Good afternoon, everyone. Welcome to our Capital Markets Day. Welcome to everyone here in the room. Welcome to everyone online. It is great to have you all with us today, and we have an exciting program for you, which will last roughly 2.5 hours. Let's look at the agenda. We'll talk about our journey to a circular economy. We will optimize our portfolio and also tell more about how we're going to do that. We are talking about how we're building a strong platform for growth. After that, opportunity for you to ask your questions, of course. A short break, just to stretch your legs, because you will want to be back in time for the second part of the meeting, which is growth pitches. We're really going to tell you about how we are going to capitalize on that momentum for growth. Of course, some more opportunity to ask your questions after that, and after that, our CEO will share his final thoughts of the day. Now, if we look at the speakers of today, happy to introduce Otto de Bont, our CEO, Annemieke den Otter, our CFO, Marc den Hartog, Managing Director, Commercial Waste, Netherlands. And then we have four skilled company experts, Jan-Pedro Vis, Kevin Bell, Kim Meulenbroeks, and Ernst-Jan Mul, and Marc den Hartog will introduce you to them later in this session. First, some housekeeping before we get started. The disclaimer. You will be pleased to know I will not read this out to you, but it's good to know that this will be in the materials that will be shared online after the presentations. Now, a bit of housekeeping that I do need to spend a bit more time on are the regulatory requirements related to the possible offer from Macquarie. I need to sometimes look at my notes because I need to get this 100% right, as you can imagine. The proposal, as you will have read in our official announcement, has been firmly rejected by our board, who believe that it undervalues our company. However, as a result of these announcements, we are now in an offer period under the U.K. Takeover Code. This means that we are under a number of obligations, also how we communicate. Our speakers of today cannot provide any new opinion or information regarding a possible offer beyond what is already stated in our Stock Exchange Announcements of last week. This covers all interactions our company representatives have with investors and our advisors. Some of us here in the room, some of us online, are also obliged to confirm that this has been followed. This means that we will not be able to engage in any Q&A related to the possible offer announcement, beyond the statements that are already been made by the board. We hope you appreciate this. We hope you understand this. This is the rule book that we will abide by today and beyond. Now, over to the purpose of today, something that's been in the preparation for longer, and we're excited to share our plans for how we're going to maximize shareholder value, and there's no better way to start than with a message of our chairman. Thank you, and enjoy today. Welcome to the Capital Markets Day of Renewi. Personally, I'm always excited to be part of a Capital Markets Day. A Capital Markets Day gives the company the opportunity to tell its story in its full richness of positives, of challenges, and opportunity, and Renewi certainly has a lot to tell. We operate in a market that is promising on all aspects. Society needs solutions for recycling, reuse, climate change, and we are ready to provide those solutions. At the same time, we have to earn the right for our shareholders to make the investments necessary to be on the forefront of innovation. We listen to you. We hear you loud and clear. So today, Otto and Annemieke will talk about our portfolio, our restructuring, our focus on cash, on profitability, and we'll make sure that you understand the urgency, the commitment, and the capabilities from us as a board and as a company to deliver. Deliver for you as a shareholder, deliver for our customers, and for our employees. It's an exciting day today to be at Renewi, and I would say to Otto, take it from here. Good afternoon, everyone. Thanks, Ben, for the introduction. It's great to be here today with you in the room, and also the people that follow us live on the video. Today is an important day for Renewi. If you look back over the last couple of years, we have made significant steps to improve our company, and we have built a solid foundation on which we will and can further grow. However, at the same time, we still have some remaining legacy issues that we are addressing today, and we'll talk more at that, about that as we go forward. ... But if you want to go from a good to a great company, we have to fix those remaining issues shortly, and we will. Because we want to be a great company for you as shareholders, increasing the financial returns, but also for our customers, to offer superior products, service, and also value. And for our employees, of course, to be the employer of choice, and maybe last but not least, for society at large, as we help to decarbonize the world by offering low carbon materials that can replace the virgin materials instead. I would like to first take you through the key messages that we have outlined today to make sure that we convey those messages clearly. First of all, Renewi is uniquely positioned as a pure player recycling leader in the market. As you know, Europe is a big continent with high ambitions on creating a circular economy. We happen to be in countries where our largest base is in the Benelux, where these governments have even more ambitious plans. So that helps us to develop new technologies and allows us to be competitive because of the environment we are in. We are at the forefront of the technology we can apply in recycling, and this morning, for the people that have been with us, they've seen some of the new investments we've made to take out recyclates of mixed commercial waste, which today still mostly goes to incineration. At the same time, we're working hard to optimize our portfolio, and of course, we have worked hard over the last years to really get some of our best performing businesses in higher margins. If you think about the commercial waste business that we'll talk about, but also Coolrec and Maltha, our appliance recycling business, as well as our glass recycling business. However, we still have two areas in our portfolio that we are addressing. One is our Mineralz & Water business, which I'll talk about later, but where we are finally turning the corner to make sure that we can increase margins as we go forward. And then the U.K. Municipal business, where we've announced we put that business under strategic review, and again, I'll come back to that in more detail. All of what we are doing is really to further increase our financial returns. We are showing that we are growing in this market, which is already growing, with more than 5% a year for the next five years. Later this afternoon, with our experts, we'll show you several segments of the market we are operating in and how we're going about growing faster than the market. Annemieke later will show a clear plan how we can further increase our operating efficiency, and with that, increase our margins, increase our free cash flow conversion, and also our return on capital employed. We have set ambitious and clear targets that we will share. Our capital allocation policy will also be clarified today, and I think we have put a clear place in there for shareholder value return. And last but not least, I think if you look longer term, the growth will continue to support further dividends that we also announced to make sure that our shareholders create the best value from our company. Now, the theme of today's meeting is our journey to a circular economy. Today, we live mostly in a linear economy, and we all know we have to change our patterns and our one way of consumption and disposal to a different model. And recycling is an important part of that model. If you look at some facts and figures that we collected for today, you can see that today, the world and society is having the highest level of material consumption ever in history. In Europe, it's roughly about 14,500 kilos per person that we consume per year. That includes infrastructure and construction demolition materials. That means that we are using more resources than ever, and that also means that we have enjoyed Earth Overshoot Day on the 10th of May. I'm not sure if everybody is familiar with Earth Overshoot Day, but it's the day where basically humanity has used the budget for the year in terms of natural resources. So anything after the 10th of May that we consume or that we emit in terms of CO₂ emissions is actually too much for Earth to cope with. That date keeps coming further, further upwards. It clearly tells you that we cannot sustain the way we are operating today. Below, you see that we, because we consume more, we have also create more waste. In Europe, average waste from households is more than 500 kilos per person per year. The last number I would give you on this page is that from that waste across Europe, over 50% is still either incinerated or landfilled. Less than 50% is recycled, and even in more advanced economies, circular economies, you still see that this percentage is around 40%. I think these numbers show two things. One, that there's a tremendous challenge for humankind to make sure that we change this pattern. But second, there is a tremendous opportunity for companies like Renewi to benefit from the trends that we will see over the next years in having to solve this challenge, and we are ready to contribute to make that happen. We are at the heart of the circular economy, and our purpose is probably more relevant than ever. We are protecting the world by giving new life to used materials, and our vision has not changed. We want to be the leading waste to product company in Europe, of course, starting with the Benelux, but also with our plants outside of the Benelux in France, in Portugal. We are able to further reach than just the Benelux. Let's take a look at Renewi in some numbers. On the left side, you see that we have a lot of customers. Over 150,000 customers, waste-producing customers, we call them, that we service, where we take their waste or they bring us their waste, and then we treat their waste and create recyclates. We do that in over 150 sites across the Benelux, U.K., France and Portugal. And today, I've been here in Ghent for the people in the room, one of our larger sites where we treat various waste streams. We also have many transfer stations, and then we have the larger plants that really treat one certain waste stream and create the recycled products. And we're quite proud that if you look at the overall industry, and that's why we call ourselves a market leader, we have the highest recycling rate in the industry. That means that we convert from the 11 million tons we collect, we convert that into seven million tons of recycled products. And in the process, as we make these recycled products, they have a lower carbon footprint than the prime materials that they can replace. And when you add the lower carbon footprint for that seven million tons, you basically avoid about 2.5 million tons of CO₂ emissions, that are basically emissions that our customers that buy these recyclates reduce by using our materials. So in essence, we're helping them to reduce their carbon footprint on their way to net zero. We have a unique and strong value proposition, and again, we are truly focused on advanced sorting and treatment. If you look at our industry, ten years ago, it was a pretty low-tech industry, but with the advanced technology and with the need to recycle more products at a higher quality, the industry has quickly advanced and new technology has become available. And today, we're not only using infrared, near-infrared scanners or magnets or mechanical sorting, but we're using video analytics, we're using artificial intelligence to really optimize our sorting capacities. And as a result, we make low-carbon secondary, secondary materials. And on the right side of the chart, I show some examples of that. But also, if you take organic waste and you cannot convert it into a new material, then you make green gas out of it, or you take green electricity. And then last but not least, sometimes when there is advanced treatment necessary that we don't do ourselves, we make feedstock for others to create products. For instance, you probably read a lot about chemical recycling of plastics. Well, we would be a feedstock supplier, giving specific required specifications for that industry to further take it and break it down to monomers so you can make plastics again. Now, you also know us because we have several vehicles on the, on the road, specifically in the Benelux. But what I would like to try and highlight today is that we only collect when we have to, and in many cases, collection is already arranged. So if you look at the first three examples on my slide, you can see that there, other people are already collecting the waste, and we're quite happy that they do, so we can focus on where we add most value. But within our commercial waste business, there are also many customers that are not yet served, and they need to have special collection vehicles to collect the commercial waste that is there, like the rear end loaders, for instance. And that's where we have a big fleet to make sure we can serve those customers and get access to their waste streams. Now, we're proud to be a leading player in the recycling market. If you look at the left here, we are a pure-play recycling company. And what does it mean, pure-play? On the left, you see the waste hierarchy as it is defined, and on the top you see prevention, then you see reuse, then you go down to recycling, then you get to incineration, or energy from waste, or waste-to-energy, and at the bottom, it's disposal or landfill. Now, the higher you are in this hierarchy, the more impact you have in avoiding carbon emissions. We are quite proud to say that we operate in this higher end of this waste hierarchy as a pure-play recycler, because we do not own assets to burn waste or incinerate waste and create energy. If you look at most of our large peers, they actually do both, but they come from an area of incineration, and now they're adding some recycling capabilities. Although that's fine, I think the challenge they will have looking forward is, as we start recycling more and more waste, and you see that happening already in the Benelux, the capacity for incineration is maybe too large, and these assets are built for 40 years. So you need to run these assets at high utilization rate to be able to return capital, and in the case of the world moving towards more and more recycling, that will become a challenge. Maybe not now, but think in 10 years, 20 years. In 2050, we should be fully circular in Europe as a whole. Now, Renewi is uniquely positioned. We serve