Are you guys ready? Okay. Thanks, everyone. Welcome here at Peel Hunt's offices for our FY 2023 results presentation of Renewi. I'm Otto de Bont. Today I will be presenting the results together with our CFO, Annemieke den Otter. It's great to see you in large numbers here in the audience. Of course, welcome to the people that joined us on the webcast this morning. We have a small agenda today. First, I'll kick it off with an introduction, then Annemieke will go through the financial results of the group, then gives you some color around the divisional performance. I'll come back to talk about the market, our strategy, and also share some of the ambitious plans we have for the longer-term future. With that, let's get started with the strong results that we generated in FY 2023. First of all, we hit a record revenue performance last year of EUR 1.9 billion, and that came together with a EBIT of EUR 133 million, which was in line or, in fact, slightly ahead of the expectations. 2023 was quite an unusual year, where we actually saw quite some headwinds that we have been able to mitigate. First of all, we saw significant inflation across our footprint. If you think about employment costs or if you think about energy costs or equipment costs, all saw double-digit increases, which was quite unusual. Also, we saw that recycled prices had been quite volatile, specifically for paper, for plastic, and for metals, where we saw prices rising dramatically in the first quarter, then coming down as fast in the second quarter, then stabilizing again to normalized levels in the third and fourth quarter, and also into this year, still above historic averages. Now, due to Renewi's strong position, mainly in our footprint in the Benelux, we have been able to mitigate that inflation by passing on price increases to the market and, at the same time, also managing our cost base quite tightly. Also, we have been able to continue to increase the quality of our output of the recyclers that we produce, and that helps to overall increase our margin and protect our margin and to increase our spreads. What probably was more important last year is that next to executing on last year's tactical situation, we also were able to continue to execute on our strategy. That is shown, first of all, with our growth. We have been showing an acquisition, the first one, at Renewi Westpoort, which was called PARO before, which we acquired in August of last year, and have been fully integrated into our business over the course of the remaining of the year. We also won some large customer contracts increasing our market share, and we continued to execute on the three value drivers that we defined three years ago. Those value drivers are coming to fruition as we speak, with the first one, the Renewi 2.0, getting to its run rate of EUR 20 million savings that we targeted at the beginning. Also, we're quite happy to see that we have been able to increase our customer satisfaction by increased Net Promoter Score that we measure on a daily basis, and even also saw our employee Net Promoter Score increase, where we saw that the engagement of our own team has been increasing over the year as well. I think, last but not least, of course, we saw that we see continued legislative measures that are helping us to create that circular economy that Renewi is part of. All in all, quite strong trends. If you look at our financial performance, it of course goes hand in hand with our sustainability performance. There, to share some highlights, first of all, we defined three themes in our sustainability strategy. These three themes are directly linked to the United Nations Sustainable Development Goals, and we defined six of the 17 that we truly link directly to our business. From those three, we have made quite impressive progress as well over the last year. Looking at the first one, enabling that circular economy, we continued to build advanced sorting lines and treatment lines that allow us to increase our recycling rate and rescue waste that normally goes to incineration from that moving forward. We have increased our recycling rate by 1.8%, which basically means that we have saved 200,000 tons of waste that normally goes to an incinerator, is now being recycled and made into reusable product again. Also, and that's maybe not so well known, at Renewi, we do decontaminate very hazardous waste waters that come from the petrochemical and the chemical industry, and we have reached over 1 million tons of water treatment last year, which is also a first. Looking at the climate change, that is becoming more and more important. Last but not least, in the background, we worked hard on our sustainability metrics, making sure that our Scope 1 and 2 is measured and also in line with accountants' requirements, and also scoping our Scope 3 emission footprint, making us ready for committing to near Science Based Targets, as we will do this year. On our own footprint, we also worked on reducing our own footprint, and we reduced our Scope 1 and 2 emissions by 9% last year, which equates to 60,000 tons of CO2 equivalents. The way we did that is by increasing our usage of renewable energy, but also by generating more renewable energy ourselves. Sorry. We do that by increasing our solar energy as well as our wind energy. Best example was, a few weeks ago, we opened up our new tallest windmill in Belgium land, which is 240 meters high, on our site in Ghent. Which is generating energy for the site, but also for the whole neighborhood around us. On top, of course, when you look at our collection fleet, we continued to transition from high to low emissions and from low emissions to zero emission vehicles, taking in also some new trucks, both for skip trailers as well as for the rear-end loaders that we have converted to electric vehicles. Now, in terms of our care for people, we have been showing Net Promoter Score increase, as I alluded to, 6 points and a target of 30. We're getting to that target as we continue. We did that mainly by giving our teams more training and also career development as we progress in the journey of Renewi. We increased diversity by 2 points to 24% for women in management, and also 2 points across Renewi. We continue to focus on environmental incidents and reduce them as well as fires. In our industry, as you probably know, that is one of the challenges, looking at the lithium-ion batteries that are more and more covered in the waste. I'm glad to see that also there we are making great steps. All in all, strong performance also on our sustainability area. If you look at our financial performance and our sustainability performance, we would not be able to reach those results without our customers and partners. We work closely together with them because we need them to be able to win together in this industry. On the left side for you see important in-house customers. We selected three of them that we worked with over the year. On the right side, you see partners. I'll explain the difference. Our in-house customers are customers that we have people deployed on their site, that help these customers to manage their waste streams, to reduce their mixed waste, and to create higher quality mono streams that we can recycle better. Overall, we are reducing the cost for these customers. We also help them with our waste scans, with our advice on site. In total, we have deployed hundreds of people from Renewi on those customer sites. Two examples I would like to pick out. First, Schiphol Airport and also Rotterdam Airport. We won an eight-year