Okay. Good morning, everyone. Welcome to the first half results presentation of Renewi, live here in London again. For the people on the webcast, welcome as well. I'm glad to be here to share some strong results with you for the first half. With me today, I brought our new CFO, Annemieke den Otter. She joined us in June, and since then she has worked hard to get to grips with the company, travel around a lot, and I would say is almost fully up to speed now. She will share later some of the financial results with you. If we go into the agenda, first I'll give you a broad overview and an introduction. Annemieke will go through the financials first for the group and then go in more detail for the divisions. I'll come back to talk about the broader markets that we're operating in, some of the trends and the changes we see, and then also talk more about the strategy execution, that we are working on together to make sure that we continue the strong performance as we have seen in the first half. With that, let's get started with the introduction and overview. Renewi has been operating through a volatile environment in this first half. We have seen that economic activity in some segments has been impacted by the geopolitical tensions. We've also seen, as everybody else, widespread inflation in our core countries, Netherlands, Belgium, and the UK. You talk about 10%+ inflation, which obviously is unprecedented. That also affects us to a certain extent. It also affects our competition, because if you look at the high energy prices, we see that, for instance, energy from waste plants are able to become more competitive. Because of these very high energy prices, they can reduce their gate fees, and in a way, they compete for waste volumes with us. We want to recycle, they want to incinerate to generate energy. At the same time, we've also seen that the recyclate prices have been very volatile, too. In the first quarter of our fiscal year, we saw that recyclate prices went up to record highs almost for all the different recyclates that are important to us, if you look at paper, metals, plastics and wood. Then in the second quarter of our fiscal year, they came down almost as fast as they went up. The only one that is staying very high is wood, where we see strong demand both from energy, bioenergy as well as also from the plywood producers. There we benefit from it. In a way, it's also good that the recyclers do not all move at the same time, so it creates a natural hedge for Renewi. Also good is that the recycled prices, even if they have come down, they are staying above the historic prices that we have seen. That kind of confirms our assumption that due to the increased demand for recyclates over time, we will not return to those historic low averages. Also positive is that the EU continues to push the circular economy agenda. Later in the deck I'll show some more details on that, but there's many new regulations coming on stream that will help to create further demand and to stimulate this circular economy. For us, what is important is that in Flanders, the VLAREM VIII legislation that we have talked about before has been confirmed to be implemented in full by January 1, 2023, which is really good because we are ready to start converting waste streams that go to incineration now to our new line that we are commissioning as we speak in Ghent. We will come on with more lines over the course of next year to make sure that we meet those requirements. Now, at Renewi, in these volatile times, we have maintained our focus on margin and also made sure that we continue to execute on our strategy. That has led to quite good results in the first half, where we've been able to show increase in top line, in revenue as well as in our EBIT. We've been able to offset lower volumes in some segments by stronger margin. We have been able to offset inflation with pricing, where we passed on most of the inflation to our customers. At the same time, obviously, we focus on cost to make sure that we also create higher efficiency in our internal operations. I think most important is that our strategy remained intact. We continued to increase our share in different ways, but also in one inorganic way, which is the acquisition of PARO, a great acquisition that really adds to our portfolio and creates nationwide coverage for the construction demolition industry, where Amsterdam was still a bit of a blind spot for Renewi. In terms of the growth investments that we have committed to, we really want to protect them now and also in the future to make sure that we execute on these new innovative technologies and make sure we add capacity to recycle more waste and at higher quality outputs. The three value drivers that we defined a year and a half ago, generating EUR 60 million of additional EBIT over the course of the five years. We will show you we're well on track to deliver on those, and we continue to see benefit from those as years progress. Overall, strong performance in the first half, good execution on our strategy, and we will continue to deliver as we have over the last three years. Now, to give you more indication on the financial performance, why we think it's quite good is because our revenue was up despite some challenges on volume. Underlying EBIT was up 16%, so even more. If you look at our core net debt, it increased, but it was solely due to the acquisition of PARO. If you then look at two non-financial metrics that are also important to us, the first one is safety. We measure ourselves on a lost time incident rate, one of the many measures that we have for safety. There we see that we have lost less time this year than last year on incidents with about 25%, which is really a step up improvement from where we come from. We believe with this, comparing ourselves to the rest of our industry, that we are really leading in this field as well. Then the last metric, which is also non-financial, is our recycling rate. We introduced this a few years ago, but it's really the measure of how much of the waste that we collect we convert into products. We have set ourselves an ambition to grow this over the years to 75%. We are already industry leading today with our 68.4% that we accomplished, up almost 2% from last year's first half. That obviously contributes to the circular economy that we're trying to create together. Now talking about recycling rate and about the environment, let's take a look at the next page. As I said, we started our journey on the recycling rate in 2020 with 65%. Currently at 68%. Ambition is to get to 75% in the next years, in 2025. That means, although we see nice progress, that we have to accelerate, and that acceleration will actually come because the investments we're making in these growth applications or growth products are going to create this step up. As we turn on these lines in Belgium, for instance, you'll see an increase that will accelerate from where we are today. Same for the new plastics facilities that we're building, as well as some of the other initiatives that I'll talk about later. Now why is this recycling rate important to us? There's really two reasons. The first is that it basically is a measure of how much value we add to the waste that we collect. The more we recycle, the less we bring to an incinerator or to landfill. Typically to those external companies, we pay a high gate fee. The more we recycle, the less we pay, if you will, basically. Second, recycling rate also tells you something about how much CO2 we avoid by recycling. Typically, a recycled material has a lower CO2 footprint than its primary alternative. If you take steel that we make the iron from Brazil, we import it into Europe, then we get Tata Steel or some other to convert it into steel, that creates a lot of CO2 emissions. If you take a recycled