strong market segments in relatively dense countries. We also are one of a few public companies in this space. I think, as I explained before, we are leading the environmental impact, simply because we have the highest recycling rate, and we don't incinerate waste. That gave us the credit also from several rating agencies that are looking at our ESG performance. You see examples here of MSCI, FTSE4Good, and others that are critical in confirming our ability to do this. Now, if I move on from this, it goes right into our strategy. Our strategy is built on three pillars. First of all, we want to be a leader in recycling. Recycle as much of the waste that comes in and convert it into materials. As I showed, we're currently at about 64%, but we have set this target of going to 75% of recycling rate over the next years. That will require new and innovative techniques to recycle waste streams that today still go to incineration. We also will be a leader in the production of low-carbon secondary materials, and that's quite different than just increasing the volume. This is about quality, the quality of the output that we deliver. Quality is so important because we are trying to compete with primary materials that typically have a quite narrow spec. If we're able to make the same quality as those primary materials, then our manufacturing customers can easily switch from one to the other. We make their lives easy in switching and reducing their own carbon footprint. Of course, quality also helps by increasing our margin and our spread. One example I would like to give, if you take plastics, not too long ago, we were making mixed plastic, which was a mix of, for instance, polypropylene and polyethylene. You sell it in the market, let's say, for 200 EUR per ton. We have invested heavily in a new factory in Acht, where we actually separate these two, and we create 98% purity of either polypropylene or polyethylene. And guess what? The price per ton goes up to about 400 EUR per ton. So more than 2x of the original. So quality is not just an incremental increase, it's really a significant step up that it can deliver. And third, we want to continue to grow market share. Yes, we are the market leader in the Benelux, clearly number one, but there are areas in our markets where we are not so strong. An example, for instance, is we're strong in construction demolition in the Netherlands. We know how to treat that waste, but we have relatively limited position in Belgium. There are other examples that I could give. There is opportunity to grow within our own footprint, but also with our stronger growing businesses, Maltha and Coolrec. And later, again, we'll talk about that as we go forward. Long-term, we also see an opportunity to consolidate the market, because we see a lot of small players still out there that will not be able to follow the advanced technology that we see, will not be able to invest in the future, and with that, will become less competitive than they are today. Now, working in this industry and creating circular solutions also requires partnerships, because we cannot always do it alone. So we're growing together with partners, blue-chip companies in different fields that have expertise in an area that we do not have. For instance, on the left top side, I'll give an example that some of you are familiar with. Mattresses were going to incineration until two years ago in the Netherlands and Belgium. We invested together with IKEA family and Ingka, the companies Ingka and Ikano, in a company called RetourMatras, and we built four new factories in the last two years to be able to recycle 1.5 million mattresses in the Benelux. We recently also acquired a company in the U.K., and we'll start there to do the same as what we did in the Netherlands, bring in the automated lines that we have developed. Now, this is a joint venture, of course, and also Maltha, which Kevin will talk about later, is a joint venture. But of course, there are other ways to do partnerships. To give you one example, on the right side, the Shell partnership that we have is because we were producing green gas on our site from food waste after going to anaerobic digestion, and we saw an opportunity to further create Bio-LNG from this green gas. We worked with Shell to make sure they secured the outlets, so they are doing the distribution 100%. We worked with Nordsol, who is a partner, delivering the technology to go from green gas to Bio-LNG. And on our site in Amsterdam, we are converting large volumes of food waste into a green gas called Bio-LNG. So another great example of a long-term cooperation where we have been working together with industry leaders. Now, I would like to switch to the priorities that we have set ourselves for the immediate, for the near term and the longer term. Three priorities that will drive sustainable shareholder growth. The first one is the one I referred to already. We are optimizing our portfolio. We have done that for many years already, where we sold businesses, where we improved businesses, but there are two remaining issues, and those we will fix and are fixing as we speak. First of all, the U.K. Municipal business, which we have announced under strategic review, which we will exit in the next nine months. Also the Mineralz & Water business, where we are and have been hovering at around 0% profitability, where we're finally turning the corner and will increase our profitability over the next 2-3 years. At the same time, we will continue to strengthen the portfolio that we already have, that is strong as it is. Second priority, but it goes in parallel with the first, is that we are building a strong platform for growth. This foundation is important because at the end, it will finance the things that we would like to do, but also make sure that we have good shareholder returns and can pay a dividend. We have set targets for high single-digit margin profit for all of Renewi. We also have set targets for free cash flow, for return on capital, and Annemieke, again, will come back to that later. Then the third priority is, of course, that we would like to capitalize on the sector growth momentum. There is tremendous momentum in this sector today, and if you see all the discussions around climate change and the implications that it has to people also living in Europe, I think people become more and more aware that we truly have to change the way we live. And Renewi, as I showed before, has several ways to show how we can help to reuse materials and recycle materials to do so. We will drive organic growth, one, by market share, by advanced treatment that I talked about, and also by expanding our capacity. Because if you treat new streams of waste that currently are incinerated, of course, you have to build, like what you saw this morning. In May, we launched our five-year plan, where we showed ambitious targets about growing more than 5% a year CAGR organically, which would get us to about EUR 2.5 billion of revenue. We also said that we don't want to grow and dilute our margins. In fact, we want to further increase our margins. So that growth will come with increased margins, high single digits. And when we have accomplished all those things, and we have fixed our portfolio, we have built this solid foundation, and we are growing organically, we also want to start looking at acquisitions. I know there was some discussion about, Well, are you in a position to do big acquisitions now? The reality, of course, is we realize we are not, and we want to continue to first focus on organic growth and fixing, but we also see an opportunity longer term for that as we move forward. Let's start with the first one: optimizing our portfolio. This is Renewi's portfolio, if you look at the splits per division and subdivision. You see the circles which are blue, which is the revenue that these activities created in fiscal year 2023, so last year. You see the X-axis, which shows the growth potential over the next years, and you see the Y-axis, which shows the profit margin that these businesses make. The good news, what you can see is, first of all, that on the right top corner, we have a large part of our activities already there in our, what you call sweet spot. Commercial waste, both, but also Maltha and Coolrec. And if you look at the light gray circles, you can see where they came from a couple of years ago. So what you see is we really have been able to improve our businesses and move them to the right and to the top. Now, what you also see is that there are two businesses that are not there. One is Mineralz & Water, where we'll talk about in the next slide. But basically, we do believe that it is an intrinsically interesting business, which really fits our core values well, because it recycles raw materials from the largest material market that there is, which is the construction industry. And it's also adjacent to some of the activities we have in our commercial business, where we collect waste from construction sites. And then we have U.K. Municipal, a business that we have worked hard on over the last years to improve performance. And you can see there, even there, we have been able to move it. However, we do not believe we can move it significantly further up the chain. Also, we may not have the competence based on the fact that this is only a small part of our activities, and that's why we decided to put it up for strategic review. Now, maybe the why is clear to most of you, but here are some other reasons why we do it. We run several smaller contracts, and each of those contracts uses a different technology to convert black bag waste into some type of recyclates. Low amounts, by the way. But they are requiring various process techniques, and we don't use them anywhere else in our company. Also, I think you've seen that municipal has a different financial profile, and we feel looking at our profile and our direction, it does not fit in our current profile as we look forward. Now, the question, of course, is when? And we have carefully looked, and of course, we do not want to overpromise. So although we are in the works and we have done a lot of work already, we expect this to close finally in the first half of 2024 calendar year. However, the key objective is to do this as quickly as possible, so if we can, we will move forward faster, of course, making sure that we also optimize value and deliverability. Now, the second priority in our portfolio is Mineralz & Water, and I've talked to you a lot about this over the last years. Again, we do believe this is a fundamentally attractive business. We do minerals and we do water. The water business is in great shape. We take heavily polluted water and we clean it so it becomes water that can be reused. That is actually the money maker today, where the soil business is actually losing money, and the average brings us to basically zero. However, the good news is, if you increase your throughput of the capacity we already have, then quickly you get to profitable activities also on the soil business, and combined, of course, that will lead to significant EBIT improvement. Now, because of the strict rules we are under, I was not allowed to show you our chart with EBIT and volume, so I apologize for that. But I think people that have been close to this know that historically, this business was quite profitable, over 10% EBIT margins, and we see a clear path to get there in the next couple of years. In fact, in the second half of this year, as we are increasing our volume and production rates, we already see that we come to profitable territory, and that will only continue next year and the years after as we further increase run rates. Now, what we have done is because we had to fundamentally change this business. For the people that remember, we were taking contaminated soil, we were heat treating it, and then we had clean soil, and that was placed back in the Netherlands into projects. However, with the changing legislation around 2020 and 2021, it has become very difficult to continue this business model because the requirements to clean soil are still unclear, are changing. But the reality is that people are waiting and are concerned about using our material for that purpose. So we recognized that early on and we decided, okay, clean soil placing back in the markets, in the soil is not gonna work. We have to take this a step further, and we have invested in additional steps in our recycling to make sure that the clean soil is further split into clean sand, clean gravel, and a filler. And those products are targeted as building products to the concrete industry, which is a very large industry, consuming high volumes of all three. Today, we already sell high volumes of gravel, and they meet all the specifications from the beginning. For the sand and the filler, we have worked with our customers to make sure that we understand the specifications, we're able to produce towards their specification, and today, with the investments we have made, we are able to do so. That's why I've been able to sign contracts with these customers we have been working with for years, and we can start increasing our throughput, because, of course, you need to make sure that what you produce, you can also sell, and these are very large volumes. So as soon as you don't sell, you get piles of this stuff on your site. At the same time, we're still working hard with a few people in selective areas to place the remaining legacy soil that we have, the TGG, and that will take place over the next 1-2 years. All in all, this is a great business. When we have fixed the output, we are fixing the throughput, and we have already, with all the adjustments to the lines we made, then our focus will shift to the input, because then you have to get high volumes of contaminated soil back in again. The good news is there that we see opportunities. We have expanded our sales team, and we are working on projects that will deliver that moving forward. So in short, I guess I'm saying that we have turned a corner here, and we're truly looking at impact in the second half and further positive impact next year on our profitability. Then the last, but certainly not least, is our commercial business. This is, of course, the foundation and about two-thirds of our total revenue. And what you see here is that we have fundamentally already improved this business over the years, both if you look at revenue, but more importantly, at margin. We will continue to grow this business, we will continue to invest, and we will continue to drive our commercial value proposition. Our one-stop-shop concept, so that we pick up any type of waste at our commercial customers. Also, our footprint and our density, we're always close, is important. And at the end, also, the digital interface we have built with our customers in Renewi 2.0. Targeting 5%+ organic growth, I think is not that complicated, looking at our history, where we already were at 4% before. With that, I