tender earlier this year, and we won this new customer because together, we built a plan to commit to a zero waste airport by 2030. Schiphol picked us because of that reason, not because we had the best price. That's truly the way we see to work together with our customers moving forward, offering them consultant quality and support to help them in their drive to lower carbon emissions. Two other examples, our whole top management team visited Nike, the EMEA Distribution Center in Belgium, where 8,000 people are deployed. Together, again with Nike, we're working on their transition to a low waste or a zero waste company. The same for DAF Trucks in their factories in the Netherlands. We are working there with 30 people on site, again, managing their waste streams, but we go as far as even trading their scrap metals for them so that we completely take over their waste challenges that they have. All in all, quite close relationships that we continue to build. If you look at the right side, the partnerships that we have are even going a step further, because with these partners, we look at also reusing post-consumer waste in their own production process. There, when you look at Playmobil and Electrolux, we are taking the fridge inner liners from fridges that we recycle. We create a quality of plastic that is so good that they can use it in the production of new liners at Electrolux or in Playmobil in the kids' toys, and that allows them to use fully recycled materials in their products, in that way, closing the loop, creating a circular part of the circular economy. Also, if you look at the other two examples, we talked before about our joint venture with IKEA on mattresses. With IKEA now, we have been able to further develop the recycling of polyurethane foam, and we are going to chemical recycling of the polyurethane foam, making it polyol. We opened our first factory in the Netherlands, and that polyol can be reused to make polyurethane foam again. And that, of course, is the objective, to create mattresses from mattresses, if you will. We also expanded our footprint for RetourMatras to the U.K. with an acquisition we did at TFS. We have been able to increase our volume from 1.5 million mattresses recycled to now almost 3 million mattresses recycled. Together, we will continue to look at enlarging our footprint across Europe. The last example is Maltha, our joint venture with Owens-Illinois. Owens-Illinois is one of the largest packaging, glass packaging producers in the world, and they have the ambition to make package glass from as much recycled content as possible. I think Heineken has asked for a 100% recycled glass bottle that we are trying to work on, and that requires high quality of the recycled materials that we provide to them, our cullets. Investing in our lines, and Annemieke will talk about it a bit later, will help us to get to that quality, to make sure that the recycled content of glass packaging can go up to that levels. All in all, great examples, I think, of how we work together. With that, I would like to pass it on to Annemieke, who will talk more about our financials. Good morning, everyone. It's always good to see our fan base is expanding, so next time we'll need a bigger room if it's growing at this rate. Good morning, everyone online. Let's dive into the financials. First of all, let me start with saying that we are really pleased that we've been able to match the record year of FY 2022. If you look at the last year, we have effectively dealt with a number of headwinds, such as record inflation and lower volumes in the market. You see our revenues were largely stable, and this was really the price increases we pushed through, offsetting the volume decreases that we saw in the market. If you look here at a number of, the things that, come off the page, is, net interest slightly higher because our debt was slightly higher because of the PARO acquisition that we did. Overall, interest was largely stable. If you look at the non-trading and exceptional items, there was the release of the state aid provision in Belgium, where the European Commission ruled that there was no state aid case. On the other hand, we had to increase the U.K. Municipal provisions, and we had the last, or the mainly the last part of the Renewi 2.0 expenditure, leading to a net impact of just over EUR 10 million. You also see our effective tax rate was around 27%. That was slightly higher than last year, that's also because a larger proportion of our profits were made in Belgium, where the rates are slightly higher, there's also a larger proportion of tax or of costs that are not allowed for tax deduction. Overall, solid result. We then look into EBIT. To get from EUR 133 EBIT last year, in FY 2022, to EUR 133 million this year, we successfully navigated inflation impacting our cost base. If you look at the green bar on the left, we significantly increased our prices and successfully increased our prices with an impact of EUR 108 million. If you look at the big blue bar on your right, that's my female brain, if I do get it wrong, I'll refer to the colors. You see EUR 120 million of cost increases. That really shows we've been able to successfully pass through cost increases to our customers, but it also shows there's still some work we need to do on cost going forward, huh? It largely offsets each other, but not quite. If you look at the other things that we've been doing, you see recycled prices have still supported our results also with EUR 7 million. I can also give you some more detail on that in a second. We've pushed through on cost savings amongst others, of course, was the Renewi 2.0 program, with a total year-on-year impact of EUR 11 million. That is Renewi 2.0+ some other initiatives, and I think this is also a pretty strong performance. One other element to bear in mind is that the positive one-offs of EUR 25 million have offset the impact of the lower volumes. All in all, strong performance, with price increases being a proof point that our business is essential, it's resilient, and it's also an important tailwind for FY 2024. We will need to work on cost, especially in the Commercial Waste divisions, where we can gain significant efficiencies through digitization and some other cost initiatives. If we look at cost, despite inflation, our total cost base has only increased with 1.3%, and that's quite significant given inflation was at some point 10%+. That's a result of what we're also saying here, that over 50% of our cost base is variable. That is mainly the cost of waste, which is variable with volume. If we have less volumes, we bring less to incineration, lower gate fees, and that is the effect that you see here on our P&L. We also had an effective diesel and energy hedging program. That actually meant even though diesel and energy prices, we've seen a steep increase, we've been able to keep that relatively stable because of the hedging program we have in place. Also, SG&A is mainly labor cost, and because of Renewi 2.0, we were able to offset the increases in labor cost and the inflationary impact there and keep that relatively stable. When we look at Renewi 2.0, we've made an important step there. If you look at what is still the opportunity when we look at cost, there is the Renewi 2.0, important step to digitize our customer experience, so really giving our customers insights in their data, in their invoices. The next step for our digitization program will be our own internal processes and our admin, because that is really, the next step. Also, Mission 75% will