steel and you reuse it, obviously that CO2 footprint is a lot lower. That's why recycling more also means that we help to protect the environment and we help to protect the scarce materials that Earth has, because we're reusing them instead of burning or landfilling. Now the focus on this is true to our purpose, of course, because carbon avoidance is important to us. More and more it is also becoming more important to our recycled customers. Because as they look at getting to net zero themselves, they can use our recycled materials and lower their own CO2 footprint moving forward. Where recyclers typically were always positioned below virgin because maybe of the quality that was not as high, we now have an advantage that virgin materials do not have, which are becoming more and more important. If you look at ESG in general, of course, it's more than just environmental, it's also the social aspect of our company. We're working hard to make Renewi an even more diverse and inclusive company. We have made safety a key priority already a few years ago, but with the investments and the training we do, we see real benefit from the activities that we have shown. We want to make sure that everyone at Renewi returns home safe every night, and we are able to accomplish that better and better. This is also recognized by the rating agencies. We're working closely with them to make sure that we explain what we do and how we do it, but we do realize that it helps us to create a more objective view of our activities. With that, we have now 10 different rating agencies that have given us accreditations. Every month Adam comes with another that we're working with. The big ones, the global ones like S&P, they confirmed, I think it was last week, that they gave us an 83-point rating, which is really very high if you look at their total, their total portfolio. It's really contributed to the ambitions that we have, but also the impact we have to create that circular economy. That's good to see. With that, I would like to pass it over to Annemieke, who will give you more insight in the financials. Hello, good morning, everyone. I'm really pleased to be here. I think I've met most of you already over the last couple of months, so I think there's not too many new faces. Of course, I'm very pleased that for my first numbers, they were very good numbers because that always makes the job a lot more pleasant. Diving into our income statement this morning. You probably have already read the press release, and as you can see, our revenue was up by 4% and our underlying EBIT was up by 16%. We will dive into the different drivers and the different components of that later on in the presentation. I think one of the things mentioning here is important is the one-off exceptionals, a EUR 10 million net credit. These are the impact of well, IFRS is dictating us to do a mark to market given the volatility on interest rates, on inflation rates, et cetera. That means we had to recalculate our provisions and that goes. It is an accounting change only on the number of provisions, both for U.K. municipalities and the landfill provisions. There was a EUR 10 million credit. Because basically, interest rates are going up. Tax is in line with what you would expect. That's our income statement for now. When we look at the top line on the next sheet. Top line has increased with 4%, and it has been driven by two things. First of all, is the pricing of our waste-producing customers, and the second one is recyclate prices and our recyclate rate. If you look at this chart where you see the difference with the movements in, say, the blue bars, which are the inbound waste, this has gone up with 2%, and that is actually the result of, on the one hand, pressure on volumes, but good pricing discipline on the other. With even declining volumes, we've been able to grow our revenue from inbound waste. The green bar is the part of the recyclates, so that's basically what we call the back end of the company, where we sell our recyclates, where we have a very cool example you may have seen during the coffee already. One of the things that we are capable to do, but we'll come back to that later. This is the recyclate, the back-end part, and that is driven by one, our recycling rate is going up, which we're very proud of, and also recycling prices are above historic averages. Even though they were very good in Q1, have been cooling off during Q2, still, this is a big driver of our growth, and the revenue for recyclate prices has come up with 12%. Just a note on volumes is, of course, important. We see two trends that are basically driving our volume, the volume development at the moment. First of all, it's the incineration. Otto already referred to it. It's of course, at this moment with the current energy prices, really attractive to burn waste to produce energy. That's one of the things that we are seeing both in the Netherlands and in Belgium. On the long term, we expect that to come down. As for example, in Belgium, legislation will be enforced, and also the taxation on burning energy from waste will increase. On the other hand, we see also lower waste production in general. Just to mention an example, it's the glass greenhouses that are now struggling sometimes to grow crop profitably given the high gas prices. Also, that in terms of organics is one of the things we've been seeing. One final note on the graph on the right-hand side at the bottom. We are mainly exposed to the economies of the Netherlands and Belgium, and that's a good thing, because these are the most advanced recycling companies that there are in Europe. Also when we talk about capital investment later, this is where we will put our money, because we want to really capitalize on the long-term trends going forward. Just to wake you up, a nice complicated slide with a lot of bars, the EBIT bridge. What you see here is we had an improvement of our EBIT from EUR 64 million to EUR 75 million. What I've tried to do here is to see how our cost, our pricing discipline together with recyclate prices is offsetting the cost increases. You see the three green bars on the left-hand side. The EUR 49 million, the third bar, is the cost inflation that we are experiencing. It's labor cost, it's diesel, it's energy, et cetera. We were largely hedged, but still then, not everything is hedged, so there we see some cost increases. This has been fully offset during the first half year by maintaining a real good pricing discipline and on the other hand, also, improving our recycling rate and having good recyclate prices. You also see volume. The volume prices we already talked about. That did have impact during the first half, but again, on the long term, we expect that to be reversed given the impending legislations. Cost savings, important part, of course, Renewi 2.0. Our ambition level for the full year is of course a bit higher than this, so there's still some work to do, but we remain well on track with the first couple of million hitting our P&L this year. An important one to understand the development of our EBIT is the one-offs. What we had last year was actually EUR 7.5 million one-offs that were negative. We had to take a few provisions here and there. You always have that every half year, every year, but this time, sort of, the provisions went negative during the first half year. In the second half year, we had some releases. We sold our business Malta, Hungary. There were a lot of bits and pieces that overall, across the four divisions, resulted in some pluses. I think it's important to note that even if we normalize for this, on the next sheet, we still see we are well on our path to maintain our elevated EBIT levels. If we would normalize for the one-offs I just mentioned, we're still quite closely to the 7%, which is a step up we