Good morning, and welcome to Renewi's half-year results presentation. Today, we are in our studio here in Eindhoven, where we do a live webcast, and we chose to provide this update via webcast because we had our Capital Markets Day only a month ago in Ghent, where many of you joined in person. In this webcast, you can ask questions throughout the presentation via the box on your screen, and we will answer those at the end. Now, as per the agenda, I will start by giving an update on our first half results and our second half outlook. After my kickoff, Annemieke will join to give an update on the financials. I will then come back to give you more color on our strategic imperatives, which are fully aligned with the messaging that we gave at the Capital Markets Day event. For today, I hope you leave with two key takeaways. The first one is that we are navigating through a challenging market environment, and we have taken strong actions to drive improvement in the second half and into next year. And second, we are executing on our medium-term plans that we shared at CMD. Our outlook for the next years shows significant growth and turns Renewi into a cash-generating business. So let's take a look at the first half. We showed resilient performance in a challenging market environment. Our revenue was more or less flat, driven by two things. We were able to execute strong price increases versus last year at our waste-producing customers, and we're offsetting most of the inflation. At the same time, we saw continued growth at our appliance recycling business, Coolrec, and also at our glass business, Maltha. However, EBIT was down, as we anticipated. First, because recycled prices for some of our key products were down 20% in aggregate, which obviously impacted our margins. Second, we saw lower core volumes in our larger division in Commercial Waste, Netherlands. Now, while we have been navigating through these short-term challenges, we kept momentum in executing on our strategic imperatives. We saw continued investment in new and advanced sorting lines, and we commissioned both the line in Ghent and in Acht. Month-over-month, we saw our minerals and water business improve its performance, and certainly since August. Our strategic review for our UK municipal business is on track to be delivered in the first half of 2024. We launched an SG&A cost program to mitigate some of the risk that we saw, which is well underway and which will be targeting about a EUR 15 million saving in the next fiscal year. It's also good to share that we are winning customers and keep winning customers as we help them to reduce their carbon emissions on their sustainability journey. But yes, we do see a challenging market environment, which we believe will continue in the near term. With high inflation and high interest, we see lower economic activity, and that translates into lower waste volumes. Now, this is most visible in our construction and demolition business in the Netherlands, which is affected by those two factors, but also by the strict regulation related to nitrogen deposition. The other important headwind that we see has been recycled pricing. As you can see on the example, you see how paper prices have increased over the last two years until the summer of last year, when it reached double the prices that it had in the average of the years before. However, you also see that in September, October of last year, the prices came down very fast and have normalized again on these historic averages. So when you compare the first half of this fiscal year to the first half of last fiscal year, you can obviously understand that is a tough comparison. If you look at the second half, the comparison will be a lot easier. Now, when we look at the medium term, we are optimistic. We see the EU pushing new regulation and taxation to support the Circular Economy Action Plan, and that is more and more adopted by the countries we operate in. The next step is mandatory recycling content targets, which are already announced in the countries we operate in. And also, if you look at the bottom chart, we expect the construction market in the Netherlands to recover. After the dip, finally in 2024, we see 2025 and 2026 growing again, when electrification in the construction industry replaces the heavy diesel engines, which allows construction companies to start building in increased volumes, at the same time, meeting the nitrogen deposition requirements. At Renewi, we have been able to deliver on our strategic and operational goals over the last years, in good and in bad times. If you look at the next slide, you can see some examples. First of all, over the last years, we have structurally improved our profitability across all segments, and we have delivered EUR 20 million of cost savings through our Renewi 2.0 initiative. Our EBIT margins have increased by 270 basis points in the last years, from 4.3% to 7%. We also continue to invest in advanced recycling lines to increase capacity and quality and to improve our recycling rate. Think of the organics lines in Amsterdam, the new plastics lines in Ghent, in Acht, and in Waalwijk, and also the Vlarema eight lines in Ghent, and now also in Puurs o n the portfolio, we turned our Maltha and Coolrec business, turned around our Maltha and Coolrec business, and we are about to turn around our minerals and water business. At the same time, we will find a solution for our UK municipal business. And last but not least, we are focused on making this a cash-generating business. Now, on the commercial