be an important part to drive down our gate fees and our, gate fee costs, because there we are, as Otto already explained, at 63% recycling rate. We want to go to 75%. We have 11 million tons of waste every year, so going to from 63%-75%, avoiding the gate fees will be a significant EBIT driver. I'd like to give you some insight into how we are managing our margins when it comes to the mix and the spread of the materials. What you see here, on the left-hand side, 11 million tons of different materials come in in FY 2023. You see in the middle column, 63% of this is recycled. The right-hand column, I'm really glad I got this right, you see the recyclates, the 63% ending up in 7 million tons of recyclates, divided over a number of categories, such as Mineralz & Water, organic waste, et cetera. The majority of this has very stable pricing. There's four categories where we have seen really big fluctuations in FY 2024 or FY 2022 and FY 2023. Those were wood, paper, metals, and plastics. Those are quite exceptional fluctuations, because if you look at all the years before, we always provide this in our annex, there you see that normally these fluctuations are not that much, but this was really in FY 2024, it really underpinned our EBIT, but that has now sort of gone to more normalized levels. One of the things we do to mitigate the impact is dynamic pricing. Dynamic pricing is basically, paper goes up, paper pricing, so the customer that gives us the paper gets a discount on their invoice. Paper price goes down, we charge the customer that brings us the paper a bit more. That is how we offset part of the volatility for roughly 65%. Also, takeaway from this sheet is 63% recycling rate, getting into various materials, large part is stable, the part that has some volatility, is partly offset by the dynamic pricing mechanism. In terms of the drivers that we have, to improve our margin here is, of course, increasing the 63%, because every percent that we increase is avoiding cost and is giving us a positive charge at the back end. The second thing, as Otto also mentioned, improving the quality, because the better the quality this 7 million tons is, the higher fee we can charge for it. These are two very important levers going forward. Of course, all of this stuff needs to lead to cash. During FY 2023, we have invested the cash that we generated into two categories. One is growing our business, and the second is fixing legacy and older issues and doing some catch-ups. If you look at the adjusted free cash flow of almost EUR 73 million, you see that our net replacement CapEx was EUR 87 million. That was EUR 20 million higher than in FY 2022, and that had mainly to do with the catch-up after COVID. That will go to a more normalized level, that will increase our cash conversion. If you look at tax, there we had to catch up some of the FY 2022 payments, that was also quite a bit higher than FY 2022. There also, we will get to a more normalized cash out. When it comes to growing our business, an important one, more at the bottom, the EUR 59.4, that is the acquisition of PARO. Another very important one is the almost EUR 31 million we invested in growth CapEx, and these are our advanced sorting lines in Ghent, plastics facility in Acht, near Eindhoven, and the advanced sorting line we are now constructing in Puurs. Important, we are focused on generating more cash, and we are deploying it towards growth, and also well on our way to solve some of the legacy issues, so we are getting to a much better cash position in the future. That ties in with our capital allocation. The key point here is, as I just said on the previous slide, we're focused to invest the cash in the growth of our company. You see here the picture on your left, where you see how we are earnings from operations. That's where I'm talking about making sure that we really have a good cash conversion of all, everything we do. That means being also tough on replacement CapEx. We want to invest it in good return growth projects. Inorganic growth is also becoming increasingly important. I think everybody has picked up on our ambition that we put into the press release, and also we'll come back to that later on. Important to keep an eye on a very strong balance sheet and where we are targeting to stay within the 2x leverage. Very important, so focused on cash, focused on investing in growth, but it's also important that we see quite a few of the legacy items coming to an end, which also means we will be in a position to restart paying our dividend. That will be on the back of FY 2024. It will be a bonus dividend. Hopefully, it will be progressing over time, but it's an important marker for us to say we will be restarting our dividend. Turning to the divisions and our business, what it's all about. Looking at Commercial Waste Netherlands. Although the margin dropped, Commercial Waste Netherlands had a solid year at 8.3% EBIT. The volumes were a little soft, there was less organic waste because of the very dry summer. We saw high energy prices, which meant lower activity from the greenhouses, and we also experienced some slower activity in the construction and demolition market, as there is in the Netherlands, an ongoing debate about nitrogen deposition, which is slowing down the construction of new houses, even though we desperately need it. Commercial team, Commercial Netherlands team has been well able to push through price increases at a very low customer churn, and also fuel surcharges, and that's providing also an important tailwind for FY 2024. I think a key highlight was the acquisition of Renewi Westpoort. That is really strengthening up our position as a leader in construction and demolition, and also giving us a fantastic location in the wider Amsterdam area. At the same time, within the Netherlands, cost is an important challenge, and will together, with a focus on organic growth, remain a key focus point for the coming period. Belgium. It has shown a top performance in FY 2023. There was increased competition from secondary disposers, which led to lower volumes, but it did not impact their margins. Instead, the team have done a really good job by being both fast and bold with the price increases, at the same time had tight cost control and also some positive one-offs, which really led to a very strong EBIT margin of 11.2%. The key highlights in Belgium, apart from the fantastic results, are, of course, the commissioning of our advanced sorting line in Ghent and in Puurs, the early results of those sorting lines indicate that we are able to get to a recycling rate of well over 50%, which is a really remarkable achievement for mixed waste sorting. We're also pleased that the European Commission confirmed that there was no state aid in Walloon. It's a very old case. We were able to release the EUR 15 million provision. That was recorded as an exceptional, that was not in the EBIT, just for those of you updating the models. All in all, very pleased with the Belgium performance. Mineralz & Water. Recovery was slower than anticipated. During the year, we directed all focus to move away from the production of TGG going for gravel, sand, and filler, enabling us to sell to the construction market. The sale of all TGG was slow, as you could already tell also from the cash flow on one of the previous slides. We currently have a number of signed offtake contracts for the older materials to ship over the course of FY 2024. The prices for this have increased a little, which means we also had to increase our cost accruals and some of our