have started back in 2021. What's important to note when it comes to recyclate prices is that, of course, these are important for our results, but it's also important to realize that, first of all, we have quite often dynamic pricing agreements with our customers, which basically means we pay back a bit of if we have very high recycled prices, part of the benefit also flows back to the customers, but also if they are very low that it also is mitigated by our customer contracts. That mitigates roughly 50% of the volatility in recycled prices. The other thing that's important to bear in mind is that it's quite a wide range of recyclates from metals, plastics, paper and what have you. Paper is now, for example, really coming down, wood is still sky high and ever increasing. That also provides a bit of a natural hedge for our company. Another important topic, of course, going forward that I wanted to give you some insight in is cost. Our cost base for the first half year was just under EUR 900 million. We had a bit of a cost increase, of course, driven by the use of quite a bit of temporary labor. I already mentioned sort of diesel, utility costs, but also wages are going up. Cost control is very important. What I'm trying to show you here is basically our cost base is consisting of three big buckets. SG&A is roughly 13% of our cost base. Of course, this is also a large focus of the Renewi 2.0 efforts, but also logistics and production to make sure that we are more digitized and efficient overall. This is a big part of our focus to remain efficient. There's cost of waste, which is largely the what we have to pay to the incinerators. This is largely flexible with our volumes. Also if we see that volumes are coming down, this is a big bucket where we can actually flex our cost. There's logistics and production and, yeah, we reckon roughly half of this is also flexible with volumes going up and down. Key point here is if volumes are coming down, we expect some modest decline still within the quarters to go. We can actually flex our cost base to protect our margins and to make sure that we have some protection from downsides. The other thing is, of course, we have firm cost control with Renewi 2.0. One of the CFO favorites is of course cash. We have invested quite heavily during the first half year. Of course we're very pleased with completing the PARO acquisition, which really enforces our position in the area of Amsterdam and really reinforces us also in as a leader in the construction demolition market. That of course had a big impact on our cash and at the same time we are really investing in innovative projects to make sure that we up our recycling rates. That is the future of our company. That was EUR 16 million during the first half. A number of other things to highlight are working capital. There were some timing issues with payables, but generally working capital is more or less flat, is relatively stable. We have stepped up our efforts with replacement CapEx. That will probably be a bit toned down during the second half, but this is roughly where the numbers should be. Another important part is of course the legacy issues we still have to resolve. We postponed roughly EUR 60 million of COVID taxes during COVID. We have now repaid EUR 20 million, so there's still EUR 40 million to go. We pay roughly EUR 10 million every half year. We still have on an annual basis EUR 20 million per year. ATM soil, of course, we still have 600,000 tons still to ship. We did not ship that much, which is why it's only 1.1 million. I'll come back to that in a second. The UK municipal contracts, of course, there is, they've been provided for. There's provisions, which means on an EBIT and EBITDA level, it looks nice, but we are still having here big cash outflows that we will need to manage. Also, we are seeing step by step the management team are doing, but I'll come back to that later as well. The management team are doing everything to make sure that these losses and these cash outflows have become less over time. What does it mean for our net debt? We came out at EUR 388 million. That is well within our, the capability of our facilities, and Adam and the team have done a fantastic job, adding some facilities there. We had another EUR 10 million bilateral loan and then a private placement that got signed both earlier this week, adding another EUR 55 million of liquidity and debt capacity. Our covenant, of course, capacity is important to have. It's also important to stay within the 2x leverage that we're steering towards. We came here, we came out at 1.7, and given the fact what we see in the environment, the economic environment, we think it's prudent and important to make sure we maintain that leverage around 2 and don't let it go up. The divisions where the actual work is happening. You see here Commercial Waste Netherlands. Basically revenue was up and EBIT and EBITDA were down. This has largely to do with the cost increases that we saw and pricing. Price increases have lagged a bit in the Netherlands. We expect that to step back up during the second half, in order to make sure that we protect our margins for Commercial Waste Netherlands, and at the same time, we will be exercising tight cost control. A fantastic highlight during the first half was, of course, the PARO acquisition I already mentioned. We are now really focusing on integrating the business and welcoming our colleagues on board, and also making sure that we will deliver the benefits that we have anticipated over the next couple of years. Belgium have done very well during the first half, even though volumes also decreased. Also in Belgium, we really see the fight for waste streams and the diversion of waste streams towards the incinerators, which is what you see in our volumes. At the same time, the team have done a fantastic job in making sure that costs stay under control and at the same time passing through to customers. One thing we're particularly proud of is, of course, the commissioning. We actually got a video this morning from the team that the hot commissioning has started, so we really see stuff going over the lines. We're very excited about what will really contribute to the future of recycling and the future of Renewi. That's all well on track. What you see here on the picture is the tallest windmill that will be built in Belgium, and that will give more than enough power to our site. I think we only need 75% of the windmill power to power the site, and the rest will go either to the neighbors or to the community. We are, of course, really, really proud to have this. We can't wait to show you the picture once it's there. Mineralz & Water. We see revenue was flat overall. EBIT, EBITDA stepped up, but underlying EBIT went down. Just to get the technical stuff out of the way, we had a change in accounting where we had things that were normally OpEx were now CapEx, which means that you get a difference in your EBITDA, but also a difference in your depreciation. Depreciation was higher, and things were taken out of the EBITDA line onto depreciation. That's the reason why you see a different movement between EBIT and EBITDA for the people who really want to understand the P&L. What do we see in the business? We have seen fantastic performance at the water side with 20%-22% growth and really good margins. That part of the business is doing very well and growing. On the soil side, it's important. What we are really focusing on this year is to get the basics in order, if you wish. Making sure we can make or technically produce the right products, make sure we get the certifications, and also establish end markets for these products. That's a lot of work behind the screens. It doesn't result in a lot of shipment of TGG, if you wish, in the near future, but it's really important