Okay, good morning, and welcome everyone to this nice Peel Hunt office. We're glad that you have been able to come here in person in this room, and of course also people on the webcast, welcome to our annual results presentation. Today is a special edition of this because, as you probably all read this morning, not only do we do our annual results presentation, but we're also announcing the sale of our U.K. municipal business, and this is a transformational step in our journey, and really the beginning of a new chapter for Renewi, because it will allow us to do what we're good at, and we will be able to fully focus on growing in Europe's most attractive and advanced recycling markets, of course starting from our home base in the Benelux. What we're good at is recycling commercial and industrial waste and turning it into high-quality, low-carbon secondary materials. That's what my team can now fully focus on moving forward. Now, Annemieke and I will provide you more details on the transaction in this presentation, but before we go there, let's quickly take a look at the agenda. After you read this disclaimer, but you probably will do that afterwards. So when you look at the agenda, I'll kick it off today with an overview, then Annemieke will go into more detail on the group and the divisional financial performance, but also talk about how we're building a strong platform for growth that we introduced at Capital Markets Day in October. I'll come back then to talk more about our strategic outlook and how we look at the next years moving forward. But let's take a look first and see at the start of a new chapter, truly a new chapter for Renewi that I think started seven months ago when we presented our strategic imperatives and our ambitions plan in Ghent in Belgium, to transform Renewi to a company that will be able to be more competitive in the markets that they operate in and be less distracted from some of the challenges that we have been dealing with here in the U.K. At that event, we defined three strategic priorities, and we actually showed this slide. And these three strategic priorities we work on in parallel. So it's not that we do first the first box and then second and then third. We work on all three at the same time, but they do have a different time horizon. Our first priority was to optimize our portfolio and to clean up the remaining legacy issues that we inherited as we created Renewi. And well, I'm happy to report that, as I said, we signed the agreement to sell our U.K. municipal business. So to us, that is the first tick in the box. We also turned the corner with our Mineralz & Water business, and we made a significant step up in profitability in the second half that will continue to run through in 2025. So if you're with me, I think another tick in the box, but we'll give you more detail so you can decide for yourself. And also, we continue to strengthen our core activities, the core commercial waste business, where we have invested in new lines that came on stream in fiscal year 2024. First in Ghent, where we had our Capital Markets Day event, where we opened up the new Vlarema 8 line, and we're truly recycling materials that used to go to incineration in the mixed waste that we are currently taking out. And also the new line in Puurs that just commissioned and came on stream later in fiscal year 2024, producing high-purity rigid plastics. Now, if you look at these actions that we have taken to fix our legacy issues, it of course also impacts our financial platforming, the second box, and allows us to continue to build that stronger platform for growth. Because with the fix of the legacy portfolio issues, we also increase our EBIT margins, and of course, we improve our cash flow performance. We will take further steps to strengthen our financial platform for growth, and that's why I did not yet give it a tick in the box, but we have done some things and completed them already, which are at the bottom of the screen. We, of course, have shared with you medium-term targets for growth. We also have set a clear and effective capital allocation policy, and today also, we are announcing that we are reinstating dividends as of fiscal year 2024, as we also promised at Capital Markets Day, so another little tick in the box. Now, if you look at the longer-term objectives, of course, we are working on them hard, and we'll give you an update after Annemieke's financial update, but this is a progress that we will be making over time, and we'll update you accordingly. So let's first now take a look at the news of the day, which is the exit of the UK municipal business. This is truly a transformative step in our journey. For many years, we have been looking at exiting this UK municipal business for a variety of reasons, but we couldn't do it because we simply did not have the balance sheet to execute on this. First, what we had to do is we had to strengthen our commercial waste business. We also had to turn around Coolrec and Maltha, which you may recall a couple of years ago, were not making any real EBIT margin, where today they're doing much better. And recently, the transition or the transformation of the Mineralz and water business, allowing us again there also to increase our margins, have allowed us to take this step now and exit the UK municipal business. We signed a definitive sales purchase agreement last night with Biffa. That's why Annemieke and I have not slept as many hours as we normally do. Let me give you some of the benefits, and again, Annemieke will go in a lot more detail. The highlight, at least to me, is that, first of all, as I said, EBIT margin from day one improved by 50 basis points, simply because you take out a business of EUR 180 million that was not generating any profit. Second, free cash flow. This was a cash negative business, so we were funding it every year with EUR 15-20 million. That, of course, has also gone away with our lockbox structure effective April 1. If you look at the balance sheet of the group, of course, we have EUR 130 million of provisions on the balance sheet, but as normal, these provisions would go down over time. In fact, Annemieke will show you they have actually gone up over time, which shows you that this risk profile of this business has been quite high. As I said before, it allows us to fully focus on what we're good at. Our U.K. municipal business was black bag waste. Nowhere else in Renewi we treat black bag waste, and quite frankly, with the pollution in it, you cannot do that much with it to begin with. Our focus on commercial waste, industrial waste is really what our strength is. Some highlights on the transaction. First of all, Biffa, I know that you all know the company. We are very happy that we have been able to work with them. Very reputable, similar in size to Renewi. They're the market or one of the market leaders in the UK, where we are the market leaders in the Benelux, so they have some synergistic opportunities. But all in all, important that for our team, it is a really good home for their future as well. Second, if you look at the capitalization that we will fund this transaction by putting in EUR 125 million of cash into the vehicle before we pass it over to Biffa, it will be funded from existing debt facilities. So we have our revolving credit facilities that we will use for this, and again, we expect to complete this before the end of the calendar year and hopefully a bit sooner. So I talked about the other required fix of our portfolio, which is on the next slide. The minerals and water recovery, which I'm happy to report is ahead of plan. When you look at the 2024 performance, we are now only producing sand, gravel, and this filler from contaminated soil and asphalt, and we are not producing any more TGG. We have improved the quality of the sand and the filler, and we received the end-of-waste status on the filler late last year. We expect to get the end-of-waste status for the sand this year, but already are selling high quantities to the concrete industry. We have also been able to reduce our legacy TGG inventory, which we had stored partly outside, and we