provisions, and that has really been impacting the EBIT here. The water side also performed really well, but they did have an operational outage during the second half of the year, which subdued their normal EBIT contribution. The water side is now up and running with high demand and excellent margins. All in all, good progress on engineering, on our investments, on our testing the new products, but the recovery and the financial impact of this is taking longer than we had expected. Specialities. We really had an excellent performance from Maltha, and we had a very good performance also from Coolrec. Maltha is our glass business. We're showcasing it at the back, where you can get coffee, we also had a very good and great examples within Coolrec. The Maltha performance really is all about the right investments and under the new leadership, really getting a great operational and financial performance. Coolrec had a fantastic year also with the partnerships with Playmobil and with Electrolux, really showing at what we can do when we produce the right quality. Moving on to Municipal, there's two things. There's a highly efficient operational performance, which is a great job done by our U.K. team. Unfortunately, in spite of the efforts of the U.K. team, we also had to increase our owner's contract provisions with EUR 27 million. That is mainly the result of inflation, where we had to increase our cost assumptions in the modeling. They're very long-term contracts, that has quite a big impact. We also saw declining volumes in the East London area, which was impacting our ELWA contract. We keep looking as to how we can optimize and potentially reduce the impact of U.K. Municipal to the wider Renewi group, but unfortunately, there's not an easy solution at hand. Last but not least, FY 2024. What are we going to do? We will be focusing on top line, cost, and cash. Otto will, in a second, come to our long-term ambition, but for now, for FY 2024, that will be top line, cost, and cash. Top line is recapturing some of the lost volumes over the course of the year by increasing our commercial efforts to recapture some of, or to really focus on those market segments where we believe we can make, add the most value. Also, the price increases we pushed through in FY 2023 will be an important tailwind going forward. We look at cost, we expect that the cost inflation will have impact, but it will be largely offset by our pricing efforts. We also need to drive additional cost initiatives in order to keep our margins strong. We will also be investing in digitization, because we believe there is a lot of efficiency gain to be had, but the investments in the digitization will also be offset by a number of cost initiatives to make sure that we keep our margins at par. When we look at cash, during FY 2024, we are focused on improving our cash conversion by making sure that we run everything as efficiently as we can, and also, solving largely the two out of three cash issues that we have, so the TGG that is still need to be shipped and the COVID tax. That will lead to a net cash out for FY 2024 of roughly EUR 50 million, but really improving our position for the years thereafter. That's also the reason why we said after this year, we will be in a good position to start repaying dividend. We expect EBIT to be in line with consensus, as we will be further strengthening our core to provide a strong base to further grow our revenue and also grow our EBIT margin. That's it for the financials for now. Back over to Otto. Thanks, Annemieke. Before I update you on our strategy, I think I would like to take a moment to underline the commitment that the European Union has given to creating that circular economy. It's despite the great political tensions that we have seen over the last two years. The EU sees the circular economy as a key solution to the climate problem next to the energy transition. In the Netherlands and Belgium, we have been working on this already for several years, but now we also see that the EU as a whole, under the leadership of Frans Timmermans, is really adopting this and also defining more specific guidelines for countries to get to that circular economy and make it more specific. To give you a few examples, in the Circular Economy Action Plan that was already launched a few years ago, there's now more specific definition around a few targeted areas. First one, the recycled content of any type of product needs to increase by about 25% on average until 2030. If you take specifically a look at packaging materials, there, the recycled content has to grow to 70% of the total packaging in 2030 as well, which is an enormous step up from where we are today. Probably most important for Renewi is the third one, which is that the material footprint of a country, so all the raw materials that are used in a country in any type of production process, as a whole, needs to be reduced by 50% in 2030 compared to the baseline of 2015. How can you reduce your material footprint? One way to do that is take your virgin material and replace it by a secondary material, like Renewi supplies. Creating a lot more demand for what we do. The second option is you can redesign your product and use less material, but if you want to get to 50% reduction, it's quite obvious that you need to do both to be able to get anywhere close. It's clear that reducing that material footprint also makes us less depending on imports of raw materials from outside of Europe, which, as we also know, has become a bigger theme. These ambitions that Europe has are fully in line with Renewi's ambitions, because we want to be the leading waste to product company in Europe. To get there, we defined three value drivers a few years ago, allowing us to get to that higher margin and to be able to reinvest in growth, as Annemieke talked about. The three value drivers, as you recall, are shown here on the left side of the page. First one being the circular innovations, second one being Mineralz & Water recovery, and the third one being the Renewi 2.0 program. When we announced those, we said it will generate EUR 60 million of additional EBIT on top of our baseline in FY 2021 of EUR 70 million. You would say at under EUR 30 million last year and this year, we are already there. The truth is that we have only been able to generate so far EUR 20 million of that EUR 60 million that we committed, with an exit rate in fiscal year 2023 of around EUR 30 million. You could say we're halfway, and we need another two years to get to our full potential on these value drivers. The first one, the production of the high-quality recyclates is ramping up with these new lines coming on stream. First of all, in organics, that is already on stream. Second one in Ghent, the Vlarema 8 line that we talked about. The third one coming on stream, the plastic lines coming on stream, and we will continue to invest. We have today spent about EUR 60 of the EUR 100 million we committed for this. We will spend another EUR 30 million this year and complete it in fiscal year 2025. At that point, of course, we will start seeing more and more of the impact of the EUR 20 million savings coming into our, or not savings, additional margin coming into our numbers. The second value driver is the Mineralz & Water recovery. I will talk more about it on a next slide. The third one is this Renewi 2.0 program. Again, we have a specific slide for that. Overall, and in summary, the value drivers are delivering. The Mineralz & Water is somewhat delayed, but at the end, we are committed to get