Hi, good morning, everyone. Thank you for joining us today. As you can see, we do this webcast from our home offices. We're still in dark red in the Netherlands because our freedom day didn't turn out that successful so far. Hence, we're back home. We've chosen a new format here for these half-year results. Instead of our four times a year, the same quarterly financial reporting, we decided to focus more on half-year and full-year results, but then also make a broader update addressing also the progress we make on our strategic and sustainability journeys. That means that the interim quarters, we do file so-called short trading updates, as you've seen us doing already at Q1. With more information to share at half year, and therefore also full year, we thought it would also be helpful for you to move the call to the afternoon, which gives you more time to digest the information. It also allows our U.S. investors to follow this conference live. Welcome to the U.S. investors for this first live conference for them. What is our agenda for today? First, Geraldine will run you, as usual, through the financial performance for the first half, but then also will give you a short overview of where we are with our innovation projects, as well as with the strategic journey. Dimitri will follow with an overview of our sustainability journey, and then also zoom in on the animal nutrition business. These presentations will take about 40 minutes. The slides have been published already this morning. You can find them on the website. The ones we're showing today are a little bit shorter than the ones we published, but they are identical, only a little bit shorter. After this 40 minutes presentation, we move to the Q&A, which takes about 50 minutes, and that will be done with the sell-side analyst. Before we move on, I have to do my usual thing. That means caution you that today's conference may contain forward-looking statements. You can find these disclaimers as usual in the press release, which we published on our website. With that, I will hand over to Geraldine. Thank you, Dave, and welcome everyone from me as well to this earnings call, which is new format. We hope it's going to go smoothly, that it will be time well spent for you. As Dave just said, I will kick off looking at basically the H1 numbers, then looking at some of the progress we have made on the strategic steps that we have taken so far. I will hand over to Dimitri, who will then give a bit more color on our purpose-led journey and actually a bit of a deep dive on our animal nutrition, particularly precision services that we are rolling out. Sorry, I'm just checking because I am not sure I'm seeing the right screen right now. Hopefully, you are. Let me start with the total group numbers, and that is going on our first slide with figures. As you can see here, it is quite clear that we had a very good first half of the year. If we look at the numbers starting from the left side, we delivered an 11% organic growth, which has led us to delivering an adjusted EBITDA up 22%. That drops down nicely to the adjusted net profit up 21% at EUR 444 million. All of these figures on the left side of the slide are actually the scope of continuing operations. If I actually take the lens of total DSM, here you would see actually a net profit in excess of EUR 1 billion for the first half this year. That is because in the second quarter, as from the 1st of April, we recorded the divestments of Resins & Functional Materials, which brought in a gain net of tax of EUR 567 million. That is what makes up the EUR 1 billion of net profit for the first half this year. Keeping the lens of total group, we've also delivered a nice step-up in cash generation. As you see here, the adjusted net operating free cash flow is up 11%. If I actually take a continuing operation scope, it would be +18%. Also worth highlighting here is our return on capital employed. If you look at the published number, the reported number, it's 12.2%. Given the number of acquisitions that we have done in nutrition recently, that does actually hide the progress of the underlying return on capital employed, which is here 15.7%, excluding M&A. That is actually a step up of 350 basis points on the road sheet. I have to say, helped quite a bit by materials, but also with progress in nutrition. You have to read here with the footnote. This is what we are driving as an operational KPI. To start going through them, let's go to the next slide on total nutrition. What you see here are the figures for H1 and for Q2. If we look first at the big picture, what it shows is that our nutrition business overall delivered a 6% organic growth in H1, very much in line with our strategic midterm ambitions of mid-single digits, which resulted in an adjusted EBITDA up 8% and a margin at 21.4%, up 50 basis points. This is a very healthy performance. Also worth noting here that the contribution from the acquisitions that we have done is still on Q1 and on Q2, offset by the foreign exchange headwind. You see that in the small boxes at the bottom there with FX -6 and M&A +6. That very much still a picture in Q2. Overall, very good business conditions throughout the six months. Looking at the particular business dynamics in Q2, it is probably easier actually to go directly to animal nutrition to start off with, on the next slide. Let me see if the next slide comes up on animal nutrition. Here we go. Here, if you remember, last year we saw a Q1 that was very strong due to COVID, with a lot of nervousness of our customers wanting to not run out. Therefore, we had seen, in the Q1 of last year, a 12% volume growth. That was followed by Q2 last year of a much softer quarter with only a 2% volume growth, as there was some element of destocking and a bit of wait and see going on. That was the picture last year. As you know, this year in Q1, we were expecting to struggle to deliver growth on the back of already the big Q1 of prior, but we did nonetheless deliver 5%. What we can say today is that in Q2, we have seen neither a major stocking or destocking effect. As a result, you see here the 5% organic growth in Q2 for animal nutrition. That is really on the back of big, good business conditions across the board. Pretty much all species and regions, whether it be poultry, pets, beef. In the case of beef, for instance, the strong exports out of Latin America continue towards China, helped by the Brazilian real being still relatively weak. We also saw a continuing good momentum with the African swine fever that continues to rebuild the herd. We're seeing actually in Q2, the aquaculture space starting to recover, as that was actually quite impacted by the eat at home phenomena of the COVID phase. Good business momentum resulting in this 5% organic growth. Now, if you look at the moving parts under that, you may wonder why is it that we have 10% volumes up and -5% price, and that is actually linked to last year. Last year, as I said, in Q2, we had very moderate growth at 2%, so here you have a real comp effect. Hence the 10%, combined with, of course, the good business conditions. The price -5 actually compares to a +7 in Q2 last year. Here again, you may remember that we had some somewhat unusual movements in Q2 related to the pricing of pass-through ingredients, of FX in Brazil, for instance, and also some element of mix. You're seeing here effectively a bit the reversal of that +7 of last year. As indicated on the previous slide, this is not really impacting our earnings and our margin. It's a bit of noise, if you want, on the top line. Those are really the key highlights when it comes to animal nutrition. If we go to the next slide, and we are here on the human nutrition part. In human nutrition, it was the reverse last year, right? Our Q1 was a relatively soft Q1. We saw the effects of pantry loading only start at the end of Q1. Q2 was a very big Q2 last year. We had 13% volume growth. Of course, as you remember, there was the whole pantry loading. There was clearly the shift in food and beverage towards the whole eat at home. We were seeing clearly a lot of immunity dynamics with dietary supplements being strong. A very big Q2 last year. As a result, it was always going to be a challenge for us to deliver any additional growth in Q2. This is why you see here that for the second quarter in human nutrition, we are actually flat versus this high watermark, which is an excellent performance. What we're seeing is positive momentum pretty much across all of those segments, with growth even in dietary supplements. The only part of human nutrition that was a bit softer is early life nutrition, which, as you remember, was already the case in Q1 and is very linked to the low birth rates, not only in China but actually across pretty much all geographies linked to COVID-19. That's continued. Pharma and medical are continuing, actually have a strong performance in Q2. When you combine strong Q1 and this Q2, which is in line with last year, it leads us to this very solid 5% organic growth in human nutrition as well for the first half year. To complete the nutrition picture, if we go to the next slide, you will see there the other nutrition elements. Here we are looking at food specialties. Food Specialties has had a good first half of the year with this 8% organic growth, pretty much supported by all the different business lines within that division, whether it be dairy, baking. The brewing part is very much coming back after the lack of out-of-home consumption, and savory remaining strong. A good 8% organic growth there. When it comes to Personal Care & Aroma, here the background was, of course, that aroma actually did quite well during the COVID months with all of the home care business. What was suffering more is the Personal Care. In particular, of course, some filters, but some of the skincare, and what we are seeing is that that is now coming back, hence this 13% organic growth. That is really driven by Personal Care. That is really the picture from a business development on Nutrition. If we switch to