to get these things sorted, so we are establishing options later on. That's also, if you look at the value drivers, how we are expecting ATM to be in the next couple of years rather than the next couple of quarters. Inventory shipment has not shipped significantly. We are expecting some roughly 200,000 tons to ship over the next half year. I think the focus of the team is really also to make sure that we build and make the right products with the right certifications. We have specialties. Those of you who know as well, this comprises of three companies. We have the UK municipality contract, we have Coolrec, and we have Malta. For the municipalities, IFRS, as always, keeps us busy. There are a few one-offs that are accounting one-offs, non-cash items, which actually convolutes the numbers a little bit. If we look at underlying what's happening at municipal, I think the team is doing a phenomenal job making sure that we actually increasing also our recycling rates in the UK, but at the same time also lowering our costs so that the cash losses that we still see are decreasing over time. We've also seen that trend as small step by small step continuing during the first half. We have Coolrec and ATM. They've also been on a path of recovery, and now we've seen that they have actually had an excellent first half. They both have now 10%+ EBIT margins, so they've done really, really well, and it's nice to see that that's also continuing. Of course, Coolrec, something we are particularly proud of, and if you have already grabbed a cup of coffee in the other room, you may have picked up on the Playmobil toys. We're really proud that we are able to produce a quality plastic, a quality output that is fit for children's toys. In terms of volume, EBITDA, don't put it in your models. It's not that significant, but it's actually in terms of what we can do, what we technically can do, what's possible, it's a real big deal. We're really proud as Renewi's to see also the Playmobil range into the toy store. I'll make sure to get my kids a good Christmas present this year, and I hope you do too. For those of you who only ask nice questions, you may actually pick up a toy by the end of the presentation. Last but not least, what are we expecting for the rest of the year? There are three things we will be focusing on, revenue, cash, and cost. Revenue, we expect still the volume declines to continue, on the back of also the economic pressures that we see, but we will maintain a strong pricing discipline and also maintaining our view of margin over volumes. Cost, of course, we see costs creeping up, so that means we're taking cost reduction measures at the same time passing them through to our customers. Then cash, just to give you a bit of guidance, is, replacement CapEx will roughly be around EUR 70 million, with growth CapEx is a bit slower than we anticipated. We earlier communicated 65. We will probably come out around 45, mainly due to planning and supply chain issues that we've seen all over the countries. We still have to figure out the legacy issues, of course. I will address them one by one and make sure that where we can, the cash out will be as little as possible because we want, on the one hand, to really maintain our leverage ratio around 2 and at the same time really make sure that we execute our growth CapEx program because that is investing where we believe the future of Renewi is. Overall, we had a strong half year. We believe we will have a very good 2023 in line with expectations and looking forward to growth. Thanks, Annemieke. Let's now turn on to a bit broader picture looking at the market that we operate in. We operate in a market that's quickly evolving. If you look at Netherlands and Belgium, we continue to see new initiatives, new legislation coming on stream that really supports the creation of this circular economy. If you look broader, also in Europe, we see a lot of activity and ambition, and that's also translated in regulation that I'll talk to you about in a moment. What is important is that Europe has concluded that if we want to be net zero as a first continent in 2050, that the energy transition alone is not gonna get us there. The energy transition is a big part, but creating that circular economy is really gonna be fundamental to be able to get to that zero, net zero target that we have all set. The question really is, what's Europe doing then to get there? That's what's really shown here on this page. On the left side in the blue box, you see a conclusion from a McKinsey study that was just completed, where basically McKinsey looked at the different regulations that Europe is preparing or has already implemented, related to creating that circular economy. I'll take the first two as examples. First of all, you can see that the ambition is to create 50% less material footprint than what we have today in 2030. That is translated basically in less material footprint, meaning less primary materials used. You can do that in two different ways. One, you can replace primary for secondary materials, or you can design in such a way that you need less material than what you needed before. An example, for instance, is packaging, where you see multiple different packages to be used, where you can actually do it in one. At the end, it's clear that reduction of primary materials by 50% will mean an increase in the demand of secondary materials. The second one is maybe even more specific, where EU has defined targets for recycled content, and they're looking at long lists of different types of materials where this will apply. For instance, for plastics, metals, glass, there will be different targets. At the end, the ambition is to grow in 2030 the current recycled content 2x, so double the recycled content from 13% across all different material usage today to 25% at that time. That will be done by subsidies, by legislation, by regulation and taxation. At the end, again, it will stimulate the demand for secondary materials over the next years. Now next to creating demand, the other part is to make the alternatives more expensive. We talked about the energy from waste facilities that are currently enjoying high energy prices and with that become more competitive. The good news is for us that there is more and more taxation towards these companies. For instance, next to the taxation on incineration itself, Europe is introducing a taxation on the carbon emissions and put the energy from waste plants under the ETS scheme that already exists today. We believe that will mean for our core countries that the cost of incineration will double between now and 2030. Obviously, that will create more space for us to recycle materials or waste streams that today may not be economically viable. The other part that has become more apparent is that the EU wants to become less depending on importing certain materials from China or other places, Russia. Of course, recycling helps us to retain those materials and reuse them in the cycle, which again will be a benefit. At the end, I mentioned before that our customers for these recyclers, they want to get to net zero too. We see next to regulation and taxation, we see that customers themselves take the lead in starting to reuse more secondary materials than primary materials. All in all, despite the geopolitical tensions, we see that the long-term trend is clearly in one direction only, which is increased demand for our products. Now, that really fits well with the strategy that we set out, two years ago because our vision was and still is to be the leading waste-to-product company, and we define three pillars to get there. One is leader in recycling, which I talked about before, including increasing our recycling rate. Second is the production of secondary materials, really getting it to the highest