to that full potential of EUR 60 million. Now, the Mineralz & Water recovery has been long anticipated, and I truly believe we are at the point now that we are able to start showing growth in the near future. If you look at the left side of the page, you can see our legacy terminally treated soil stock levels that were at its highest point in 2020, and have been coming down since then by 60%. You also see that in 2023, it didn't come down that much, and that is because, first of all, we need to find very specific projects where we can still apply this TGG, and the restrictions in the Netherlands have become more increased, so it is more difficult to find a place for that material. Secondly, as Annemieke said, we find that the cost to place that material is getting higher, so we've increased our provisions to make sure that we can actually place at the market price. The good news is we have been able to sign contracts for deploying TGG, and also we are under negotiation with more contracts, and we will see a further depletion of this stock and expect to be fully out of it in the next two years, with a significant step in fiscal year 2024. That solves our legacy old issues. I think the more exciting part is on the right side, because what we show there is that since last year, we have converted all the contaminated soil that we get in and the asphalt to building materials. That's our famous sand, gravel, and filler that you see on the right bottom side in roughly the split that we show here. For the gravel, we have been able, since day one, to place that in the market, and the cement industry or the concrete industry is using that on a daily basis, and we have no issues getting that material in the market. The filler we have been able to solve over the last half year and are also able to place that in the market in volume. The main challenge we have had, and that's why we haven't ramped up fully yet, is because the sand that we produce out of this material is a mix of coarse and fine sand. Initially, we've been focusing on finding cement producers that were. Oh, no, sorry, concrete producers that are able to make products using this mix, and we have succeeded, but you find that we are still in a niche part of the total market, quite restricted in our volume offtake. What we needed to do is invest a bit more, and you see the two green boxes on the chart. We are now shifting the coarse sand from the fine sand, and two-thirds of our sand is coarse, and we're able to get into the specification that the concrete industry needs, and we can now expand our volume to the full concrete industry. We have signed up several contracts, and we expect to be able to ramp up our volumes in the second half. You still have one-third of the sand that is fine sand. That is difficult because it's a wide spec that people cannot use. There we have invested in milling, so we can make that fine sand to powder and sell it as an additional filler to the concrete industry. It's important, as we learned, that if you start selling products, you need to really get to a very narrow specification to be able to succeed. We believe with those two steps, we truly are able to get into those markets. On the right side, see the size of the markets that we are going to play into. You can see that the concrete market for sand is about 7-8 million tons just in the Netherlands. When we supply even at full rate our sand, there will be more than enough opportunity to do so. Really a turning point here for the Mineralz & Water business, and we would be happy to keep updating you on our progress. The other one, Renewi 2.0, the third value driver, is the one that is mostly completed. When we set out this program, we had three targets in mind on the left side. First of all, by becoming more digitized and efficient, we can reduce our headcount in our back offices on the commercial side, and that's where we would save EUR 20 million. I think we hit EUR 17.8 million with a run rate of over EUR 20 million going into this year, so we're fully there moving forward. The two other objectives we had was customer Net Promoter Score. We thought if we go digital and online and offer a platform to our customers, they can interface with us 24/7. We can also reduce the complaints because the data integrity of seeing your own data as a customer is much higher. Thirdly, by giving them more functionality than they had, we see that customers are truly interested to convert. In total, now, we have converted over 100,000 customers of our 150,000 customers to this online platform, and we're continuously increasing the functionality. I met several customers over the last weeks that have converted to Renewi simply because of this reason, which is quite interesting and maybe even better than what we anticipated. The third objective was to increase our employee Net Promoter Score. The reason behind that was that if we take out the low-value add, repetitive work of typing in the same stuff in one system and another, that would help our employees become a little bit happier. You can see that our engagement score has also gone up with our employees. All in all, really a good program that has led to the results that we envisioned. We expect to see a bit more over the next year. This completes our value drivers. If we look at our core strategy, which I would like to circle back on, you remember that it's built on three pillars. We want to be a leader in recycling. Again, Annemieke talked about this already. Convert more of that waste into products with our recycling rate going up and investing. The second, we want to make the highest quality recyclates so that our customers can drop it in and replace their virgin materials. Give a true meaning to the word recycling, instead of what people may think, downcycling. The third value driver is grow market share. Although we have made the first small steps in that last year, we truly believe with these first two value drivers underway, with also the core pillars of this strategy covered, that our center of focus is moving more and more towards making sure that we start growing the top line more aggressively. We plan to accelerate that growth over the next 5 years substantially, and we have launched what we call our Roadmap Fiscal year 2028. We are targeting to grow our company to a EUR 3 billion revenue company in that next five years. We will accomplish this by two things. First of all, organic growth. We are stepping up our targets for organic growth to roughly a 6% a year average growth rate. That will be built on two things. One, we will have our incoming customers, our waste-producing customers, which is currently about 80% of our revenue. There, we will continue to create value propositions that truly are unique in the market and allow us to take market share in markets that are close to us, like the retail market, construction demolition market, but also in our glass business and our electronic appliance business. On the outbound side, we will continue to grow our outbound revenue by increasing the quality of these recyclates and increasing that conversion recycling rate. The other half of our growth is going to come from inorganic, and I think that is truly a new pillar under our growth strategy, where we started a bit with pyrolysis this year, but we expect to further grow this over the next years. We target a total of half a billion EUR of new revenue over the next five years, and we already have quite a nice list of targets that we have selected. We will look at these targets, first of all, in our home