replenished the full 250,000 tons that we had there, which also frees up about EUR 2 million of cost, simply because we don't have to store that anymore. And we've been able to increase our throughput over the second half and increase our output. And that really drove the EBIT step up that we saw in the second half. So first half, we did EUR 1.5 million EBIT, and the second half, 8.1. Quite, I think, a contribution to the significant transition that we have made. And what we have been able to do is increase our outlook for 2024, so we came in at EUR 9.6 million. We've also increased our outlook for 2025 by a couple more million, and we are on a journey to at least restore profitability to historic levels, but without being overexcited, I think there is an opportunity to go beyond that moving forward. Now, to be able to continue this performance, of course, we have to make sure we maintain and stabilize the performance of our second half. Then, if we want to further increase, we have to increase the quality of our filler and sand further, although it's good already by making it even better. You can simply demand a higher price for it. And at the end, also, we need to make sure that on the incoming side now, we have unlocked our potential that we increase our incoming volumes, and we have stepped up with the sales team to make sure that they're out there to make sure that people understand we are able to increase our capacity and utilize our Moerdijk site to its full extent. So I think we have turned the corner. We're there delivering on our commitment. More opportunity to come. Also, when we were giving you an update on our first half performance, we talked about some cost actions, because as you know, we had some headwinds in our commercial waste business in the Netherlands, and we decided to take cost out to be able to respond to that. And that's what we have done in the second half. We have actually right-sized our staff in line with the volume decline that we saw in commercial waste Netherlands, which was really the division where we saw this challenge, and it was mainly there because that's the business where we are exposed to the construction and demolition market, and that market in the Netherlands has been down quite significantly in the last year and also the years before. Although we do expect that volume to come back at some point when new house builds will increase because of the shortage of housing, we had to deal with this situation, so we decided to take a look at our cost base, both in commercial waste Netherlands and also in group, and we targeted to simplify the organization at the same time as we were taking cost out, so that's why we called the program Simplify. We took out 160 FTE in the second half. We have been able to get to a run rate of EUR 15 million cost savings at the end of the year, of which roughly EUR 5 million was impacting fiscal year 2024, so more to come in fiscal year 2025, but we didn't stop there because, of course, looking at the exit of the UK municipal business and anticipating some of the changes, we decided to also take a second step in our Simplify program, and that's what we're taking now. We're making profound changes to the structure of Renewi. We are consolidating the top structure, as you can see now, to basically two divisions, and we are putting a small team in group in place that basically will be directly centrally run to support those two divisions. The commercial waste division, of course, is different from the specialties division simply because they collect waste and they have service contracts with their customers around waste collection, where the specialties division is purely focused on treating waste streams. They don't do collection. They don't have logistics. Now, some of the reasons why we're combining commercial waste Netherlands and Belgium, which to you is a small thing, but to us is actually quite significant, is because, of course, we want to leverage our scale. These two divisions are doing similar things. We do believe by combining them that we can leverage our scale and accelerate our growth. And also important, prepare us for further digitization, because today we're still using separate systems, but to increase efficiency, we are working on a program called Future Fit, which will allow us to move to one system across Renewi, which will also require the same processes across Renewi, and combining these divisions into one will certainly get us there quicker. We are also organizing the commercial waste against the value stream that we see, so inbound sales separate for Benelux logistics combined, processing, which is the plants combined, and then marketing and outbound sales combined. So again, across the Benelux, one team for each of those four buckets. And then in specialties, of course, we have Coolrec and Maltha, and we're going to add Mineralz and water, again, a business that does not have logistics as they fit under specialties too, also with the exit of municipal. I think the focus that we have on the new structure will allow us to accelerate again organic growth. Also, by focusing on processing and putting that all in one bucket under one management team, we will be allowing to increase our operational excellence, and at the end, as I said, preparing for our Future Fit program, which will continue to help Renewi get to the next level in its digitization. With that, let's take a quick look at the financials for 2024, because I know that's why you're also here. Now, performance was in line with the latest market expectations, but we all know, of course, that it wasn't what we wanted it to be when we started the year, and that was mainly because of some of the volume pressures that we saw. Revenue came in at EUR 1.9 million, EBIT at EUR 107, and what was somewhat better than expected was our free cash flow adjusted at EUR 70 million. I think what is important to mention is that the second half was truly stronger than the first half, which is why at the end we were able to get in on consensus, and that was, of course, also fueled by both Mineralz and waters, as well as by the Simplify program. Both will run into fiscal year 2025. Now, as I alluded to, volume was our main challenge in 2024, with volume down overall, incoming volume about 5%, but it was really largely driven by two factors. By far, the biggest was the construction demolition market, down more than 10%, and also, to a lesser extent, the glass market, where we supplied to the glass packaging industry. We simply saw that with the COVID supply chain imbalances that the glass packaging market was down in fiscal year 2024 after a significant increase in fiscal year 2023. Now, we countered this impact two ways. One, we in our commercial teams started actions to gain share where we could in markets that were not so much affected, and we have been able to regain or gain some market share in, for instance, Coolrec, also in the medical market. Quite interesting also with our EcoSmart services, so where we're helping our customers to reduce their waste streams and also to sort their waste streams on site. That's something that we really see potential in moving forward, because we noticed that our customers, obviously with all the things going on on climate change and also CSRD, are more and more looking at what they do and how they can help. Second, of course, we accelerated our plans to reduce our SG&A cost. We have a long-term target to go to 10%, but we started this and led to this EUR 15 million saving. Let me now pass it over to Annemieke, who will give you more detail on our financial performance. Thank you. Good morning, everyone. Let's dive into the financial numbers. As our UK business, as we announced this morning, is now divested under the IFRS 5 rules, we now had to present both our FY23 and FY24 numbers without our UK business. Before we dive into all the P&Ls and everything, that is, I think, an important thing to note. The UK business has been classified as assets held for sale. Good morning. If we look at the top line here, we can see that we had an inbound revenue growth. This was mainly because of the