Good afternoon, ladies and gentlemen, welcome to the SGL Carbon conference call, first half results 2026. My name is Yusuf, the conference call operator. I would like to remind you that all participants will be in listen-only mode and that this conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star followed by one on your telephone. For operator assistance, please press star followed by zero. The conference must not be recorded for publication or for broadcast. At this time, it's my pleasure to hand over to Claudia Kellert. Please go ahead. Yeah, thank you. A very warm welcome from SGL side as well. Time is running. First half of 2026 is behind us, and today we want to discuss and present to you our first half figures and give you a short overview about our expectations for the second half of 2026. Even today, Andreas Klein, our CEO, and Thomas Dippold, our CFO, will lead the presentation and will be able to answer your questions. Now I hand over to Thomas. Please, it's your turn. Thank you, Claudia. Hello from my side. This is Thomas Dippold. It's my privilege and honor to guide you through our results for the first six months of the year. On slide number four, you can see the overall development of the group. Our total turnover dropped by 30% or roughly EUR 60 million, coming from EUR 453 million to now EUR 394 million in the first six months of 2026. Where does this come from? To a large extent, from the discontinuation of our loss-making Carbon Fiber business, which we still had in our books in the first six months last year. Last year in June, we closed our site in Lavradio. They were producing semi-smoses slate for the first five, respectively six months of the year before the closure took place, and therefore, a like-for-like sales decline is derived from that, which is EUR 50 million. The other EUR 10 million, which our total turnover deteriorated from an operational level, can be attributed to the high-margin business in Graphite Solutions, where we still see a very sluggish development, and the demand for the high-margin Silicon Carbide business didn't catch up until now. Second, also our Process Technology business unit suffers from a very weak order intake and order book, which maybe turns a little bit better in the second half of the year. We come to that when we discuss the business units. What we have on a contrary is the following. We have compensation payments received. We also mentioned that in the first quarter call, you'll probably remember that we already collected the first EUR 7.7 million in the first quarter of 2026, where we renegotiate the take-or-pay contracts, the customer down payment contracts with our customer. Another one has been renegotiated, which stands for EUR 21 million. This is also top line, but also profit and cash for the first six months of this year. This is what's also in our top line. Our EBITDA pre deteriorated only by 3.7%, coming from EUR 72.5 million in the first six months last year to now roughly EUR 70 million in 2026 H1. Where does it come from? On the one hand, of course, we got rid of the loss-making business in Carbon Fiber. We see on the other hand, the down payments or the contract renegotiations and the compensation payments in there. In the end, it also reflects the weak business in the high-margin Graphite Solutions business and the Process Technology business. Our EBITDA pre-margin reaches 17.7%, which shows a very healthy margin, at least if you include the compensation payment. Coming to Graphite Solutions, the biggest business unit, they stand for more than 50% of our overall sales. There we see an increase in the sales coming from EUR 221 million to EUR 234 million. This is an increase by 6%, but it also includes, as I just said, the compensation payments for the adjustment of the supply contracts with the take-or-pay customers, mainly in the Silicon Carbide business. If we exclude this, we would see a slight decline in our turnover by - 6%, which represents the weak economy that we're currently dealing in, and a rather stable or maybe a slightly negative business in all other market segments. Our EBITDA pre is up 14.2%, coming from 14.8% in the first six months last year to now in H1 2026, EUR 46.6 million, again affected by the compensation payments. Our EBITDA pre-margin in Graphite Solutions reaches some very healthy, almost 20%. Slightly negatively impacted by currency effects. Process Tech, again, a weak quarter, same as Q1. We see a huge drop in our overall turnover by almost 30%, 28.2% to be precise. We reached EUR 70.2 million in the first six months last year, and we now dropped to a little bit more than EUR 50 million in our top line. We still see a very weak market situation. Also, the conflict in the Middle East doesn't help, because it also makes sure that every investment decision in the chemical business is currently postponed or at least put on hold. We see large uncertainties, and they are really hitting us with the order placement from our chemical industry customers. We see a lot of maintenance postponements because the assets are not fully utilized, none of the effects is really helping us, at least top-line wise, in the business of Process Tech. As a matter of fact, also EBITDA pre is heavily impacted on that. The huge demand, which we saw over the development over the last three years, where we could increase the margin quite a bit, and there was really a very strong demand, and our capacities were almost fully loaded and fully utilized. This has turned to the negative. Our EBITDA pre reaches EUR 7.3 million in the first six months of 2026, whereas we had almost EUR 20 million in the same period of time last year. The market situation, as everybody on our level of the value chain, is underutilized. There's price pressure from the few orders that are out there in the market. The margin decreased