market, with bolt-on acquisitions in our core territories, which are easy to integrate into our footprint. Although we have a significant market share of roughly 20%, we believe there is a lot of room to grow. With the innovation happening, the investments for these new lines are getting higher, which creates higher barriers to entry, but makes it much more difficult for the smaller players in this market to keep up. Now, the second area where we're looking at is outside of our current footprint, looking at our monostream businesses, we call them, where collection is not that important because it's already arranged in other countries through third parties. To give an example, if you look at the electronics, most countries already have a collection scheme for electronic appliances, to expand our Coolrec business into other countries, does not need a collection fleet. Like, we don't have that for Coolrec in the Netherlands either. The same is true for our Maltha business, but also within our commercial waste business, we have several parts of that business, like the mattresses, like some others, that we can expand without creating that collection fleet. Of course, our long-term ambition is still to also go full force into third-party countries with our commercial business, but that will be a bit down the road. Now, if you look at our growth targets, margin, of course, is also important because we do not want to grow and dilute our margins. How to do that? It's really maximizing the spread that we have between, on the left side, these waste-producing customers, and on the right side, the product customers that we have. Basically, focusing on that spread is going to be important. The under 50,000 customers that we have today are in different segments of the market. They're also in different countries. If you also look at that, then by definition, our resilience, because of the mix of customers we have spread over many different things, is already there. Annemieke talked about our dynamic pricing, which also offers the resilience in that small part of our recyclate that is under more volatility. At the end of the day, we also still have, for our mixed waste customers, where dynamic pricing does not apply, we have the opportunity to increase prices on our annual or biannual basis, which we did also last year. The resilience on the right side, what we see is that, of course, there are less customers there. We are converting spot customers to longer-term contracts. The demand for recyclates is increasing. There is more interest in committing to long-term contracts to make sure you get security of supply. Also, as we talked about, again, the quality helps us to get to higher margins. All in all, this will lead me to the last slide, which is wrapping up our overall targets for the year and also our looking forward statements. First of all, on the short term, fiscal 2024, we expect to be in line with expectations. We talked about our value drivers that will add additional EUR 50 million in FY 2024, offsetting inflation that we expect to continue, and also recycled price reversion that we currently have in our models, but may not be the case. At the same time, as Annemieke said, we will start with a dividend, resuming that in fiscal year 2024. Looking at the medium term, really excited to share with you our Roadmap, fiscal year 2028, getting to that EUR 3 billion company, splitting growth between organic and inorganic, and also deploy capital at very attractive returns. In the longer term, I think we all know that the regulators will continue to stimulate the usage of secondary materials. As I talked about, our customers also, quite important, will demand low-carbon, secondary materials in their roadmap to get to net zero themselves. At the end, we, as a company, will continue to take the leading position in this market as a pure-play recycler and create that Circular Economy together with our customers and partners. With that, I come to the end, we will open it up for questions. Annemieke and I will sit down now to answer your questions. Okay, morning, guys, Toby Flaux from Berenberg. Two questions, please. Firstly, if possible, could you give a slightly more detailed breakdown of the differing margin trajectories between the Belgian and Dutch commercial businesses last year? If possible, how much of the different performance came from the one-offs you mentioned in the Belgian P&L versus, say, recycler mix, versus just one business being better or worse at kind of managing the cost inflation and pricing side? Second question, you clearly outlined a much more confident view on acquisition opportunities and mentioned kind of a few areas you're targeting. Can you give a bit more color on what we should expect in terms of most of the focus on existing markets for now, covering geographic gaps in the model, new recycling technologies, or will it be more in the kind of new geographies that you mentioned as well? Thank you. I'll be happy to take the question on Belgium versus the Netherlands. First of all, there's quite a difference in mix that has been important. The Belgians have a lot more exposure to wood, where prices have basically exploded, especially during the second half of the year, due to the competition for wood, for incineration. Whereas the Netherlands have a lot more exposure to paper, where prices have been a bit more subdued. The second thing is, the Belgians were a bit more aggressive on their pricing strategy, whereas the Netherlands were a bit slower to adopt the pricing increases. The third thing is... Sorry, it's a bit of a mix. The third thing is also, Belgium has been a bit more strict on cost control. These are the three things that have led to the difference in results. Yeah. Okay. On your second question around the acquisitions, first, within our own footprint, we are daily confronted with companies that knock on our door to offer themselves for sale, so that is one thing we obviously look at. As I indicated, for some of our monostream businesses, we're also looking outside of our current footprint because we do realize that over time, Europe is our market and not just the Benelux. Our large competitors are also playing in multiple countries. With technology advancing and getting more important than maybe in the past, we do see opportunities to translate some of the technology that we have developed in our current footprint abroad. That will allow us to do that. You talk about new technologies. Of course, we constantly look at the market, we look at small startups. The main challenge there is how does that convert to scale? At Renewi, although we're not a super big company, at the same time, if you want to move the needle at EUR 2 billion, you need to have some scale to move the needle. That's where we are looking at them, but at the end, will not necessarily have a big impact on our top line. Okay, sure. If you were kind of to give a rough indication of the pipeline, is it two or three large acquisitions make up the most of it, or is it kind of lots of, I don't know, smaller size, kind of? It's a bit of both. EUR 10 million, EUR 50 million size? I think we learned that very small ones, I mean, if we can do them in a region, we're fine, the focus, of course, has to be, if you want to get half a billion EUR, they have to be a little bit bigger. I think PARO was kind of EUR 50 million type size. That would be what we would look at, maybe up to EUR 100 million-EUR 150 million, roughly that type of size we are looking at. Got it. Thank you. You're welcome. Can I just