quality, which means you can one-on-one replace primary materials. That will be done by deploying new and innovative technologies. The third is to selectively grow our market share, which I talked about as well. The first two are really taking the waste we already collect today and adding value to that waste stream. The third one is getting more waste in because you increase your market share, and obviously, that also will help the top and bottom line. Now these, this strategy we then translated in these value drivers, and also the left side of this picture we've shown before. We identified that Renewi will be able to increase their EBIT by EUR 60 million over the next years, given everything else will stay stable. The 60 million is really split in three buckets of 20, where each of these three initiatives, each of these three value drivers will deliver those. What you can see on the bars is that the value delivered will be different in time depending on where we are with these initiatives. The first one, Renewi 2.0, which is our internal program to digitize and make our company more efficient. Last year, we got the first EUR 5 million from that program in savings. This year, we added up to over EUR 10 million, and you can see as we continue, we get to the EUR 20 million over the next years. It's the first one getting to its full potential. The second one is the Mineralz & Water recovery that also Annemieke talked about at ATM. We knew already that this year was a transition year where we had to get these certificates in place, making sure that the demand for sand, gravel, and the filler that we're now producing is fully up to speed, that we get that end-of-waste status on these products, so we can sell it into the asphalt and the concrete industry without limitations. We're well on track to do so, and we do expect next year will be the first step up again after the small step that we made in fiscal year 2022. ATM will come to full fruition over the years after that, as well getting back to that EUR 20 million profitability that we target. The third, the circular innovations, that's really, I think the long-term lifeline of Renewi, where we will continue to add new innovations and investments. But the ones that we have committed to before are generating that EUR 20 million. In the next slide, I'll show you a bit more detail on how we are spending that money, but also how we're gonna generate the returns. Last year, the board committed to over EUR 100 million of investments in these circular innovations. Those were innovations that were far enough developed to ensure that we were confident that we would get the returns. You see that more than half of that EUR 100 million is going into these advanced sorting lines that we're building in Belgium. It's a very, I think, safe investment because we already own the waste and all we're doing now is rather than bringing it to an incinerator, we are starting to treat that waste and add value and take out the recyclers. The remaining 50% of our spend is going through three initiatives, roughly equal amounts. Organics, where we talk about the bioLNG and also the green gas, capacity increases that we're doing to make sure that we benefit also ourselves from the energy transition. Building materials that is produced by ATM more in higher quality than what we have done before. Thirdly, the plastics investments that we're doing, where we completed the investments at Coolrec, where Annemieke talked about Playmobil, but also we are investing in Acht, a new facility in the Netherlands, and it will come on stream later in 2023. We completed the investments in Ghent already, which also is helping us to generate more margin. Overall, these investments are on track, in some cases a bit delayed because of deliveries, but at the end, we will get the full potential from those and hopefully a bit more. Now, this brings me to the last slide and the wrap-up. I think, and I hope we have been able to convince you that we continue to be well-positioned for sustained growth. This year has been a good year where we are seeing good performance in the first half. We expect to be in line with the expectations, and we will continue despite the volatility we are in to manage costs tightly to make sure we deliver. Medium term, I think the inflation we will manage well with pricing and also cost. We've shown that before, that we are able to do so in the last several years as we continue to increase our margins. As we add technology, we can better protect these margins as well, because the very basic recycling that maybe was possible ten years ago is becoming more and more advanced, which at the end allows us to protect our margins and to create higher barriers to entry in this market. We will counter the volume pressure with also strong cost focus, and Annemieke has shown you how we can flexibly move up and down our cost base, and we will continue to deliver on these value drivers. Long term, I think we showed you that regulators will stimulate the use itself, our materials. Customers will demand them because they wanna get to net zero. At the end, we are excited to continue to build this circular economy together and bring new life to used materials. Thank you. With that, we get to the most exciting part, which is the Q&A session. I'll sit down, so I'm next to Annemieke, so we can share the questions. Good morning. Joe Brent at Liberum. Three questions, if I may. Firstly, on the recycler prices, you've talked about the sort of hedging, the natural hedging that you have there. Would you think about increasing the level of hedging through perhaps more dynamic pricing? Secondly, in one of the slides, you have EUR 18.2 million of one-offs. Could you break that down for us, please? Thirdly, you very helpfully give the CapEx plans for FY 2023. Could you also give us some indication of what the outlook is for CapEx beyond that? Yeah. On the recycled prices, as you say, there is a natural hedge because they don't all move at the same time in the same direction, which is good. We are committed to see how we can further increase dynamic pricing, because every contract where we have dynamic pricing, it gives us the dampening effect when prices go up and down and protect our margins. I think thirdly, when we cannot really convert recycled prices, either through dynamic pricing or through the natural hedge, then we always have the third option, which is the price increases we do. For instance, normally, we used to do them once a year in January. This year has proven that we have to do them sometimes twice or three times a year because of the tremendous inflation that we see. Combined, those three really allow us to make sure that we protect our margins. I think what we have seen over the 5 years I've been here now is that even if markets are coming down in terms of recycled prices, we have been able to increase our margin as Annemieke showed before. When I started at Renewi, we were in the commercial divisions at 2% margin. We're currently running around 7%-8%, but even in the times 2018-2019, when recycled prices came down, we were able to increase our margins at that time as well. I guess that hopefully gives an answer to your first question. The EUR 18 million of one-offs sounds like a really good question in front of me. Back to me. Thank you for the questions, Joe. When it comes to the one-offs, we had roughly EUR 7.5 million negative last year. You have to think about things like impairments on the municipality contracts. We settled a few things with, for example, suppliers. It's a bit of a mixed bag of, sort of, EUR 1 million here and there. The same goes actually for the EUR 10 million that were pluses this year. There was also some pluses, some minuses. You have to think about, sort of, settlements with the incinerators, some release