Good morning, everyone. Welcome to today's AMG Q2 2026 earnings conference call. At this time, all participants are in a listen-only mode. Later, you have an opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing the star one on your telephone keypad. Please note this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Thomas Swoboda. Please go ahead, sir. Thank you, Ross. Good day, everyone. Welcome to AMG's second quarter 2026 earnings call. Joining me on this call is the entire AMG management board, namely Dr. Heinz Schimmelbusch, the Chairman of the Management Board and Chief Executive Officer; Mr. Jackson Dunckel, the Chief Financial Officer; and Mr. Michael Connor, the Chief Corporate Development Officer. We published our second quarter 2026 earnings press release yesterday, along with the presentation for investors, both of which you can find on our website. They include our disclaimers about forward-looking statements. Today's call will begin with a review of the second quarter 2026 business highlights by Dr. Schimmelbusch. Mr. Connor will comment on strategy. Mr. Dunckel will comment on AMG's financial results. I think we mixed up the names. The financial results will be commented by Mr. Dunckel. At the completion of Mr. Dunckel's remarks, Dr. Schimmelbusch will comment on outlook. We will open the line to take questions thereafter. I will now pass the floor to Dr. Schimmelbusch, AMG's Chairman of the Management Board and Chief Executive Officer. Dr. Schimmelbusch. Thank you, Thomas. Ladies and gentlemen, as we stated last quarter, the price increases from earlier this year have begun to support our adjusted EBITDA. During Q2, we achieved $92 million of adjusted EBITDA, 30% more than the $71 million in Q2 2025, and notably more than double our Q1 2026 adjusted EBITDA of $44 million. We remain optimistic about our ability to benefit from our recent investments as well as the improved lithium market dynamics. While Q2 benefited from very favorable phasing effects, it also clearly shows the earnings and cash generation potential of our platform. As ever, we continue to grow our critical materials footprint as demonstrated by our press release from earlier this very week. On Monday, we closed our purchase of Zinnwald Lithium, one of the major lithium reserves in Europe. This is a major strategic step in consolidating the critical materials industry in Europe while significantly increasing our resource base. By applying AMG's longstanding experience in mining, refining, and certifying critical materials, we will be able to significantly reduce the project's capital requirement and improve its operating cost position while significantly improving its environmental footprint. Another highlight of Q2 was the opening of our new chrome metal production facility in New Castle, Pennsylvania on June 17. The facility has an annual capacity of up to 6,500 tonnes of chrome metal, which is deemed a critical material in the U.S. and everywhere else, too. Chrome metal enhances the performance, durability, and heat resistance of advanced alloys. With AMG's new high-purity chrome metal facility, we are onshoring the production of a material with significant strategic importance to aerospace and energy. I will now hand over to Mike Connor. Mike. Thank you, Heinz. Good morning, everyone. The second quarter reflected continued momentum as we executed on our strategic priorities against an increasingly supportive backdrop for critical materials. While geopolitical tensions remain elevated, they continue to reinforce the importance of secure, localized, and sustainable supply chains. Governments around the world are increasingly prioritizing domestic and allied sources of critical materials, an area where AMG has established a unique competitive position. Despite commodity prices remaining largely at normalized levels, AMG continues to generate strong profitability. Our results increasingly reflect the value created through disciplined capital allocation, strategic investments, and operational execution, rather than the exceptional pricing environment that drove earnings peaks in previous cycles. In lithium, Bitterfeld continues to execute a disciplined commercial ramp-up, consistently producing battery-grade lithium hydroxide within specification while progressing customer qualifications in accordance with customer-defined schedules. The refinery also recorded significant lithium hydroxide sales during the second quarter, reflecting the continued progress toward full commercial operation. In Mibra in Brazil, spodumene production continues to increase, with output expected to reach 130,000 tonnes run rate this year. Also, as Heinz mentioned, we completed the acquisition of Zinnwald Lithium following the quarter end. In vanadium, our recycling and upgrading capabilities continue to differentiate AMG. In the quarter, we temporarily benefited from securing attractive spot feedstocks, including significant volumes of spent catalyst following a competitor's bankruptcy. Our diversified sourcing strategy provides the flexibility to maximize throughput when opportunity arises. This proves particularly valuable while shipping from the Middle East continues to be limited. In Saudi Arabia, construction is progressing on the initial phase of