Hello, ladies and gentlemen, and welcome to the HELLA investor call on the results for the first half of fiscal year 2026. This call will be hosted by Professor Peter Laier, the CEO, and Philip Vienney, the CFO of HELLA. At this time, all participants have been placed on a listen-only mode. The conference will be recorded. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Peter Laier. Hello. Good evening, everybody. This is Peter Laier speaking. Warm welcome to our investor call to HELLA H1 2026 results. Kerstin, if you could open the presentation, we could directly go on the agenda. I appreciate it. Thank you. We have prepared for today's call an agenda where we would like to talk at first about the achievements in the H1, followed by the financial results presented by Philip Vienney, our CFO. We have a special chapter on the agenda today about Lighting Transformation Program, which we have accelerated. Followed by the outlook for the FY 2026. At the end, we will talk about key takeaways as usual. With that, let me directly step into the presentation. Let's talk at first about achievements. In regard of achievements, we have in the H1 in organic sales in HELLA, which is above market. On the other side, we are working on cost measures. I will talk about some additional measures which we have introduced in lighting in the course of the presentation. If you look to this chart, you see on the left side our organic sales growth, which is at constant FX, a year-over-year growth by 1.6% to EUR 4,040 million or above EUR 4 billion. We have in electronics, recorded sales year-over-year, up by 6.6% to a total of EUR 1.685 billion, driven by radars business specifically and energy management. We have in our lighting VG, sales recorded year-over-year, down by 3.6% to now for the H1 2026, EUR 1.746 billion affected by a phase-out of programs and of lower call-offs. While in the lifecycle business, this lifecycle solutions, we have an increase of sales by 5.3% year-over-year and have achieved there in the H1 2026, EUR 516 million sales, driven by specifically strong sales in special OE business, which is commercial vehicles and off-highway business mainly. That means in total, we have reported sales year-over-year, which is broadly flat at EUR 3.972 billion. There is an FX effect in their comparison to the constant FX sales, which we have mentioned on the upper part of this column. Please allow me to move to bottom line. Let's talk about OI margin. We achieved an OI margin in the H1 of 5.4%. This is specifically achieved by savings in R&D expenses, where we were able to decrease the ratio by 68 basis points to now 8.9%. In addition, we have increasing cost pressure along the whole value chain, and we have a strong focus on cost measures to counter this impact which we have out of the value chain. We had in the first half year a negative volume and mix effect, which weighted down our margin in the first half year. If we look to net cash flow, on the right side of this chart, we recorded a net cash flow for the first half year at EUR 66 million. This compares to EUR 114 million in half year one in FY 2025, so a decrease. We have a net cash flow to sales ratio at 1.7% achieved in the first half year in comparison to prior year, same time frame, 2.9%. We have in place continued CapEx governance, and we have here achieved reductions. We have to say on the other side, our net cash flow is impacted by increased restructuring cash out. That is a cash out out of the restructuring measures which we have introduced. We have to mention that we have had in Q2 now a positive net cash development. Net cash flow on EUR 150 million versus EUR 49 million negative in Q1. If we go to the next slide, Kerstin, thank you. Let me now talk a little bit about acquisition successes in first half year 2026. As you can see in the headline, we had ambitious targets for our order intake in 2026, and we were able to fully meet those targets. Not only the value in regard of the targets we achieved, even more important is we were able to continue our strategy of regional and customer diversification, and we achieved here the related results and acquisition, which is, I think, a very positive signal. If we look a little bit to our business groups, you see here at first the highlights for electronics business. Strong order intake here, specifically in our core growth products, which is confirming our strategy. You see here three examples. On the one side, we were able to acquire a large-scale high voltage battery management system and a smart car access system and radar sensors for U.S. OEM with SOPs now coming in 2027 and 2028. Another example here is we have acquired a DC/DC converter order and roll out now this business at a European OEM for different models with SOPs in 2028 and 2029. A Chinese example here, we were as well able to acquire DC/DC converter and a low voltage battery management system with a Chinese Tier 1 supplier with an SOP in 2028. That shows as well the broad range of acquisitions in all regions which we were able to get in first half year for electronics. If you look to lighting in the middle of the chart, there we had a strong focus on international order intake to address our premium OEMs but as well volume models, and this is a strategy which we have announced before, and now we are executing that successfully. You see that here, for example, with a headlamp package and a rear combination lamp, which we acquired for a premium and a mid-size models of an U.S. OEM, which was SOP 2028, 2029. Another example is headlamp and combination lamp packages for