front, we are also winning. Here are three examples of large contracts that we won in the first half, where we help our customers to improve their sustainability performance. Now, I showcase them because I want to highlight that in our industry, things are changing. Our customers are making their decisions on who to work with based on more than only price. Sustainability impact, our help on their carbon reduction journey, and the quality of our products are becoming more and more important, and are contributing to these wins. For instance, at TotalEnergies, we won because we offer full service for their hazardous and non-hazardous waste streams. But more importantly, we have helped them to increase the recycling rate from the waste that we generate to what we can produce from it, and that was one of the main reasons why they decided to go with Renewi. A second example is at the Ministry of Defence in the Netherlands, where we offer the highest service quality, and we are also committed to do all their collection of their waste streams with zero-emission vehicles. That was one of the reasons they decided for Renewi, and we have ordered 12 trucks to be able to meet those requirements. Then at Van den Bosch Beton, we won due to our high quality of sand, which has a lower carbon footprint than the primary sand that it replaces. For the construction market, this is becoming more and more important on the way to also make that market a more circular market than it is today. Now, offering solutions like this to our customers shows the tremendous potential we have for growth. At our capital markets event, we defined three priorities for growth. Our first priority is to fix our legacy portfolio issues, so we can focus on growing the strong core. I mentioned UK municipal already, and I mentioned the minerals and water turnaround. The second priority, which Annemieke will also talk about, is to build a strong foundation for growth. We believe we can make a significant improvement on free cash flow generation, on ROCE, and on margin. And as we're introducing an effective capital allocation policy, which will increase shareholder return. The third priority is we are focusing on the growth momentum in our sector. We want to drive more organic growth and deliver on our five-year plan ambition, which we shared in May. First, organically, and when we have reached the number one and two priority already, then we also will look more at bolt-on acquisitions. But I'll come back to those priorities after Annemieke. She will now first provide you with more details on our financials. So good morning, everyone. As you've all been able to read in the newspapers, the markets were challenging during the first half, but we showed resilience, and we will bounce back in the second half. So the top line showed a slight decline of around 2% due to the lower recyclate prices and the volume pressure we've mentioned in commercial waste Netherlands. On the other hand, this was increasingly offset by inflation pass-through and to our inbound customers, but also the volumes in commercial waste Belgium have been stabilizing, and there was a very good performance of Maltha and Coolrec. The EBIT was impacted by the return of the recyclates to a historic average level and also the volume drop in the Netherlands. The increase in interest that you can see here on the income statement was also driven by the higher borrowing base after the acquisition of Renewi Westpoort last year, and the ongoing investments in our growth projects. Also there were some additional fees related to the refinancing of our revolving credit facility back in August. When we look into the EBIT in a bit more detail, year-over-year, we moved from EUR 75 million to EUR 50 million. There are three key points to take away here. First of all, you can see the big green and blue bar, that we have demonstrated again that we are offsetting cost inflation through passing through price increases to our waste-producing customers. That's an important point in showing our resilience also in a high inflation environment. I think the second thing is, we've seen recyclate prices come down to a more historic average level. I'll show you some more detail in a second. There are also some volume pressure in the Netherlands, particularly in the commercial construction demolition market. The third thing to take away is minerals and water had a slow start of the year due to some maintenance stops being pulled forward, but they had a very strong second quarter, and as the maintenance stops that normally go into the second half have now been in the first half, that will actually mean we will have a much stronger minerals and water performance during the second half, and also really showing we are on the path to deliver the recovery, as we've always promised by FY 2026. So for the second half, the impact of the cost-out program will support the EBIT margins in the second half, but also into FY 2025. The total impact will be EUR 15 million, and impact around 160 FTEs, both temps and our own staff. And we're constructively working with the relevant works councils towards an execution date of December 1. Next to this, we're working to recover on volumes in Commercial Waste Netherlands. We have demonstrated commercial success, as Otto just talked about, with the larger accounts, driven by our circularity proposition. We also see opportunity to capture a larger part of the SME segments, and we stepped up our commercial cadence to get this done. So a quick word on recyclate prices. You've seen this