our Shell & AMG Recycling Supercenter, which will expand our global vanadium platform. In chrome, we successfully opened our U.S. chrome metal facility in New Castle, Pennsylvania, establishing the only domestic producer of chrome metal in North America. We see significant opportunities to expand this platform as demand for secure domestic supply continues to grow across aerospace, defense, and energy markets. In molybdenum, we're integrating Aura Technologies and advancing engineering to expand our recycling platform. Combined with the business's strong profitability, Aura exemplifies AMG's strategy of acquiring differentiated technologies and scaling them for our global industrial platform. Finally, subsequent to quarter end, we finalized the divestiture of Graphit Kropfmühl and successfully closed our refinancing. Together with a significantly oversubscribed equity offering completed during the quarter, these transactions have substantially strengthened AMG's balance sheet and liquidity, providing the capital and financial flexibility to execute our growth strategy and pursue compelling strategic opportunities. Collectively, these milestones demonstrate AMG's ability to execute on both our operational and strategic priorities while strengthening our long-term competitive position. I will now turn the call over to Jackson Dunckel, our CFO. Thank you, Mike. Starting on page four of the presentation, you can see that Q2 2026 adjusted EBITDA increased 30% versus the same period last year. This is primarily due to the increasingly strong profitability from our vanadium and lithium segments, both of which benefited from significant phasing effects. In lithium, it was from the shipment of 12,000 tonnes of concentrate shifting from Q1 to Q2, and in vanadium, it was from much higher input material in the second quarter. On the lower left, you can see our net income attributable to shareholders of $28 million during Q2 2026, more than double the $12 million in Q2 last year, aided by a write-up of our lithium inventories. On page five, you can see the volume and price movements for our key products represented by arrows, which underscore our segmental results. I will cover these price and volume movements for the individual segment comments. AMG Lithium results are shown on page seven. On the top left, you can see that Q2 2026 revenues more than tripled versus the prior year. This is driven mainly by higher sales volumes of lithium concentrate and the startup of our Bitterfeld plant, which sold unqualified battery-grade lithium hydroxide, as well as higher lithium and tantalum sales prices. Q2 2026 adjusted EBITDA was $31 million, compared to $3 million in Q2 2025. The current period benefited in three significant ways. First, from strong production of lithium concentrate, second, from the phasing effect I mentioned earlier, and third, from the much lower production cost, which is helped by high tantalum price. AMG Vanadium results are shown on page eight. Revenue for the quarter increased by 36% compared to Q2 2025, due largely to higher vanadium volumes, driven by significantly improved availability of spent catalysts, as well as higher ferrovanadium sales prices. Q2 2026 adjusted EBITDA of $33 million for our Vanadium segment more than doubled versus Q2 last year. This was achieved mainly due to increased volumes resulting from AMG Vanadium's global sourcing strategy and the purchase of domestic volumes from a bankrupt competitor, as well as higher ferrovanadium sales prices in the current period. The results for AMG Technologies are shown on page nine. The Q2 2026 revenue of $190 million was 21% lower than the $241 million in Q2 of last year due to lower sales at AMG Antimony in the current period. Adjusted EBITDA during Q2 2026 was $27 million, compared to the $53 million in the same period last year. AMG Technologies' adjusted EBITDA was particularly strong in Q2 2025 because of AMG Antimony's exceptional profitability during that quarter. AMG Engineering signed $107 million of new orders during Q2 2026, achieving a book-to-bill ratio of 1.27x, which was more than double the 0.63 in Q2 last year. Page 10 of the presentation shows our main income statement items. The key changes on this page are regarding taxes. The tax expense increased from $7 million in Q2 2025 to $19 million in the current period, primarily driven by an improvement in operating results, which was partially offset by losses with no benefit in Germany. Our cash tax payments of $30 million in Q2 2026 were largely due to the very high antimony profitability last year. Page 11 of the presentation shows our cash flow metrics. The increase in operating cash flow to $55 million for the quarter was mainly due to the much higher profitability in the current period and a reversal of the working capital effects we saw last quarter. Our total cash used in investing activities was $33 million for the quarter, and as a result, we are pleased to report that we were free cash flow positive in the quarter. We ended the quarter with $440 million of net debt, and as of June 30th, 2026, we had $343 million in cash and cash equivalents. With the $165 million available on a revolving credit facility, we had $508 million of total liquidity at the end of the second quarter. Our