follow up? Firstly, on the Belgium ones, those one-offs, you sort of haven't quite fully answered that. Can you just sort of elaborate exactly what those were? Also, on the acquisitions, we spent a lot of time getting the balance sheet into sort of better order, and we're now talking of maybe EUR 100 million per annum, I think, on the slide of acquisitions. Where would you take the balance sheet to on those deals? Sure. Yeah, I just realized sort of that was the other element of the question, so thank you. The one-offs were roughly equally divided over Belgium and the Netherlands, so it's not that the Belgium had a lot more one-offs than the Netherlands. That was roughly the same. One other element, now I get the chance to elaborate on that, is, the volumes that the Belgians lost were mainly. They cut off quite a bit of the lower margin business or even that wasn't value accretive at all. They really cut off more lower value add margins, volumes. Whereas in the Netherlands, for example, the heat in the summer, we lost a bit of organic volumes, those tend to be quite profitable. That's also the type of volumes that they lost, was lower value accretive in Belgium and was actually. We are also expecting it to be better this year, because summer seems to be a lot less dry than it was last year. Those were the two elements. Go on. Yeah. The other one is on the dividend, on the question about. Balance sheet. Yes, we remain cautious. We are saying we want to remain within the 2 x boundary of leverage. If there is a fantastic opportunity coming up, we are allowing ourselves to go over the 2, but not massively so. We believe there's still we can do better on cash conversion, but we will be also very diligent in what we will approach. If it's the right target, we can go slightly over 2, but not massively so. Yeah? You have the microphone, so yeah. I have the microphone already. Gijsbert Helder, ABN AMRO, although BHF. Can you maybe give us a bit more clarity on your outlook, Commercial Waste Netherlands versus Belgium 2024? Will it in 2024 more be vice versa? Inflation in Belgium probably really kicked in January, just an example. Of course, the construction sector in the Netherlands is steeply coming down. Second question, a question I got from clients as well. Your long-term margin outlook is high single-digit margins. What is the organic ambition versus the assumed M&A margin? Third question is, well, close to the end of Renewi 2.0, Renewi 3.0, when can we expect the announcement, and could we expect similar costs? Yes, but I practical yourself. The Netherlands versus Belgium going forward. Well, first of all, sort of one of the things that I tried to make clear is that we had a few good one-offs during FY 2023, so that's... Both countries had these. We believe the Netherlands still have a step extra to do their cost management a bit tighter than they do in Belgium. They will both have some headwinds from the recyclers, where we still had a very strong recycler quarter at the beginning of FY 2023. These are all things that will trickle through in the year, and both countries will be impacted. Belgium have strong tailwinds from the pricing, but so do the Netherlands. All in all, I expect Belgium to have another strong year, whereas the Netherlands, there's some work to be done. Maybe on the second question on the margins and the expectation looking forward. Indeed, high single digits as a minimum. We know today we are running as a total at around 7%, but of course, our mix is quite wide between some activities. If you look at our acquisitions, I think what we notice is that our peers in the market are, depending a little bit on who they are roughly running at similar margins. In both countries, what we've seen in the last five or five years is that profitability in our industry has actually increased quite significantly. Partly, I think, because we have been leading price increases, but the market was also looking at increasing their margins. It depends a little bit on how advanced they are in their operations. We would look at a lower margin business that we would, by converting it with our own technology, to higher margin. That would be probably the most likely play, if we would find somebody that is already at that higher level, then probably the margins are already a bit higher as well. Overall, I think higher single-digit margins for acquisitions and ourselves will be the target, but maybe not when you buy them, but over time, we'll get to that number. Digital. The third question, Renewi 3.0, well. No way. Renewi 2.0 was truly talking about the way we interface with our commercial customers and the fact that we, as a industry, actually are maybe somewhat behind in the fact that we moved to digital platforms only now, or the last few years. When some of our customers, if you look at utilities, have been used to paying their water bills and electricity bills already for a while like this. In a way, we are only catching up with the market, but within the waste and the recycling industry, we are actually one of the first. We do see tremendous opportunities still to further digitize. If you look at our course, of course, because we have been built from many different acquisitions in the past, we are running different operating systems in each of our divisions, we indeed are embarking on simplifying that over Renewi as a whole. Making sure that we further build this platform as we look at acquisitions moving on, that we can build on these acquisitions easier. We are indeed looking at it closely and have started with a project that we didn't call it Renewi 3.0, but will help us to further digitize. Joe? Thank you. three questions, if I may. Firstly, Annemieke mentioned recycler prices and the potential drag in FY 2024. Could you give us a little bit of an indication about how big that could be year on year? Secondly, it seems to me that winning new customers is a very important part of the strategy. Can you just elaborate on how you're going to achieve that? Then finally, as a detailed question, can you give us the phasing of the EUR 30 million of COVID tax, which I think splits over 18 months, I think. Let me start with the easy question first. The EUR 30 million we'll repay EUR 10 million every half year, EUR 20 million over FY 2024, then the remaining EUR 10 in FY 2025. That was the easy one. Recycler prices, well, we're looking at a little bit at it, rather than just giving specific guidance to the impact of recycling prices, what we generally think, how we think about it, is that the benefits that we will be expecting from the three value drivers is offsetting some of the one-offs and the drag that we may have on recycled price. That is generally how we look. We don't give specific numbers to recycled prices. Maybe to answer your other question, how do we think we can be winning? I think I alluded to it a little bit in the slide around customers. What you see is traditionally, people were just looking at, our customers were looking at getting rid of their waste, to say it simply, the waste-producing customers. Today, we see much more that they're interested in understanding what happens with that waste, what part of that is recycled, how it can help them reduce their waste streams, and mainly going from mixed waste to monostream waste, because monostream waste is much easier to recycle. That's on the customer's waste-producing side. Being on their side, helping them to make this transition is truly what differentiates us from most of our competition. Second, I think our main