European customer for the U.S. and Asian markets with SOPs in 2026 and 2028. Again, a Chinese example here, headlamp projects and car and body lights, which we were able to acquire for a Chinese OEM for different models with SOPs in 2026 and 2027. I then can guide your attention to lifecycle solutions on the lower part of the chart. There we continued our customer and regional diversification according our strategy. We hear examples are in acquisition, we were able to acquire intelligent battery sensors for different platforms for U.S. and European customers with SOPs in 2026 and 2027. We were, on the other side, able to acquire customized LED headlamp and the related rear lamps for an international OEM of agricultural machinery and buses for the Indian and the European market with an SOP 2027 and 2028. The third example here this time we selected to show to you is an APS for international truck joint venture. This is a pedal sensor and a pedal itself, for international truck joint venture for the Asian market with the SOP in 2029. Having that said, handing over to our CFO, Philip Vienney, to introduce the financial results of half year one. Thank you. Good evening to all. Looking at the sales, we published sales at EUR 3.9 billion versus the same type of figure for last year at EUR 3.9 billion. This is representing a drop of 0.2%. In this number, actually, we have a currency effect, which is negative for EUR 68 million, which mean that the growth is really at constant rate, EUR 62 million, which is representing 1.6%, versus the market, which is down by 1%. This is basically linked to a good momentum on electronics. We have very good sales, thanks to radar energy management and smart car access. We also have a very good momentum on lifecycle solution as well with a strong specialty business and aftermarket. While on the other side, we have a decrease and phase out of program in lighting, not compensated fully by new ramp-ups. We will come back on that. Looking at the sales per region, Europe basically is overperforming the market by 4.6%. Here we have the effect of the electronic mainly with, again, radar and smart car access. We also have some SOPs in lighting and growing special application. On Americas, we are at -5.2% versus the market. Here we have end of production of several lighting programs, which is impacting the U.S., mainly. In Asia, we are 3.6% overperforming thanks to new launches in China, in lighting and also with good momentum as well in electronic with a strong energy management in Asia. Looking at the profitability per segment. Starting with electronics. Here we have electronic again growing in terms of sales by 6.6% on the organic standpoint. We have an operating income at 8% at EUR 144 million versus EUR 121 million last year at 7%. Here again, we have developed a bit the sales, which are basically developing well with a good momentum. The OI is at 8%. Here we have reduced the R&D expenses on the electronic segment. We have also made some saving on the administration and distribution expenses. On the other end, we have a gross profit, which is a bit deteriorating because of a mix impact, with a higher, basically material content on some new programs. Looking at lighting. Lighting is down in terms of sales on organic standpoint by 3.6% versus last year at EUR 1.7 billion versus EUR 1.8 billion. Operating margin at EUR 7 million, 0.4% versus EUR 63 million last year at 3.4%. Here on the operating income standpoint, we are suffering from the decline in sales, close to EUR 100 million in sales decline. We also have a decline in the gross profit as a consequence of the decline of sales. We have some mix effect, which is also impacting our gross margin. The flex, which is not fully achieved in terms of fixed cost adaptation, and this is also why we are going to the Lighting Transformation Program that will be developed later on in the presentation. On the life cycle, EUR 515 million. It's an organic growth of 5.3% in terms of sales and operating income at EUR 65 million, 12.4% versus 10.6% last year. Here we have also good momentum in terms of sales in all areas, special application, aftermarket, and as well on the workshop business. The operating income here is generated by higher gross profit and also some saving on R&D and SG&A, linked to the structural improvement we have been implementing. Good momentum on the life cycle business. When we look at the EBIT and net income. First, maybe gross profit went 21.6% versus 23.3% as a consequence of what I said, mix effect and not full flex on the lighting performance. R&D down at 8.9% versus 9.6%. SG&A down at 7.4% versus 7.6%. Leading to an operating income at 5.4% versus 6% last year at EUR 215 million. EBIT is at EUR 169 million, 4.2% versus EUR 138 million last year at 3.5%. The main impact here is coming from less restructuring costs, which have been booked in H1 2026 versus the amount which was booked for very large program announced last year in H1. This is leading to a net income of close to EUR 99 million, 2.5% versus the EUR 70 million last year at 1.8%. Looking to the cash. Again, the cash as mentioned was at EUR 66 million in H1 versus EUR 114 million last year. It's a reduction of EUR 49 million. Here we have the impact of more cash out and more payments due to restructuring. This is linked to the P&L effect that was booked last year, but the cash out is really impacting now 2026 because people are exiting now. We have also reduced our CapEx, as you see on the chart on the right, with EUR 164 million of CapEx versus EUR 203 million last year. It's a reduction