would like to pass it over to Annemieke, who will take you through the financial platform that we're building for strong growth to be able to facilitate our ambition. Annemieke? Good afternoon, everyone. Good to see you. We have a fantastic business. We are a market leader in the Benelux, and we are super proud of our company. It is clear there is a massive opportunity in recycling. But to capture this opportunity and to also boost our shareholder returns, we must improve and further strengthen our financial performance. In the next 20 minutes, I will be taking you through the steps and the path that we see to get there. As a reminder, and as a result of the circumstances where we are, we have a number of obligations under the U.K. Takeover Code. There are restrictions on what we can and cannot say, and with particular to, periods and the terms that I'm referring to, I have to refer to, for example, the medium term, which means-... Say, three years onwards, and also I cannot be very specific about margins. So please bear with me, but we do want to stick to all the regulations. But I will be as clear as I can in terms of the path that we see going forward. We have set ourselves four clear targets: improve our EBIT margin to high single digits, improve our cash conversion to over 40%, to improve our return on capital employed to over 15%, and also to drive organic growth, as Otto just referred to. So let's dive into the details, because for each of these things, we have a clear path forward. First of all, our EBIT margins. Definitely for those of you who have been following Renewi already for a longer time, you can see in the bar we were at 7% EBIT margin last year, and our margins have been temporarily underpinned, particularly in FY 2021 and 2022, but also partially in 2023, by the very high recyclate prices and the higher volumes on the back of COVID. So how did that work? Of course, because of the corona measures, supply chain issues, we had shortage of materials, which have really driven up the prices, and all recyclate prices at the same time were at an extreme peak. At the same time, volumes, just to give you an example, we've all been refurbishing our houses, which have really been driving up construction and demolition materials. But also, we've been massively ordering online, and that had really a big impact on, say, paper and carbon. So just to give you a few examples why COVID and corona measures have been really underpinning and helping us, but it has been a fact that we have been overearning on the back of these developments. So what we are committed to now is to really execute the program that we are already working on to really structurally underpin our margins. And as you can see in the green boxes, these are the four topics that we are working on. First of all, digitization and SG&A reduction. We are, at this moment, working and starting and executing a program to reduce our cost with EUR 15 million at least, and we will be executing that over the next couple of months, and it will be done before the year end. The second is our U.K. Municipal business. Otto already referred to it, and we are looking to solve and find a solution for our U.K. Municipal business, and this is easy math. This is roughly EUR 200 million of revenue at zero EBIT margin, and which gives us an uplift of just under 1%. Then for the slightly longer term, we will see a recycling rate and quality improvement. So how does that work? Well, for those of you who were at the facilities this morning, you could already have a view, but also Kevin will talk about it later for glass. But by really concentrating on operational excellence, we can get more recyclates out of our processes. That means we are bringing less tons to incineration, which means a lower cost for us. But at the same time, we will be producing more materials, and if we also upgrade the quality, Otto already referred to it, that it's sort of sometimes a 2 or 3x for certain materials. If we really upgrade the quality, that actually means we will get a lot more... a lot better pricing at the back end. And then finally, growth. This is simply a fact of if we are growing, we are also here banking on our operational leverage. So this will get us to high single digits in the medium term, and we have a proven track record of delivering this. So our portfolio optimization, Otto already mentioned it, and we've been shown, and we have been showing over the last couple of years, we've been turning around Coolrec and Maltha of zero or almost loss-making businesses to margins that are now top of the leaderboard. We've sold and closed assets or locations that were not profitable or that were not really core, part of our core business. So we're doing that. We know how to do it, and we will continue to do it. Secondly, when we look at cost out, we have just completed the Renewi 2.0 program, where we have proven that we can take out large amount of cost, as we did with Renewi 2.0, where we realized more than EUR 17 million of savings over the last year. And finally, when it comes to recycling rate, this is our core business. So every year, when you look at our recycling rate, you see that we are improving our recycling rate year on year, and also last year, we were able to improve this with 180 basis points. So all in all, we're confident we can deliver this, and we are excited about this path forward. Then cash, because over the last couple of years, we have improved our EBIT margins, but quite a few of you have picked up that our cash conversion has been lagging. And there were a few reasons for that. We had to catch up on some maintenance CapEx. We've done an acquisition. We've invested in some of the growth projects that you have seen this morning, but we need to improve this. That is a key focus point. So if you look at our cash conversion, you see the blue bar of the EUR 256 million EBITDA. So last year, we had a cash conversion of 10%, and so we roughly made EUR 24-25 million. Now, to improve that, there are three focus points. First of all, we need to fix the legacy outflows, so the blue bits, the EUR 33 million that you see in the, in the bar. So legacy outflows, I'm sure most of you know these, but just to remind you, we postponed EUR 60 million of taxes under the COVID regime, that we are now paying back, and by September next year, we'll have paid it all back. We are now at roughly EUR 40 million, another EUR 20 million to go, so this will be gone next year. That is an impact of EUR 20 million per year. If we then look at our U.K. Municipal business, where we are finding a solution, this is costing us EUR 15-20 million of cash every year. So by finding a solution for our U.K. business, that is a big cash outflow saved. And then thirdly, and we're working on our Mineralz & Water business, where we are still shipping the last parts of the TGG or the old inventory, the old stock, and once we've done that, that also will reduce this to zero. The second thing is exceptionals. So the little gray bit on the bottom where it says, Other, what we've done before is, for example, if we have a larger investment program, we would put that in exceptionals. Of course, not putting it in exceptionals does not necessarily mean that we will produce more cash, but it will actually make it our EBIT closer to our cash production, but it will also give a lot more discipline and focus on the money we are actually spending. So there, we expect to have a much closer conversion to our of our EBITDA. And then thirdly, and I will come back to that in a second as well, is lower CapEx, because we will be looking at asset management. So with better asset management, we will be able to lower our replacement CapEx, because you can see with EUR 87 million last year, it is quite a significant part of our cash out, but also our lease repayments because of the large fleet that we operate. So with these three things, we will improve our cash conversion from 10% last year to 40% in the near term. To give you a bit more detail, because on the one hand, lowering our capital base, and on the other hand, improving our returns, will lead to a better return on capital employed. Our ROCE was roughly just under 11% last year, and we believe it should be at least 15%. So just to give you an idea on, say, the two blue boxes, which are site rationalization and our fleet and asset management, we have 156 sites. We are continuously looking how we can consolidate, because these sites, they require all sorts of maintenance and, they also come with a lot of OpEx. So we are continuously looking at how can we consolidate and be smarter about our footprint. We also have more than 2,000 trucks, and we are super proud of them. They're amazing, and they're really great assets to have, but we can also be a little bit smarter and a bit lighter sometimes. So by looking at how we utilize the trucks and maybe have a look at how can we be better with making decisions on investments on a more centralized level within the divisions, that will be a way where we can reduce the number of trucks that we actually need. And we've already been working on that. It's not something we invented today. 'Cause, for example, this year we have celebrated the fifth anniversary of Green Collective. It's a fantastic initiative with one of our competitors, where we are under a wide label truck. We are combining routes and combining trucks to be really efficient, and at the same time, also helping the people in the inner cities with having less trucks going around. So that's just one example that we are already executing and experiencing the benefits to have less trucks. At the same time, we're looking at outsourcing, for example, our outbound waste flows. We will be able to also reduce the number of trucks that we have. So we're very proud of them, but sometimes we can be a little bit smarter, and we are continuously working on that. And then on the green boxes, these are the return topics that I have already mentioned. Finding a solution for U.K. Municipal, making sure that we reduce our SG&A cost, executing the program that is in place, and that will really help drive up returns and improve our ROCE. That will also give us the opportunity to make investments in growth, because we need to keep on continuing this, but they do not all necessarily need to be heavy CapEx. But the projects that we will be taking on, they will need to meet our return hurdles, and at the same time, once we have fixed our margins, fixed our cash, then in the medium term, and we will be looking into M&A, as Otto said, because we believe that our platform is strong, and we are excited about the opportunity to further build on that. So boosting shareholder returns is a top priority. As our chairman stated in the opening video, we have heard you loud and clear. It is essential to get to positive cash flow, and with a strict discipline in how we apply that cash, we will boost shareholder returns. So first of all, we will be reinstating a progressive dividend policy, where we maintain a dividend cover of three to four times of adjusted or underlying earnings. Secondly, we will be investing in exciting CapEx projects from cash flow after dividends, and they will need to meet our hurdles and our strategic criteria, of course. And then once we have achieved our margin and our cash improvement, and when we have found a solution for municipal, then we will be ready for M&A. Because, again, we will be looking at bolt-ons, we will be looking to further expand on our strategics and on our niche markets, like Coolrec, like Maltha, because it's an exciting opportunity, but we also know we have to do first things first. And then finally, when there is excess cash, we will look at additional shareholder returns, and they may come in the form of an extra dividend or a share buyback. And all that whilst keeping a conservative balance sheet. We've also always said two times leverage is the target or the top, and that is something that will be the case. Because we have a healthy balance sheet. Our balance sheet is healthier than ever, and we have demonstrated our ability to deleverage. A couple of years ago, we were in a situation where our leverage was well over three, and we have been able to deleverage over the last couple of years to now, at the end of this year, our leverage was 1.8. If we look at our debt facilities, we have over EUR 700 million of debt facilities. 85% of those are fixed rate, which gives us great protection against the current interest environment. We have in August this year, we have refinanced our revolving credit facility, and we have extended it, and thank you to all the banks who are also here in the room for the support. And we have extended it with five years, plus two extension options of one year. So at this moment, in total, this facility gives, and all our facilities give us a liquidity headroom of around EUR 300 million. We are well-funded at competitive rate and with enough liquidity headroom and with enough protection against interest volatility. To do a bit more on balance sheet, because next to significantly lower leverage, our balance sheet shows the strength of Renewi. We have a unique asset base, and on the one hand, we have the opportunity to consolidate our sites, to be smart about the trucks that we are so very proud of. But at the same time, it is really important to understand that our asset base, our sites, our trucks, give us a great coverage in the Benelux, which gives us an advantage over any other competitor. Of course, we are also mindful of the challenges in our balance sheet. We see the large amount of provisions, EUR 341 million of provisions. 