of provisions that we had to release, and we sold our Hungary business. It's basically bits and pieces everywhere where we have cleaned up certain things, had a settlement with an insurance company, et cetera. Maybe what's important also is that this time, the first half, we had a lot of positive one-timers. At the end last year, we had it in the second half. At the end, if you look at the full year comparison, I think the differences will be a lot smaller. When you compare first half to first half, it comes out quite strong this time. We have increased basically. Normally, some of them would be in exceptionals, but we have increased the line of exceptionals to, I think, at least EUR 3.5 million, because we want to basically reduce the exceptionals. I wanted to still, at the same time, give you the transparency on the one-offs. CapEx plans. We have spent EUR 16 million on growth CapEx this first half. We expect to come out roughly around EUR 45, because we will be stepping up with Puurs, Beringen. And, we've just broken ground, but there, the building will be going on during the second half. Going forward, we would roughly think about sort of EUR 45-50 million range for growth CapEx and maintenance CapEx. We think about sort of EUR 70 million should be in the ballpark. Thank you. Do I get to take a toy home now? All right. Thank you. Yes. Andrew Shepherd-Barron, Peel Hunt. A couple of questions, if I may. Firstly, on the incinerators, obviously, there was a sort of big impact in Belgium. Could that same impact happen in the Netherlands? Could you talk a bit more about the interplay between take-or-pay contracts and spot pricing and the like? That'd be interesting. Thank you. Second question is just talking about, you know, if there is a GDP downturn, could you talk a little bit more about how you see how much protection you have against it in terms of volumes? How much is pickup pricing? How much is actually volume-related pricing? Just how that could play through in terms of an impact on revenue. Your first question on incineration, it's partly linked to the type of volumes that we have. In Belgium, we have quite some contracts where we do take residual commercial waste. That residual commercial waste, today, we can take it and basically bring it to an incinerator, or you can go straight to an incinerator. We simply have been more exposed, I guess, to competition in Belgium. I think in both countries, we see a bit of overcapacity in these incinerators. I think the other part is the pricing discipline. I think what you see, in the Netherlands, I think, learned their lesson from many years ago where prices really came down. Today, we see incinerators still being very cautious by going to take share in the market. I think also the political situation is such that there's a discussion on how to reduce capacity of these incinerators. I think part is also that they don't wanna expose themselves too much by going too aggressive into a market and then creating kind of a negative image. All in all, the good news is in Belgium, where we are most exposed to this, is that exactly this VLAREM VIII will stop this erosion because people that are currently collecting secondary disposers that are currently collecting residual waste and bring it straight to an incinerator, that will simply not be allowed anymore as of January 1, because the incinerators will not be allowed to take on untreated waste. All the recyclables have to be taken out. That's why part of it is also we don't really wanna reduce price to keep our share, because we know that it's gonna come back anyway due to regulation. To be honest, our second question on pricing, I wasn't fully clear on what you're trying to get to. Yeah. Well, I Yeah. Well, I probably wasn't clear enough myself. In terms of if what sort of GDP scenario affects things in different ways? What volume decline might you have if it's a construction related downturn or if it's consumer related? Mm-hmm. How much of your revenue comes from just passing by? Sure. The premises rather than actually a volume related revenue issue? Is that clearer? Yeah. Well, I guess the link to GDP has always been made. I think what we see today, of course, is there are certain segments that are heavily impacted by, for instance, the energy crisis. Other segments we see no impact at all. To give an example of the first half, glass, actually, our volume went up. Refrigerators, our volume went up. Where, as Anne-Mieke said, organics, greenhouses. Half of the greenhouses in Holland are empty right now because the gas prices are so high. I think it's really more important to look at the impact across different sectors, which today is quite a unique situation with these very high energy prices that I don't think any of us have seen before. We only learn right now what the impact truly was and where it actually affects us. What we do believe is that the impact we have seen so far actually is a representation, certainly in the second quarter, of what we can expect moving forward if the situation does not change. I think the majority of the impact we have already seen. Another example is construction demolition. We saw during COVID actually that there was an increase in house refurbishments because people were not traveling. At the end of the COVID cycle, we saw that come down to more or less normalized levels. We continue to see that being under a bit of pressure, but we expect that it won't go down too much further because we believe already we are kind of running at a much lower run rate. Based on GDP, I guess, Holland and Belgium are still predicting to basically be flattish, I think, over the next two quarters and also looking into next year. From that perspective, looking specifically at waste streams, I think we kinda reached. We assume right now that we are pretty much at the level that we can expect also moving forward. Now, inflation, of course, will allow us to increase prices, which will then increase our revenue, offsetting part of the challenge we will have on volume. Not sure I fully understood or answered your question, but. Did rather, no. At least I attempted. Good. David Larkam from Edison. Couple from me. Firstly, on the utilities and the energy prices. When your contracts roll off, can you just talk about the potential impact there? On Ghent, when the commissioning comes through, just how will that flow through the P&L? I presume we're gonna have some sort of costs in the short term. When does it get to break even and profitability? Thanks for the question, David. In terms of utilities, we have been hedged during the first half year for the largest part on both gas and utilities. We are hedged for the next year. It will be on a higher level, but we haven't given the exact breakdown of the utility cost. What you can generally assume is that price increases will be passed through to the customers. The Ghent commissioning? Yeah. Well, I guess your question is when do we see returns? I think the idea is Ghent is one of the three plants. If you look at the target that we set for VLAREM VIII, we generate from the EUR 20 million a bit more than half of extra EBIT. Ghent should generate one-third of that amount. That generation basically starts as soon as we turn on. We expect to be on full run rate somewhere in March, April. Next year we'll enjoy a full year of Ghent. We will enjoy half a year of Puurs and probably none of the third line. At the end, I think as you've seen in the step up on the innovations, you can add EUR 3-4 million from those. We will have others as well, as we've shown in the earlier chart. Colin Smith from Arden Partners. Two questions from me. Obviously, terrific margin performance, and I just wondered if you could comment about where you think margins might go from here. If the 7.9% is something that you