price increases to our inbound customers that we pushed through, and it was partly offset because of the volume pressure that Otto mentioned earlier, which resulted in an input revenue for our inbound customers to a 4% growth. Also, as you're all aware, the recycled prices rebased, which we had to absorb during FY24, and that had both an impact on our outbound revenue and our EBIT. You can see also the outbound revenue impact for the recycled prices was quite significant with EUR 65 million. So overall, this resulted in a net, say, roughly flattish revenue line, and also to a slightly stronger second half, because we've taken in quite a few actions to also go from volume pressure to go back to growth. I'll get to EBIT in a second in a bit more detail. Just to pull out a few things out of these statements, you can see that interest has gone up because of the, as we all know, the interest rates have increased. We used to be able to have an underlying Euribor of zero, which now obviously has increased, and also we had slightly higher borrowings during the year. If you look at exceptional items, these are two things mainly. One is the restructuring cost of the Simplify or the cost-out program that we executed, and on the other hand, this was a TIS, which was a site for minerals and water that was loss-making, and we closed that at the end of calendar year 2024. Looking into our EBIT, overall, our EBIT was in line with the market expectations, but it was lower than last year, also because we had to absorb the rebasement of the recycled prices, so overall, generally, if you look at our business, price increases to our inbound customers largely more than offset our cost increases. Of course, you're all aware that the wage inflation, but also energy prices, etc., really were quite high during the calendar year 2023. So here we see we were not able to quite offset the cost increase with prices, so we had to take additional measures to protect our margins, our cost increases. So you see the cost savings of EUR 20 million in the graph. So furthermore, as I mentioned, we did absorb the normalization of the recycled prices, which had an impact of almost EUR 18 million on our EBIT this year. And also we've seen that the commercial waste, definitely in the Netherlands, had to take action during FY24 to turn their volumes around, where we see the promising early results during the last couple of months of the year, but it was not enough to really offset the EBIT impact that you can see here of almost EUR 18 million. And then finally, of course, there is also always every year some one-offs. So we had some one-offs in 2023, but also 2024, and that underpinned our margins with almost EUR 10 million this year, getting to EUR 106.8 million for the year, but if we then look at continued operations, EUR 105.5 million. Cash flow, my favorite topic. So if we look at the cash flow statement, of course, our lower EBITDA has led to also lower cash, but we did put forward quite a bit of discipline into our working capital improvement, where you can see our working capital worsened actually last year. With almost EUR 6 million, we now had an improvement of almost EUR 26 million. And this was largely due because of, on the one hand, managing our payables, but also improving our receivables position, and we also included Mineralz and water in our invoice discounting program to make sure we unlock as much cash as we can. Have a quick look at replacement CapEx, net replacement CapEx that went from EUR 87 million to EUR 57 million. This was not just because we are getting much more stringent and disciplined about our replacement CapEx, but also because we sold a big site in Amsterdam, which was part of the plan when we acquired Paro, the Renewi Westport site that we did in FY23. If we look at tax, you see also tax was a bit higher this year. That was on the one hand on the back of the higher profits that we had in FY23, but also the Dutch tax authorities required us to pay both FY23 and FY24, both in 2024. So that is an effect that you won't see in the next year going forward. That was sort of a new requirement where we had to start paying in the year. So that is an impact we will only see in this year. Growth CapEx, that was a bit less than expected, also because mainly we had expected to start on the construction of a second advanced sorting line in Belgium, in Puurs. But we've sort of held off a little bit because the enforcement of the new legislation, the Vlarema 8, Otter already referred to, was still maturing, and we wanted to be sure to also make sure that we do get to the return hurdles of our investments, that that was actually picked up properly. So we've seen that develop very well, so we are expecting to be able to start on this also in the next couple of quarters. As you can see, of course, the big news on the UK is largely driven, or for an important part driven, because of tax, because of cash. Here you see in the green box what our legacy cash outflow is. This, over the last couple of years, you've seen a legacy cash outflow of EUR 40-EUR 50 million that has nothing to do with our operations, but really all about the legacy items that we have to solve. Also for this year, we see it's well over EUR 40 million because we still had to repay the deferred COVID taxes, where we now only have EUR 10 million more to pay for this year, so that is almost done. Offtake of some legacy ATM soil, there also we expect to have made pretty good progress, so that won't be a huge amount going forward. Then, of course, we will going forward also lose the cash out and no longer have the cash out for the UK. So that will be a big step and has been a big focus for us, but for this year, if you look at our cash flow, that of course still impacts. And that finally gets us to our free cash conversion, that is our free cash flow divided by our EBITDA, which is at 9%. And then, of course, with all the actions and everything that we've executed, we are expecting that to look significantly better next year. The divestment of our U.K. municipal business is a key turning point for our company. This business has been non-strategic, and for investors, it has been an infamous drag on profitability and cash generation. And we're therefore extremely pleased with this outcome as it really marks a new beginning of our company. The divestment means an immediate step up in EBIT margin of around 50 basis points, and it also is a significant improvement in our free cash flow, and as a quick reminder of why we thought it was incredibly important to divest this business, we've shown you here the write-offs and the onerous contract provisions that we have seen over the last couple of years, so since merger in 2017, we had write-offs and provisions of almost EUR 250 million. And if we look at the cash outflow, that's almost EUR 120 million over the last couple of years. And what you'd normally expect with a cash outflow and a liability on your balance sheet is that actually the liability comes down as you pay your cash. What we here see is we keep on paying cash, but actually the liability gets worse. For us, it was absolutely essential to really find a solution for this and to also find a new home for this business. The envisaged transaction will not go for free. It will include a capitalization of GBP 125 million pounds or roughly EUR 146 million euros. If you look at the impact of our balance sheet, you can see there were quite a number of line items here, as you can see on the left-hand side, that are associated with these U.K. PFI contracts in terms of liabilities and assets. You will see there are the PPP assets on contract. There's some cash, there's some bits and pieces on tax receivables, working capital, and of course the onerous contract provisions at GBP 130 million. There was also the PFI debt that we never included in our core debt, but was still almost GBP 100 million of borrowings. And that the net liability on our balance sheet was almost EUR 90 million. So with the capitalization of EUR 146 million, this will lead for this year to a net loss of EUR 57 million. We will be, and I think that