materials, going to the next slide. Here, this is really the quarter where we, of course, see a big step up versus Q2 last year, when everything pretty much, not everything, but slowed down massively. Let me put it that way. As a result, we of course, see these very big numbers in terms of on organic growth versus Q2 prior. However, I would like to get your attention or point out that actually, if you look at the comparison versus 2019, we are delivering growth versus 2019. Even if you ignore 2020 for a moment, and what you see there is that this very strong recovery has led to actually a volume growth of 11% versus H1 2019, and we actually see an EBITDA growth of 23% versus the first semester of 2019. In all respects, an incredibly strong first half of the year. This recovery, if you recall, started in Q4 and became stronger and stronger throughout the quarters. If we go to the next slide, here are some of the drivers. What we have here is, of course, a strong demand in automotive and electronics that you've seen with other companies. That has continued from Q1 into Q2 with a strong order book. Here it's a combination of end user demand, but there is, of course, as well, particularly in the long value chains like automotive, a restocking effect of the supply chain. I think importantly, we really need to emphasize here that in order to keep up and to deliver with customer needs, has taken a huge amount of effort, and we've had to run fast. We are seeing increasing tension in the supply chain. This is not sustainable from a pace point of view, but we are also seeing inventory levels getting pretty low. Therefore, we are a bit cautious with the second half. The order book is good, the ability of the whole industry and supply chains to keep up this sort of momentum is a bit in question. That is why we refer here to extremely tight supply chain conditions as we move into the second half for engineering materials. When it comes to protective materials, here, as you know, it is a business that has a very different dynamic, and it was pretty soft for a few quarters, but we are seeing a gradual improvement from Q1 to Q2. In fact, Q2 is pretty much back at pre-COVID levels, particularly in the personal protection. A nice recovery there. That should be a lot more progressive and without necessarily as much of a potential stocking, de-stocking effect that we see more in our engineering materials business. That's really the highlights for materials. If we go to a few other financial highlights, just to cover a few points. Here I would like to refer to the working capital and operating working capital. What you see here is that the ratios to sales are very good. We have a total working capital to sales below 20% at 19%, which is down 180 basis points. You see the OWC also as a percentage of sales coming down strongly at 24.9%. I have to flag here, and you can see it in the press release, that this is driven for a large extent by our materials business, which as I said, is running a little bit on fumes when it comes to inventory levels, and that is reflected in our working capital. Nutrition did a good job as well given the circumstances. Now, the other number here is net debt. I've referred to this already earlier, but we have booked now the divestments of Resins & Functional Materials. The cash came in in Q2, which was EUR 1.4 billion as expected, which brings us to this net debt of EUR 1.2 billion at the half year. Just to be complete to mention, we are announcing an interim dividend of EUR 0.80 per share. Just as a reminder, this is not an indication of the ultimate dividend for the year. Our policy is to distribute one third of the prior year dividend as an interim amount. This is just one third of last year's dividend. We also in Q2 completed the cancellation of the shares that we bought back. You know, we did a share buyback that ended in February last year. We have now canceled those shares. That was done in Q2. We also, in order to sort of keep the balance sheet clean, decided to do an early redemption of one of our bonds, which was due to mature in September 2022 of EUR 500 million. We decided to do an early redemption, which was also completed in Q2. Those are the other financial highlights. Now moving a bit more into Oh, no. Sorry, I was going to forget. That leads us to the outlook. You will have seen in the press release that we have updated our outlook on the back of these developments. We remain very confident in our positive outlook for nutrition, as was stated in the previous quarter. On the back of the strong performance of materials, we are now indicating that we expect to grow our EBITDA in the mid-teens as opposed to towards mid-teens, which really reflects this very strong recovery in materials. These were the financial highlights, and now switching a bit to our progress on our strategic journey. Here, there's a lot going on, so I will be brief, but still worth highlighting a few key points. I will start with nutrition. Here, innovation projects. You will hear more about this in a second from me and from Dimitri, but progressing very nicely on pretty much all of them. Good progress there. We're also making nice strides in our third dimension of our very unique business model, which is the precision and personalization that you heard us talk about at the Capital Markets Day, and we will tell you a bit more about Sustell later on in this presentation. We also launched Hologram Sciences, which is our personalized nutrition consumer-facing entity that really helps individuals get a diagnostic and coaching, and basically personalized nutrition guidance. This is progressing. We have also, in the period, completed the acquisition of the F&F Biobased Intermediates from Amyris. This has gone straight into our PC&A business, which is really leveraging our bioscience capabilities and giving us critical mass. That is going as planned and very well. Actually, in July, we also increased our ownership of Midori. We were already a 38% shareholder in Midori. It's a biotech startup in the eubiotic space. A very exciting space because it has all to do with gut health, and basically fighting the overuse of antibiotics in the production of meat. We've now increased our ownership to 100%, and we're very excited about that. That was done in July. Going to materials news. Here, of course, the divestments of Resins is now completed. I've referred to that. With that divestment, if you recall, our solar business partly went to Covestro, but the backsheets did not. We're pleased that we were able to actually sell that part of the business, and our colleagues found a new home with Wharton Industries, and that was in June. That sort of completes, if you want, partly that divestment. We're continuing to move our portfolio in the material space to the specialty part of the industry. As you can see, we have been able to really keep up the pricing momentum in materials. That really is clearly related to the specialty nature of the portfolio that we have today. When it comes to our JVs and associates, you will have noticed also that just shortly after the mid-year point, we actually divested with our partner CVC, our remaining share in AOC. This was a 17% shareholding. The cash will come in sometime in the second half of the year. That is another piece of the divestments of some of these associate shareholdings that we still hold. Last but not least, on our journey to the net zero by 2050 in terms of greenhouse gas, we are pleased today to have added to our bullet points the fact that we are actually increasing our ambitions with the horizon at 2030. It's very important to have a 2050 net zero target, but of course, milestones along the way are pretty much essential, and we have just upped that with all the roadmaps behind it to reducing by 50% our emissions from Scope 1 and Scope 2 by 2030. Now moving more onto the innovations, which is always an important part of our growth strategy for DSM. This slide should be familiar, because it's the slide that we showed at the Capital Markets Day in November. It's an important slide, because it really links up the pipeline of innovations and themes with our growth platforms. This is exactly how we steer our capital allocation and what underpins our ambitions in terms of growth generated by innovation. These are 4 categories, the 4 Ps, precision, prevention, proteins, and pathways. I've already mentioned today a number of these items, whether it be Hologram Sciences and Sustell, whether it be the integration of the recent acquisitions like CSK, which is nicely integrated now, or on the animal gut health. That's the whole eubiotic platform. We had Balancius already. We had acquired Erba, which also has a strong offering in eubiotics, and now we're adding Midori. As you can see, these are all the different combinations of partly organic, partly acquired, where we get more speed of innovation, and really underpinning these important growth platforms. As I know you're all interested in the updates on some of the, what we used to call big-ticket items within that whole portfolio of innovations, let me give you a very quick update on four of the key ones. Going to the next slide. Let me start with Bovaer. The news on Bovaer is that we are still in this critical year of expecting EU approval, first with an EFTA clearance, hopefully shortly after the summer, and then the EU Commission approval. If all goes to plan, this should be a 2021 moment. On the back of that, we are ready to launch commercialization, whether it be in Europe or in New Zealand, and then potentially in Australia. It's important to know that we basically have customers that are signed up to do this, as soon as the clearance comes through. The market interest remains really strong, particularly, of course, in the dairy space and with dairy players. The potential remains the same at $1 billion-$2 billion. When we look at the estimated sales, now this is a new space, as you know, which makes the estimation always a bit of a challenge. Here we're really looking at an estimate of about $100 million