chart many times, and we all know that our margin expansion over the last two years has been accelerated by both recyclates prices and the volume growth during and after COVID. So as you can see, before COVID, recyclates prices, there were some movements, but they were relatively stable, and you see that sort of during and after COVID, that was just a really big, big peak. So that has now come down and settled to a bit more stable levels, and also more in line with what we've seen historically. So that actually reduces the volatility, but it also means that we are stepping up to execute our margin drivers, as we have communicated at the Capital Markets Day, and I'll come back to in a second. Also, for the longer term, we believe that the recyclates, because of the demand and regulation coming in, will improve over time. But that is one of the things we don't want to be banking on it, but we want to improve our margins even without this. So just to show what's going in and out of our company, and we take in roughly 11 million tons of materials, and we recycle 7 million tons of this. Of this 7 million, the vast majority is subject to very stable pricing. There's 4 categories: paper, wood, metals, and plastics, as I've just shown you on the slide before, that are more volatile. And that we mitigate by partially passing through price increases and to our inbound customers. So basically, making them share both the upside and the downside, and this provides a roughly 65% hedge. And next to this, as Otto already mentioned, our strategy is really geared towards producing higher quality materials that are less subject to volatility, and our customers are quite often willing to pay a factor three or four times for those materials. But this comes in terms of volume in smaller steps, because, for example, our plastics factory in Acht that just come online, does around 20-25 kilotons per year, but that will significantly contribute to our EBIT. A quick word on cash flow. As we've guided previously, our cash flow for FY 2024 will still be negative, as we are still paying down, for example, the tax under the COVID scheme. So for the half year, we focused on working capital, which has offset the drop in EBITDA. And replacement CapEx, you can see, was slightly higher, as we have accelerated some investments into safety on our sites. But also we have allowed a bit more spending in Maltha, because they are really growing at a double-digit rate with very strong margins. So during the Capital Markets Day, we have demonstrated our commitment to get to a cash conversion of 40% of EBITDA. To get there, the legacy items need to be solved, and we will need to reduce CapEx of a slightly lower asset base. As we are still in FY 2024, free cash conversion is still negative, but in FY 2025, the results of the steps we are taking will be visible. And finally, we are also excited about the progress on our growth CapEx, as the operational results in both Ghent and Acht are showing the art of the possible when it comes to recycling rate and recycling quality. Then our balance sheet, it's stronger than ever. We have demonstrated our ability to deleverage, as you can see, over the last couple of years, and we're committed to our target of 2x, with a view to further deleverage over time as we are improving our cash flows. So furthermore, we have over EUR 700 million of committed debt facilities. 85% is at a fixed interest rate, giving us protection in the high volatile interest rate environment, and also it's fixed at an average rate of 3.3%. As we just refinanced in August our revolving credit facility of EUR 400 million, our average maturity is 5.6 years. So our total facilities give us a liquidity headroom of around EUR 300 million, which means we are well funded at competitive rates with enough liquidity headroom. Have a quick look into the divisions. First, Commercial Waste Netherlands, our largest division. There we see a number of things. The revenue was underpinned by inflation passed through to our customers, which has largely offset volume pressure and also the lower recyclate prices, resulting in an almost stable top line. The volumes and the normalization of the recyclate prices have, however, had a notable impact on the EBIT. So the cost actions we take on SG&A have therefore largely been focused on Commercial Waste Netherlands, and also some group, to set up for margin recovery during the second half. Next to SG&A savings, there will also be some additional focus on the cost and operations, at the same time protecting the capacity once the markets bounce back. So our commercial approach is paying off in the larger accounts. We already mentioned a couple of them, where customers really appreciate our, our circular proposition, helping them get to a lower carbon footprint. So we're also excited about the early results of our hard plastics facility in Acht, which will start contributing to both our recycling quality and our EBIT over time. Belgium, the team have stepped up commercial efforts, which has resulted in turning the volume losses over the last couple of quarters into a modest growth, also helped by the early impact of the new legislation. So Belgium was also impacted by lower recyclate prices, just as the Netherlands was, but tight cost control has resulted in margins that are still at double-digit level. So also in Belgium, we see great names and larger contracts added to our customer base, but we've also stepped up our efforts to increasingly work together with secondary disposers to help comply with the