the way to look at this delta, say between on the one hand there are roughly EUR 90 million of liabilities and on the other hand the consideration that we are putting into the company, this can be seen in fact as the premium that is required to transfer the risk and the volatility. Again, for Renewi, an important step for our cash profile, our EBIT margins, and also remove a considerable liability in our balance sheet. We will be funding this from our own revolving credit facility, which will be leading to a temporarily elevated leverage, but we are quite comfortable that that will come down quite quickly, and I'll get to that in a moment, so we will be replacing volatile debt-like items of OCPs that in spite of considerable cash payments have not gone down, but the liability has gone up, and we are replacing this with basically cost-effective and highly predictable debt that we will be able to repay in the short term, so if we look at our balance sheet, we are funding this out of our RCF. This will lead to some elevated leverage. We are expecting this at the worst point to come out at roughly around 2.9, but we're also expecting to be able to deleverage with 0.4, 0.5 every year. Because we are improving our margins, this immediately improves our cash profile, and we're also growing our business. We have ample headroom under our facility, so by at the end of the year we had EUR 300 million of headroom and also under our covenants. For some additional headroom, some of our house banks, ING, Rabobank, and ABN AMRO have kindly agreed to also offer a bridge facility of EUR 120 million for additional liquidity, which is of course also very helpful. And again, we are expecting that leverage, as you can see on the graph, will be temporarily a bit higher, but it will come down quite quickly. Now to our divisional performance. Three out of our four divisions actually performed really well, but let's start with the most challenging, which was commercial waste Netherlands. I think during the year the management have really focused on two things to turn the margins around: a bold commercial plan where we are seeing the first results in volumes recovery, and the second, the SG&A cost reduction. So cost reduction was successfully executed in December, and it will underpin our margin recovery going forward. And the commercial plan is well on the way, as I said, with some early indicators showing good results. Belgium had another strong year, still benefiting from some higher wood prices, even though quite a few of the other recycled prices now are rebased at a lower level, but also commercial successes resulting in volume growth. And together with a solid cost control, the margins remained pretty close to double digit. We're very pleased with the turnaround and the recovery of minerals and water as a key part of our commitment to optimize our portfolio. Our strategy to move from thermally cleaned soil to certified and on-spec products for the concrete industry is paying off. And of course, there's still some ground to cover, there's still some legacy soil, etc., etc., but the margin recovery is slightly ahead of the plan that has been communicated before. And we remain therefore fully on track or even slightly ahead of track, as per Otter's slides earlier, on our commitment to return to EUR 20 million EBIT by 2026, as we've said before. Specialties, this now comprises only two businesses because the UK is no longer in here, so this is Maltha and Coolrec. Maltha, our glass business. Coolrec, our electronic appliances. Underlying, the UK was operationally stable, where the UK team actually did a phenomenal job, but no longer in the continued operations financially. So Maltha had another record year as a result of the investments in the quality and the reliability. So the volumes were actually flat, but the improvement in the Maltha EBIT is really showing how important quality and on-spec production is because this is leading to much better pricing. And then Coolrec has handled record volumes, but plastic prices were subdued, resulting in good performance, but less than last year. Now back to what we committed to in October during the Capital Markets Day. We've delivered on a number of key commitments in FY24. So first of all, the divestment of our UK business, the turnaround of minerals and water. We executed a cost-out program exactly as we said, and we're announcing a dividend. So, but not all of this has yet become apparent in the FY24 results. As we absorbed normalized recycling prices, and also we had not expected, of course, to resolve the legacy cash outflows this year yet, but we are expecting a big step in FY25. So given the decisive steps that we have taken, we expect this to be fully visible in the FY25 results over the course of this year as we're continuing to execute our plans to really expand our margins to the target levels that we have set ourselves for the next three to five years. A bit more on margins and where we're working towards. As you can see, we're committed to get to 8%-10% margins in the next three to five years. And we have well-defined plans to get there. Part of these plans are already executed on time and on budget, and others are well on the way, and of course, like a digitization program, will take a bit more time, so we focused, in summary, basically on four things: cost reduction in the near term that's done, and of course, there's always, and we're always vigilant on cost and see where we can do even better, and in the longer term where we are investing in our digitization program and in our systems, etc., and just for the avoidance of doubt, the cost for this digitization is already included in the 8%-10% margins. UK municipal, big part of the recovery as we are taking out a zero margin or zero EBIT margin business of EUR 180 million revenue. Also what we say is sort of is our mass balance improvement or commercial excellence, where we are basically improving our recycling rates and also improving the pricing on our recycling, which will basically lead to, on the one hand, cost avoidance at the gate, because we get lower gate fees as we are bringing less waste in, and also our recycling quality that will improve our pricing. Then, of course, growth is a big part of our agenda that we will be focused on going forward. Simplify, execute it, big part of the recovery. UK municipal simplification an organizational structure that we announced that should also lead to more alignment within the company. Finally, our digital roadmap, Otter already referred to it a couple of times, Future Fit, well underway. Boosting shareholder returns is a top priority. As we stated in the Capital Markets Day, we've heard you loud and clear. It's therefore essential to get to positive cash flow. And with a strict discipline in how we are applying our cash, we will be boosting shareholder returns. So we're taking the necessary steps, as I explained on the margins, to improve our returns, but also improving our cash profile. And to underline this and our confidence in getting this done, we are therefore proposing to recommend dividend payments of five pence per share, as per our commitment. So this is, of course, we are anticipating a significant cash out because of the U.K. municipal divestment. That's why the dividend is only five pence per share. But shareholders may expect this to be progressive over time as our margins and our cash profile further improve. We have over FY25 also committed to a number of smaller high-returning growth projects over FY25, which will also become quickly value accretive as part of our capital allocation, and finally, we will, of course, keep driving margin improvement to deliver quickly after the U.K. divestment, so this leads us to the guidance for FY25, where we are expecting to return to growth and also make a significant step up in EBIT, so at the back end of FY24, we saw the volume stabilize in the Netherlands and back to growth in Belgium, so we expect to move from the small decline that we saw in FY23 back to growth in the coming year, then we remain highly focused on cost. We have the benefit of the SG&A Simplify