in the next 3 to 4 years with a disclaimer that it is a bit difficult to say. It could go faster, but we don't know. Veramaris. Here, last time we spoke, of course, we were discussing the fact that the salmon industry had suffered quite a bit during the COVID period. We are seeing that the reopening of the economy is helping. We're seeing the salmon industry basically getting more positive momentum, which is of course very helpful. We also see that the salmon industry is increasingly in the spotlight for its own environmental footprint. Here the conversation really becomes very focused on what is called the FFDR, which is the forage fish dependency ratio. Sorry, it's a real mouthful. In short, it means how many fish from the wild do you have to catch to produce 1 fish for consumers. It's really. Most salmons, it takes 66 tons of wild fish for 1 ton of salmon. This is very much in the spotlight and is very helpful because, of course, Veramaris oil comes directly from the algae. We can very much help the fish farms be able to respond to this requirement. The capacity of the production is ramping up. We've gone from, if you want, startup phase to ramp-up phase. What we're seeing here is with the current capacity, we are looking at about EUR 150 million sales for the JV with the current capacity, which should be reached in about 2 years. Market potential is unchanged at $1 billion-$2 billion. Moving to our next slide. Here we are looking at, of course, the plant-based space with our CanolaPRO plant-based protein. This is a space which is strong in terms of momentum. Where we are at is that our production site is being finalized in Dieppe. We should be able to produce during 2022. It will be start-up year next year. In the meantime, we do have samples that are going to customers, looking at all sorts of applications, from basically milk to yogurts, to meat alternatives. This creates a very strong, solid pre-work, so that hopefully the sales can ramp up nicely once the plant is up and running. Which basically means that we should see a few dozen million of sales in the next couple of years post commercialization. The potential here for specialty alternative proteins remains $1 billion-$2 billion, so we haven't changed that estimate. Last but not least, Avansya, our fermented stevia. Again, last time we talked, we were very much mentioning the fact that the COVID markets were not helpful for the launch of products. We are seeing a bit better momentum now. Although not as strong in terms of product launches than pre-pandemic. The EverSweet is very much appreciated as a leading artificial sweetener in this space, and we therefore have a good momentum, and we are already in double-digit million sales from this. Again, going from start-up to ramp-up. We estimate the sales to be about $100 million in the next 3 to 4 years from this as well, with a market potential of $1.2 billion. These are only 4 examples of the long list that you saw on the 4 P slide. What's important is to point out, which is at the bottom here in blue, that if you take the whole pipeline of innovation, we are very confident that our innovation momentum will be able to help us add 1.5% to our top line growth and 2.5% to our EBITDA growth going forward up until 2025. A combination of these projects and the rest of the pipeline. This is really in terms of our innovation. Last but not least from me, this is the slide that you should also recognize from the Capital Markets Day. This is what we said would keep us busy on our journey forward. On the left side, it's all about keeping up a good performance with the business as it is today. I've talked quite a lot about it in terms of business performance, innovation promise, and how we're doing with our acquisitions, which are nicely integrated. Dimitri will be giving some more color on our purpose-led journey going forward, and how we're doing on this third dimension of precision. It just leaves me to comment a bit on the fourth box at the bottom there, which is the alignment of our organizations. Now, following the divestments of Resins & Functional Materials, but also the many acquisitions that we have done in Nutrition, we had said from the beginning that we would look at aligning our organization. This is something that needs to be done on a relatively regular basis. We're making good progress. The next phase of the rollout will actually be in September. Maybe actually we'll arrange a short call. Although it's not always of that much interest to the outside world, maybe a short call summarizing the key changes could be after the summer to give you a flavor. With that, Dimitri, over to you. Yes, thanks, Geraldine. Thanks for that and a quick update. Bear with us for 2 minutes more. We let the gate loose. We'd like to give a bit of context on people, planet, and profit. We were certainly a people, planet, profit company. You heard Geraldine talking a lot about the people aspect. The profit aspect, we also would like to have another time the people and the planet aspects to it. Everything is linked to what we call the sustainable development goals. It is a core value. It's also a business driver. We're not doing that on our own. We're doing it also with partners. You see that below on what type of partnerships we have done. With these sustainable development goals, we developed a purpose-led, performance-driven strategy. You see that on the next slide, and most of you have seen that slide. This purpose-led, performance-driven slide is built on capabilities and competencies. If someone can move to the next slide, and that would be appreciated. Yep. Here you can see that the Sustainable Development Goals depict a little bit the trends in the world, the mega trends in the world, and we compare that with what type of competence do we have. Then with that capability, we also have responsibility around three focus domains. You know that we always talked about nutrition and health, climate and energy, and resources and circularity, nicely linked to these Sustainable Development Goals to create a growth company. To create a growth company for now, but also for the future. If we then go to the next slide, this strategy and this execution of it is also clearly recognized. We have an ambition to be top ranked in the ESG companies. We do quite a bit to enlarge our exposure to create responsibility for what we're doing. I'm very happy to say that most of them are also being recognized, and we're proud on that recognition. That recognition doesn't come for free. You need to deliver on it. Let's go through the progress on sustainability ambitions in the next slide. In the first half of the year, we have made quite some progress on 3 key planet sustainability ambitions. Let me highlight 2 of them, also closely linked to the commitment and the upgrade of our commitment to half our greenhouse gas reductions by 2030. Remember that we started the greenhouse gas target reduction already years ago. We were pretty unique in that whole setup. We were pretty unique also by asking SBTi to validate these targets. We've made, since then, enormous progress. You can see in the visualization that on the greenhouse gas reduction, we have reduced 19%. With that path and that track record going forward, we have reviewed our commitments going forward. You know DSM a little bit. We just don't put a nice marketing statement out there that we're going to reduce the greenhouse gas. No, we also want to develop a science-based roadmap to deliver on what we promise. I'm very happy to say that that roadmap now leads to a 50% reduction in 2030, helping the 2050 commitment to be net carbon zero. You've seen many companies out there in the world, you've seen many CEOs out there in the world who easily committed to net carbon zero in 2050, but the trajectory starts now. I think DSM wants to show the way, and therefore, I'm very happy to say that today we have committed ourselves externally as well to reduce our greenhouse gas by 2030 with 50%. It is helped by purchased renewable electricity. Remember 5 years ago, our renewable sources were about 0. It shows that if you want things to happen, you can make things happen. That is something which we have done over time, and 69% of our purchased electricity today is already renewable. Let's go through the other progress on sustainability ambitions in the next slide, because it's not only the planet part, it also has to do with People part. You see a few of these ambitions here, employee engagement, safety, one of our foundations of DSM, but also diversity. I would like to highlight, though, the brighter living solution bit. That is a metric to look at how much positive support we bring towards our customers, towards the value chain in helping them to create brighter lives. I'm also here happy to see that we are at 62%, but it's the start of the journey. We obviously would like, with all our innovation, that% to go up quickly. That with the measurements on sustainable ambitions. We will continue reporting on sustainability. If you go to the next slide, you clearly see that the Net Zero by 2050 is one of our key drivers going forward, but it's backed up by a few sharp commitments. 