financial strength has only increased since then. Last week, we refinanced our five-year, $200 million revolving credit facility and issued a new seven-year, $500 million Term Loan B to refinance our existing Term Loan B, which was maturing in 2028, generating $53 million in net proceeds. The interest rate of the Term Loan B is SOFR + 3.25%, a reduction in spread due to the strong investor demand, and we hedged our interest rate by capping it at an all-in rate of 6.8%. In addition, the transaction we previously announced to sell AMG Graphite to Asbury Advanced Materials was completed as of July 28th, in accordance with the announced terms. We received total proceeds of $64 million from the sale. Despite completing multiple strategic projects this year, as of July 29th, we have more than $400 million of cash on hand. With the strength of our balance sheet and enhanced liquidity, we are primed for an acceleration of growth going forward. That concludes my remarks. Dr. Schimmelbusch. Thank you, Jackson. Prices for many of our materials strengthened in the first half of 2026, and the backlog of our engineering business continues at historically high levels. Despite the significant geopolitical instability, we increased our 2026 adjusted EBITDA guidance range to between $230 million and $250 million, up from our previous guidance between $210 million and $240 million. We expect the third quarter to be significantly down sequentially, driven by favorable phasing effects in the second quarter. Operator would now like to open the line for questions. If you would like to ask a question, please press star and one on your telephone keypad, and you will be placed into the queue in the order received. You may remove yourself from the queue at any time by pressing the pound and one. Once again, if you would like to ask a question, please press star and one on your phone now. Our first question comes from Martijn Den Drijver from ABN AMRO. Please go ahead. Yes, thank you, operator. Good morning, gentlemen. Congratulations with the results. I have three questions, I will do them one by one if I may. The first one is on vanadium, the sourcing strategy. Can you provide some additional color on that sourcing strategy now that you've found feedstock from a different source, a bankrupt competitor? That would be question one. As a follow-up on that, is there an effect of that particular transaction in Q3 and Q4 as well? What other sources are you targeting in terms of supply? The second question, can you repeat that? Well, the second question was whether that particular transaction with the bankrupt competitor would also affect Q3 and Q4. The third question was, what other sources are you targeting next to the Middle East and your normal supply from the petrochemical industry? Well, I don't think the bankrupt supplier has a significant impact on our very diversified supply strategy globally, global supply strategy of our ferrovanadium operation in Ohio. It's nice to have, but not significant. Understood. In terms of phasing, we do not expect it to repeat in Q3 and Q4. In terms of global supply, we are focused on the Middle East. Understood. Thank you. My second question is about lithium. You mentioned additional sales of unqualified battery-grade lithium in Q2. Can you provide some color on the volumes and whether that will also continue in Q3 and Q4? Next to that, is the Bitterfeld plant, because of those sales, nearing breakeven already? The first part of your question is, yes, we expect those sales to continue and increase as the plant continues to ramp up. We're not disclosing exact volumes, but obviously, we said significant sales in the second quarter. You can see it in the growth in the sales figures for the segment. We would expect that to grow throughout the course of the year as we ramp towards the full run rate. Understood. My final question on lithium as well, again, Bitterfeld, how should we think of 2027? You're moving towards full production and qualification. We're now in July, almost August. Is there any color you can provide on what we should pencil in for 2027 in terms of production and sales? Maybe a bit more color there would be appreciated. Yeah, I think we expect to be operating at full capacity next year. The qualification process, as we've stated previously, is not really in our control. We're, to a certain degree, at the mercy of the customer qualification schedule on a customer-by-customer basis. We expect to start receiving those qualifications starting next quarter, and that will increase throughout the end of the year and into next year. We can't give a really clear split on exactly how much will be qualified versus unqualified, but we expect to be producing battery-grade lithium hydroxide at a full capacity for 2027. Just a small follow-up. Obviously, on the qualified part, there's market prices will apply, maybe some indexation. On the unqualified, what would be a reasonable price assumption? It would depend on a customer-by-customer basis. I can't give you a universal figure that will apply. Obviously, we would prioritize qualified sales. Understood. Thank you very much, gentlemen. Our next question comes from Michael Kuhn from Deutsche Bank. Please go ahead, Michael. Yes. Good morning, gentlemen. A few