139 of that is related to our U.K. business, the onerous contract provisions. In addition, we also have EUR 69 million of debt sitting, of non-recourse debt related to those, to the U.K. Municipal business, so it is a drag on our balance sheet. When we look at provisions and our balance sheet, it's also important to understand that in this EUR 341.9 million, also sits our landfill provision. Normally, provisions, they are maybe for the next year or a few years thereafter, but these ones are quite special because they are related to a period of at least 8 years out, but most of them, even 20, and the longest one, even 29 years out. And they are for restoration and for the aftercare of the few landfill sites that we still own for historic reasons. But it's important to understand that these liabilities are not covering a period of, say, a couple of years, but are really extending way into the future. So overall, we think we have a good balance sheet. We have a fantastic asset base that we're proud of, and it also gives us a great, a great base and a great platform for growth. Because I did want to give a quick word from the CFO on growth as well. If we look at growth, there's three things: the contractual platform that we have, the commercial focus we're stepping up, and operational excellence. So contractual platform. We have almost automatic inflation pass-through to our inbound customers, and that's a very powerful and essential thing when we look at growth, because that means that inflation and is automatically already captured by your contracts and by your customers with recurring revenue. Otto also mentioned leveraging partnerships. We have fantastic partnerships with leading companies like IKEA, like Shell, like Playmobil.... And And these are a great cornerstone to fund our growth. Commercial focus, we will talk about this also in the second section, but we believe we can gain market share by really focusing on certain commercial segments and certain customer segments. But also by focusing on promising material streams. So I won't spoil anything on that because that is for the second half, but that is something that we're absolutely excited about. And then excellent operations. Already mentioned the recycling rate. By improving our recycling rate, on the one hand, of course, we avoid the gate fees, which is also good for our margins, but it also means we produce more materials at the back end, which really gives also an uplift in our revenue. And then finally, operational excellence. I've called it on time, no fuss. In the end, we have to make sure we serve our customers well. We have very high customer loyalty, but if we even further improve our service to our customers, we believe we can improve that loyalty even further. So that being said, let me summarize our commitment to our shareholders. We are executing cost savings. We are looking for a way to find a solution for our U.K. Municipal business. We are executing a digital agenda to increase the profitability of our company. We have full focus on cash generation to get to a healthy 40% cash conversion. And then by improving asset management, and to slightly lighten up, we can work on an improved ROCE of over 15%. And that will boost shareholder returns and also really provide the company with a platform for growth at the same time. So we have a track record of delivering on our promises, and we are looking to the future with great confidence. So with that, I would like to invite Otto back to the stage and to take some of your questions. As I understand it, we are going to take one question from the room, and then we go to one question from the web. We have Jacqueline here with a microphone that's going to run around to give the person that wants to ask a question the mic. So maybe starting here in the front. We can hardly see you, by the way, because these- We're blinded by lights. Blinded by lights. Not in normal life. Great. Thank you, guys. Calum Battersby from Berenberg here. First question, probably the obvious one: for the strategic review of the U.K. Municipal business, can you talk through the main options you're considering in any way at all? And should the assumption be that this would involve a cash investment to exit that business as well? Well, we are looking at numerous options, and I think at this point, it's too early to give specific answers to your question. So as soon as there is more information we can share, we will do so. But as you may understand, we are also negotiating with various parties, and that would also undermine our position. If I share a question from our online audience, in which parts of the business do you expect the most growth, and why would that be? Well, later this afternoon, actually, we have a few members of the team presenting. One of these members actually got an award earlier this year because he has been growing the Maltha, our glass business, the fastest. And if you also look at our portfolio chart, you saw that both Coolrec and Maltha are in the top right of the chart, which means they are growing the fastest. So between Kevin and our Coolrec business, they are competing for the first spot. Here in the front of the room. Good afternoon. Joe Brent from Liberum. You've given your 40% cash conversion target, which is clearly well ahead of where you have been and equates to about EUR 100 million of cash generation. But it's still a low number relative to some other companies who would might target, say, an 80%+ EBITDA cash conversion. Can Can you just talk us through the dynamics of that, please? Yes, of course, Joe. I think what you see in our business, we are quite asset heavy, which means that maintenance CapEx will always be an important part of our cash outflow. So we think for a business like ours, that is asset heavy, 40% is already a great improvement from where we are, but I also think it's quite a good target. Question from our online audience again. Also following on your introduction, a question on to go a little bit deeper into what happens to the waste that we cannot recycle? Well, actually, two-thirds of the waste we do recycle. There's one-third that's left, and that goes either to incineration, landfill, and that's why we're trying to minimize that percentage. But we outsource that, of course, we don't have our own incinerators, as I explained. Thank you. Hello, Andrew Shepherd-Barron, Peel Hunt. A couple of questions, if I may, keeping on the sort of simple side of things for the moment. Two—One is on your organic revenue growth. Can you just break that down a little bit between how you see price? Obviously, there's an inflation assumption there, but perhaps you're expecting volumes to decrease, I don't know. And how much would of it would come about from new investments bringing in new revenue streams? That would be interesting. And related to that is your return on capital discussion. Clearly, if your EBIT margin goes up by one or two or whatever basis points, that's gonna take your return on capital up. Could you talk about how you then get to above 15%? Would it be from new investments driving it much higher? 'Cause or is capital intensity in the business generally, can it be reduced, perhaps by shorter lease lives, et cetera? Thank you. Yeah. That were a lot of questions at the same time to remember, but I'll try and do my best. So first of all, we will be reducing our asset base. Not, not hugely, but we are looking at can we consolidate sites, can we work with a, a smaller fleet? How can we really manage our our containers better? Because you just saw on the one of the first pages, we have over 400,000 containers. So these are things if we really improve our asset management capabilities, we can do with less assets. So that is first of... That is in terms of how we are reducing our asset base. You can imagine if we consolidate sites, we can sell off some of the locations, and that will help reducing that part, and at the same time, improving our returns indeed will help. But I think that's only part of your question answered now. Part of it was whether or not you could reduce lease lives, et cetera, which mechanically would reduce the amount of assets on the balance sheet, but. The lease lives? Yeah. Probably not. I mean, I guess at the end, at least we lease trucks for about 10 years, so I don't think it makes sense to lease them for six years, because you need the truck or you don't. So I'm not sure how that would help. Okay, and alternatively, whether or not it's a high return on capital on your new investment program will take return on capital up above 15% anyway. Can you talk about future returns? Yeah. Well, the future returns, we've always said that, the return on, on investment has to be in six- has to be 16% pre-tax. Generally, if we look at that, we have quite a few investments that do a lot more than that. We will talk about Maltha in a sec, where we, where we are seeing, seeing returns that are a lot higher. Some, of course, are just borderline, but we feel we need to do them anyway. But in general, we see that our, our CapEx and the projects that we are doing are, exceeding the hurdles that we are, so they are accretive and helpful to the 15% target. Great. Thank you very much. We'll leave the question on price for somebody else, perhaps. Thank you. Yeah. Another question from our online audience, and there's two in one: Can you talk about why you removed the 5% M&A CAGR target from the immediate growth plan? And secondly, the sector is consolidating. Will it be important to do M&A to remain competitive? Well, I think the first question may have misunderstood our chart, because what we indicated as we talked about in May, that from our current base of EUR 1.9 billion, we grow 5% CAGR organically. So that would bring us to EUR 2.5 billion, and we said we could grow even further to EUR three billion by doing additional acquisitions. So the five percent CAGR was not reflected to the acquisition part. It was two separate things. And your second question was, sorry, Marie? The sector is consolidating. Will it be important to do M&A to remain competitive? Yes and no. I think one thing we see, there are a lot of assets that are, you can call them stranded assets for sale. So companies that have been successful ten years ago with certain technology that realized that today it's not so competitive anymore, and they may have difficulties to invest, and then they put their company up for sale. So the question is, if you buy a company like that, what do you actually buy? And is it not simpler or better to then just compete and take market share rather than buying such a company? On the other hand, there are, of course, companies that are working at the forefront of new technology, and they may have technology developed that we don't have. So there, I would say it could be very interesting to capture an opportunity that you otherwise may not have. One example, I think, was what I gave with IKEA. This company, Retourmatras, was a small company. They had developed a great technology to automatically recycle these mattresses, but they simply did not have the capital, so that's where we stepped in. We had the network, the capital, the knowledge to be able to quickly scale that business to, to the size it currently is. So I guess the answer is: it depends. Hi, thank you. Usama Tariq, ABN AMRO, Otto. With regards to SG&A cost-cutting that you indicated, could you give a little bit of color on it? Is it geography-based? Is there any particular target where you're looking at? Thank you. Yeah, absolutely. So we are targeting a cost-out of around EUR 15 million. At this moment, we are still working also with the workers' councils to do to make these things exact, so we know exactly in which departments and which divisions. But at this moment, I can't say much more than that, because we are still working with the works councils, and we also need to make sure we are doing our internal communications thereafter. But what we are doing is working right now. We have identified the departments and the divisions where the costs need to come out, and we will be executing that before the end of the year. ... A question from online: What is your target recycling rate for 2025, 2030? Since you have restated your recycling rates, does Mission 5 still hold? Yeah, it's, that is true. So I think what we see, we are able every year to increase our recycling rate by 1%-2%. Of course, it requires some investment, but we have been investing, and this morning, again, you saw a new line that will help to further increase that recycling rate. The same for the new line we are opening up in Acht. So at the end, if you continue with that, it takes about five years to get to 75%. We also know that the higher you get, of course, it gets more difficult because the remaining waste that you send to incineration or landfill is probably not easy to recycle. That's roughly the rule you can use, so 1%-2% per year, and we've shown that in the last four or five years as well. Hi, good afternoon, Juan Rodriguez, Kepler. Coming back to your 5% target again, can you please give us more color on your underlying assumptions for it? I believe part of it will be inflation adjusted, part of it will be volumes. And, and what, what part of the cyclical exposure are you taking in, in terms of the execution risks that you might see if there is a slowdown in economic conditions? Yeah. Well, you are actually a little bit ahead of the curve, because this afternoon, Marc and the team will show five areas where we are taking strong initiatives, and we show that that delivers about EUR 275 million of growth over that time horizon. But just, that is only five of our initiatives of several more. This morning, I think you saw, or some of you saw the, the line in Ghent. That is not included in those five, but it will also generate significant additional revenue. And then, of course, as you point out, we have inflation. Historically, I guess we always talk 2%-3%. If you look today and in the future, it might be 3%-4%, I don't know. At the end, if you add that on our revenue, that would also take a pretty significant part of the total. We've set minimum 5%. We hope to be able to exceed it, but we have plans in place to easily get there with the programs we already have today. Another question from our online audience: Given the growth plans, why bring the dividend back? I think it's an important signal to our shareholder, and it's also a signal that we are a healthy company. So shareholder returns are important to us, and by really focusing on our cash generation, there is no need to exclude one or the other. So we are therefore also reinstating the dividend policy. Any more questions from the room? And also, with the room, we'll have drinks and dinner, so I'm sure we can ask more questions later. Yeah. Hi. You've said that incineration, you don't have your own capacity because you fear there might be, at some point, overcapacity. What's the risk that this happens to you as well, i.e., as companies are having to become more and more sort of waste friendly, i.e., their output might reduce and therefore you may have less stuff to recycle? Yeah. Well, first, if you look at the incinerators, it is indeed true that in our Benelux countries, the capacity of the incinerators is already larger than what is required for the country. And as you may also know, the Dutch government has raised an import tax to avoid that waste from other countries then gets in, and the Dutch government is burning waste for other countries. So I think it will continue to be a little bit of a local for local activity for now. Also, transporting waste over large distances with no value, of course, is difficult. If you talk about recycling, quite honestly, we have not seen and are today not seeing any reduction in recycling. What we do see is a shift from the mixed recycling, so the mixed waste streams, to more mono streams, because companies, in their production processes, they do separate better. And in a way, as I think we explained before, mono streams actually helps us to be able to create better quality recyclate that then can be reused again. So I think we are only at the beginning of this process, and if you look at how much material today is not yet recycled, I think we have a huge opportunity to