of 19%. We continue to monitor and to have a stringent CapEx governance to benefit to our cash. With that, I'm finishing the financial part and handing over to Peter. Yeah. Thank you, Philip, for introducing the financials to us. As you have seen, we have a deterioration of sales in lighting, as well as deterioration of operating income. Due to that fact, we have decided in the management board that we want to accelerate our Lighting Transformation Program. How we want to do that, we want to introduce to you on the next slides. If you can, thank you. What we are experiencing right now is that we have, on the bottom line, further cost pressures, which are intensified in H1. We have further structural cost burden, capacity utilization in lighting is below our target. As well on the supplier side, we are experiencing increasing pressure, which need to be then compensated, as inflation at our customer sites, where we are heavily working on. Not only bottom line is affected, as mentioned as well, top line is reduced in comparison to half year one 2025. The reason is that we have still a weak European demand in the market. We have adverse customer and product mix. The EV momentum is still weaker than expected, and we have acquired EV programs which are suffering. Now we have, with the strong pressure in the whole automotive industry, a technology differentiation now which is narrowing because there is a strong focus on costs in the whole industry. Therefore, we focus actually on affordable innovations to support our customers with the right technology to give them what they need to differentiate themselves with affordable innovation in the market. All of that has led to the decision in the management board of HELLA that we want to reshape our Lighting Transformation Program, which was already started in last year. We have now decided that we have at first understood that the actual Lighting Transformation Program had a focus on improving of top line to acquire, again, new business, so that we can fill our capacities and on operations performance improvement. Based on the results of first half year, we have clearly understood that we have to reshape the Lighting Transformation Program and have now decided to introduce Lighting Transformation Program 2.0, where we have a core focus on bottom-line improvement as well short-term bottom-line improvement, and further strengthening the top line, and that will come as well with structural improvements. Basically, we do that, the reshaping of the Lighting Transformation Program, to safeguard 2026 results, which we are striving for, and then improving 2027 further. We have given ourselves a clear target. You see that on the lower part of the top line here of this chart. We have given ourselves a target that we want to return to 2025 operating margin performance in 2028. That means we want to return to 3% in 2028. If you go to the next slide, please. What went good in Lighting Transformation Program 1.0 and where we have room for improvement, you see on the left side. The focus on growth and on customers already show very good results. The net order intake in lighting in half year one 2026 is 2 x of the order intake which we had in half year one prior year. Here, really positive achievements. This diversification topic, which I mentioned before, is fulfilled. You see here further figure, the net order intake has more than 75% business outside of Europe in H1, that clearly confirms that the strategy here is going in the right direction, and we see results out of the Lighting Transformation Program. If you look to operations, we see that on the one side, we have a further increased implementation of the FORVIA Excellence System, which is for us a system to track and trace and improve our operations by nine percentage points from 2025 to H1 2026. We were able to reduce direct and indirect headcount in our operations, direct headcount by 7%, indirect headcount by 6% versus H1 2025. On the cash and capital discipline, positive to be recognized is that we were able to reduce our CapEx by 20% versus H1 2025. This is a strong focus on building and projects, doing very good achievement. As you have seen in the report Philip has shown, we have a decline on net cash flow in comparison to H1 2025, as well on the bottom line, the OID decline is 89% versus the comparable H1 2025. As I mentioned, we have decided to further reshape the Lighting Transformation Program to the 2.0 version of Lighting Transformation Program, that you see on the right side. It is now a more comprehensive program where we have a strong focus on short-, midterm bottom-line improvements. We have in principle here five different sub-programs now of Lighting Transformation Program. We have, as you see here, you look on the right box on the left side, we have a bottom-line performance improvement program as a sub-program of Lighting Transformation 2.0, where we focus on operational excellence, on commercial excellence, on material cost, on cash control, as well as on net project costs and SGA optimization. We have one bucket where we have enablers, which we are looking on. We improve further our R&D competitiveness, our [Inaudible] hours used per program. We look closely to project and product management to assure that we are launching our programs with the targeted profitability rates. We are working on the target operating model. We have a bucket for strategic topics where we work on specifically the turnaround of interior lighting, where we work on growth with Chinese OEMs, and where we are working on a tooling and equipment strategy to