then, as a matter of fact, to 14.5%, coming from 28.3% in the same period last year. Last but not least, on slide number seven, we show you the development of our Fiber Composites business. As a reminder, Fiber Composites, since beginning of the year, is a combination of the former business units, Carbon Fiber and Composite Solutions. We merged the two businesses as we restructured Carbon Fiber to a profitable core. There you see also a sales decline by a little bit more than one third, coming from EUR 150 million last year to now roughly EUR 100 million in H1 2026. This is exactly the aforementioned decline coming from the restructuring. This is EUR 50 million, which stands for the continued business that we had in the first six months last year until the closure of Lavradio, and then subsequently in Q3, the idling of the capacities in Moses Lake, U.S. This was expected. If you turn it around, then you see that all our other business or the continued business with Carbon Fiber is at least flat, and we can keep our sales. When you look at the bottom line at our EBITDA pre, there you see a huge improvement in profitability, coming from EUR 10.6 million in the first six months last year to now almost EUR 19 million. I think that clearly shows how successful we were with the restructuring of our Carbon Fiber business. We also kept our promises. You probably remember that, if you follow our calls, we once mentioned that our restructuring cost shall not exceed EUR 50 million over a course of two years. We have accomplished the target. Our overall restructuring costs were a little bit more than EUR 40 million, and we did it in less than one year, the overall restructuring. I think we clearly showed that it was a very rigid and consequent restructuring, and we made it, so to speak, in time and in budget. In the profitability of our Fiber Composites business, you see that there's also a contribution from BSCCB, our equity consolidated JV with Brembo. It also increased their contribution there, but we don't show any sales. We just show our part of the net result in that. If you take out this margin from the margin, the EBITDA pre-margin, then we reach a very healthy 11.5% margin in our Fiber Composites business, which I think is quite remarkable, that after one year of restructuring and the combination of these two business units, we can achieve that. Last but not least, a few more KPIs on the bottom line of the P&L cash flow and also balance sheet ratios. Our net result improved drastically. It went back into black figures. Last year, it was affected by the restructuring, where after six months of the year, we have reached a EUR -31 million negative net result. It turned positive again and improved drastically by more than EUR 40 million. We now reach EUR 11.8 million. So it's a very stable back in black development. Without the impairments that we have seen last year, our net result would also have been positive in the same period of time. SGL Carbon continues to show black results also at the very bottom of the P&L. Same with the free cash flow. The free cash flow, yes, it includes the compensation payments, but even without them, we show on a quarterly basis positive free cash flow results. This is a very strong achievement to have EUR 31.4 million as free cash flow after six months in this year, a huge contribution, a huge improvement compared to last year. Last but not least, thanks to the strong free cash flow, also our net financial debt could be lowered by almost EUR 20 million. It now reaches a leverage ratio of 0.6, so this is super stable and super healthy. Same with the equity ratio, it increased to almost 40%. The ROCE remains stable at roughly 10%, and I think that was a very strong start into 2026. After six months, we're still happy with the way at least the balance sheet and also the bottom line of the P&L develops. Having said that, I hand over to Andreas for his remarks. Thanks, a warm welcome also from my side. First and foremost, I'm happy that on the basis of the first half Thomas explained, we are well on track to deliver on our guidance 2026. At the same time, SGL Growth 2030 is generating a lot of positive momentum, that's only less than half a year after its rollout. We want to give you a couple of insights on where we stand and the momentum we have generated so far. In the area of semiconductor, next to the already explained talks with our customers on adapting the existing contracts and building the future collaboration, we currently see a positive momentum in the market, especially in China and SiC. That's mainly volume, but also a price stabilization we are seeing there currently. We have to wait a little bit, we have to be a little bit patient how sustainable this is, but the momentum clearly is there, that's a positive sign. On top of that successful market launch of our novel coating products continued, it's clearly possible to say that there is outstanding customer feedback on the performance of these products, this we will hopefully be able to leverage fully in the calendar year 2027. In the field of nuclear, we have announced on Monday that we have reached a new agreement with X-energy to expand our nuclear graphite production capacities, that's mainly affecting our production site in Chedde in France. This investment really positions us as a key supplier and also gives us capacities to develop even beyond our SGL Growth 2030 horizon into the future. In space, we are successfully progressing in establishing and also expanding customer relationships, that's mainly affecting heat-resistant materials for rocket nozzle production. Very positive development penetrating the market here. In the area of defense, we are very active at various trade shows in the first half, really expanding our network in the industry, both in the drone, but also beyond applications. In