grow our recycling content. I showed Europe as a whole, less than 50% is recycled. More goes to incineration or landfill. So if all that volumes starts to be recycled, we will be quite busy, I think, over the next years to come. I'm not concerned about a lack of waste, but it will shift more to mono streams and more from incineration to recycling. Yeah, maybe if I may add to that, what you will see in the pitches this afternoon is we are actually also embracing our customers' need to go to less residual waste. So we even have a concept of zero waste customer that we will look in this afternoon, because we also see a lot of customers who want to reduce their carbon footprint, and they are looking to us for help, which is also, for us, an important way to also serve our customers and is a growing business model. If I may ask a second question, how do you... Can you give some examples of how you translate your new financial targets into targets at the company level, i.e., inside the company? To what extent do reaching those targets makes a difference to the wealth of the management team? ... Yeah. Well, first, I think we today have a structure where we run four divisions, and the targets we have at central level are directly cascaded down to the divisions and then within their teams to lower levels. I think Annemieke talked about the hurdle, the threshold for capital within our company. So anybody coming with an idea for an investment needs to meet that 16% threshold that we have set as a minimum. So those targets, I think, are spread widely. And I think if you look at the higher level management, and you look at our annual report, which has, like, 20 pages on remuneration, I think the targets that we have set for our management team is directly aligned with shareholder return. Our long-term incentive plan is basically shareholder return compared to peers in our space as one of the main metrics that we use. So at the end, I think it's fully aligned. It's cascaded through the whole company as well. If you're going to say to a truck driver, you have to have a joint package. Sure. Sure. Yeah, that's true. Now, so- How do you translate that into the organization? Yeah, well, you're right that the truck drivers may not understand ROIC or free cash flow. So indeed, we don't do it there. So I think the teams are running very specific KPIs or utilization rates and all kind of metrics, how we measure our own employees. But of course, they are not directly linked to free cash flow as such, so they are specific for them in their job, daily job. Question from online: The recovery of Mineralz & Water to EUR 20 million EBIT has drifted. How can we be confident that you will get there by full year 2026? Well, first of all, I think I did indicate that we are finally increasing our run rates in our facility. And looking at this year, half of this year, so as of August, we have been increasing, and next year, which then will double the amount for this year because it's a full year, and then a third year will get us to that number that you indicated. So the fact that we are now producing EBIT month by month gives us the confidence that we can continue to do so moving forward. So it's not hypothetical anymore, is, I guess, what I'm trying to say. I think that brings us to the end of this particular Q&A section for now. We'll now take a short break. We'll start back at 4:30 P.M. sharp. Thank you. Thank you. Okay, welcome back. If you'd please get seated, we can start with the second half of this afternoon. I already revealed that this will give you more insight in our growth plans. 5% sounds like an increasing number, but at the end, it's of course, important where we get it from. And I would like to introduce, Marc den Hartog, our Commercial Waste Director for the Netherlands, who will be your host for the second session. Marc? Well, thank you, Otto. And as you already alluded to before the break, it's very clear that ultimately recycling is going to play an essential role in actually making the circular economy a reality. And we've got a couple of good developments that are supportive of our growth strategy. I'd like to just tackle them threefold. So on the first hand, it's the European framework, where we see there's a big drive and urge for coming to ultimately initiatives and regulation to reduce the carbon footprint. And in addition to that, also activities that actually help us to get recycled content obligations in that framework, which will urge companies to actually comply and start taking action in that field. And the European framework also ultimately is also there to actually help Europe to tackle the climate waste challenge, but also to create much more autonomy for Europe's material strategy. If you look at the market, we also see that our clients, whether they are large corporate or international companies, they are much more ESG-driven, pursuing their own objectives. And that's, of course, something we have factored in in our plans, in our commercial plans, to gear up to that opportunity. And last but not least, there's societal change. There's an even ever-increasing urge from consumers with a goal to prevent waste, to work on waste reduction, but also to associate them with, and engage with, companies with a sustainable business model. And I think those are all factors that make us believe that it is gonna be supportive drive and energy for our growth strategy on recyclates. But if we then talk about recyclates, and also maybe here recapping what Otto earlier said, from the 11 million tons of waste that we process, about seven million tons is actually finding its way into the market as new materials, secondary materials, and we consider that pure material recovery. Next to that, also already briefly mentioned, we also have other ways where we contribute, in for example, renewable carbon production. Think of the biogas or the Bio-LNG, which ultimately ends up as a transition fuel for long-haul transportation. If you look at our industries in which we operate, as well, on our inbound side, as well as on the outbound side, we actually see there's a wide range of industries that all require very specific growth plans from us. And we do have those, and I'm very glad that actually later, after me, you'll get to see a handful of those, which are very exciting opportunities. But they're very distinct. And as you can see here, they will require a different service offering for each of these industries and sectors. Different recycling technologies come into play, but also the requirements of the secondary materials we produce are gonna be different in purity and quality. And we're gonna talk about that. Just to illustrate that, as you will understand, the medical industry will have very different challenges and requirements from recycling than the construction and demolition sector. Here are those five that we're gonna talk about, and how ultimately they're gonna contribute to our growth. We were gonna talk about them in the same structure. We're gonna talk about market, we're gonna talk about our plans to grow, and we're gonna talk about impact. That impact is, on one hand, financially, it's about the revenue contribution it will give. That sums up to the EUR 275 million that Otto alluded to, which is, if you consider it to come from a EUR 500 million growth, a significant contribution, and it's gonna go beyond the horizon also that Annemieke talked about before. But that contribution is not only financially, it's also impact on the environment. It's gonna be a contribution to the Renewi objectives, that we have to reduce our footprint, but even more important, it's gonna be the carbon avoidance it will give for our clients. And that carbon avoidance, just to help you a bit with the understanding of what that is, it's ultimately the amount of product that we provide to customers, times the carbon benefit it will give for using that material instead of a virgin or prime material. And whereas for us, that's a carbon avoidance effect, it contributes directly to the carbon reduction of our customers. So in that sense, we create real contribution for them to achieve their own objectives in carbon reduction. What we're gonna talk about is, we're gonna cover glass. My colleague, Kevin Bell, the MD of Maltha, will talk about how we're gonna expand the glass recycling opportunities that we have. You'll then hear Ernst-Jan Mul, Manager, Innovation, talking about the opportunities in organics, how we're gonna shift from an application in bioenergy to even more use in functional materials. We're gonna hear Kim Meulenbroeks, Manager, Innovation, to talk about how in that world, where plastic is actually still growing instead of reducing, in this, despite of all the actions we're taking globally, and how we, with our recycled content materials, are gonna benefit from that. You'll see me back on stage to talk about what Annemieke already talked about, is our initiatives to support clients who want to get rid of waste, which we consider our zero waste solutions. Before getting there, I'm gonna ask Jan-Pedro Vis, our Director of Product Management and Innovation, to come here on stage and talk about the huge opportunities we have in the construction and demolition market. Jan-Pedro, the floor is yours. Have you ever wondered what happens to construction waste? Construction and demolition waste accounts for more than a third of all waste generated in the EU. But the construction industry also uses one of the largest amounts of recycled material. We're a key player in recycling building materials. At our construction sites, there's a wealth of valuable raw materials. To make the most of these resources, we separate them at source, using different containers for various waste types, like rubble, wood, and insulation materials. This allows for new products to be born, like old pavement tiles upcycled for new roads and reclaimed wood for furniture. We are on a mission to reduce construction and demolition waste, and give new life to used materials. Thank you, Marc, and all welcome to the construction and demolition part of this, presentation. In the next seven minutes, I'm gonna take you through this, with first describing the market, then secondly, we're gonna talk about the position of Renewi in that market, and thirdly, we're gonna talk about the levers for growth that we see towards 2028. ... and last, we will end with a statement, a projection for the growth that we're gonna achieve, and with a sustainability achievement. Let's get right into this. Firstly, started with the market. The market of construction and demolition could not be underestimated. 35% of all waste generated in Europe comes from this market. In the Netherlands alone, it is 20 million-2two million tons of waste generated every year. If we zoom in at the advanced sorting waste that we have, it's a 3 million-ton significant impact that is generated every year. If we look at regulation in this industry, that influences regulation, it's going in one direction, and that is recycling. If we start with the European Union, you see that they will... We expect them to revise their, their legislation to mandatory recycle percentages for construction material. The Netherlands, they go even one step further. They want to be fully circular by 2050, with an intermediate step by 2030, going halfway with 50%. Then last, look at the construction market itself. Short term, we see here some challenges with the nitrogen deposition that is generated by fossil fuels in construction, by high interest rates, and by the inflation. But long term, the fundamentals for growth in this market are there. Most notably, the housing shortage in the Netherlands. The housing shortage is growing day by day, and the Netherlands need to go up to 90,000-100,000 homes to be created every year. Secondly, the energy transition in the Netherlands. A lot of renovation still needs to be done in the Netherlands for insulation of houses and switching from natural gas to electricity. And thirdly, the demographic changes that are happening in the Netherlands. The baby boomers will go to different houses. They will not climb up the stairs anymore, but go to apartments. And a lot of new people entering the home market with different requirements in the home market, requiring, again, a lot of renovation. So what do we have? A growing market here, which is strongly influenced by legislation driving recycling. And the question now: What is the position of Renewi in that market? And the answer is actually quite clear. We are the market leader in the Netherlands. We have a 25 market share in advanced sorting in the Netherlands. And as a market leader, we are able to meet our customer needs in collection, in sorting, and delivering recycled materials to the market. We have a... With our partners, we have a nationwide coverage of collecting materials from construction site. That means that we are, with our own fleet, or the fleet of our partners, close to our customers. And the same counts for our sorting plants. We have the most advanced and elaborate sorting facilities in the Netherlands for construction and demolition waste. Again, being close to our customers. So we are suitable for local players who want to deliver the waste, but also for the big national players, who want us to follow us around the Netherlands with their construction projects. And last but not least, we have a strong portfolio of recyclates. With our Forz brand name in the market, we're delivering a wide range of minerals to the market, delivering to the construction industry, to concrete industry, but also to other parts of the material industry, delivering our materials. All right. The market leader now in a growing market, driven by recycling. How are we gonna capture the value in this market up till 2028? Three levers there. Already talked about by Otto and by Marc, mono streams is one of them. We are working in depth with our customers on this construction site, to separate the streams of waste. This is a big advantage for our customers when they can cut cost, and this is a big advantage for us, because we can deliver at the backside, higher quality recyclates if we collect mono streams. Secondly, our advanced sorting. The need to fulfill these requirements for recycling, driven by legislation but also by personal statements of our customers, are driving customers to companies that are able to deliver that recycling. Like I said before, we have the largest and advanced sorting capability in the Netherlands. We have these assets already there, so these customers can use that. Most important, we have the assets, but also understand that we have in-depth knowledge how to run these assets and get the most value out of them. That brings us to the last point, that is, that we are also going to improve the materials, the recyclates that we're gonna bring at the back end to the market. So how are we gonna do that? With these assets I talked about, we're gonna improve, critically