can still build on, or whether that is pretty much what we can expect. Secondly, this is a business that looks like it ought to be able to pay a dividend, and it did in the past. I appreciate, obviously, there's particular reasons why there's pressure on the balance sheet this year, but I'd be interested in hearing what the board's framework is for restarting the dividend and what the longer term targets might be. Thank you. In terms of margins, Colin, we don't give explicit guidance on, say, what the margin will be. As we've said, we will be in line with expectations. You can basically calculate the margins backwards. The message we've been trying to give is that we have quite a few things to make sure that we will be maintaining the underlying margins that we've been achieving. You have to take the EUR 10 million one-offs that benefited us, of course. This is the impact for the full year. Generally, what we will be doing is cost control, make sure that cost increases will be passed through to maintain our margins. That's first of all. As for the dividend, what's important to us is to really make sure that we maintain a decent and prudent leverage. We want to keep on investing in where we think the opportunities are. Growth CapEx is really important to us. Of course, at some point, it would be good to restart a dividend, but that's the order of our priorities. At the same time, we are still making sure that in terms of the legacy cash outflow that I'm referring to, we also need to make sure that we do that. We still have EUR 40 million of tax to repay. There's the UK municipalities, and we have ATM to make sure that we get into a better place. that is a bit of a cash burden going forward, and we're working on it to reduce it. For us, it's really important to make sure that our balance sheet is prudent also with the current economic circumstances, and that we are also always have room to invest in in growth projects. I think, though, the board will keep it on consideration, as we said before. Obviously, getting into these volatile times doesn't really help. As we get more traction from those investments that we are doing currently, then we'll certainly continue to look at this because we do understand that at the end, the investor is looking at some returns. We'll keep it on consideration. Do we have some questions on the phone? Ladies and gentlemen, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. We'll now take our first question from Joren Van Eck from Degroof Petercam. Please go ahead, sir. Your line is open. Yes. Good morning, everyone. Two questions from my side. I was just wondering whether we could get more of an update on the end-of-waste status for sand and filler. Because I think it was previously said that there could be an early approval for filler somewhere in August. Regarding sand, are you still on par for the approval by end of fiscal year 2023? Then second question, you mentioned in the press release that you were able to pass on inflation. But from my understanding, often the contracts are being renegotiated at the beginning of the year. In that sense, should we see an additional margin boost or whatever in H2, or were these planned renegotiations from January brought forward to the, to today? Thank you. Quite good questions and also detailed questions. On the first one, I think, yes, at ATM, we're working hard to get these, certificates in place. You have different levels within a certificate as well. We are quite far along, with the sand, and we have done lots of trials also to, get a composition for the concrete industry that allows them to start using our sand together with the concrete sand that they normally use in a certain mix. You can imagine that it takes a lot of trial and error to be able to get to the right formulation, but there we think we got there, and that's where you then also will get your certificate for. As you said, end of fiscal year 2023 is really what we target, and we need also to make sure we can make that step up in fiscal year in the next fiscal year. On the filler, we are further ahead. There, it is more about consistency of the composition of the filler so that we can continue to produce the same quality for our customers, which has been a challenge initially. And there, August remains our target to get that final certification in place. Although it feels like it takes a long time for me and probably for you, at the same time, behind the scenes, a lot of work is done to get us back to that. In a way, we're really getting into a whole new territory of producing materials to a certain specification, which is somewhat new to the business, specifically at ATM. On price, as I think Annemieke alluded to earlier, we have different types of contracts. With large customers, you typically have multi-year contracts. Depending on when the contract was signed, indexation is kicking in, so it's not all per se on January 1st, although a lot is. On the smaller contracts, they automatically renew after one year, and depending on when the contract started, it renews throughout the year as well. Typically, we add the price as soon as the contract renews. Also there, it's not a full impact on January 1st. Still, your assumption is somewhat right that specifically in the Netherlands, we have seen a bit of a lagging effect because we saw inflation, of course, kick in when it kicks in. We did a first price increase in October in the Netherlands, and we will do a bigger and broader price increase per January 1st. Also, we had to wait to understand what labor inflation was gonna be. I think right now in Belgium and Netherlands, it has become clear. CLAs have just been agreed last week. That allows us to also dial in the right amount of inflation into our price increases. All in all, you'll see a bit of a catch-up in the first or in the last quarter of our fiscal year as we have absorbed a lot of the inflation throughout the year ourselves. Very clear. Thank you. Thank you. We'll now move on to our next participant, Juan Rodriguez from Kepler Cheuvreux. Please go ahead. Your line is open. Hi. Thank you. Good morning, and thank you for taking our questions. I have two, if I may, just a follow-up on the first one. I want to better understand the, your guidance in terms of the cost-price situation before the end of the year, which if I look at the numbers, it implies an earnings slowdown on the second half. So can you maybe give us more color on what is the combination effects that you have on the, one, on the recycled commodity prices, then on efficiencies that should give you support, and then on the implied volumes that you have, for the end of the year? That is the first one. The second one is on this. Price increases that you're signaling that you're passing on a multi-year basis or a couple times in the same year. First, do you expect any price sensitivity on volumes? Or what is your view on this passing on of the constant increase of prices that may affect your volumes or the impact on clients? Thank you. Yeah. In terms of the slowdown in the second half, I think, as we indicated, we think that volumes actually will not slow down much more than what we already saw in the second quarter of the first half. What we do see, though, is there is always a seasonal effect between the first half and the second half, because the summertime, for instance, the construction demolition market, the organic waste from the land is much higher than what it is in the winter times. If you look at comparing first and second half, that seasonality is in there. Secondly, I think as Annemieke alluded to in the first half, we had this EUR 10 million of goodwill, that probably won't repeat again. At least we can plan for it. If you normalize the first half for seasonality and for these one-timers, then obviously you get