claim to fame has always been we are a one-stop shop, so it doesn't matter if you have organic waste or glass or whatever you have, we deal with all your different waste streams. You don't have to call anybody else to deal with that. As we are getting a bit more of a strategic partner, that is also an important asset. I think on the right side, I also talked about these recycled customers, and there, what you simply see, if you're able to get to the quality that people want, then there is much more demand than we can actually supply. If you look at the plastics, for instance, from these fridge liners, we have seen people lining up, willing to pay really premium prices because everybody wants to show in their products that they're really on this journey to a circular economy using recycled materials. The quality of the recyclate is truly what's gonna be and has been differentiating us, and that's why we keep adding steps to our process to make sure that we do things that others don't today. Those, I think, are the main ways to differentiate from our competition. Okay, we're gonna take an online question. Oh, okay. We are now taking the first question. Please stand by. The first question from Juan Rodriguez, from Kepler Cheuvreux. Please go ahead. Your line is open. Hi, good morning. Thank you for taking our questions. I have two on my side, if I may. The first one is a follow-up on the Belgium versus Netherlands difference on performance. If I'm not mistaken, you had a EUR 10.7 million one-off settlement of incinerations and disposals on the H1 mark consolidated under underlying profit. Are these EUR 10.7 million fully allocated in Belgium, or how are they split between Belgium and Netherlands? The second one is, I saw a EUR 52 million amendment on the U.K. contract provisions on top of your EUR 27.1 million initially signaled. Can you please give us more clarity on this accounting adjustment? Thank you. Absolutely, Juan, good morning. Thank you for your question. When it comes to the EUR 10.7 million of one-offs, that's roughly divided 50/50 between Belgium and the Netherlands. When we look at the owner's contract provisions in the U.K., the EUR 52 million is not an additional provision. It is really, the accounting standards are saying we have to allocate the overhead costs that we need to run the contracts. The cost associated with that needs to be allocated to the contracts. That is really basically shifting how you account for it. It is not an additional provision. It's allocating overhead costs that we have to the contracts, which basically means there's no cash impact or cost increase whatsoever. It's just a different way of accounting for it. Yeah, it's a new rule called IAS 37, right? It's IAS 37, yes. Hope that answers your question, Juan. Yeah. Excellent. Thank you very much. Thank you for your question. Barron? Last but not least. Well, we probably need to wrap up at some point. Yeah. Well... Andrew Shepherd-Barron, Peel Hunt. Hello. A couple of questions, if I may. One is, just in terms of competition, can you talk a little bit more about whether you're seeing churn from price increases, whether you're managing to get prices through in national accounts, as well as some of the smaller customers, if there's some sort of variation there? A second one from me, if I may, is just on this, the organic growth rate, which you're planning, hoping for for the next five years. Obviously, it's gonna require further organic investment. Do you think you can still target 15%-20% returns on that? Thanks. Yeah. On your first question, if you look at our price increase, we have different types of contracts. The smaller customers are typically on a one-year type contract, service contract, because we provide a certain service, yeah, to collect their waste. There we basically have been able to pass on inflation in full. If you look at our national accounts, the contract, their setup is different. Typically, there it's a multi-year contract, not as long as in the U.K., but let's say five years. We are linking that to certain indexes. There, also, we have been able to pass on our price increases quite well. Sometimes there's a bit of delay, but overall, in both cases, we have been able to do so. I think in general, you see that our customers have been quite acceptive of these price increases because they see it coming from any direction. Your second question was around? Yeah, you can pick it up. Yeah. Okay. Yes. When we look at the organic growth, not all the organic growth that we expect will require investments. Quite a significant part of it will be simply stepping up our commercial approach. We believe there's still quite some room for improvement there, to really go to the market with propositions and really address market segments where we believe we can make a difference. That part of the growth doesn't need any CapEx, but organize ourselves a bit better. The stuff that we will be doing, we are targeting roughly EUR 50 million of growth CapEx always going forward. Basically, there are so many ideas, there's such a long list, that we will be able to apply quite strict return margins to it. I believe for this year we said EUR 50 million is enough because we also want to deliver and really spot on. If we just let the boys run with it, there were over EUR 400 million of ideas. I think that's great news, because there are a lot of opportunities, we really can shrink ourselves to the greatest ideas that pop up. We've got time for one more question. Okay. Okay. I have two, actually. Only from one person. Pick your best one. First of all, back in Mineralz & Water, could you remind us what the ATM processing capacity is, and what level of throughput you would need to get to EUR 20 million of profitability from that division? The second question, slightly quicker one, is U.K. revenue seemed to drop quite sharply in the second half. Just if you could explain that, please? On ATM, we can convert roughly 1.2 million tons into roughly 1 million tons of thermally treated soil, and it was the old process. When you look currently, we're running at one third of throughput capacity only. What we're looking at is stepping that up to about 80% over the next two years. We probably will not be able to run at the same speed as we did before, because we have to split the thermally treated soil into sand, gravel, and that filler. Because we go from a negative price to place that TGG in the market to a positive price for sand and gravel, we will more than compensate for that difference. Basically, overall, our first goal is to get back to the EUR 20 million EBIT, and hopefully then we can see how far we can get beyond that. As for the U.K. revenue, that is really the volumes in our largest contracts. That's the East London contract, where we see volumes dropping in the Greater London area, and that is driving the revenue drop. What was behind that particularly? In general, volumes dropping. We see less waste in the Greater London area, which is great news for humanity, in this case, not so great news for our for our ELWA contract. I, we think it may be partly related to COVID and then after COVID, but to be honest, it's not very clear to us either, why that is, but it is the case. I think this brings us to the end of this presentation. Thanks for coming over. We will have some drinks for the people in the room next to us here. For the people online, thanks very much for joining us. We look forward to continue our update and our journey to grow this business to EUR 3 billion. Thank you. Thank you very much.