VLAREMA 8 legislation, resulting in a turn from volume decline into stabilization and growth. Minerals and water. Although they had a slow first start of the year due to the maintenance stops that were pulled forward, the performance in the second quarter has been strong. The commercial contracts we announced earlier for the new products have really enabled us to ramp up production. So we've gone from 35 to 50 tons an hour that have really underpinned the performance of minerals and water. And of course, there is still more scope to further improve, and that is really the benefit of the commercial contracts that we've recently talked about. And this is really also showing that we are on track with our original plan to have minerals and water get back to the EBIT levels that we have guided to previously by FY 2026. For Specialities, we've decided to provide some further insight into the performance of the underlying businesses, because, as most of you will know, Specialities consist of both the UK and Coolrec and Maltha. And if we look here at the underlying businesses, you can see UK has performed well during the first half with stable operations. There's one contract, a Derby contract, that has ended, which is the reason why there is a lower revenue and also, a roughly EUR 1 million lower EBIT. Maltha has had a record-breaking performance, done really well as the impact of, on the one hand, the smaller investments, but also improved commercial focus, have helped the company grow double-digit and both on the top and the bottom line. Coolrec has seen good volumes, operationally done well, but their plastic prices have somewhat impacted the EBIT. Our outlook for the medium term. This is what we have presented as our commitment to our shareholders during the Capital Markets Day on October fourth. Four targets: continue to drive up our margins to high single digit, to significantly improve our free cash flow, and to lighten up our asset base, resulting in a lower, capital employed and a higher ROCE, targeting 15%, and also to organically grow faster than GDP. So our margins have temporarily been unbenefited from the recyclate prices and the volumes on the back of COVID, as I mentioned before, but we will now ensure we will also structurally improve our margins to high single digit in the medium term, executing on the five levers that I discussed during Capital Markets Day. Just to remind you, it's a lower SG&A that we are executing, if all goes well, by the first of December, to solve our UK municipal business in the first half of calendar year 2024, to increase our recycling rate and recycling quality, to improve efficiency through digitization and profitable growth. So our cash generation will improve by from negative to a 40% cash conversion, and that will also enable us to boost shareholder returns and also invest in our business and drive down our leverage. Increasing returns and a slightly leaner capital base will also lead to improved ROCE, as we will step by step, move to a lower CapEx bill. Given the opportunity for recycling in the Benelux, we believe we can organically grow at over 5% without needing a large amount of CapEx. But with this, we will be driven by our contractual base with inflation pass-through, and also stepping up our commercial focus and our operational excellence to really answer our customer needs. So what does this all mean for FY 2024 and beyond? The revenue will be stable, driven by three things: continued pricing discipline, as we've also shown in the first half, to add increased volumes again in commercial waste, Netherlands and minerals and water, continued performance of the second quarter into the second half. Then, if we look at cost, lower SG&A will become effective before the end of this year, with an annualized impact of around EUR 50 million, and keep discipline in passing through wage and energy costs to our customers. Cash, of course, still negative, as legacy issues will be fully resolved in calendar year 2024, giving a much better outlook for FY 2025. The growth CapEx will be slightly lower than previously guided, as we have postponed some of the VLAREMA 8 investments as enforcement of new legislation is still ramping up. Then when looking at EBIT, as per our statement on 4 October it's in line with the board's expectations as SG&A cost out minerals and water recovery, and the execution of other EBIT levers will underpin a bounce back in the second half and also make us look with confidence towards FY 2025. And with that, I hand it back over to Otto. Thanks, Annemieke. Yeah, let's switch gears now and remind you of our growth strategy that is built on three pillars. First of all, we want to be a leader in recycling, and we set ourselves a target to convert 75% of the incoming waste into recyclates. Second, we want to be a leader in the production of high quality, low carbon secondary materials. Quality is so important because it allows you to replace virgin materials in the same application with our secondary materials. And third, we will grow our market share by investing in advanced treatment capacity, but also by developing partnerships with leading companies. We do see an opportunity to consolidate our market position over time. But since our growth strategy is not applicable to part of our portfolio, we have to fix that first. When looking at our portfolio splits in the different divisions, we see the progress we have made in increasing margin over the last years. We have been able to improve the EBIT margins for our largest division, commercial