program that we executed in December, but we will also take further steps to boost efficiency, for example, by stepping up our procurement efforts, but also the simplification of our org structure will also help this and lead to lower cost. Then with the UK exited and deferred COVID taxes only being EUR 10 million left, we will be cash positive. Of course, the settlement for the UK will be a significant cash out, but when we look at our business, we are now returning to a much better cash profile for the company with significantly improved EBIT. So for EBIT, we are comfortable with consensus and we have a strong execution and execution record and also good underlying plans and a great management team to underpin the expected margin improvement. Back to Otto for strategic outlook. Yeah, thanks. I'll try to speed up a bit. This is, of course, what you have seen before. The exit of the UK municipal allows us to fully concentrate on the execution of our strategy. We want to be and are a leader in recycling, where we convert as much commercial and industrial waste to recycled. Second, we are increasing the quality that also Annemieke referred to, which allows our customers to replace virgin alternatives easier because the closer your quality is to virgin, of course, the less effort it will take for them. And also, we are looking at growing our market share in selective markets, where we do have a competitive advantage. Now, when you look at this strategy, it's obviously very interlinked and supported by our sustainability strategy that we have also shared before. We noticed that our customers are finding this more and more important. Of course, the announcement of CSRD reporting is creating a lot of questions that customers have around waste streams and around carbon emissions and how they can avoid or reduce their own carbon emissions. And we, with our teams, can truly help them in that journey because we are enabling the circular economy together with our customers. At the end, we cannot do it alone. And to give one example, when we produce low carbon secondary materials, lower carbon than the virgin alternatives, it's in our scope four, it's in our customer's scope one. So we can help them to reduce their carbon emissions in their road to net zero. If you look at the carbon emissions of ourselves, we have been able to reduce it despite the fact that in some areas our volumes are also increasing. We have decreased it by 9% versus 22. We have a target for 2026 to decrease by 15% and 2030 by 50%. These are SBTi-based targets that are also signed off by our accountants. So this is really what is going on today. And I think the last one is maybe the most important one. We are in a business that still has a lot of inherent risks for our people and also for the communities that we work in. And we're quite proud that we have been able to continuously improve our safety performance. Lost time incident frequency rate reduced by 38%. And we continue to invest in making sure that our people turn home safe every day. Communities are safe where we work in, and also the environmental impact that we have as a business is reduced. So let me now go to the next section of this presentation where we'll talk about this growth. If you look at organic growth, we said it's going to be 5% CAGR over the next years. Of course, growth can be done in two ways. It's price and it's volume. When you look at price in a moment, you'll see that we have a track record that actually has been able to generate price over the last years. We are a market leader in our segment, so that will fund probably a bit more than half of our total growth objective. The other part is organic growth from volume and from new market segments, where also I'll give you a little bit more detail. But we did present at Capital Markets Day that we would get about EUR 275 million of absolute growth from those initiatives together driving that 5%. So let me first go into pricing. In our business, as you know, we have customers on the service side on the front end where we take their waste. They pay us a price for that, and we have customers on the back end where customers buy our recycleds, and they typically pay a price for that as well. 80% of our revenue is generated at the front end, as also Annemieke showed in the numbers, 80%-85% even, and that's where we have been able to pass through price increases pretty much in line with inflation, and when inflation is not as high as it was last year, typically slightly above inflation, which helped to also support our margins, and this is the pricing we have realized over the last years, clearly showing that the 2% assumption, although that's on the total, and this is on 80%, is really accomplishable just looking at that. Many of our contracts are also linked to index prices. So when there is inflation, when there is diesel price increases, our prices automatically adjust for that, protecting our margins at the large customers. Then the outbound revenue, which hopefully will grow over time, but still today only presenting less than 20%, obviously is directly impacted by recycled prices. We don't determine the price in the market. We are a small player in these big, big markets. If you look at paper, glass, woods, plastics, metals, our product volumes are relatively small. So we have to accept the changes in price. The main thing we're doing is making sure that when prices move up or down, that we try to link it back to the front end in this dynamic pricing to make sure we are supporting our margin and protecting our margin. But when you look at the requirements that are coming up, we do still believe that although prices have returned to historic average, that over time these prices will improve. In all of our modeling today, we do not include that in our modeling. We do include just flat pricing based on current situation. And then also what we do notice is that as you look at the recycled that we are producing at higher quality, that then the interest from manufacturers to secure supply longer term is increasing. So they want to move away from spot pricing more and more to contract pricing. The glass market is a very good example where the amount of glass used for packaging glass, recycled glass is increasing. There is a serious concern about can we get enough recycled glass to fuel our ovens or furnaces to make packaging glass because the carbon impact of recycled glass is about 30% less than when you use virgin materials. Now, next to price, we also talk about organic growth in volume and value. This is a chart that we created that shows on the X-axis the ability as Renewi that we think we have to win versus our competition. On the Y-axis, the market attractiveness, looking at the market size, the profitability, and the growth profile. Then when you look at the size of the bubbles, it gives you the size of the opportunity. Obviously, you look at the right top box to see where you should focus on. And then you see the green bubbles that basically are the ones that we selected to focus on even more. And those are part of the programs that we presented also at Capital Markets Day. So in the next slide, we show these five streams. We showed them in October. We indicated that these would generate about EUR 275 million of growth in terms of revenue. And also we indicated that in terms of carbon avoidance, so the Scope 4 for us and Scope 1 for our customers would lead to an increase of about 1.2 million tons. And although carbon pricing today is not yet included in these numbers, you could imagine that over time that may play a role moving forward. Now, this slide we already showed. This slide we did not. This is the slide that underpins that growth program that we talked about per segment. And what you see here is that these are programs that we're actively working on within Renewi that underpin, for instance, the growth in the construction and demolition market, underpin the growth in glass, in organics, plastics, and also one which is the commercial mixed waste. The color coding shows which programs we have completed. So the good news is we have completed a