2050 indeed is our end goal, but we do that by science-based target, by looking at Scope 1 and 2 for 2030 already, but also by applying an internal price on carbon. We just recently agreed to move it up from EUR 50-EUR 100 a ton, just to further guide our investments and operational decisions towards a carbon neutral operation. Next slide, please. If you look at our reporting, I think we're 1 of the few companies out there who already have reasonable assurance on our sustainability reporting. Remember, reasonable assurance sounds medium reasonable assurance, but reasonable assurance is the highest level of assurance you can get on sustainability reporting. We feel that over time, there will be a reasonable assurance, there will be assurance, there will be audits on all elements of how to run a company, on people, on planet, and on profit. In that evolution of sustainability reporting, we will be proactive, and creating more transparency going forward with new and future requirements. Also here, it's a journey, but we will certainly be proactive in that and create more transparency. That all being backed up by the reasonable assurance, by the audited numbers on sustainability for people and planet, like it is important for profit. Next slide, please. Overall, I think to close the loop on our purpose-led journey, I think it's key to understand that the Sustainable Development Goals are key for all we do. Not for all Sustainable Development Goals, we pick the Sustainable Development Goals where we have something to offer, where we have a capability and therefore have a responsibility. Next slide, please. Let's move from the overall context to the context of animal nutrition and health, and let me put that in a broader context. What do we see happening out there in the world? What is it where we want to build our company towards in the nutrition and health space? We see that health for people and health for planet is absolutely key, and that is depicted by 3 key trends we see. From a consumer perspective, we see changing behavior, we see preferences changing, and we see increased awareness on how nutrition could positively impact your health. This is the health for people aspect. Let's also look at the environmental part. You have clearly seen that there's more and more pressure on the emissions and the exposure of emissions at farming. Farming needs to become more sustainable. This is the health for planet part. The emissions and waste in the whole food production should have a price. It contains a cost and therefore should be related to a price so that the innovation could work its way towards a sustainable farming environment. The society at large is playing a bigger role. They expect different things. The global population growth requires a food system revolution. It requires to think differently. In the world today, there is malnutrition and hunger on the one side, and there's obesity and overweight on the other side. That has to change. It also has to change because we need to think about affordable healthcare. All these three topics, all these things together, bring people, planet, profit closely together. If you go to the next slide, if you look at 2050, let's forward to 2050 where we have 9.7 billion people. That is almost impossible to secure, not only from a food security, but also from a healthcare perspective. We need to move to healthy diets. That healthy diets have 2 parts to it. If we move to the next slide, it has 2 parts to it, which I would like to highlight. A lot of people think that animal-based proteins will be substituted by alternative proteins. I think animal-based proteins will go hand in hand with alternative proteins. I think the global population growth needs proteins, and alternative proteins are absolutely key to the future. It's still small, but it will have huge potential. DSM plays a role there, not in the animal nutrition and health part, but in the food specialty, food and beverages part, separately. We will play those. DSM wants to play on all of these legs. However, the animal-based protein production needs to become far more sustainable. If you go to the next slide, you will understand that that will be an important role to play. It needs to be more sustainable, it needs to be more efficient and affordable, but it's also a key societal economic factor. A lot of people work in agricultural activities, about 30% of the world population. Here the dilemma comes, and here sustainable farming is the solution. If you go to the next slide, I will show you that it has to become more sustainable. It has to become more sustainable out of an emission perspective, but also out of a biodiversity perspective. This cannot go on. Quality and safety needs to improve, as well as food loss and waste. About one third of the food produced is going into waste. That's no longer acceptable, so that must change. If we then go to the next slide, I'm also having a positive message here. This not only must change, it can change. It can change with the innovation ongoing. It can change with the innovation DSM is offering and working on. From a productivity perspective, an economic perspective, from a health perspective, from a nutritional perspective, and from an emission perspective, and in this case, a methane inhibition perspective. Also nitrogen and also ammonia. If we then go through the next slide, I will describe a little bit what are the key business drivers for this animal nutrition and health business. It has six business drivers because it makes good sense. It makes good societal sense. It creates responsibility for the future, but it also creates business. There are six drivers. I will not go through it, you have seen the pack, but I will highlight 3 of these drivers with some specific examples. Let me go through the first example, and that's helping to tackle antimicrobial resistance. If you go through the next slide, you will see what the issue is here. 50%-70% of all antibiotics are used by the livestock farming industry. That's no longer sustainable. Our mission is to replace that, to replace the antibiotic growth promoters with eubiotics, with others. We have a few of the innovations already. We have a few already on the market, of which Balancius is 1. In this case, I would like to highlight VevoVitall. The beauty is that it's not only a sustainable aspect to it because it lowers ammonia and nitrogen emission, but it also helps the farmer to improve feed efficiency. Here it is end to end. It is possible. The second driver I would like to highlight, that is making efficient use of natural resources. That's the next slide. There, the natural resources are absolutely scarce, and we need to work accordingly to see how we work around this. I think Veramaris, Geraldine already highlighted it's a fantastic innovation going forward. The interesting is that the algae-based solution is the way to go. Instead of fishing the ocean empty, you can create algae-based fish oil. I find it amazing. I don't know if you are planning any holidays to the Mediterranean Sea, but it's amazing that if we make Veramaris to life, we can prevent wild catch fish, which are annually caught from the Mediterranean Sea. I think that is a fantastic ambition and incentive to make this work. The last example I would like to share with you, that is reducing emissions from livestock into the next slide. That is 14.5% of all greenhouse gas emissions today come from livestock. That also has to change, and the opportunities are there. There are plenty out there. I will not highlight Bovaer. I think Geraldine already mentioned it. I think you are aware of it. I would highlight maybe a product and innovation made by DSM, which you're not so familiar with, VevoVitall. It's an eubiotic, which here again increases the economics, the feed efficiency, but it's at the same time also reducing ammonia and nitrogen emissions by up to 20% in swine. All these elements are there. These are the drivers for the future to go for sustainable farming and innovation is there to play. If we go through the next slide, I would highlight one of the key muscles which Geraldine and myself explained to you last time at the Capital Markets Day. That was about precision in animal nutrition. It was about personalization in human nutrition. It's about precision in animal nutrition. That's the next step in that journey to sustainable farming. I would like to show you a quick video to understand why this is really the future. As the world's population grows, so too will the demand for animal protein. In fact, by as much as 70% by 2050 beyond the planet's boundaries if we continue business as usual. Importantly, the acceptance that we all have a role to play, from consumers through to producers, in order to make real improvements in sustainability. If we want to feed the rising population sustainably and responsibly, the time to change is now. Together, we must start to accurately measure, report, and improve on the environmental footprints of animal production, along with the existing practices on economics, food safety, animal health, and welfare. Credible and validated science-based data will not only guide these improvements but help to clearly communicate the results. Being purpose-led, we at DSM are listening to these needs. We understand what needs to be done. Our response, Sustell, an intelligent sustainability service that will improve the environmental sustainability of animal protein production. Sustell combines the most advanced environmental footprinting calculation tool with expert sustainability and nutritional knowledge to create tailor-made practical solutions and business development projects. The result of which is to enhance the environmental sustainability and profitability of animal protein production. Several years in development, Sustell brings together the power of the animal protein sustainability footprint tool, combined with the independent expertise of Blonk and the advanced nutritional science and broad scientific network of DSM to deliver meaningful change to the sustainability of animal protein. Sustell unlocks the value of animal protein sustainability by evaluating and understanding the different stakeholders' sustainability needs and business opportunities. Sustell achieves the seemingly impossible, simplifying the complexity of measuring, validating, and improving the environmental sustainability of animal protein transparently, scientifically, farm by farm, system by system. Animal farming companies and the associated value chain have, for the first time, a powerful solution to measure, compare, and improve the sustainability of animal protein. We listened to everybody. Everybody has a role to play in producing the food the population needs, sustainably and responsibly, and within planetary boundaries. If not us, who? If not now, when? Together we make it possible. Sustell. Thank you. That was a sneak preview into the future. Measure, simulate, and