waste, and also for Maltha and Coolrec, today part of Specialities. Together, those three form about 75% of our overall business. The two activities are not making much profit yet: minerals and water and UK municipal. Minerals and water is a fundamentally attractive business and also synergistic with our construction and demolition business in the Netherlands. And there we do see this path to recovery that we talked about. UK municipal is a business with long-term municipal contracts in the UK. It's a fundamentally different business than we have in mainland Europe, and although we have improved the business over time, we do not see a path to move this business up to the levels of margin that we see in other businesses. And that's why we decided, also with the lack of synergy, that we will put this business under strategic review. But let's take a look at the minerals and water business, because there we are in this turnaround that I talked about. We do believe that the water business is a very solid business, and we've been running it well for over the last years, and it's quite profitable. And in a way, it compensated for the issues we had in our minerals and more specifically, in our soil treatment business. As I explained in the Capital Markets Day, we basically had to reinvent this soil business due to changing legislation. Making clean soil from heavily contaminated soil and placing that back into the market is not a viable business model anymore, given the strength of the regulation. So we have invested in to take that clean soil and further treat it, so we can produce clean sand, gravel, and filler, which we then supply to the concrete industry and possibly also to the asphalt industry. Now, as we mentioned, the good news is that we believe we have turned the corner, and we know how to do this. We've done numerous trials with new customers, and we have signed supply contracts, and this allows us to increase our throughput to 50% higher rates, showing the immediate impact in the second half to our profitability. Because that EUR 5 million of EBIT in the chart, compared in terms of improvement to last year, is truly going to happen in the second half as we saw the run rates increase as of September. Now, our third priority when we talk about priorities, was to drive organic growth and delivering on our five-year plan. So at the CMD, we showed five sectors which we're focused on to deliver a significant part of our organic growth agenda. And these five sectors are, first of all, construction, demolition, and when you include rubble, it is by far the largest waste stream in the Benelux, also in Europe in general. And although we are already number one in the Netherlands, we do see opportunities to further grow. As shown earlier, we are positive about the medium-term recovery and about the opportunities that this sector offers. Now, we mentioned our glass business, Maltha, several times. It's already growing. We also know that demand for recycled glass will further grow, and we will continue to cater that market with increased capacity and quality. Organics is a business we haven't talked about much, but it basically includes the wood, the green and food waste that we collect, and the total volume is quite significant, over 1,000,000 tons. It's an exciting area of growth because there are several new promising developments that will allow us to valorize organic waste more. Today, a large part goes to either bioenergy or we create green gas. But in capital markets, we showed several examples of higher value that we can create, and our teams are committed to double the revenue of this business by fiscal year 2028 by another EUR 100 million. Now, plastics, often talked about as one of the most polluting waste streams. We see further growth with our advanced new sorting lines, delivering very high purity materials that can be used in demanding applications, so truly recycled and not downcycled. And then if you look at the last activity and segment, it's our zero waste solutions, which we offer to customers across all segments. And here we're gearing up to introduce this concept also further into Belgium and grow our business by about threefold over the next years. The main purpose is to help our customers to reduce their residual waste, which typically goes to incineration, and turn it into monostreams by helping them to sort at the source, and we can then create from these mono-streams valuable secondary materials that they may be able to use themselves in their processes, or we would sell to other customers. So these are all exciting developments to produce more and higher quality recyclates. And that's important because we expect demand for recyclates will further increase. Of course, the energy crisis has put a bit of a damper on the growth projections, but we do know now, with energy prices coming to normalized levels also, that this trend towards circularity is going to increase again. We see Europe stepping up with increased legislation and also regulation, and we see specifically the Dutch and the Belgian government to adopt those regulations in their national regulation. We also, if you look at customers, we see increased demand from our customers because they will look at circular solutions and environmental friendly products, and that demand is increasing. And in the middle, you see the com The producers, which are taking an example, at least some of them, to show what can be done when you look at working circular and creating environmental friendly products. So the market is favorable