few. I talked about this rigid plastics and the V8 line, the first one in Belgium. But you also see the programs that have started in the light or whatever you call this color, green, and then in the blue, the new programs that we are adding to our portfolio if you look at our longer term planning. And for instance, in this case, you do see that yes, we have built one residual sorting line in Ghent. We are now looking at embarking on the next one in Puurs, then Wallonia in Belgium is adopting the same legislation as Flanders, so that will be the third, and we're working hard to make sure that also in Netherlands there will be legislation that comes in that says that you cannot burn recyclables when you can take them out of your waste streams, so a ban on burning recyclables is something that we're lobbying for and that we are convinced will be coming into the market at some point moving forward. If you look at those programs combined, it will be somewhat of a significant CapEx. At the same time, looking at our cash profile and also our future, we do think that we can absorb that ourselves, and then, of course, we are looking at our return rates that we have been applying all along. Now, this all is supported, of course, by the bigger EU, where we are well positioned to meet the increasing demand of these recycled and circular materials. I think what's interesting is that we've always talked about climate change and the concerns around climate change. What's quite new, actually, is that, of course, there is a discussion now about security of supply outside of Europe versus what's actually generated in Europe. We talk about metals, but also I think you can apply it to other things. And so that's really a new and additional argument to start using recycled materials is because when you take them from Europe and you can reuse them in Europe, then of course that takes you away from concerns about potential issues in supply from other continents. Europe has committed to double the use of recycled in the next or in the years from 2020 to 2030, and more and more legislation is in place or coming in place to support that requirement, and I think last but not least, production companies itself, as I alluded to before, they want to reduce their carbon footprint, and we can help them to get there by using our materials, so let me bring this to an end and wrap it up. I think hopefully we showed today that we are executing on our strategic priorities, the ones that we presented at Capital Markets Day. We launched our three priorities, and I think we showed on all three that we are making good progress. We talked about the organic growth and how we're going to get there with these five segments. We also reinstated the dividend to express our confidence and also utilize the momentum that we are building. I think ni fiscal year 25 will be a transformational year for Renewi, where we will emerge at the end after all this as a stronger business, and we see clear progress and expect double-digit EBIT margin growth in the coming year, backed by the continu8ed turnaround that we indicated, and we are making our long-term vision a reality step by step, delivering 5% margins over time, growth, sorry, over time, backed by confidence from consumers and also by regulatory drivers that I showed. We have a clear plan to improve our returns, and the improved balance sheet over time will create a clear pathway to flexible and sustainable capital allocation policy. So with that, we come to the Q&A section. I think the idea is that we first take questions from the room, then questions from the analyst on the line, and then we open it up for questions from other people on the webcast. So Annemieke and I will sit in front of your stand, I'm not sure, to try and answer your questions. Good morning, guys. Alex O'Hanlon from Liberum, firstly, well done on the deal. I think it's a very good outcome. Just two questions for me, if I may. Annemieke, on the EBIT bridge, you highlighted about EUR 9.9 million of one-offs. Could you just give a bit more color on that? And the second question is just, obviously, you highlighted your recycling rate of 63%. Could you give us an indication of what the uplift from disposing of UK municipal might do to that and what the benefit might be? Sure. Thank you. Yeah, when we look at one-offs, there's always some bits and bobs when you say some release from our accruals that were no longer needed. I think we had the sale of a site where we had a book profit and we had some settlements on claims. So it was actually a list of a couple of things to say EUR 2-3 million, but nothing major in parti cular. Okay, perfect. Thank you. And on the recycling rate, so yeah, you are absolutely right that the UK municipal business has a low recycling rate, about 30%. So when you take out a million tons and 30%, our recycling rate will go up by about 2-2.5% simply because of that. Thank you very much, guys. You're welcome. Yes, good morning, Andrew Shepherd-Barron, Peel Hunt again. Well done on the exit of the UK of the UK Muni. A couple of questions on that, if I may. Firstly, when you say it's a binding agreement, does that mean that all DD has been done on environmental liabilities, etc., etc., etc.? Is there any chance that the actual cash outflow could change from what you've announced this morning? And relating to the sale, to the exit, does that have any implications for the UK listing of the shares? Have you had any thoughts about that? What are you thinking? And then the other unrelated question is on the merger of Holland and Belgium. Why now? Could you have done this before? Is there a particular, has there been any change? Could you just talk us through a little bit more of the thinking behind that? Thank you very much. Yeah, sure. I guess you take the earlier thing. Yeah, I think, yeah, that's fine. Yeah, so on the environmental liability, Biffa, of course, is a company that is in this market, so they are quite aware of all the ins and outs of what you need to look at. So we have gone through an extensive due diligence and then confirmatory due diligence over the last many months. They've visited all our sites. They've done lots of different checks. So all in all, this deal is basically taking over the liabilities from that. There are, of course, some liabilities on historic tax and other things that we are giving them guarantees for. But overall, I think the majority of the risk really passes over to them as we speak. Maybe on the UK listing, do you want to give a? Yeah, of course, it's a question that has been raised before, and I think that's really something for the next period to also consult with our shareholders to see if there are any preferences. But for now, there are no concrete plans to move left or right. Yeah, and I think on the merge between Holland and Belgium for commercial waste, why now? Two reasons, I think. One is when we look at simplifying our business, we saw opportunities to combine those two. And we have worked hard on this Future Fit program in the last year where we look at our processes. And of course , going to a future system will force our businesses to work in the same way. And so in anticipation of that program going live next year, we decided that it's good to then take this step now. I think as we were working on this and looking at the future processes that we are putting in place, we also realized that there are more opportunities than just aligning processes in terms of strategy, in terms of bundling our commercial force and so on. So at the end, why now? The answer is two reasons, but at the end, execution is now, and we expect to be completed with that in September. Thank you very much. You're welcome. David Larkam from Edison. Just firstly on the UK Munis, what are the hurdles to completion? It sounds like sort of end of the year. Are there any regulatory issues you've really got to get through? Any sort of partner agreements that we need to be aware of? And then secondly, on just on operations, Belgium looked a little bit softer in the second half. I was wondering what that was. And then Simplify II, what are the sort