questions from my side. I'll also do them one by one. I would start with the Q2 performance and the increased outlook. The initial guidance was for roughly flattish adjusted EBITDA in the second quarter compared with Q2 last year. Obviously, you did much better. Maybe a little more of explanation, what were the key surprise factors and why, let's say, you didn't fully translate those into the guidance? Because at the upper end, it's $ 10 million more versus, I would argue, more like $ 20 million more in the second quarter. The key surprises were in lithium volumes as well as lithium price. The other key surprise was total volumes sold in vanadium. Our two key units performed well above expectations. In terms of why it didn't translate into a straight $20 million increase to our guidance, as we noted before, we do have phasing effects in Q3 and Q4. That's why it didn't apply. Yeah, we were struggling with that sentence of the phasing effects. Just to caution analysts to multiply $ 90 million x 4. That's fair point. That would have been pretty rich. Maybe a follow-up on vanadium. I fully get that, let's say, in the global context, those additional volumes are not too significant. Still, I would say the supply situation remains difficult. Is there more of those opportunities in the market where you could do one-off purchases of volumes, either out of bankruptcies or out of whatever other sources to, let's say, improve the overall feedstock availability? The overwhelming supply structure is contracted under long-term contracts with a myriad of refineries and other suppliers. Events like bankruptcies are extraordinary and insignificant, as I have said before. This is a very stable long-term structure which is planned. We are expanding our footprint in this area, as you know, a major project in Saudi Arabia, which symbolizes our presence in the Middle East, and we are going through a multi-phase expansion scenario in the Middle East for acquiring additional sources of supply. In addition to the initial project, which is not based on spent catalysts, but on gasification ash in Saudi Arabia. Consider our presence in the Middle East to be significant and enlarging. Good. Thank you. As a reminder, if you would like to ask a question, please press star and one on your phone now. We have a follow-up from Michael Kuhn from Deutsche Bank. Please go ahead, Michael. Thank you. As there's obviously the opportunity to ask a little more, happy to do so. Just on the closing of the graphite business, you mentioned the improved cash position as of end July. Ultimately, in terms of net cash proceeds, how much did you get out of the deal? I think Jack can disclose it in script, it was $64 million of cash proceeds. All right, thank you. Maybe one more or two more on lithium. If you look at the development of the European lithium landscape, there was an important step forward of Savannah as of late towards commercialization. Still, let's say, there's one step, technical grade, that needs to be done in China in doubt. Is there an increasing pressure, let's say, to complete the value chain, which is also part of your medium-term vision, how could those steps be implemented, and is there any, let's say, political support for that? As you know, as published several times, we are fully prepared technically and through feasibility studies to make that bridge step in Brazil, going through the final stages of that decision-making process. That symbolizes that we are fully prepared technically and organizationally to go from spodumene to technical grade also in Europe with respective preparatory steps underway. The value chain in lithium, which we refer to as the highway from Brazil via Portugal to Germany, is optimized in many ways, and it's taking a considerable management time. It is a harmony between increased supply of mostly hard rock concentrates, increased technical grade capabilities, and then refinery expansion steps. That has to be brought in balance, which is rather complicated because each of these decisions have carefully to be controlled timeline. We are very happy that we have this Chinese conversion capability friends, underline friends, because that is helpful for optimizing the completion of such a harmonized structure. This is to be expected that this structure is expanding significantly. This is also very high on our priority list because one has to remember that we are 20,000 tonnes. We are the sole refinery in Europe. The European growth in the first half of 2026 year-over-year is 27% in EV sales, and the battery pack average size has increased 10% by weight in that timeframe. Not to talk about the stationary battery expansion, which is significant two-digit growth numbers. When you estimate the European sales in total type in 2030, 2031, 2032, you have a variety of scenario forecasts, but it's mostly around 500,000 tonnes. We have a 20,000-tonne refinery we are ready to expand, we are only expanding based on the significant captive contractual supply status because of that, of course, is reducing the risk. This is not to be confused with other value chains in other raw material industries, such as copper, where you have custom refineries, which are supplying themselves from all sorts of legally disconnected producers. We want to manage