improve. This is what precision nutrition is all about in the animal nutrition space. This is done throughout the value chain. This is from feed, to farm, to food, to fork. If we go to the next slide, two elements, this is why we are so strong on this trajectory, because it's happening today. The time is today. We do see today that there are eco scores being developed. Retailers are experimenting with sustainability food labeling. If you go to the next slide, you will see that this sustainable food labeling goes hand-in-hand with nutritional information labeling. It's happening while we speak. This is not far future. It is future that starts today. The time to change is now. We are absolutely seeing it is happening. DSM is part of it because we have a capability. If we have a capability, we also have a responsibility. If we go to the next page, I can't say it better than what was said in the movie. If not us, who? If not now, when? We make it possible. Thank you. Yeah. Thank you, Dimitri. Indeed, time to start the Q&A session. We're running a little bit behind, I think about 15 minutes. That's not a problem from our perspective. I hope that the audience can bear with us for that time. We've got 17 sell-side analysts in our Zoom meeting for this Q&A. You will see these analysts when they ask a question. There will be a short delay between, let's say, them coming up and you get it through on your screen. All the other viewers who are not participating through the Zoom meeting will be in a listen-only mode. Before we now can start, maybe operator, you can give a short instruction to all the Zoom participants how we're going to operate. Operator? Hi. To the sell side analysts in the Zoom room, if you would like to ask any questions, please use the raise hand feature at the bottom of the Zoom screen, keeping it up until we are ready to take your question. We will then introduce you and move you into the room. Please then unmute yourself and turn your camera on to ask your question. Thank you so much. We will take our first question from Andrew Stott. We will now move you into the room. Please unmute yourself and turn your camera on. Hi, can you hear me? Hi, Andrew. Yes, we can hear you. Hi. Hi, Geraldine. Hi, Dimitri. Hi, Dave. Thanks for the presentation. I had two questions. Thank you. First one was on the supplements business. It seems to be outperforming some of the data from competitors and customers. I just wondered if you could explain how you think you're doing that in Q2, and also if you can map out the second half thinking as well around the whole supplements business. Just staying with this area of human nutrition, is there any way you could quantify the ELN performance? I assume it's negative in Q2 year-on-year, but if you can quantify it in some way, that would be helpful. If you can't, can you give me an idea of how it performed versus Q1? Thank you. Thanks, Andrew. Dimitri, do you want to jump in? Yep. Let me do that. Thanks. Nice to see you, Andrew. It's a bit trial and error with the technology, but I think it all works, so thanks for that. In the dietary supplements, I think a good observation. I think we are very positive on what is happening in the dietary supplement front. I think it's fair to say that what we see in terms of growth is a clear mirroring of the immunity awareness of many of us in the world. We do feel that that is there to stay. What we do see is that with the opening up of the economy, people still realize that vaccination is not immunization. It still makes it worth to think about your health. I think what we've seen is that the dietary supplement space had a pre-COVID growth of around mid-single digit. We now feel that at least mid-single digit because of the more health awareness going forward. That is absolutely key. The growth is from a higher base because we made a step up in that. It's a double plus from that perspective. The second half, we also see solid order portfolio. We see that continue. We also know that in the dietary supplement space, we have our i-Health business, which is very strong. It's about 30% of that dietary supplement sales. That is very strong. We're also globalizing that i-Health business, which was predominantly U.S.-based in the past. Thirdly, we are working on market-ready solutions. We work with customers to quickly bring immunity optimizing ingredients to the market. It's surely also a path forward, not only banking on the good trending of the dietary supplements, we also take specific actions on it. Your second question was on early life. Well, you know that that space is a space with a few players. I need to be refraining from a lot of information in that perspective other than macro trends having an impact on the global birth rates. That is basically the growth is not held by the ELN segment for us. The ELN segment is about 20%-25% of the total H&H sales overall. Mm-hmm. Andrew, does that address? Sorry. Yeah, sorry, Dimitri. Can you just spell out whether you've actually seen an improvement in Q2 relative to Q1 on a year-on-year basis or not? Or just give an idea of the direction. For ELN? Yeah. No, we didn't see a change from Q2 to Q1. Similar to Q1. Okay. Thank you. Mm-hmm. Thanks, Andrew. Great. We will now take our next question from Nicola Tang from Exane BNP Paribas. We will now move you into the room. Please turn your camera on and unmute yourself. Thank you. We're struggling to get Nicola in. Yes, I think we might be having some technical issues there. No worries. We will try again in a moment. Next we will take Sebastian Bray from Berenberg. Please be aware that you will be moving in, and turn your camera and mic on. Thank you. Okay, now we have Nicola and Sebastian. Nicola, if you unmute, maybe we start with you. Hi there, everyone. Sorry, Sebastian. Nice to see everybody, and thanks for the presentation. I wanted to ask 2 quite separate questions. The first was, I guess, shorter term and the dynamics in animal nutrition in the second half. In your remarks, you talked about no stocking or destocking, but I was wondering what you expect as in the second half. Do you expect a kind of normalization of the logistics issues and perhaps stockpiling that we've seen, especially as, I guess, some of the temporary supply issues that we've had in the space start to normalize? The second question was a longer-term one on your Scope 1 and Scope 2 emissions targets. I was wondering if you could talk about the relative emissions from nutrition and materials. On an absolute basis, your emissions profile, Scope 1 and Scope 2, is not necessarily high. Certainly relative to the rest of the ingredient space, it's a bit higher. I'd inferred from that the majority or a larger share of the emissions was coming from materials. If that's the case and given your more ambitious targets and also your higher carbon pricing assumptions, does that change at all how you're thinking about owning materials or how you think about managing materials over the long run? Okay, great. Thanks very much, Nicola. Let me maybe kick off with animal nutrition. Here, exactly. What we're seeing is good business conditions pretty much across the board, which is, of course, helpful. Also, if you think of Q3, we have actually a similar situation in terms of the comps, in terms of a relatively weaker comp in Q3, normalize in Q4. Of course, what we also know is that in Q1, we saw this sort of stocking on top of the high Q1, and a little bit, when do we see this normalization of inventory levels? We are factoring in our overall outlook, the fact that we expect that to unwind progressively. It's difficult to call out when, I have to say. Is it Q3? Is it Q4? Maybe we're going to see something like a 2%, if we imagine it splits a little bit over the remainder of the year, maybe it's about a 2% across Q3 and then across Q4. Those are the moving parts. All in all, that still puts us pretty nicely, probably in the mid-single digit for animal nutrition. That's how we are looking in terms of those pieces. Dimitri, do you want to cover the Scope 1, Scope 2? Yeah, with pleasure. The total scope is at the current scope of DSM, 80% is Nutrition and Health, 20% is Engineering Materials and Dyneema. The differentiating factor on where to reduce greenhouse gas has more to do with some of the plans and where they basically use energy. You know that also some of the plants we have in Nutrition and Health are the big plants. There we have enormous energy-saving programs running with some small investments, and then we have a huge outcome. The second element which depicts part of that progress is that what we have seen is that if we acquire companies, then they normally come in with a worse environmental emission status than the standards of DSM. You've seen that we've done quite some acquisitions. As part of the acquisitions, we always ask ourselves the question: how does that impact our sustainability profile? How does it impact the greenhouse gas emissions? If they go up, there needs to be a mitigating plan. That's always part of the acquisition approval when it comes to Geraldine and myself. What we do see is that in certain big M&As, and certainly big M&As in China, we have a huge progress to be made. That is also driving that target. Thirdly, what you do see is that renewable energy is absolutely key to reach that target. We were at 0%, we're now at 69%. We've made huge progress in Europe and in the America. Our next step needs to be in China, where we have a very good manufacturing footprint. There, we need to come to renewable energy as well. It has partly to do with M&A, partly to do with region, and to a lesser extent, your question on where is it in Nutrition and Materials. Yeah. Does that give a bit of background? Thank you. Yeah. Thank you, Nicola. I don't know if we lost Sebastian in the meantime. Yeah. We will now take a question from Sebastian Bray from Berenberg. Please turn on your camera and unmute yourself. Thank you. Hello, everybody. Good afternoon. Can you hear me? Yes, we can. Welcome, Sebastian. Thank you. Thank you for the