get better here. We have a bucket for growth, where we are working on our sales transformation and the related program execution. We work specifically on our footprint to get here as well better. We work on a U.S. footprint to produce in the U.S. lighting products, and we are working on our India footprint. Important to see is that Lighting Transformation Program, you see that here there is a dotted line, has a lot of buckets with a strong focus on bottom line. How we are doing that a little bit more in detail, you see on the next slide. We work strongly on those buckets. You see here there are two examples now what we are doing concretely in those areas that you get an impression how we really strengthened the program. We have implemented a clear governance and execution system with a related structured drum beats and steering, close financial tracking, assure that we only really have qualified P&L effects in this that have a close control of the program. If you look to the different buckets, we work on operational excellence, specifically on workforce and overhead targets, which we have clearly defined for year end 2026, then as well for 2027, what we want to achieve. We have an implementation program where we are looking to the degree of achievement and with that, then monitor that closely. We have, for all plants, defined OEE and NQC targets. OEE is overall equipment effectiveness. That means how good you are using your installed equipment. NQC is a non-quality cost, so money which we are spending for quality topics. We work on scrap, and with that, we have clearly defined targets to achieve that until year-end. As well, commercial excellence. We have clearly defined claim targets, which we want to recover in 2026 at our customer base, and the same is valid for engineering change requests. That is changes which are required by the customer, where we have a clear tracking and then ask as well our customers to pay for those changes. We have a clear loss-making project management now established. On the material cost side, we have clearly defined targets for reduction in 2026. We have for the VAVE, which is Value Analysis and Value Engineering. That means optimization designed to cost on our own products, which we have brought now on track, where we will see specifically in 2027 results. On the R&D competitiveness side, we are working now on right sizing. On the one side with best cost shifts, and on the other side with consequent deployment of AI and all the opportunities which you can gain out of that. We work on bill of material, so that means the materials which are contributing to product costs improvement via design. On the project and product management, we have on the one side a clear management of our SKU, stock keeping units, where we have clearly targets defined, and we want to reduce complexity. We have a platform governance. That means we want to assure that we consequently use our platform designs in the future, and that create the economies of scale. We have a gatekeeper installed so that we ensure that nothing is flowing through. On the cash side, I talked already about our CapEx targets, which we consequently managed. That went as well okay in first half year, but we have here still further to focus on. We have now introduced as well a strict working capital management, so that means specifically inventories, but as well receivables and payables, which we are managing consequently, have strong focus on that. Then if you look to net project costs, we have clearly defined reduction targets here. We have a design to cost discipline, which we are enforcing and requiring. On the SG&A side, we have introduced now a focused benchmarking for lighting, where we have a good database right now based on consultants, and we will use that as a base to consequently act on SG&A. For sure, we will, as well in SG&A, use consequent AI deployments to improve. Why we have shown all of that to you, this is a very comprehensive program. I personally have used such a methodology successfully before with proven results, and we will introduce that now or we have already introduced that in the lighting business to achieve the results which we need for improvement second half year in 2026 and 2027 and beyond. With that, I would come to the outlook, Kerstin. If we look to outlook financially at 2026, we see here at first our prediction on further market development. We see a declining market in 2026, and we see that the headwinds even are expected to increase in second half year, specifically driven by China. That gives us a perspective on the expected global light vehicle production for 2026 on a level of 91.1 million vehicles. You see here in smaller figures, first half year, 44.8. Second half year, 46.4. As mentioned, first half year, 1% decrease year-over-year. Second half year, we expect 3.2% decrease year-over-year. The expected deterioration of the market in comparison to 2025 will happen in all markets. Americas and Europe, slightly down with 0.7% and 0.9%. A stronger reduction in Asia Pacific by minus 2.9%. That is specifically driven by the expected reduction in China in half year two. If you go to the next slide. Despite this market outlook, we are confirming our outlook, our guidance. That means we still see ourselves ending the year in regard of sales between around EUR 7.4 billion-EUR 7.9 billion. We are seeing ourselves closing the year 2026 on an OI margin between around 5.4%-6% of sales, and we are seeing ourselves closing our books for 2026 with a net cash flow at at least 1.8% of sales. For sure, all of those figures are still