improve the outputs that we're gonna get. With our in-depth knowledge, seeing if we can get the quality, the specs up of the recyclates that we're having, and then earning higher margins for the recyclates that we get. Most notably, driven by the concrete industry. The hunger of the concrete industry for recyclates is unmatched. They're now currently different by mainly CO2. They want to get low-CO2 materials as an input to their industry, but they will again also be pushed by this recycling registration. All right. Then the last part, what we will be doing with our own assets I talked about, we will also do that with new innovations. We are looking with new techniques, mostly together with our partners, to see how we can come to new techniques to recycle the materials and bring again high-value recyclates to the market. All right, what does it lead us to? The statement on financials and sustainability. You saw it already before, that leads to an increase of revenue by EUR 50 million to 2028, delivering over 35% of growth. Of course, very nice, and we're proud to have this pathway to this growth, but it is not all about financials for Renewi, it is also about sustainability. Please note that we avoided 350 kilotons of carbon going into the air by not having to provide virgin materials to the industries, but us able to deliver these recycled materials. And of course, you understand, when we grow our financials, when we grow our volumes, also this number of 350 kilotons will grow with us. Thank you for your attention, and up to the next one. What happens to empty glass bottles and jars or flat glass, like windows and car windshields? Every year, Renewi subsidiary Maltha processes over one million tons of glass waste from companies, citizens, and municipalities across Europe. Through advanced methods and technology, we reproduce glass waste into high-quality secondary raw materials. Flawless for any customer in the glass industries, and an important task because our glass cullet and powder products can replace virgin materials, offering a more sustainable and environmentally friendly solution. Glass is endlessly recyclable without loss or quality, and our ambition is to give every bottle, every container, every piece of glass, new life. Good afternoon, everybody. My name is Kevin Bell, and I'm here to make you very excited about the glass industry, because I'm very excited about the glass industry. So one way to start this is to tell you an interesting fact about glass. So the interesting fact is, did you all know that glass, man-made glass, was first manufactured in 3,000 AD? 3,000 AD, in ancient Egypt or Mesopotamia, as we knew it then. Interesting fact, right? But let's bring yourself to the present day, and let's talk about how glass has continued to grow, and it continuing to grow in the glass recycling market as we see today. Well, there's three main drivers behind this. The first one is us, society. We're demanding that we actually reduce our energy consumption. This is clear. But did you know that actually by replacing the raw materials with recycling feedstock, actually leads to a 30% reduction in, in energy cost? Big figure, right? The next one's regulation. Regulations are obviously changing as well, and there's a European target to boost recycling by 90% by 2030. But within that 90%, they want to try and drive 70% of that back into the remelt process to really close the loop. And the last part of this, the glass recycling market, is actually still continuing to grow, and it aims to, by 2027, to grow circa 7%. Within that, there's also new furnaces coming online, so the container glass industry, by 2025, will have put another two million tons in Europe. two million tons of glass. In the flat glass recycling market, where there's some huge advantages for us in that market, will also grow circa 9% within this timeframe as well. And also, the fiberglass market aims to be just over 10% by 2027, so a growing market. So who are we? Who is Maltha? Well, Maltha, in the countries it's currently operating, is a leading glass recycler. And as Otto mentioned before, Renewi is obviously the major shareholder of this group, and with this is a joint venture with another company called Owens-Illinois. It's an American company, container glass company. So what do we do? Well, basically, we recycle flat and container glass into other products that we can use back into the glass industry. But how are we doing that currently? What's really leading to the growth that Otto showed you on the map previously, where we're in the top right-hand corner, right? So what's really driving that? I'll just give you a couple of examples. The first one's about client collaboration. Really working with the clients, not doing a deal for 12 months, 18 months. We're talking about the future together, their sustainability plans, our sustainability plans. How can we reduce, make the quality better of the feedstock, and therefore, we can help each other reduce the carbon effect. So it's really engaging with the clients and doing a longer term strategy together. Another element to this is recycling glass into glass. What does that mean, Kevin? I hear you ask. Well, it's really closing the loop. So there are industries that we currently send glass into where it's classed as recycling, but that recycling might not come back for 10, even +20 years. Actually, by some of the innovation we're creating, it actually gets the glass back into the glass industry, where typically we would send it into other industries, and that—the net effect of that is we get the glass back, on average, in 18 months. So therefore, we can keep bringing it back and round and round. And you can see the geographic locations of our sites currently, and we're doing just over 1 million tons of glass recycled in these facilities. Oops, just moving on. So what we're focusing on for growth, three main things we're focusing on. First one is process optimization.... By doing that, we're actually transforming the flow of the line and using some small innovations and technological advancements. Especially in our Netherlands sites and our Portuguese sites, we've seen an increase over 150% in throughput. I'll leave that figure with you a second. 150% increase in one year. Because I have a great team, I ask the question. We're also looking, we're a leading company as well in innovation, so I just want to share three of them innovations that we're looking at already now as a company. The first one is photovoltaic panels. Why is that a problem now? It's not today, but it is going to be in the future. So we're part of a consortium of 14 different businesses, looking at how we can recycle every single component type of that photovoltaic panel, solar panel, and we're the only glass company leading that. And this is a European subsidized project, something we're very proud to do. And obviously, there's 1.8 million tons of this glass coming onto the market in the next few years that needs to find a recycling solution, and we want to be there to provide that solution for the clients. We're also looking into windscreens, and we've now managed to look at innovation, and we've now been able to recycle every component of the windscreen, so we can fully recycle it. On the PVB interlayer of the windscreen as well, we can get all the glass off it, and we can reuse the PVB interlayer back into other products, 100% recyclable. The last part of that, which is usually a by-product of the glass recycling process, where you use the basic fine fraction of the process itself by the sieving mechanism, is usually used either into different industries, i.e., construction, aggregates, or sometimes worse still, and it still happens today, believe me, it goes to landfill. We've actually provided a solution for that very recently, where we can now reuse all of this back into the glass recycling process and back into the furnaces. The last part of this is, by doing all this, we want to expand, and we're looking in areas where we currently are, and we're looking at areas where we're currently not. And that's what we're trying to do, look for opportunities all the time where we can add value to the clients into our business. So what does all this mean? Well, it means, as our colleagues have just said before, we have a revenue increase over 60%, which in figures, comes to EUR 40 million, by doing all the great things that we said we'd do with innovation and so forth. And for an environmental impact, what does that mean also? It actually means that we avoid, in the last year, 225 kilotons of carbon avoidance. But did you know that's nothing in comparison to the substantial reduction you see by using glass back into the furnace as much as you can, that avoids the manufacturer's carbon footprint as well? It helps that entire process, and that's a bigger figure that we don't use here today, but it's a very big figure. Before I hand back to and pass on to another very, very good-looking presenter, I'd just like to finish how I started, which is to do a nice, important fun fact for glass. Glass recycling, did you know that can replace 95% of the raw materials used in the melting process? 95%, as long as the quality's good enough. Disclaimer. I really appreciate being able to present to you today. A few of you enjoyed the presentation. Glass is very recyclable. It's been here 3,000 years... Since 3,000 BC. It's been here a lot of years, right? It's going to be a lot more years after us as well. It's one of the ones that is highly investable. I will pass on to my next colleague, yeah, and who will talk about organics. We use trees, fruits, seeds to build our homes, to produce the food we eat, and to give us the energy to drive our economy. Used and residual organics are still too often carelessly discarded, while at Renewi, we are always hungry for more. This is because we know how to transform organics into the next generation of bio-based materials, nutrients, and biofuels. Valuable products our customers love to use and that are the foundation of a circular economy. This way, we present fossil fuel emissions and keep the CO2 that the plants just captured in our economy, rather than in thin air. Great. Thank you again, Kevin, for the coveted compliment. But, before we move on to the best-looking colleagues of today, let me share with you a very attractive story about organics. So these are organics. This is what we mean with organics. We have the greens. These are the fibrous materials, like stalks and grasses. They come from horticulture or public spaces. We have food waste coming from consumers, coming from retail, and also the food industry. And then there's wood. ...coming from construction and demolition, like Jan-Pedro shared with us, but also coming from packaging and logistics. Now, most of these organic materials, they are being discarded after only single use. And of course, that's where we, as Renewi, see opportunities to make new, valuable secondary materials. And like with our other secondary materials, they are great to help our customers avoid carbon emissions. But organics, they have another trick up their sleeves. Because our organics are literally grown out of CO2, they are like solidified carbon. Now, when we turn this solidified organic carbon into long-lasting, well, for example, building materials, that is a perfect way to keep the carbon stored for a very long time. And we can do this at scale. Because in the Benelux alone, we are looking at 15 million tonnes, more than 15 million tonnes of residual organics available. So this is our inbound market. And then there's the outbound market, which is already vast, but which is also growing. Take, for example, the Dutch ambitions to have more than 3 billion cubic meters of green gas by 2030, made from residual organics. Then there's the chemical sector. Large companies, like these DSM and Firmenich, Henkel, BASF, they have made pledges that by 2030, they want to see 20% of renewable feedstock as an input into their production processes. And there's the construction sector, looking for ways to reduce their environmental footprint, they are looking to bio-based construction materials. And in 2018, this market in the EU was already 45 million tons. And currently, these three sectors: fuels, chemicals, construction, they are almost frantically looking for the raw materials to fuel their ambitions. As Renewi, we are very well-positioned to take advantage of their ambitions. First of all, we have a strong coverage throughout the Benelux, where we have our sites, where we not only collect the materials, but we also pre-treat them, and we actually even convert them via, for example, fermentation processes, into new raw materials. Now, this is a strong position along the value chain. It allows us to not only control the volumes that we need, but also to control the quality, right from the collection up to the production of these raw materials. We do this at an industrial scale. Already, we handle annually two million tons of organic materials, and that allows us to connect to these high-value, high-scale, large-scale industries. We also see room for further development. Take, for example, the green materials that we have. We turn green materials into compost. We reach 100% recycling rate for this, and compost is the very valued material because they return nutrients to the soil, and agriculture loves compost. However, it's valued, it's not very valuable. But we see opportunities to increase the value per tonne with other materials that we produce from these organics. Then there's wood. Of the wood that we handle, 20%, we turn it into chips that go into the production of, for example, construction boards. So 20% of our wood, we now recycle. 