presentation, and indeed for taking my questions. I would have two, please. The first is on forecast growth in meat consumption. If I take the figure that Dimitri mentioned earlier of $1.7 trillion and take that out to $3 trillion by 2050, the implied CAGR is about 1.1%, which, if you assume, let's say we have 1% a year price inflation, would imply no volume growth in the market for meat over that period. Is that an assumption you're comfortable with, and if so, is 5% per annum organic growth in animal nutrition achievable in the long term? That's my first question. The second is a financial one. JV and financial expenses have been rather volatile over the last few quarters. Could you give us any hints on what we should expect on an annualized basis from these? Thank you. Let me start with the easy one, that is the JV and the financial expense. Well, it's not that easy, actually, because there is no straight line on those lines. What happens on the financial interest line, by the way, is that some of the contracts on energy create quite a lot of volatility because of fair value adjustments. What you're seeing there is typically that's the swing. If we look at, from a guidance point of view, the financial expense, for this year, we're looking at EUR 110 million-EUR 120 million, versus prior year we were at EUR 67 million. The movement there is not actually the cash out on interest, it's the fair value adjustments that now under IFRS go through that line. Probably good to know that the cash element is closer to a steady sort of EUR 60 million. Sorry about the noise, but that is IFRS. When it comes to the associates, there what we had last year, by the way, was the impairment of POET. That's why you had a one-time negative. You see a nice step-up in our associates' performance. That one I would say is a little steadier. We can give you a bit of a breakdown offline if that is helpful. That is why you had such a jump between prior and this year for H1. When it comes to the meat dynamics, Dimitri, do you want me to take it or do you want to take it? With pleasure. Be aware that we are not in meat production ourselves. We are in the ingredients, right? We basically are in the ingredients to make it more sustainable, more healthy going forward. That is an area which is growing faster than just the meat production because we are in the specialty area. Either nutritional values or minerals or the enzymes or the ingredients which replace antibiotics, which reduces emissions, partly will not even be ingredients, they will be services. We feel very comfortable with the mid-single-digit organic growth in that space because it is a specialty part, it's an innovation part. It is triggering some of the trends going forward. You should not compare the meat production with the growth with what we have to offer. You need to distinguish those two. Yeah. Understood. Thank you for taking my questions. Thank you. you. Thanks for coming. Next, we will be taking a question from Sebastian Satz from Barclays. We will now be moving you into the room. Please unmute yourself and turn your camera on. Thank you. Hello there. Hi, everyone. Sorry it took me a while. I've got two questions as well, please. The first one would be on Bovaer, just on your guidance of EUR 200 million revenues, sorry, EUR 100 million revenues in 3-4 years. You said it could potentially be higher than that. Assuming that the demand shapes up a bit more positive than you're assuming it in your business case at the moment, what kind of capacities do you have in place already? How much revenues could you generate from those? Assuming you would need to build a few new capacities, how long would that take and what kind of CapEx implications would that have, please? Then the second question is on Glycom. Unless I've missed this, I don't think you provided an earnings number for this quarter. I think you did that in past quarters. Could you just tell us how the business has done and also how the performance has been and how you think about approvals both in China and the U.S. going forward? Thank you. Sure. First on Bovaer. Indeed, it's a little bit because it's a new space, it's not easy to be certain how we're going to be able to ramp this up. Now, the capacity we have in place in order to meet the commercial launch, so we are able, as soon as we have clearance, to get going. We will, over time, then see the pace at which we go and determine the kind of capacity expansion and CapEx. We haven't yet disclosed what sort of investments we will be looking to make in order to reach the kind of ramp-ups that we're getting to. One step at a time. We're first getting that regulatory clearance. We do have, though, some customers signed up, which is really great. It's not just hypothetically wait till the clearance and then discuss. All of that is happening in the background. We also see basically that the environment is very, very supportive, with the European Green Deal, amongst others. It's all looking very good. As we progress on using the existing capacity, we will share a little bit what the trajectory will be in terms of capital investment and ramp-up. That's where we are on Bovaer. Dimitri, do you want to give the Glycom update? Yep. No, super. Glycom is now fully integrated in our early life nutrition business. It is now integrated in the ARA, DHA space. You also know that we have approved HMOs in Culturelle. This is a year after acquisition. Integration went well, that's the reason why we don't report it separately. I can give you a bit of background on the numbers. In 2020, we had about EUR 7 million EBITDA per quarter. In 2021, you're seeing Q1 around EUR 10, Q2 about EUR 8 million, let's say on average a EUR 9 million EBITDA per quarter. We expect a step-up of around EUR 15 million from 2020 to 2021. Important point is the approvals. We're already approved in the U.S., we're working with customers for HMOs containing launches. In China, we have required regulatory approval, and we expect that somewhere end 2023. It's a bit of a black box, obviously, but there's a lot of push to make that work, also from a China perspective. We need to have that regulatory approval before we can start launching products. Overall, a bit of a delay in initial phase of COVID, where people were a bit hesitant to go into all types of approval processes in their labs. I have to say that it's slowly opening up, and we see quite some traction now also on the approvals and lab work done. Overall, I think a step-up versus where we started from last year. Great. Thank you very much. Thanks. Next, we will have Matthew Yates from Bank of America. We will be moving you into the room now. Please turn your camera and microphone on. Thank you. Hi, everyone. Hope you can hear me and see me. Welcome, Matthew. I had a question- We can hear you, we can't see you, please go ahead. Sorry. Okay, I'm sorry. It's only been two years of lockdown. You would think I'd mastered Zoom by now. Right. I had a question about what you call your other nutrition business, which is EUR 1 billion of revenue. It's not a small business. My question very simply is, why do you call this other? It gives a bit of the impression of being somewhat miscellaneous and non-core. I'm just wondering about internally, how this business fits into your kind of matrix model to leverage the benefits of the nutrition platform. Is there a distinction here between how it's run internally versus how maybe it's presented externally to the financial markets? Very nice question, Matthew. I see you smiling, Dimitri. Do you want to take this one? I'm very happy with that question. I think Matthew will remember that when I started as co-CEO, I was making jokes. Let me tell you a little bit about this other nutrition stuff. By the way, that's EUR 1 billion in terms of turnover, so it's not nitty-gritty, and it's absolutely key as being part of our Health and Nutrition business. Why is it being reported separately? Because today it is managed separately. Food Specialties and Hydrocolloids were, and are, two separate units, and have their own P&L and their own organization. The same for Personal Care and Aroma. That is why she ended up at other nutrition, but it fully fits into our Health and Nutrition space. I think it is also something which we're working on to see, hey, in terms of route to market, is that the best way going forward? Geraldine aligned quickly on some of the realignment of some of the organizational route to market. This is something which we're thinking about, and it does make sense because, for instance, in DFS, there is quite some overlap with the food and beverages. There's overlap in route to market to customers. A fair point. It is on our radar screen, but it's derived from the fact that today Food Specialties is run as a special unit, and Personal Care and Aroma is run as a special unit. Thanks for taking the question. Thanks, Matthew. Perfect. Next, we will be going to Mubashir Chaudhry from Citi. We will be moving you into the room. Please turn your camera and microphone on. Thank you. Hi. There you are. Welcome. Thank you. It's all working very well so far. Let's see. I had a couple of questions, please. Can you talk about your margin expectations for materials going forward, given the kind of potential weakness or potential kind of supply chain headwinds expected into the second half? If there's some comments around that, would be helpful. On the JV and associates side of things, are you able to provide any timeline for when the remaining parts of the ChemicaInvest business are, or when they can expect that disposal or some newsline around that? Then just finally, on slightly on the long term, given the efficacy and the ambitions around your kind of Bovaer product and the current meat market, can you talk about your assumptions behind the $1 billion-$2 billion market size? Maybe I'm a bit too new to this, but this feels quite small compared to the overall meat market, and it just feels like, is that kind of a penetration rate or something? What's kind of driving that market size