to something like high 50s. That's we're predicting currently about EUR 50 million for the second half. It's not as big a shift down as you may think. At the same time, recyclate prices have been going up and down in the first half. When they go up, we typically have a lagging effect of that because we benefit from the fact that we can already sell the recyclates at the higher price. But our customers in this dynamic pricing may not have enjoyed the benefit yet because it takes a month or two months. In the second quarter of the first half, we saw the prices come down as fast. That there, the lagging effect was the other way around, if you will. How the second half looks like in terms of up and down on the recycled prices, of course, we do not know. All in all, so there we didn't fully enjoy only prices going up like we saw last year in the first half. We saw up and down, which I guess means that also for the second half, assuming they will not move at all, then that would be almost equal to first half. Yeah, I think there we answered your first question. On the price increase and the sensitivity on volumes, it's a good question. Good to know is that our sector in general is quite labor-intensive. Our sector is also dominated by sector agreements on labor. When you talk, for instance, about the CLA that I just referred to, it basically applies to all of us in this sector. For the Netherlands, it will mean a 7.5% price or labor increase, per January 1st. That's in a way good news, of course, because our competitors are confronted with exactly the same challenges we are. I think also, as I alluded to before, the higher your recycling rates and the more innovation you bring to it, the more in a way you are protected because others cannot do what you do. In those areas where we're somewhat unique, there we have less competitive threat. If you look back at the last four or five years, we're at the end, Renewi is a leader in the market. We have been able to also lead these price increases, but typically we see that our competition has been following, and we do expect that that may continue based on the fact that we're all confronted with the same challenges and cost inflation that we see. I hope that answers your- Quite clear. Thank you. Thank you. Thank you. We'll now move on to our next participant, Thijs Berkelder from ABN AMRO. Please go ahead. Your line is open. Good morning, ladies and gentlemen. We have two ladies here. Three, four. My first question is. Five. Do you hear me? Yeah. Sorry. My first question is on soil treatment in the Netherlands. We recently saw that the ministry decided to block the soil transports to Indaver in Belgium. As such, again, putting high attention on soil treatment in the Netherlands. At the same time, I saw the public prosecutor saying that Renewi or ATM no longer is being prosecuted for the situations we've seen previously. How should we look at that? Is ATM now close to really allowance to go ahead and maybe now even helped by the Indaver situation? Or should we conclude that Indaver again brings all alerts in for the politicians and will probably again delay the process? Well, I think they may not be as related as you suggest, because Indaver and the whole discussion is around PFAS contamination in soil, which of course is an issue in Belgium with 3M. It has been an issue in the Netherlands with DuPont or however it's called now. Chemours. ATM. Yeah, Chemours. Today ATM is not yet certified to treat PFAS-contaminated soil. We are doing lots of tests to see that we can get the PFAS out. Of course, the question is what happens with it afterwards. Those tests look promising, but we do not expect this year we can go into production as a PFAS soil treatment company. Today, ATM is really used to take organic contaminations out of soil. If you have oil or other residues from, for instance, plants or gas stations or whatever, then ATM and heat treatment is a good technology. As you also know, ATM is really converted from making clean soil. We have moved on now to make clean sand, gravel, and filler from contaminated soil. We are really targeting the cement and asphalt industry and stop really trying to push for putting soil back into soil applications itself, simply because there is so much discussion around it that we believe at the end, we will not win that battle. Also, with the investments we've made, we make better margins turning contaminated soil into clean building products, and it moves us to a completely different market. We will not change our strategy based on Indaver or any other legislation. Also, the Dutch government is strongly supporting the direction that ATM has taken. At this point, we are not considering to go back to where we started. The discussion around PFAS and Indaver, I guess, is a whole different discussion in terms of are they able to get PFAS out in the right way. It's a good learning for us to make sure that we fully understand what is required so that when we announce we can actually treat this soil, that we also meet all the obligations or regulations that the Netherlands and Belgium have, which is partly new territory, yeah. People are currently defining what it means since we now can measure PFAS in the first place and what levels are allowed, not allowed and so on. It's an ongoing discussion, but ATM itself is not directly related to the PFAS discussion of Indaver. The next question is on potential dividend. If I, let's say, read your press release, to me, it sounds like a hint that you, for now, will still won't be paying dividends given the economic circumstances and probably logical in light of the decline in your cash flow generation. Is that a correct assumption? What we said, it's under review. I've tried to indicate earlier sort of what are the considerations that we have going forward. It's not no, but it's not yes either. It's under review. What we find important is to at least make sure that our balance sheet is prudent, and at the same time that we can keep on investing in our future and in innovation, growth projects. That, for us, is it depends also how the year further progresses. That's why we said in the end, it's still under review. Yeah. Okay. That's clear. Maybe finally, can you give a comment on, let's say, people and potential people shortages? Isn't it helpful that recession incoming in that you now maybe in an easier way find new employees? Yeah. First of all, despite, of course, the fact that we're not immune to the current labor market, I'm happy to say that at Renewi, we have been able to continue our services undisrupted to our customers, also in the last six months, but also throughout the COVID crisis. A benefit that we have is that our purpose, of course, is appealing to people, which helps us to attract talent. You are obviously also right that the pressure on the labor market will reduce, if the economic downturn will continue, and that will help in a way to get new employees easier. Since it hasn't been a big issue for us in the first place, I guess it won't really make a huge difference to us, although it will become a bit easier. Okay. Thank you. You're welcome. Thank you. It appears there is no further question at this time. I'd like to turn the conference back to you speakers for any additional remarks. Thank you. Thank you. Well, looking around the room, I think we may have further questions, but you can ask them in isolation in the coffee room. I wanna thank you for being here today in full force, also the people on the phone or in the webcast. We look forward to continue the dialogue in maybe private meetings we'll have in A Rocha over the next weeks. And otherwise, we are always available if you need any specific answer or question that you may have. Thanks again for joining, and look forward to continue our cooperation. Bye-bye.