce general inventory significantly in the course of this year, where we anticipate to be significantly below what we currently have at the start of 2027. Perfect. The second question on cost control, we have seen good progress here in recent quarters. Any bigger initiatives that maybe puts pressure on cost or cash planned for 2026? For 2026, there's a couple of elements in terms of cost, and we have outlined already that in Project Blossom, we plan to take out more costs. Some of these expenses and costs are discretionary in nature, and what I mean with that is you take a decision to no longer do certain things, so it doesn't cost an investment to get rid of these costs. When it comes to people, when it comes to size of the organization, obviously we also have to make sure that people get a fair severance package, and this needs to be catered for, and this needs to be properly planned in view of the available cash that we have in hand. Perfect. Then maybe one last on liquidity. If I count it correctly, you have collected around EUR 50 million via the capital increase and then some commitments from Argand in May, I think. Can you give us an update on cash generation or cash burn where you currently stand? Yeah. I have to unfortunately correct you a little bit then, because the liquidity comfort that Argand provided is subsequently diminished with the money that Argand factually invested in the capital increase. So the net liquidity improvement is not EUR 15 million, but is gross proceeds of EUR 10.1 million. That was also listed in the presentation. So that is one aspect. I think Rogier Volmer was quite vocal about the four things that need to happen when it comes to restoring our balance sheet and setting up the remaining business for success. One obviously was and is that capital increase. The second one is the divestment of DHNS. Then we need to make sure that we settle the outstanding bank debt, and we have to execute on Project Blossom. Clearly, with a divestment of Digital Health & Solutions, the cash situation of the company remaining is negative, which is why it is so urgent that we execute on Project Blossom to get to this EBIT breakeven situation in 2027. Okay. Thank you. Just so I understand the number correctly, so in May, the announcement was made by Argand to commit capital, and then this committed capital was then seen during the increase. So that is basically one announcement. Correct. Perfect. Thank you very much. Thank you very much, Mr. Frei. We move on to the next participant, Mr. Felix Ellmann. You should be able to unmute yourself, untoggle the microphone, and then ask your question, please. Can you hear me now? Yes. Okay, wonderful. The majority of my questions already have been posed. Can you shed some more light on the question of the divestment, whether this will be successful? I understand that you can do this only very limited, but maybe you can share some kind of probability, or how many parties you are talking to, or whether we can be sure that it will be done in the next, let's say, quarter or two. Tell us what you can. Okay. Let me try and be as transparent and explicit as possible. Like we said in the presentation, we have received a number of offers. They are all non-binding in nature. Discussions with a number of interested parties are ongoing. There is definitely appetite, and I think our decision to apply discontinued operations for the business should be fair indication enough that we believe it is more likely than not that the HCNS will be divested. I am sorry, Felix Ellmann, but there is not much more that I can say to that. No problem. Okay, thank you. Okay, so we move on to our next participant, Mr. Ramon Huber. Mr. Huber, you should be able to unmute yourself and switch on the microphone. Ask your question, please. Mr. Huber, you are still muted. You can switch on your microphone in the lower left corner. Sorry. Yes. Now you can hear me. Can you dispatch a little bit light on 2027? How would you like to get the turnover, like it's more than double from this year? What are the points you think you can do that, and especially with the current market? Yeah. It's not double, but we expect indeed double-digit growth versus this year. One is that the normalized general inventory should support a high sell-in in 2027. You see that with high general inventories, and this, again, as I outlined before, this is Europe only, but with the high inventory levels in Europe, we need to actually sell out more, or we can sell out less than what we should sell out. So sell-in is expected to be high in 2027. Even on the normalized operational basis, once the general inventory is lower. So that's one reason. And the other actually are the four initiatives that we shared in Project Blossom, which is the new operating model in the U.S., where we focus on fewer but bigger accounts. In China, which is predominantly around gaming. You see that in China, the majority of our business is done in gaming keyboards. With the China team, we are working on a more China for China portfolio, which should support growth. There is an opportunity for us to grow. It is a challenging market, but the market shares that we have are still quite low. So the opportunity for China to grow there as well. For Europe, for now, we focus on the DACH region, within the DACH region, specifically Germany, to grow our B2B business for office products. In the same kind of similar timeframe, we are also increasing our commercial capacity in both the U.K. and France, where we hired some new people. Fourth is the security and industry input device business, as we called it, where we see an opportunity for Cherry with secured keyboards, but also industrial keyboards, to focus on, firstly, the German market, and secondly, after approval success, we expect to roll it out to France, the U.K., and perhaps Benelux and Nordics. But first, France and U.K. So the general inventory normalization combined with these four growth initiatives in Project Blossom should lead to that growth. We have to grow because we cannot restructure to profitability. We need to take cost out, which we committed to do, and we are well on the way. But the top line growth will come from the Blossom initiatives and the general normalization. I hope that clarifies. Okay. Competition-wise, is there any new competition coming up? Or is it still? For the peripheral business, I do not think so. I think the competition out there and the expected competition is the competition that we have seen for many years in a row. I do not expect that to change. Perhaps there will be some consolidation. We see that in gaming keyboards, there are more and more Chinese entries on the European market. But overall, I think the market is pretty transparent, and I don't expect too much change over there. Okay. Thank you very much, and good luck. Thank you, Ramon. Yes, thank you, Mr. Huber, for your questions. In the meantime, we have received no further questions. To all the participants, if you would like to hand over and ask a question to the management directly, please feel free to raise your hand. That's not the case by now, and we therefore come to the end of today's earnings call. Thank you for joining, listening, and all the questions. A big thank you also to the gentlemen for the presentation and the time you took to answer the question. I wish you all a lovely remaining week, and with this, I hand over again to Javier for some final remarks. Thanks, Ingmar. As already mentioned, thank you all for your time and your questions. A brief summary, we are moving. The company is moving step by step into a slightly better direction, I would say. We see that the results of the first half year have improved versus the first half year last year. We have a concrete plan, which is Project Blossom. We are well on the way there. We have shared the four priorities for the company. The rights issue, which we successfully completed, the divestment of Digital Health, restoring, working on improving our balance sheet and reducing our debts, and then last but not least, is the execution of Project Blossom. We are well on the way. There is still a lot to do, but we feel positive about the future. Thank you so much for joining.