assumption? That would be really helpful. Let me start with the margin, because indeed it was actually a mistake on my part. I forgot to comment on it in my opening comments. What you see in our materials margin for the first half, and particularly in Q2, is it is very high. It is at 24.6%, which if we take a more normalized margin for our materials businesses in the new scope, so on the continuing operations, it is more around 21%. The reason for the high margin in Q2 is really the positive pricing momentum and actually the fantastic work done by our teams to really stay on top of what is an inflationary environment out there in terms of raw material costs, but also in terms of logistics and transport costs. These are things that we are very proactive, and to the nature of our portfolio, which is very much a specialty portfolio. These are conversations that one can have with customers. You have to stay on top of it. Therefore, looking forward, please let's not extrapolate 24.5% as the new normal. That is not the case. We do not feel that we have a major margin challenge going forward, barring maybe a bit of a timing gap. Sometimes there's a little bit of a temporary squeeze. It really depends on that momentum. Thank you for raising the question because that was actually a miss on my part. In terms of the associates, indeed we've divested with CVC the part of AOC which will bring us EUR 300 million also in the second half. The remaining stake in associates is actually in AnQore. It's a 35% stake. There is no specific timing we can provide. I mean, we are a minority shareholder in this. It will be a value creation decision when the best timing is for that to be monetized. I'm afraid we really can't provide any forward guidance on that. It's very much an alignment of buyer-seller market conditions, and we will see when that happens. Obviously over the years, we've actually generated a fair amount of liquidity through those divestments over time, which is nice to see. I don't know, Dimitri, do you want to comment to the market potential of $1 billion-$2 billion on Bovaer? Yeah, let's try to give you a bit of background. As you may know, there are about 1 billion cows in this world. I didn't know. When we started Bovaer, I learned. Out of that, 750 million is for beef. 250 is meant for dairy. With Bovaer, we are predominantly first focusing on the dairy cows because there we see we get a premium in terms of sustainability. We work with key brand owners who position it as sustainability. These cows, you feed 1 spoon a day for these methane reduction of 30%-40%. If you calculate that well, basically we say it's around 1 billion. You can imagine that is Don't quote me on behind the comma. This is a rough estimate on the back of an envelope, but with a bit more content to it than only the back of the envelope. It's only a small part of the total. If this is really working, obviously we have expansions possibility outside only dairy cows, but we started with dairy cows first. That's very helpful. Thank you. Thank you. We will next go to Isha Sharma from Stifel. We will be moving you into the room, please turn your camera and microphone on. Thank you. They're testing our patience. Isha, we see you now. Hi, good afternoon, guys. Nice to meet you. This is the very first time. I wish it were more personal rather than virtual, but this is still the next best option, I guess. I have a couple of questions on your innovation pipeline, please. As I understand, there's good progress on the methane inhibitor space with startups like Agolin and Mootral, and they seem to be quite ahead of the curve. I would like to understand how Bovaer is positioned in this space and how you differentiate yourself from the other methane inhibitor feeds that are available. On Veramaris, then, also you seemed much more optimistic last year with an indication of even possibility of doubling your capacity. The targeted sales don't seem too ambitious. Is this just a COVID-driven thing, or is there more to it than that? The last one, if I can squeeze one more in, is on EverSweet. There is different processes to make a stevia-based sweetener, right? As I understand it, that you do not exactly get a non-GMO certification when you use a fermentation process. Is that true and how does it work in the bigger scheme of things? Are you confident of your product? Just, again, in the same way, a little bit more on the comments on competition would be great. Thank you. Sure. Let me start with the Bovaer and Veramaris, and nice to meet you virtually. When it comes to Bovaer, I think it's very important to highlight that this is a technology that we've been working on for 10 years plus, that has more than 45 very sizable studies involving, I think we estimated, in excess of 10,000 cows across a huge number of countries, to validate the science. Not only the science of short-term methane reduction, but really the long-term impact on the animal, on the milk, on the meat, on everything. Just to add some statistics, with 35 peer reviews to go alongside with that. There is nothing out there that has the similar level of scientific backing, because the vast majority of the other solutions that are out there are seen as a feed ingredient, be it an essential oil or a garlic or something like that, and therefore hasn't gone through the scientific scrutiny and the validation that Bovaer has had. That's the reason why I have to say that when we talk to either governments like New Zealand, who is the first country to have an actual target on enteric methane reduction, or to the EU, or to all of the customers that are interested in this on the dairy space, we are the credible long-term party that they are talking to. That's really how it's going. The fact that there are others out there looking at this, I think just shows that this is not as quirky as it may have sounded when we launched it as the Clean Cow many years ago. People looked at us and going, "What are you doing the innovation on?" It really was seen as a very peculiar topic to be working on. Now, you have the Burger Kings who want to have low methane burgers, et cetera. It's become a very valid topic of conversation, and that is actually what is fantastic is that this is coming to fruition at a time when the background and the backdrop from a regulatory, but also a societal point of view is perfect. That's how I would position us versus competition in that space. In terms of Veramaris, to your point, there's a little bit of a combination. Veramaris did suffer a bit, not because of our technology or our ramp up or anything to do with us, but really the salmon industry. What we're seeing is that, of course, during COVID, it really suffered from a salmon pricing point of view, which made it a bit harder to onboard some of the retailers because they closed the fish counters and things like that. It was very much a bit on the back foot. What we're seeing now is with the reopening of the economy, this is going better. In that sense, we have some nice developments. For example, in Norway, six out of the 10 leading fish farming companies are with us. We're seeing good growth on the shrimp growth as well, because it's not just salmon, it's also the shrimp industry. We're making good progress on the discussions on the application as well for pet food, because there's actually a lot of these oils that also go into pet food. In fact, we're very comfortable and confident that this is heading in the right direction. What we're mentioning here is actually the sales of the existing facility. The 150 is really the capacity of that site. Now it is a fermentation process and therefore, the yields can improve beyond that and you can do debottlenecking and take it a bit further. Now we've decided, okay, let's focus, let's bounce back from this slightly soft market background and really get the ramp-up going. As we hope the economies and particularly the restaurant industry, and the retailers sort of give a tailwind to the salmon industry, in the months and quarters to come. That's the backdrop on Veramaris. EverSweet? Yeah. EverSweet. Yeah, it's a GMO-free product, so it's not genetically modified. That's also how it's been done. Obviously, it's a fermentation process, where we use bugs to ferment the product. That's also the beauty of the product, by the way. It is difficult to say something objective about the quality of EverSweet compared to others, because I'm subjective, because I'm the co-CEO of this company, so everything you refer to yourself. I think it's the best-in-class reference by far in the industry, and I say this as objectively as I can, but I also have a reason to tell. We are the unique technology where we put Reb M and Reb D together, where there is sensory benefits to it. That plays an important role if you're going to create a mouth taste. What I've learned from our customers is that's absolutely key, and we are absolutely best-in-class. In addition to superior stability, because if you want to do mixtures, you need to have a superior stable product. Those two elements, we are absolutely best-in-class. Nevertheless, in this market, like with other innovations, like Geraldine was saying on Bovaer, if there is competition, we don't see that as bad, because we're going to develop that market together. We need to go to a society where sugar is being reduced. Sugar is not good for your health, so we need to find alternatives to that. Apart from the fact that I'm absolutely objective that we have the best technology and the best product, even if there will be a competitor, it will not hurt us. Maybe it will even accelerate the market expansion going forward. I hope that gives a bit of background. That's super helpful. Just if I may, the labeling of the product, you cannot say that it's non-GMO. You don't have to say that it is GMO, but you also cannot claim that it's non-GMO because of the fermentation process. Is that a correct understanding? No, we can label it as GMO-free. Obviously you need to create all types of requirements just to make sure that you can register it