80% of it goes into the production of bioenergy. But we see opportunities to recycle more, as well as create new products with a higher value. For food and garden, we already produce wonderful products like green gas and even advanced fuels, like Bio-LNG. But here, like with wood, we also see opportunities to create higher-value products. We will create this additional value with three main development routes. First of all, for compost. For greens, we will shift from producing this commodity compost product to creating functional fibers and organic fertilizers. We are now developing a chemical separation process, where we can separate the fibers from the stalks and the nutrients, and then we can supply these fibers to our partners, that then turn them into construction boards or even vegan leather. So these are higher-value markets for our raw materials. For wood, we are developing an advanced refinement process that allows us to make a wood-based raw material product with a high purity, very low contaminations, and a precisely defined granularity. This allows us to supply this wood product to new biorefining industries, like our partner, Vertoro, who turns wood into biochemicals used to make, for example, bio-based asphalt, coatings, or biofuels. Again, high-value markets that connect to our raw materials. Then there's food and garden waste, where we take it one step further, because not only do we develop the pre-treatment processes, but together with our partners, like Triple W and Paques, we're also developing advanced fermentation technologies that turn food waste into biochemicals that can be used to make bioplastics, ingredients for detergents or personal care products. And again, the theme continues, high-value products connecting to our raw materials. It's a high value indeed, because if we combine these three development lines, and we see what the combined impact will be, we are looking at doubling the revenue for our organic streams. We are looking at a revenue increase of EUR 100 million. This is driven mainly by the developments in food and wood, the new raw materials that we developed there, and it is driven by increasing the value per ton. But like we've been stating, it's not just about the financial impact. We also want to achieve an enormous beneficial environmental impact, and with organics, we can do so. We already do this, because with our current organic activities, we already achieve carbon avoidance throughout the chain of 550 kilotons. This will only increase, because we're going to recycle more, because we're going to create products with a higher carbon avoidance, and we're actually going to keep the carbon fixed in the organics. We're going to keep it stored. So that's what we're going to do, and that's the impact of organics. And with that, I'd like to give it to Kim for plastics. Thank you very much. Since the 1950s, over 8.3 billion metric tons of plastic have been produced globally, and the majority of it has been landfilled, incinerated, or dumped, with most plastics taking hundreds of years to decompose in the environment. We are on a mission to stop plastic ending up as waste. Renewi can handle most types of plastics, creating more secondary raw materials, which would otherwise be incinerated, landfilled, or dumped. We are consistently improving our ability to deliver post-consumer certified, high-quality recycled plastics to producers, replacing an otherwise mostly fossil-based feedstock with more sustainable and circular alternatives. Let's shape a future in which plastics play a more predominant role in circularity. Yes, plastics. You only have to open a newspaper these days if there is some article describing something about plastics. It can either be the pollution of our environment, the plastics in the rivers floating in the ocean, creating the plastic soup, or the plastic that we actually get the microplastics that are in our foods. So there's this large societal debate today about the use of plastics. At the same time, we can't seem to live without plastics, because plastics are keeping our food safe. They are increasing the shelf life of our foods, and at the same time, they're making our products lightweight so that, for example, our cars can drive longer distances with the same amount of fuel. So we don't want to get rid of plastics. But companies like Coca-Cola or Nestlé, Unilever, they have said: We really want to look again at our plastic usage and want to reduce the amount of fossil-based plastics that we take in. We want to replace the fossil-based plastics with recycled plastics to keep them out of our environment. And it's not only the voluntary commitments being done by brand owners, it is also the European Commission that is setting in place legislation to get more plastic recycled and to also create a demand for recycled content in plastic products. So European Commission has already said: We want, by 2030, 55% of all the plastics being put on the European market in packaging need to be recycled. And for every ton of plastic packaging that is not recycled, each member state has to pay EUR 800 as a fine. But not only the recycling part, also the demand is stimulated, so they're debating a mandatory content of plastics in packaging of 10%-30%, and for cars, that will be around 25%. This legislation is still under debate, but it will. We're very confident that it will become a reality soon. This ensures that the demand for recycled plastics is going to more than double in the upcoming years. And it's not going to be demand for low-grade plastics that will end up in flower pots or in garden furniture. It's going to be high purity, high quality plastics. And as Renewi, we are very well positioned for that, as I will show in this presentation. So last year, we've already collected, converted, and processed 100 kilotons of plastic within Renewi. You can see our footprint on the slide. There's two examples that I want to show you, and one is the first one is the collaboration that we have with Electrolux, where we managed, in our collaboration, to develop an inner liner for the fridge that contains 70% recycled content. And it's not the outside, it's the inside, and the inside is much more difficult because that plastic needs to be approved food contact. It has to be safe if you put your food in the fridge, that there's no contamination coming in your food. This makes Electrolux the first fridge producer in the world to put a fridge line on the market with this high amount of recycled content. And at a trade show in Amsterdam last year, we got the first prize for innovation. Second example that I want to share with you is the picture of the truck on the bottom of the page. So last two years, we invested in a new production line in Eindhoven Acht, where we said we're going to do better plastic recycling. We're not going to do... When we engineered the line, we said we're not going to do the same as all our competitors. We're not going to be happy if we can go to 90%-95%. We want to go up to 98%, because that is where the demand is coming from in the future. That is what we want to deliver, and I'm very, very proud to announce that this is the first truck that left our site three weeks ago with 98% pure polypropylene. So our growth strategy is to deliver best-in-class post-consumer recyclates. We do that by investing in production lines for mechanical recycling, as we do with Coolrec, as we do in the divisions, the Netherlands and in Belgium. We invest in higher purity, we invest in a larger capacity to increase our volumes, and we're also collaborating with third parties in the value chain to integrate further in the value chain, so that we can actually deliver compounds directly to the brand owners. As I've shown with Electrolux, Otto has also shown in his slides with Playmobil. Next to being a mechanical recycler ourselves, we are also providing feedstock to new and advanced technologies, such as chemical recycling. So this morning, you visited our new sorting line in Ghent, and at that sorting line, we sort out three different waste streams that are suitable for these new technologies. One of the waste streams is the mixed low-grade plastics coming out of the sorting line here in Ghent, and we provide that to a pyrolysis company nearby. This pyrolysis company converts that plastic into a pyrolysis oil, and that is sold to a petrochemical company that uses it as a naphtha, as a cracker feedstock to produce new plastics. We also produce an SRF fraction from that same sorting line, and that material today goes to the cement industry as a replacement of fossil fuels. But in the future, it can go to gasification and can become via gasification, it becomes a biomethanol, which is a building block for the chemical industry. And last, we produce a biogenic stream that is contaminated with a lot of plastics, which is very much suitable for a partner in the Netherlands that can make bioplastics from that, also to replace the use of fossil-based plastics. So all these activities I've just told you make sure that we are confident that we can double the amount of revenue for plastic recycling within Renewi, and that will give us an additional EUR 35 million of revenue over the next 5 years. So we will do that by organic growth in volumes, but also by improving the quality of the recyclates, of the recyclates, so that we can get a higher price for the material, from our customers, and by diverting waste away from the incinerator and sending it to new technologies, such as chemical recycling, so that they can make a product out of that, rather than burning it for energy purposes. So this is how we help our raw material companies on their way to net zero. And now I will hand over to Marc den Hartog, who will tell you how we help our waste customers to go to net zero, residual waste. Thank you. Thank you, Kim. Yeah, zeker. Well, let me start with the picture. And you might wonder, why is there a picture with a truck on it? And probably the second question is, and what is that truck doing in that building? Well, it's actually not about the truck, it's about the bins on the left side. I know we have to be humble sometimes, but, those are waste separation bins in the headquarters of PACCAR DAF, one of our large zero waste customers that we have in the Netherlands. And that is actually what I'm gonna talk about with you, about our zero waste services business. It's a small but fast-growing business, about EUR 25 million today, which we're gonna grow dramatically, I would say, but more to come on that. What's that business about? It's everything ranging from consulting our clients on how to deal with zero waste. It's about the sales and placement of collection bins. It's about in-house management with our own staff, deployed at our customer premises, adding that all up. And what's then zero waste? Well, zero waste is ultimately striving towards zero residual mixed commercial waste. And as you have seen this morning, there are huge amounts of residual waste, and it's a complex stream to manage. The advanced recycling investments we do are gonna tackle a lot of that and will allow us to take significant amount of material out of that residual waste, to actually valorize that into new materials. But we also in parallel see that there's a movement from customers that want to have source separation, where this is actually a solution for them to tackle their challenges in getting to, to zero waste. We already talked briefly earlier at the session about the framework in European context. Well, here, obviously, it contributes to some of the same objectives around the ability to recover more materials from waste. As Jan-Pedro already alluded to, you know, the cleaner the material is, the better it is, suitable for recovery and reuse, but ultimately also, avoiding waste to get diverted or incinerated. For our clients, there are probably three things that matter there. It's first of all, the awareness that is increasing around the waste they generate, the waste they produce. Second, I think also the willingness of clients to actually act upon that. Knowing it's there is still something else than doing something about it. And then thirdly, it's understanding that there is a value in waste. It's not only something you throw away at the back end, but it's actually, you know, yourself disposing of materials that can be of value, and that you, as a company, whether you're a retailer or an industry, want to see coming back in circular loops into materials that you can reuse in your own processes. So I will illustrate what we actually do for companies in three different client cases. Let me start with an in-office environment, not too far from here at Nestlé headquarters in Brussels, where we actually have people on the ground, that through management guidance, employee engagement, training, workshops, deployment of materials and bins, helped Nestlé over the last couple of years to get a significant reduction in the amount of residual waste that they had in their offices. As you can see, it actually went from 2 kilos per employee per month back to, you know, a small quantity in grams that is now there, which is a 97% reduction of residual waste, which is feasible in an environment like an office. If you then look at what we do with DAF, it's actually bringing it to an on-premise, on-site way of working together, where we not only provide collection bins and provide training and people deployed there, we also are becoming much more a part of their operational production process for, in this case, truck assembly. We remove metal scrap that is being generated throughout the process of assembly. We're collecting the waste, we're sorting it, and we have teams on the ground to actually make sure those mono streams are being derived from the, from the process. But we also help with a lot of compliance matters, data insights and reporting related to that, but also with the trading of the metals that come from those production lines. So a very much integrated collaboration on-site with our clients, where we do a full zero waste service. The last example I want to share with you is one with Royal Schiphol Group, which is taking it to a whole different level, where we have signed up with them in a partnership to get to a zero waste airport. Which is next to what we do with Nestlé in an office environment or Dove with an on-premise, where in this case, also involving the millions of travelers, people passing by, are gonna be part of that experience on awareness, separating of waste, and creating a unique opportunity, which we do together with a tech platform called Seenons, to capture all the data and analytics in a way that we have not done that before. But we also strongly believe that that will be part of one of our future business models, using the data analytics we have from waste, from how people dispose their waste, but also the value of what's in the waste. And ultimately, all three types address the needs from our customers at that moment to tackle their waste challenges. Now, as already said, in terms of revenues, it gives us a 300% growth projection for the coming years. And I think also, if you look at how we're gonna do that, is supported by what we call [uncertain] Zero Waste Certification. We're unique in the Benelux with providing that, which gives, especially the office environment and facility companies, an opportunity to certify themselves, which gives you an acknowledgment and recognition that you are doing the right things in order to get to your waste targets. The other thing is that it will give us a unique proposition with our clients. As you will understand, a lot of those companies we work with on zero waste challenges are currently already customers for waste collection. So introducing concepts like this will boost, I would say, the proposition we have and differentiate us a lot, a lot in the marketplace. And thirdly, we also believe that the data insights will help us to get more value from our services, translating also into a profitable margin aspect. And next to the financial aspects, the environmental impact is there. As already mentioned a couple of times today, getting away from mixed residual streams that have to be sent