to developing commercial initiatives and plans, and we are turning them into the latest developments, and we want to capture this opportunity and the growth demand that we see. Now, this brings me to the end of our first half update, so let me wrap it up. Our first fiscal year 2024 outlook is in line with previous guidance. We expect the second half to be stronger than the first half due to the actions we have taken and are taking at the moment. And we are determined to deliver the UK municipal exits, and we will resume dividends as soon as possible. Now, we're also committed to our longer term growth plan, generating high single-digit margin, driving higher cash conversion and increasing our ROCE, and that all to drive shareholder return. Our plans are supported by global consumer and regulatory trends to create a more circular world. Thank you. Let's now open it up for questions. We have one question from multiple people regarding the guidance, which implies a close to EUR 20 million improvement on the profitability from the first half to the second half. You've pointed to quite a few areas where the profitability is due to improve, but could you give a profit bridge from first half to second half so that we can better understand this expected improvement? Sure. Well, we don't do a profit bridge or a EBIT guidance for the, for the full year. So what we've stated in our various releases is that we are broadly in line with the board's expectations. If you look at the first half, what we've shown and what we've delivered is the EUR 50 million, but the second half will be significantly better than the EUR 50 million because of the, the impact of the cost reductions, but also minerals and water recovery, and we are expecting to capture or recapture some of the volume losses in the Netherlands, and that should really underpin a significantly better second half than the first half. Thank you. Can you explain why commercial waste outbound revenues are down 25% in terms of price versus volume? And does this mean that the Netherlands outbound is down 35%-40% or so, with Belgium flat? Well, yes. If you look at the recycled prices, as I indicated, prices have gone down quite significantly, and those, of course, define the outbound revenue. So the mix between Belgium and Netherlands is different. If you look, for instance, in Netherlands, we have more volume on paper and on plastics, which happen to be the two products that actually went down in prices even more than the 20% average. In fact, as I showed, paper was coming down almost 50% versus last year. So if you take the same volumes, but times significantly lower prices, it explains the drop in revenue on the outbound in the Netherlands. In Belgium, as I explained, also, the mix is different. There we do a lot more residual waste, where we don't see that much impact on outbound revenue. And also, Belgium is more sensitive to wood prices, and wood, actually, as you have seen, has come down recently, but has not come down as much as what we saw with paper and plastic and metals. Looking at consensus on your website, the implied expected underlying EBIT for the second half would be about EUR 75 million, or 50% compared to the first half. How comfortable are you with this, or should we expect some of that EBIT improvement to move into first half 2025? Well, I think Annemieke already answered the question in the first answer. But as we indicated, we are keeping in line with our board's expectations for this year, which is somewhat lower, I think, than what the consensus is, but not much. Can you please expand on the nitrogen issues impacting construction and demolition in the Netherlands and how you can be confident that in 2024 will be the low point? Well, first of all, we look at external experts that give us that indication. We don't define it ourselves. So the Economic Institute for Construction in the Netherlands has made this forecast that we showed in our chart. Second, we do see and work closely together with construction companies. And we do see them heavily investing in electrifying their heavy equipment, as I alluded to. And most of that is coming on stream over the course of 2024, with the lead times that are currently in place. So with that coming on stream, we do realize that construction volume can go up based on the fact that they can comply with the new and tight regulation around nitrogen deposition. Thank you. Please, can you share your thoughts on the UK muni valuation? Is the book value sensible, and is it right to see the possible value as PPP asset, less the PPP debt and provision? At the CMD, you helpfully pointed out some of the revenue growth drivers. Can you give some indication of additional revenue from Ghent, Puurs, and Acht in fiscal year 2024 and 2025? Those are multiple questions, I guess, right? Yes. And can you Maybe we start with the first question. Do you wanna- Yeah Take the municipal question? Yeah, I think it's slightly early to comment on what, what valuations, et cetera, so you'll appreciate that it's difficult to answer at this stage. When pointing to the balance sheet, of course, you can see the old owner's contract provisions. There's still the PPP debt, but there is also the, the asset part. So I think that's an important part to bear in mind, but in the end, it is, it is still early days, and, it's a bit difficult for me now to, to really go into any further detail. Your second question was related to? Could you point out some of the revenue growth drivers? Can you give some indication of additional revenue