as such, right. With that product, it is key to work together with your customers. In our processes, it's a GMO-free product. Understood. Perfect. Thank you both. Thanks a lot. Thank you. Looking at the time, I'm going to call in Dave Huizing, just to see with the operator how we're doing on the queue of questions, because I do realize we overrun a bit on the presentation. I don't know if we want to keep going another 10 minutes or so. Hi Geraldine. We currently have 3 people waiting to ask questions. I suggest indeed that we do those 3 then. Okay a look. Yep. Let's do those three and then we round off. Thanks. Perfect. Who's next? Next we have Martin Roediger from Kepler Cheuvreux, we will be moving you into the room. Please unmute yourself, turn your camera on. Thank you. Hello, can you hear me? Yeah, we can hear and see you. Thanks. Two clarification questions. First on Bovaer. This sales target of EUR 100 million in 3 to 4 years, is that solely based on the regions you tackle for commercial launch, i.e. European Union, Australia, New Zealand, or would that figure be higher if you launch the product in other countries, such as, for example, the United States or in China? Are there any regions or countries where you will not at all launch that product? That would be my first question. You have another question? Yeah. The other question is on Veramaris. Just to clarify here, in former times you saw the sales potential of being between EUR 150 million and EUR 200 million for that, and now you say EUR 150 million. I understood what you said about the COVID pandemic and therefore the delay, but is that softer outlook for the sales potential by having the same capacity, is the outcome for that the salmon farmers are asking for a lower price for that product and therefore you had to, let's say, recalibrate then the sales potential? Okay, good. Thanks very much, Martin. Let me start with Bovaer. Indeed, the current sales projection is in the markets where we see that we have a chance to, of course, get the registration, and those who are waiting for the EU registration to move. For instance, we know that in New Zealand, they're very keen to see the EFSA clearance come through. Of course, the whole of the European space will be covered by the EU clearance. For instance, we see that Australia, technically, we would be able to commercialize already, but they are also keeping an eye on the European registration as a kind of a validation. This kind of three-to-four-year potential is really linked to the geographies where we know that we will have an ability to commercialize once we unlock the European registration. There are other geographies that we can contemplate, but the timelines will vary. One of them is actually, some of them are in Latin America, interestingly. There are countries like Uruguay that are really looking at the footprint of their bovine population, let me put it that way. There's a lot in the pipeline of work looking at which are the countries where governments are also expressing a strong interest relating to the Paris Agreement and the impact of methane in that picture. As you know, we also did quite a lot of trials in North America, in Canada, amongst others, and that would be a geography that comes a bit further down the road in terms of clearance to commercialize. That's broadly the picture from a geographical point of view on Bovaer. On Veramaris, Dimitri, do you want to comment on that one? On Veramaris, indeed, we always give a range. Remember that we now say EUR 150 for the next 1-2 years. I mean, it's a shorter period. You also know that this is fermentation processes, so the bottlenecking expanding is part of it. I would not be too hang up on the range. We have seen that Veramaris has passed the station of a scale-up. Eventually it is commercial business, tens of millions of EUR business, which we have seen last year, and we see that happening. In that sense, I will review it as such. We always get questions, "Are you interested in buying a new plant?" We said, "Well, let's fill the first plant first." Remember that one plant is about 15% of the total market, so it's more in the range to it, and also in terms of the timing, which we've indicated in the next one to two years. Thanks. Thanks, Martin. No, thanks. Our next question will come from Massimo Bonizzoni from Equita. We will now be moving you into the room. Please turn your camera and mic on. Thank you. Massimo, we can see you. Hello, Geraldine. Hello, Dimitri. Nice to see you. Mike from London. I am curious to hear if you have any thoughts on the Fit for 55 program package of the EU, both the direct and indirect implication for DSM. I would have assumed a more aggressive stance on emission cuts in agriculture and farming. I see you are pretty confident in regulatory approval in EU for second half for Bovaer. Any thoughts about? Dimitri, do you want to take that? Yeah, thanks. Grazie, Massimo. Good question. Fit for Growth, Fit for 55 is absolutely key for the European Union, is also key for accelerating innovation. This is absolutely good news for us. It will drive people to rethink about their greenhouse gas emissions, I've just indicated in my animal nutrition and health presentation that it's all about emission yield and health. This will help us going forward. Secondly, it will help the value chain. You've seen that we also committed to extend our greenhouse gas emission in absolute terms to half that in 2030. In that sense, it's also in line. Be aware that the '55 target of Von der Leyen's in the EU also includes service companies, banks, and the likes. That's a bit easier. I think we, as a production company, committing to 50%, I think is really good news because it means that the value chain, all players in the value chain, have to improve on their emission standards. That will help emissions, that will help our innovation come to life and maybe in a more accelerated form. We still need to see what the approvals will be and how quickly all will be implemented. DSM is all supportive for that, not only because of we feel it is a human responsibility to look forward for our next generation, but also because it business-wise helps us in accelerating the innovations. Massimo Bonizzoni, maybe to your point of the broader ambition. I think what you're seeing versus the agricultural space, and it was also very apparent in the pre-UN Food Systems Summit last week, is actually the livelihoods linked to agriculture. I mean, when 30% of people are involved in food production, you see there a little bit the tension with some of the political decisions taken around food. We are very, very supportive, as Dimitri de Vreeze said, when it comes to the border tax, although we would much rather that the fight against climate change be global. This may be a necessary and useful step in the meantime. Maybe one last piece around that is that we've increased our internal price on carbon. As Dimitri de Vreeze had presented, to EUR 100 per ton, very much reflecting the fact that we expect carbon to keep going up and have a meaningful cost. That is driven by, of course, the policies taken by the European Commission on the whole trading platforms. Very supportive. Of course, I think over time, you will see a bigger or stronger correlation with food production and agriculture over time. Thank you. Thank you. Our last question will come from Fernand de Brouwer from Degroof Petercam. We will be moving you into the room. Please turn your camera and microphone on. Thank you. Maybe audio, but not on screen? Yeah, no. No. Hi, Fernand. Can you hear us okay? Yeah, I can hear you. Can you hear me? We can hear you. My video doesn't go on. Okay. Sorry. Okay. Camera should also. It's because most questions have been answered, thank you for that. Very briefly, you mentioned that you are going to announce some organization restructuring in September. Does that come again with some restructuring charges, or have those already been taken in the first half? If you look at the last few years, every year there has been quite a sizable amount of restructuring charges, it's going to be a kind of habit in my view. Could you answer? Okay. Yeah, Fernand, thanks. We do see you now, actually, so welcome. Thank you. What we're really looking at is predominantly realigning our company. Looking at the impact of the carve-outs, and of the acquisitions, and how we organize ourselves, and that has been the fundamental part of what we do. Now, as a company, we have from time to time to also look at our efficiency, and that is something that all companies need to do. We're not announcing necessarily a restructuring, but more the how does the realignment work going forward and taking DSM forward in the right alignment with our end market. It's very much what we were referring to in November, and we've been doing a gradual rollout, and the next phase is in September. Now, occasionally, the one-time expenses that we need to take in order to structure our company correctly, we always find that these things are worth doing and are necessary. This is part of adjusting to a changing world, is that you have to adjust your company. That's more of a generic reflection on your comment. Okay. Thank you very much. Thanks. I think I will therefore wrap up on behalf of Dimitri and myself. Firstly, thank you for bearing with us. This is a new technology, a new platform, so we have to learn a little bit the timing and how it all works. Hopefully, you found it useful and more engaging than just the voice-only earnings call. Key messages, very strong 1st half of the year. Very confident outlook on our Nutrition business, both in Animal Nutrition and in Human Nutrition. In Materials, a fantastic 1st half, amazing work from our colleagues, but with a bit of a warning in terms of the extreme tightness in the supply chains in the 2nd half. All put together, an increased outlook to mid-teens EBITDA growth for the full year. With that, I thank you for your time, your interest in DSM, and look forward to speaking with you all very soon again. Bye. Stay healthy.