the field of drone projects, we have developed first prototype parts, we are currently in initial sampling and bidding processes. These processes are running well, we expect to see first relevant contributions in 2028, if not earlier. Last but not least, in aero, we managed to double our production volume as a supplier of materials for retrofit floor panels. Due to the structure of that industry, this is really supposed to be a lever into further aero applications for SGL and for our lightweight products. In summary, it is great to see the SGL Growth 2030 progress so far, we consider it being well on track towards our EUR 1 billion sales target in 2030. At the same time, we can confirm our guidance 2026, that's irrespective of still challenging macroeconomics, of ongoing geopolitical uncertainties, and several key markets remaining weak. Thank you very much for your attention. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who wants to question may press star one at this time. Our first question comes from Lars Vom-Cleff, Deutsche Bank. Please go ahead. Thank you very much. Good afternoon. A couple of smaller questions, if I may. Following the EUR 29 million already received in H1, should we expect further compensation payments from the semiconductor customer for the remainder of 2026? If so, what amount should we build into our models in this case? Hello, Lars. This is Thomas. We are currently in negotiation. As I just said, we have reached agreement with two of the contracts. We are, of course, in discussions with others. Some tend to just expand the contract, of course, it doesn't have an effect with a compensation payment. There might be something coming up in the next quarters. Let's put it this way, the big chunk of it has been renegotiated already. That's already helpful. Thank you very much. Looking at the divisions and your guidance. Process Technology sales declined 28% in the first half, divisional EBITDA pre more than halved. Unless I'm mistaken, you are still guiding for only a slight decline in both metrics for the full year. My question would be, does this guidance remain valid? What we see in Process Technology, we see a little bit of stabilization in the order situation, right now, but on the low level. We always said that the lead time for the, at least projects, maybe not in maintenance. There still might be the need for maintenance and some parts and service business also in the second half of the year. If it catches up, this could improve the situation on short-term basis. When we talk about the project, all projects that we get awarded right now will be turned into sales maybe beginning of 2027. We see the development of Process Technology in the remaining six months of the year on the level where we are right now, maybe a little bit better, but not a magic turnaround story. Yeah, that's helpful. Thank you. Then maybe a similar question on Fiber Composites. Here we saw EBITDA pre-rising almost 80% in H1, yet you are guiding for only a slight improvement for the full year. To me, that looks rather conservative after six months. This is true, you also have to see that in a lot of the EBIT improvement can be attributed to the loss-making business in the first six months of last year, which we just stopped and turned around. You can't duplicate that in the second half of the year after the business has been closed. Of course, it doesn't make any losses anymore. This positive effect you can have only once. Of course, then subsequently for Moses Lake, it also goes until August last year. The big loss-making unit was, of course, Lavradio, and this is what we closed amidst or towards the end of Q2 last year. This is the kind of compensation in there. You also have to bear in mind that our BSCCB contribution is also EUR 3 million higher than it was last year. We have to a little bit compare it like- for- like, then maybe what we guided there can be better reconciled. Understood and much appreciated. Maybe a quick last one. More or less rather housekeeping. On the corporate division, most difficult division to forecast. You expect a significant year-over-year decline after a EUR 3.4 million loss last year. Modeling 2026, can we simply extrapolate the EUR 3 million H1 loss and arrive at a full year 2026 estimate of roughly negative EUR 6 million-EUR 7 million, or would that be too easy? It's not too easy. It can be seen in this way. You have to see in corporate, I understand a little bit why it's difficult for you to predict that or to model that because we have a little bit of sales in there, and the sales are more or less a result plus a cash, because we collect a lot of rental income in there. What you see as sales are some services which we do for BSCCB in our site in Meitingen, but the big chunk of it are rental income. We have increased a little bit of rent because we rented out some unused buildings in our Meitingen site to external parties, which moved in there and now produce on our site, which is, of course, helping there. You can expect that we keep our corporate cost and our overhead cost on a very strict review, and you won't see major increases there. Okay, perfect. That's really helpful. I'll go back into the line. Thank you. As a reminder, if you wish to register for a question, please press star followed by one on your telephone. Ladies and gentlemen, there are no further questions. I would now like to turn the conference back over to Claudia Kellert for any closing remarks. Thank you. Yeah. No further questions. I think all our reporting papers answer all the questions. Thanks for your participation. You will find the presentation and our reporting on our webpage, and maybe if additional questions will rise, so please call the investor relations team. Thank you, and have a nice afternoon. Bye-bye. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.