harmonized value chains with significant equity control by AMG on all steps of these value chains. That's very important for the future. We, of course, have the objective to be the number one producer in Europe in lithium for a very long time. Very clear. Very last question in that context, when can we expect a more detailed update on Zinnwald Lithium? Zinnwald has been, of course, on our mind for a long time. It reminds me of the observation that it is difficult for venture firms to do large-scale investment projects. You need a lot of deep management structures and technology base to handle such a project. We have very clear ideas about the development of Zinnwald, which we have developed while we were observing 30% shareholder. There are many significant aspects to this. It's a very important transaction. One aspect is that we have developed while we were in this waiting period, we have developed environmentally significantly improved technology for avoiding waste streams. In lithium hard rock mining, you have, of course, waste stream, which are consisting of number one, that you have ore, which since you only mine 1%, so ore and 99% is earth, so you have to handle that, but that's relatively benign, uncomplicated. The complicated part is the chemical waste, or when you are applying chemicals for upgrading waste, then you have a chemical waste. We have a new technology, which is a breakthrough technology, which we own exclusively to apply to that project. That's one aspect. The other aspect is that we will produce lithium chloride. When you produce lithium chloride, you know that you have the option from lithium chloride very elegantly to go into lithium metal. We are studying also an aspect of that development, which related to lithium metal, which, of course, is an extremely interesting market. Right. Great. Thank you very much. We have a follow-up question from Martijn Den Drijver from ABN AMRO. Please go ahead, Martijn. Yes, thank you, operator. Two questions, please. One is on tantalum. Can you help us understand where production stood in Q2? What should we expect for the second half? Are you at the end of the year back to full capacity for tantalum, or should we perhaps assume that to occur a little bit earlier? My second question is about ALD Engineering. Obviously, a very strong performance, also very good book-to-bill. Are there opportunities to expand the capacity given the strong demand that you see? If not, why not? You mean the capacity of, second question? Engineering, ALD. Well, to talk about the second question, we have a very strong order intake and order backlog. That is continuing. Half of our business is directed towards North America, U.S. in particular. A very significant part of the rest is based in China. The rest of the world is relatively small. The dominating customer of AMG Engineering in a visualized way is the aerospace engine. Another very dominating aspect is that we enable the metal industry of the world to qualify secondary materials into the necessary high quality, high purity qualification needed for customers like the aerospace engine, which is the most significant customer of the metallurgical critical material industry. It's the guiding light. Our engineering company, ALD Vacuum Technologies GmbH in Hanau, Germany, is the guiding light into the critical material industry as regard to its metallurgical component. The growth of that market is significant and will continue if not accelerating. The aerospace industry is very strong in its growth perspective, not only as a number of planes or build rates of planes, but also of the increased share of critical materials within that market. Because the operating temperatures of the aerospace engine are increasing continuously in order to achieve energy saving and CO2 reduction effects. That is a long-term trend, which has started 10- 15 years ago and is continuing and is absorbing a lot of our technology efforts. To be specific, high purity metals, which enable a higher operating temperature, have to be then amended by ceramics in order to access a much higher temperature zone. That is an ongoing optimization process, which is happening very much, significantly influenced by our presence in that market. I think we are the number one critical materials company as regard to the aerospace engine globally. Martijn, in regards to your first question, the tantalum production is a function of the lithium production because it's a byproduct, obviously. At a full 130,000 tonne run rate, we would produce roughly 400,000 pounds of tantalum. As we said, we're looking to ramp to full production capacity. In June, we hit that level. The 130,000 tonne run rate, we're looking to stabilize that in the second half of the year and expect to run next year at the full capacity. Understood. That's helpful color. Thank you very much. At this time, there are no further questions. I'll turn the call back over to our hosts to close out the call. Thank you, Ross, and thank you, everyone. It is a busy reporting day. We're aware of that. Thank you so much for dialing in. All the best. Bye-bye. Thank you. This does conclude today's AMG Q2 2026 earnings conference call. Thank you for your participation. You may now disconnect. The host has ended this call. Goodbye.