of costs and savings likely to be of that program over the next two to three years? Yeah, thank you, David. I think in terms of the CPs to closing, you're referring to there are just mainly the standard things you may expect. So it's the CMA approval, and there are some other things we are quite confident we can complete. So all in all, we are expecting this deal to be able to complete quite well. Sorry, I missed your second question, but Simplify II. And the Belgian business looked a little bit softer in the second half. I was wondering if there was anything particular there. Well, except that I think the wood prices have come down a bit. I don't know that there was any particular reason for the Belgian business to do less. So I don't think there was any specific issue. Your question on Simplify to, it is really intended first to simplify the organization and, as we say, create a simplified top structure that will allow us to benefit from the exit of UK municipal and bundle our different divisions together. I think in terms of cost saving, we haven't fully identified yet the opportunity of that. It's on top of the EUR 15 million. So over the next months, we will look at what that could bring. I think the real cost saving is shown with Annemieke when we talk about Future Fit. When we go live with our new digitization program next year, then you'll start seeing the benefit from that kicking in much stronger. And now with Simplify too, we're kind of anticipating on that in our structure before we go live with these new systems. Hi both, congratulations on the disposal. James Bayliss from Berenberg, two questions if I may. Just on the disposal, I guess kind of Biffa looks like a very logical candidate for buying UK Muni operations. I just wondered were there any other counterparties considered during the process, or was it always just working with Biffa as the offtaker? And then secondly, on growth CapEx, how should we be thinking about that EUR 120 million-EUR 140 million investment over the next three to five years? Is it indicative that you need to put all of that into the business to achieve your 5% growth medium target, or would that perhaps position you a bit further ahead of what you've communicated to the market? Thanks. As for your first question, thank you. Yes, we have run a competitive process. So we have talked to and had quite elaborate discussion with a number of parties, and Biffa came out the most competitive. As for the investments, we think we can do a significant part of the growth without the investments, but we also believe that we can actually accelerate also our margins by investing in mainly those type of things that really drive quality and also recycling rate because of, on the one hand, the cost avoidance, but also a much better pricing power if you are able to produce on spec. So we believe it's a further accelerator also for our EBIT margins. But in fact, we also think that with focusing our commercial strategy and our sales forces, we can also do quite a significant part of the growth. Yeah, and I think if you look at the EUR 120 million over five years, we already spent that amount on growth CapEx every year since the last three years. So it's not increasing our spend on growth CapEx. Okay, if there's no further questions from the room, I guess we go to other questions. Yeah, if we can go to the questions from the conference call, Sergey, over to you. Thank you. As a reminder, to ask a question over the phone, please signal by pressing star one. First question comes from Joren Van Aken from Degroof Petercam. Please go ahead. Yes, good morning. Just two questions from my side. Could you give us an idea what the current utilization rate is for ATM or what is the current run rate of the plant in terms of kilotons? And then, secondly, I think you previously announced you would be sending off 150 kilotons. I think it's now 100 kilotons. And previously, I also mentioned that 300 kilotons was under negotiation. I don't see that mentioned in the press release. So could you provide us with a bit of an update on the current standing, how are negotiations going, and a bit what we should expect for this inventory going forward? Thanks. Sure. Well, first of all, the plant in Moerdijk, of course, is not just soil production, right? We also have about a million tons of water. And in fact, the water business has subsidized the soil business in the last couple of years. So what you basically now see is the profitability of the water business is not needed anymore to subsidize the soil business as we get out of the equation. So that's directly impacting the overall minerals and water margin. Your question around capacity utilization, so we're currently running at around 50 tons per hour. The plant capacity is about 125 tons per hour, but we do believe that at least to 100 tons per hour, we can produce the same quality as we currently have. And above that, we still need to test if we can get there. So we are running at significantly below the current capacity opportunity. And your last question around contracts, so as I included in the presentation now, we have depleted this external 250,000 tons of old TGG. So that has shipped over the last year. I think if you look at the contracts for sand and gravel, we are basically able to ship what we are making right now. The main challenge that we have moving forward is making sure that we increase our incoming contaminated soil and TAG, which is this asphalt that comes from roads, so that we can further increase our output. So that's why we are beefing up the sales team now to make sure that that happens. At the same time, making sure also that the second half run rate that we have achieved will continue and make sure that that continues over the course of 2025. So in terms of contracts and specific contracts, we have, I think by now, five or six different contracts for sand and four for filler, which allow us to start shipping more volumes to the market. Okay, but that was more looking to get more information on the remaining inventory of the TGG. Because I guess you now have 500 kilotons left. So what was under negotiation? What are you expecting to sell and timing? Yeah, so there are some countries where people take regular volumes of the old TGG, but we are looking still at a few projects where you can place larger amounts, but that would not be selling it to the concrete industry. That would be just applying it in a project to elevate, for instance, a new distribution hall or something. So there are several things under discussion, but we do expect that, as Annemieke indicated, that this year, fiscal year 25, we will be able to get rid of most of that legacy TGG. It's still around 450,000 tons, Joren, if that's what you're after. That's what I was looking for indeed. Thanks. Thank you. The next question comes from Juan Rodriguez from Kepler Cheuvreux. Please go ahead. Hi, good morning. Thank you for taking the questions. I have two on my side for me. The first one is on your leverage. I want to better understand how comfortable are you with your leverage post the deal. I want to better understand as well if your €120 million bridge debt will this be financed by mainly corporate debt or any capital reinforcement in the short term is expected? And in terms of leverage as well, in terms of your growth in M&A, because you are focusing a lot on free cash flow improvement in the short term, the €120-€130 million that you are signaling from growth CapEx. Should we expect more of this to be more back-end loaded within the three- to five-year plan? That would be my first question. And the second one is a double check, if I may, on your EBIT margin improvement that you said is in line with consensus in the presentation, but you're saying that EBIT expectations are in line with consensus. So are we talking about EUR 127 million EBIT? Do you include any one-offs on it? And I want to better understand why are you including the EUR 10 million one-offs of, as you signal, some disposals, accruals, and some settlements as underlying EBIT? Thank you. All right, Juan, thank you for your questions. You do know