off to incineration, or with new techniques like you've seen this morning, can still be mixed out by taking out some of the valuable materials. This ultimately will lead to much more pure secondary materials suitable for recycling. I think ultimately, bringing this concept into other sectors, and you've seen a couple of those very promising plans that we have in construction and demolition in the medical sector, it will help customers there to live up to their pledges in green deals or other varieties, on getting to climate, to climate, to tackle their climate challenges. So I think to round this session off, five of the great examples of where we believe we can be successful in living our growth strategy is what it is what it signs up for. With that, I'd like to thank you for your attention and ask Otto to join me for the last Q&A of this session. Thank you. Let me start with a question from the online audience, while the audience in the room still has some time to think through of their questions. A question on Maltha. In Maltha, the, the, the 33% ownership of Owens-Illinois, is that not a commercial barrier to non-Owens-Illinois customers? And is Owens-Illinois the biggest customer? Yeah, the answer is, it is the biggest customer, and I think in terms of restriction, there are clear agreements between how much glass we give back to Owens-Illinois and how much glass we can trade outside. And that balance is kept. The big advantage of working together with Owens-Illinois, of course, is that they help us to develop these new technologies that Kevin talked about. So in some ways, it's a bit of a trade-off, but at the end, we believe in this partnership, that we generate more value for our shareholders than if we would try to do it alone. Question from the room. Great. Thank you, guys. Callum Battersby from Berenberg, again. Would you mind talking through the level of capital investment that you think you'll need to make over the next five years to hit all of these growth ambitions? And then related to that, it would just be helpful to understand how you model the returns in these areas where the value of the output recycled materials is less predictable. How do you kind of manage that in the capital allocation decision process? Very good questions. I think, first of all, and I think we alluded to this several times, at Renewi, we look at every investment, and we compare them to each other to look at this, returns of minimum of 16%. And so in a way, these compete partly against each other because, of course, when we have a choice, we would look at the highest returns first. In terms of the total capital required, we have, and Annemieke has shown, that, what we are changing now, in terms of our policy, is that we're not automatically freeing up capital upfront a certain amount. I think in the last two years, we talked about EUR 50 million a year on growth CapEx, and if you look at the first EUR 100 million, we think it would return at least EUR 20 million of EBIT over the years after these plants are on stream, so roughly a 20% return. What we are changing is that we are saying, Okay, we first look at our free cash flow, and then we have this allocation policy. We took the example, I think, of EUR 100 million of free cash flow, if you take the 40% conversion, which would lead to. If you take 30%, it would lead to EUR 30 million of new capital that we would deploy. So as we grow, I think we can deploy more capital to these new initiatives. In the meantime, of course, we have to be somewhat strict in terms of where we deploy capital. Now, long term, if it's some of these opportunities become truly breakthroughs or exciting, we can of course always look at our shareholders to see what else we could do to further fund some of these opportunities. For this, and for the next couple of years, we believe we are fine with what we have today. If I can maybe add to that, as you've seen in the presentation from Aaron Shell on organics, for example, there's a lot of novel and innovative opportunities to upgrade the value from the materials. The approach we take is very diligent, so we work with partners, but ultimately, let them do a lot of the technological readiness steps to get it to a level where it's also much more secure for potential investment in capital to build installations. This is also how we've done it in the collaboration with Nordsol and Shell when it comes to bioenergy, to make sure that ultimately we're a partner that helps to incubate without necessarily to have to put in CapEx and provide much more support and market access to valorize it. Thank you. Question from the online audience. Are there revenue increases in nominal terms? And if so, what level of annual price increases are you assuming? I think we had this question earlier, but the EUR 275 million that Marc referred to is indeed additional to our current revenue and is part of that EUR 500 million that we have shown in our growth plan in May. So that leaves a part still open. I referred this morning to a site in Ghent and the sorting of residual waste, which is one of the biggest opportunities we may have, but today there's not yet legislation to support it outside of Flanders. And then indeed, there is also price increases that we will be able to pass through to our customers, as we have done for the last many years. But of course, depending on inflation rates over the next five years, that percentage will differ a little bit from what we have seen in the last two years. I was just wondering whether there is anything you can do to make your existing business, and I'm not talking about changing the footprint or divesting the U.K. business, make it less capital intensive by getting your customers to pay for more of it. And, I mean, I think you have said you have 500,000 waste containers. Mm-hmm. I don't know how these things get paid for, but, you know, you could- Yeah ... you could ask a caution for it, I guess- Yeah ... or something like that. So is there anything you can do to make it less capital intensive? Well, I think you point to a good point. Well, first of all, the containers-... In the front end of our business, these roller bins, people actually pay a service fee for the collection of waste. So they actually included in that fee, there is a container. And if you have a big skip container for construction demolition, and it's longer there than whatever, one week, then you start paying rent for that container. So we have covered that part already. But I think Annemieke talked intensively about asset light. How can we get better at using the same assets and doing more, or using less assets to do the same? And we do believe there we have lots of opportunity. For instance, one of the things we have been looking at is tracking your containers. Today, we don't, but in the future, we will. And that will allow us to much better see what the returns are on those containers, and if they're longer somewhere than they should. So asset utilization of containers, also of trucks, looking at utilization rates much more closely and looking at it over the total fleet, are things that we can further develop and improve as we, as we continue. So there is certainly opportunity there to go more asset light. And I think Marc has one example where we're looking at outsourcing his, transport from the sites to other locations. Just in the Netherlands, we use over 100 trucks just to do that. We also have a platform that we already developed with transport companies that can sign in to offer fees for certain trips. What we're looking at now is to move more of our outbound transport to that platform, which will reduce our own truck fleet quite significantly. So there is... And then we're at the Green Collective example as well, so there are many ways we are looking at getting asset light. Asset lighter, because it's not really light. Good afternoon. Appreciate that last year's earnings benefited from high recycling prices, and they've normalized. But looking forward to the longer term, given growing demand for recyclates and limited supply, would you be bullish about the long-term prospects of recyclates? Yeah, and actually we have been. So I think we, we have indicated that, we do expect, of course, with the demand of recyclates increasing, that the price of recyclates will, go up. Of course, what we have seen is they went up much faster than we anticipated because of COVID, but they also came down. We were hoping they were gonna stay at its very high level, but we were caught up by reality. And of course, virgin materials have made a similar move. I think the main question is longer term, will there be a separation between recyclate prices and virgin prices? And I think the first example we have seen is with, bottle-grade PET, where indeed, the demand for recycled PET became so high that prices were actually higher than virgin. I think we talked today about the carbon footprint of our recyclates. You look 5 or 10 years ago, you could only sell a recyclate at a significantly lower price than virgin. With the quality coming up, we're getting close to virgin pricing, but you could imagine a world where, because of the carbon footprint alone, you have an advantage which actually would allow you to get premium pricing. But for now, I think the question is, do we expect prices to increase in the longer term? The answer is yes. Could you talk a bit about your competition? You know, we've heard during these presentations about what you're doing and your returns on capital. And you seem to be doing everything to a very high standard, and the return on capital you're targeting is appealing. But can you talk about your competition, both the larger companies and the smaller mom-and-pops, and how you see that evolving over time? And whether you see a move away from smaller, more commodity-like customers by the bigger companies, leaving those to the more fragmented competition. And talk about the consolidation opportunity in the context of that, please. Well, I think in your question, you almost answered as well, because I think what we've shown today is, and certainly this afternoon, the technology advancements that you see going from this low-tech industry that we were ten years ago to where we are today and to the future, which will get more advanced. I think with that, by definition, it will be more and more difficult for the small mom-and-pop shops to play a role in the recycling itself. What we do see is that they are still collecting waste and then can bring it to our sites, which helps us to become more asset light in some ways. But that they cannot compete anymore with the, well, the lines that you've seen this morning in Ghent, which is like a 60-meter line, doing advanced sorting itself. So the times where you buy... That's what I told them when I started in this industry six years ago, where you buy a sieve, and you put a few guys behind that sieve to hand-sort some of the waste, that these times are over, and they will not come back. So from that perspective, consolidation will take place, is taking place and will continue to take place as we move forward. Already, you see big players, global players, SUEZ, Veolia, the Germans, Remondis and PreZero. We do believe today that there is not a big advantage to be global, because at the end, every local market has different types of waste streams and different regulation. And transporting waste over longer distances is not economically viable. So today, the markets are still local for local competition. That's why we can be a market leader in the Benelux. Biffa is a market leader in the U.K. and SUEZ in France. However, if you look longer term, I do think these technology advancements will also make the markets more global, because technology becomes more important. And if you look at our customer base on the recyclate side, those customers are asking for big volumes. And of course, if you have big volumes, you have a better chance to succeed. So we're in a transition point, but that's also why we believe over time scale for us is also important. ... I think if I can add one thing on the national footprint, for example, in the Netherlands, I think we're uniquely positioned given our nationwide coverage and our proximity when it comes to logistics hubs in the big cities, as well as the large recycling sites where we've got great permits outside the net. I think that currently differentiates us. Also, in the whole discussion, we're actually reverse logistics at the first mile of waste, which is generally the last mile of delivery into cities, is actually something where we, I think, also way ahead of a lot of our competition. Working with, you know, small organizations that help to get safe and without emissions, materials outside of the city, whether it's typically Dutch cargo bikes, or small electric vehicles. I think that's definitely an edge which we currently have, the footprint, as well as the way we operate in big cities. Thank you. I think that wraps up this Q&A section. If there's any other questions, please feel free to reach out to us via investor.relations@renewi.com. And for now, I'd like to hand it back to Otto for his closing remarks. Yes. Well, first, I would like to thank you for your 2.5 hours of undivided attention. It's really appreciated. And then also the discussion in the room and with our customers and investors online, I think, it was really appreciated. I hope we have been able to translate some of the excitement we have within our company to you with the exciting growth plans we have. I think from the takeaways, and the slide I presented at the beginning, I won't repeat it all, but I think there are a few things we want you to take away. First of all, I hope we have been able to convey to you that we are uniquely positioned in a market in the Benelux and in Northern Europe, where recycling has a different meaning than in most other places around the world, and that we are ahead in our advanced technologies that we are deploying, but also that we're only at the beginning of this journey as we move forward. I think we showed that we are optimizing our portfolio for growth and that we have plans in place and also are executing on those plans in the near term to make sure that we further improve our overall company. And third, and Annemieke, of course, talked about it in detail, we hope to have shown you our increased financial returns. We have this strategy that we talked about a lot, growing over 5%, and the derivative of that, that will be translated into margin, free cash flow conversion, and ROCE. Probably most important for all here is that this all leads to better shareholder returns and a dividend that we've promised you. We look forward to continue the dialogue. I would like to thank you for the support for Renewi today in the last couple of weeks, and hopefully also in the months to come. We are on an exciting journey together, and I look forward to continue that journey together with you. Thank you.