based on the related light vehicle production forecast, which I have shown on the slide before with 91.1 million vehicles. With that, I would like to come to the key takeaways. Let me summarize in this way. Half year one, the sales deployment was as expected. Sales at constant FX growing by 1.6% to round about EUR 4 billion, outperforming global light vehicle production by 250 basis points. That's great news, I think. The growth was driven by electronics and life cycle solutions. Our profitability suffered from volume and mix effects, and we have acceleration of cost reduction to counter the inflationary pressure which we have. We have a good CapEx governance installed, which has continued, and the net cash flow reduced to EUR 66 million, was impacted by the restructuring cash out. The outlook, you see that in the middle for 2026, we have confirmed, EUR 7.4 billion-EUR 7.9 billion roundabout sales. OI margin between around 5.4%-6%, and net cash flow to sales at at least 1.8%. The outlook is based, as mentioned, on the actual forecasts of light vehicle production of 91.1 million. We expect for the second half year, increasing headwinds from the market, specifically in China, with light vehicle production down by 4.1%, and we expect further headwinds in raw materials, for example, PCBs or semiconductors, which we consequently have to address at the customer base. Specific focus for us is actually the Lighting Transformation Program 2.0, as introduced. We have a strong focus on bottom line improvement now in Lighting Transformation Program 2.0, with a focus on short and midterm improvements. We have a clear intention to improve the performance through the introduced eight buckets based on validated impacts on P&L and cash flow and a very close tracking of it. We have a regionally diversified acquisition focus, in volume and in premium segment in lighting. With a platform approach, which is very important to create the economies of scale, and with a strong focus on affordable innovations to serve our customer needs and further step into the volume segments. With this, we are through with our presentation, now, operator, let's open for questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to revoke your question, press star three and the pound key. You can also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone. The first question is from Mr. Christoph Laskawi from Deutsche Bank. Please go ahead. The floor is yours. Good evening. Thank you for taking my questions. The first one actually on lighting. Last Friday, VW revealed part of the 2030 strategy, within that, actually announced to reduce the component variety of some components significantly. Front lights are seen to be cut by around 60%. I was wondering if you could comment potentially on how that changes the competitive environment in your view, especially in Europe, when we think about direct peers that are trying to fix and grow the business in lighting, too. If we assume volume overall is not changing from that, but would you think this is increasing the competitiveness in the RFQs or is posing some risk? General thoughts on that will be interesting. Then secondly, just on the current trading, electronics was quite strong in Q2. Could you comment on how that is trending into H2 and overall call-offs at the start of Q3? Thank you. Okay. Yeah. First, in regard of your question regard of Volkswagen strategy and lighting, Christoph, I would like to answer in this way. Yes, this is a trend which we are seeing in some OEMs as well in Volkswagen to reduce varieties in the segment. For us, this is, from my point of view, a chance. Why is that? We have now consequently introduced our platform strategy, our modular strategy, and based on that, we have the right toolbox to quote in regard of this reduced complexity and variety. I think that will help us to play to our strengths with our platform approach, and therefore, I think that will help us. We are looking very much forward to that, and we are in close exchange with our customers as well, the mentioned customer, to leverage on that. I think as well the acquisition success, which you have seen in first half year is confirming that we are doing things right in that regard. In regard of electronics, your question was after a strong first half year 2026, how is second half year developing? We see a continuation of this development in second half year and think with our strong portfolio that we have as well in the future, very good opportunities. Thank you. Okay. Just a general comment on the call-offs of the customers starting Q3. Yeah. Forecasts are basically somehow stable depending on the market. I talked about China. China is expected to get reduced by 4.1%, as I mentioned. In principle, call-offs are okay. We are actually in summer phase. You know that traditionally July and August are lower. What we are seeing in our systems, September, October will again come back. Some headwinds from the market. There is no growth to be expected, but the call-offs are stable except China, where we see a reduction by more than 4%. Thank you. You're welcome. Thank you. Further questions, please. At the moment, there seem to be no further questions. I will just repeat, if you want to ask a question, please press star nine and the pound key on your telephone keypad. If you'd like to revoke it, press star three and the pound key. Okay. If there are no further questions. Operator, seems not the case, huh? No Okay. Good. Would like to thank all of you for your attention and wish you all the best. Thank you for listening. Bye-bye. Good evening.