how to take a lot of questions and present it as one, but I'll try to answer as good as possible. As for the leverage, as I've indicated, we're getting to around 2.9 post completion. We are comfortable with that. Absolutely. And as I said, and that is also a link to your last question, we have a lot of plans already executed that will improve our P&L going forward. So our margins will be growing. And also the cash out from both the UK and the COVID taxes. Well, COVID taxes will only be EUR 10 million this year. The UK will partially fund itself then with the normal EUR 15-20 million cash out we normally see. So both a better cash profile and better EBIT generation will help deliver quite quickly. So we are quite confident we can deliver with 0.4 or 0.5 every year. So we are quite comfortable with this. When we're looking at the EUR 120 million bridge financing, we are expecting this to be taken out through either a retail bond or an EU PP. We actually have quite a significant lineup of investors who are quite keen to step into this. But we have been waiting before first completing the UK deal because the market was looking for some certainty around that. But we have quite a few investors lined up who are keen to help us with taking out this bridge loan. And then also the growth capex, we've also indicated in our guidance, we are expecting around EUR 25 million-EUR 30 million of capex for the next year and still be cash positive after that. So we will be resuming dividend and also funding a part of our growth program. And given our cash profile is really improving, our margins are improving, we are quite comfortable. We can both delever and also fund quite a number of those interesting projects. Oh yeah, and then the one-offs. Sorry, I forgot one sub-question. Yeah, that's just nothing specific. I think for us, it's important to be transparent about when we have certain one-offs underpinning our results. We have every year, we have some pluses and minuses. So in that sense, nothing in particular. We are comfortable. The consensus, as we are publishing it on our website, is around EUR 126 million EBIT. And we have confirmed we are happy with that. Quite helpful. Thank you very much. Thijs Berkelder from ABN AMRO. Please go ahead. Yeah, good morning. Congrats with the deal announced. Good to see that we finally get rid of these huge losses. Question on the UK, UK municipal business. The cash outflows you presented are purely for the entity you sell, but probably you've spent quite a lot of money as well on, let's say, handling these assets from the corporate office perspective. So what kind of savings can we expect from, let's say, a lower spend on consultants, lawyers, etc., etc. on handling this case? Yeah. Then can you maybe remind us on, let's say, the peak leverage you are comfortable with? You're guiding for peak at around 2.9 times, but in reality, you never know where you never know you have an expectation. But EBITDA could fall short for whatever reason. What is, let's say, peak leverage where you're still comfortable? And finally, in the past few years, you probably have been looking and talking with potential merger partners where potentially partners backed off from partnering with you simply because of leverage hurdles and seeing the huge losses in the U.K. Can we expect progress maybe in now that new merger partners come in again and are much more comfortable in partnering up with you? Thank you for your questions, Thijs. When it comes to the office in the UK, that has been always included in the cost and in the losses. So the overhead required, you may actually remember that we had to change one of the onerous contract provisions in FY 2023 because we had to on the IAS, well, I think IAS 34, we had to include the entire overhead cost in the OCPs. So it won't be a saving in terms of the rest of the overhead. It's really taking out the revenue. And I think overall, it was maybe a tiny, tiny, say, one million contribution because the OCPs in some years were slightly higher than the cost we had. So that is a bit of a technicality. But in general, not huge cost savings. We are, of course, still having a UK office, but that is just a very limited amount of people. You have to think about sort of 10 FTE tops, and as we are a PLC, that will continue as is. As in your question on leverage, our covenant is at 3.5. I think we've given the 2.9 as our best estimate, and of course, with a little bit of conservatism. To be honest, I would like. I'm sort of quite keen and focused on deleveraging as quick as we can because the 2.9 is not low. We've always set a target of around two, and that's what we will be working towards, but we are still well within the covenant range, and of course, if it needs to be and the year doesn't turn out as we are now expecting it to be, we also have cost savings and other measures that we can take out, so for additional measures up our sleeve, should that be necessary. Yeah, maybe on the last question, Thijs, around partners, I guess I'm not sure what your definition of partners is, but if you're indicating that you're looking at Renewi being sold, is that what you're referring to, or was that not your intention? No, that was not the intention of asking for partners, but more you previously told us about potential M&A candidates in, for instance, Belgium. Partners like that, looking at glass, I could imagine you could grow much faster in the whole of Europe by adding more glass recycling facilities, etc., etc. Okay. No, Thijs, understood. So I just wanted to make sure I understood it before answering. But I think on those partnerships or M&A acquisitions, we do realize looking at the leverage we just talked about that the reality is that we have to first make sure that our priority is to get leverage down. But I think as we have also presented at Capital Markets Day, if you look at the longer-term plan of Renewi, first, let's deliver and deliver on our own plan. But of course, we will continue to look at opportunities in the M&A front, but they will certainly not be there this year, at least not in significance. But hopefully over time, as we deliver, we can put it back on the agenda. And as you know, we have a couple of ideas that we have been looking at closely. So that will, I think, be a continuing part of our opportunity moving forward. But no short-term expected plans to be implemented this year. Okay, great. Good to hear. Thank you. There are currently no further questions in the phone queue. We have one question online, but I actually think it's already been answered at a later point in the presentation. But I'll ask it just to make sure it's out there. Why is the cost increases bucket on the bridge higher than the pricing increase bucket? Having the cost followed inflation, are these pricing increases above CPI? Yeah, I think this is mainly driven by the fact that, as you may remember, the wage increases definitely in calendar year 2023 have been extremely high. So for example, in Belgium, we've been looking at wage increases of around 11%, where we are legally obliged to pass through CPI to the wages of our employees. So wage increases was quite extraordinary in calendar year 2023. So that is one of the things you're seeing. Next to that, we also saw extreme peaks in energy and diesel cost. So these have really not been entirely passed on. Whereas normally in almost any other year, what we see is that we increase our prices slightly more than inflation. Cost inflation and wage inflation were quite extreme in calendar year 2023. So that was the reason why we were not able to fully pass it on. And then we have been taking additional cost measures to make sure that our margins were at least not impacted on that front. Okay. Was that the last question from the room or from the audience? Well, let me thank you then all for joining today. It was a pleasure to share the good news with you on UK Municipal. And we look forward to continue this journey together. Thank you for the support over the last years getting us to this point. Look forward to continuing this journey and share our updates as we go along. Thanks.