from Ghent, Puurs, and Acht in fiscal year 2024 and 2025? Yes. Well, if you look at Ghent and Acht, actually, the additional revenue will be less impactful than the additional margin that we're going to make, because we already collect most of the waste streams that we, that we are going to treat there. But what will happen is that instead of sending a large part of that waste stream into incineration, we will sort it and then create valuable recyclates. So at the end, the valorization of it will be a more important factor rather than the revenue. In terms of value, as we talked about before, we do expect to increase our EBIT from those operations by about EUR 10 million EBIT over the next year. Great. Can you share more on the EUR 15 million of cost savings? What does this relate to? When will it arise, and how much will it cost? Yeah. Sure. The EUR 15 million is about 160 FTEs that we've identified. We are currently working with the Works Council to get this approved, and we're quite confident we can execute the savings that we've targeted as of the first of December. But of course, this is still pending Works Council approval, but this is going quite well. These are mainly back office personnel, both in Commercial Waste Netherlands, but also within the group. It's a mix of both temporary staff, but also our own staff. And this will have an impact of a total annual impact of EUR 15 million, but of course, that will be divided. Part of the impact will hit the P&L in the second half, underpinning our margins, and then part will flow into FY 2025. In terms of the cost of the program, as we are also addressing a large part of the temp staff, this will be limited to probably around EUR 5 million. Thank you. Can you please detail the one-off factors affecting underlying results in the first half of 2024, and, sorry, sorry, such as one-off financing costs or and/or extra legal costs? Yeah, I think there were a number of exceptionals. So one were some legal costs relating to an acquisition we've been considering earlier in the year. There have also been some releases in our provisions, and also an important one was the roughly EUR 1 million where we had to write off the fees of the previous financing because we refinanced and extended our current revolving credit facility. Thank you. The cost program still excludes the potential outsourcing of waste transport to external parties? Yes, it does. Thank you. What were the main obstacles during the Macquarie talks, and what explains why the takeover has not happened? Purely price, or was there more at stake? Thanks. Well, I guess the board looks at the value of Renewi and compares it to the bid of Macquarie, and we felt that the bid did not fully represent the value that Renewi has, so it was really a price-related discussion. If you look at the requirement for due diligence in the U.K. M&A market, you start due diligence really and when the price offer is close to what you would expect, and that was not the case. Regarding the UK muni business, can you give any more color on how it will be funded? Yeah, at this point, it's also still a bit early to comment. It depends on how we finally the type of solution that we are in the end able to execute, and we're looking at sort of minimizing execution risk, but we're also taking into account all the various stakeholders, both shareholders, et cetera. But at this moment, it's still a bit early to comment, unfortunately. Going back to the H1 profit bridge, the EUR 15 million fall in profits from lower volume seems surprisingly high, given that last year already saw a significant volume impact. Can you talk through how much of this comes from the construction and demolition sector, and where the rest of the impact sits? Then, should we think of the new cost savings as being simply to reduce the fixed cost base to match these lower volumes? Well, I guess the answer to the second question is, yes, we are indeed lowering our cost base to match lower volumes. If you look at Commercial Netherlands, of course, it is our biggest division, and construction demolition within that division showed the largest decline. However, also in some other areas, we saw softness in the market based on the economic activity in the Netherlands that is somewhat lower than what we have seen in previous years. Your competitors are signaling not a reversal, but rather a continuation of ongoing trends. How do you see that? Well, it depends on what trends you refer to, but I think as we indicated, in the near term, we do not expect a huge recovery of the market, so we are looking at cost saving to make sure that we adjust our cost base to volume. At the same time, when you look at the longer term, we are convinced that the demand for recyclers will only increase, and at the end also, that the prices will strengthen over time. So short-term trends, we agree. Next, long-term trends, we expect a bit of a reversion. Okay. I think we've had all of the questions for now. If there are any other questions, can I invite those on the call to please either resubmit them if you feel they haven't been sufficiently answered, or we wrap up if there are no further questions. Okay, well, thanks for your continued support for Renewi. We are on an exciting journey. Yes, we see some short-term headwinds that we're mitigating through, and we have taken action, but the long-term projection of Renewi is still very favorable and supported by the tailwinds that we have indicated. So thanks again for your support, and we look forward to continue the journey together.