Good morning, and thank you for joining today's call. I'm sitting here with Dimitri de Vreeze, our CEO, and Ralf Schmeitz, our CFO. This morning, we published our first half 2025 results together with a presentation to investors, which you can find on our website. Here you can also find our disclaimers about forward-looking statements. Following Dimitri's and Ralf's opening comments, we will open the line for questions. Importantly, and as a reminder, sales analysts who want to ask questions will need to register via the questioners link, which they can find on our website in the financial calendar. If you have not done so yet, you can still switch now. With that, Dimitri, please go ahead. Thank you, Dave, and indeed, welcome to everybody on this, I think, very busy day for you guys. I appreciate your dialing in. I want to start with a little bit of the journey we're at before we're diving into H1 and 2025. You know that we have depicted our journey, and we are moving rapidly towards the accelerate phase. I'm very happy to see that we made quite some progress during the first half, and you've also seen that we've closed the feed enzyme business in the Animal Nutrition & Health, and also something in the tuning portfolio. You've also seen that we've made quite some progress on the integration synergies. We promised $200 million, $100 million last year, $100 million this year. We're delivering on that. The same for the vitamin transformation program, two times $100 million. Also, that is in progress to be delivered, another $100 million this year. We made quite some progress on the portfolio, on the tuning. The agro ingredients still left. We're going to do that this year. You've also seen the ANH separation, that exit process is advancing. That's also the only comment I'm going to make on the ANH separation. I know you have lots of questions, but my comment will be, it will be the only thing I'm going to say is that the exit process is advancing already, to make that clear upfront. We move to the accelerate phase, building a company where we will be consumer-human focused around well-being, with the microtrends around nutrition, health, and beauty, bringing progress to life by combining essential, desirable, and the sustainable. We are a people-planet profit company. Moving in that accelerate on the core, very clear that the next priorities will be that we will grow what we have. We'll show the potential of the portfolio we have in the consumer space. We'll anchor what we do. Remember, we are two years on our journey. We will anchor what we do to build a house for the future with a strong foundation, and we're going to deliver on our promises. Just as a reminder, those promises are linked to sales with 5% - 7% organic sales growth, an adjusted EBITDA quality of between 22% and 23% in range, and a cash-to-sales conversion of above 10%. For the ones who think that's conservative, we also said that we'll review that after the exit of ANH. With that, let's give you some color on the three business units in the consumer space. Let me start with Perfumery & Beauty. Go to the next slide. You see three fantastic examples of innovations, of fantastic developments in our breed and innovation pipeline. Just remember that Perfumery & Beauty has a unique business model. This business model has to do with a fantastic ingredient toolbox coupled with creation capability. We strongly feel that the future of Perfumery & Beauty is anchored in two competences. One is the quality of the palette, so that's the ingredient toolbox, the palette. One is the quality of the creation capabilities: fragrance development managers, perfumers, very close to our customer. I think we've done a fantastic job on both. We have invested in our creation capabilities, but we also invested in the journey of ingredients. Just let me remind you that we had an ingredient portfolio of $1.1 billion in Perfumery & Beauty, where we have last year deliberately decided not to rebuild Pinova and exit that low-margin business. We also said that we will refocus our terpene business at the same time. You also know that we're working on finding a new home for the agro ingredients business, as well as the the Animal Nutrition & Health. That means that the portfolio on the ingredient toolbox, one of the two anchors of this unique business model, has been tuned to around $800 million of high-quality, high-margin ingredients, which we sell externally. Maybe remind you that it's coupled with around $700 million to $750 million of fine fragrance ingredients also in the space of DSM-Firmenich. Overall, we are pretty much an ingredient palette unique case coupled with creation capabilities as we have. Very happy to see that for the future. If we look at the fantastic ingredient which we have developed, I would just want to highlight one. That's the middle one. It's AmberEverb. It's a fermentative ingredient which we have developed and we have launched in the market. It's a dry, woody, sensual amber smell. It's one of my favorites, and it's absolutely long-lasting, and it's really helping to grow and to win with our customers. For the first half, we saw continued momentum in fine fragrance, consumer fragrance, as well as in the ingredients. We saw UV and aroma not helped by the force majeure of the supplier. We expect that to normalize for the second half of the year. That means that for Perfumery & Beauty, we feel very confident that we have a mid-single-digit growth level for the second half. Let's move to Taste, Texture & Health. Also there, quite some innovations in the pipeline. If you go to the next slide, you can see that on the slide on the innovation. Also here, the same unique business model. Creation, uniqueness, customer intimacy, coupled with a fantastic ingredient toolbox. That ingredient toolbox is also banking on what we call the blue ocean space. A business where we see a lot of requests from our customers to reduce sugar, to reduce salt, and to reduce all types of ingredients to add healthy ingredients to food. We do see that those food markets are on the move. If you look at the brief, if you look at the innovation pipeline, the reformulation for healthier products while keeping the fantastic taste and texture profile because consumers are not willing to compromise on that. That is where I think the strategic rationale of the merger of DSM-Firmenich absolutely comes to play. You see that happening in the synergies with a 2% growth, which we have reported. A nice example here on the left side, we have developed an alcoholic flavor that is non-alcoholic. Also here, consumers are not willing to compromise. They would like to cut down on alcoholic ingredients in their drinks, but they would like to remain having that taste. A NovaSense is that innovation which we've put to market and is helping us to grow in the TTH area. Looking at our brief and our innovation pipeline going forward from H1 into H2, also here, we're confident we can continue the mid-single-digit growth for TTH, Taste, Texture & Health. That brings us an inroad into Health, Nutrition & Care on the next slide. Also here, very happy that we booked the fourth consecutive quarter of growth, as well as an improvement on EBITDA. Backed by growth through recovery in dietary supplements and in early life nutrition. Here, an absolutely increasing awareness of consumers and customers of the importance of preventative health, also coupled with the aging population. People do care more and more about their immunity. We see that reflected in our innovation and brief pipeline. Also interesting to see that weight loss management trends are boosting our innovation pipeline. Good health, high fiber content, muscle buildup, fatigue, probiotics are areas where we do see Health, Nutrition & Care are well positioned to continue their growth. We see that if we look at our brief and innovation pipeline. A nice example here, fueling health from within. We all know that GLP-1 is a popular trend. However, you do see that that creates good health problems as well as probability of lesser muscle pickup. Protein drinks, and you see that if you go to the shelf at supermarkets, while remaining the taste, absolutely key, adding probiotics to improve your gut health is absolutely an area where we do see growth. With that brief and innovation pipeline in Health, Nutrition & Care, really full of these innovations, we are confident we can continue the mid-single-digit growth also for the second half in Health, Nutrition & Care. That brings me to the financial highlights for the group. If you go to the next slide, happy to say that we have booked 7% organic sales growth. We have a step up in EBITDA, also on our journey to improve on the Adjusted EBITDA margin, with, I think, a good trajectory going forward. The cash flow was a bit modest, but Ralf will highlight that a little bit, mainly because of timing of payments. Inventory was under control, so I think that's good news. We are fully confident that we can deliver on our cash flow target for the full year. With that, Ralf, over to you for a bit more color. Good. Thank you, Dimitri, and you covered already quite a few highlights, but let me zoom in a bit of detail and immediately zoom in. You already said it's a busy day. I really appreciate everybody online. I think it's not only a busy day, but a busy week for you guys. Let's zoom in. Yes, overall, a good performance in the first half year. Overall, 7% organic growth as highlighted on the slide you've just shown with a continuation of a good performance in the Taste, Texture & Health business and Health, Nutrition & Care, both reflecting a 6% growth throughout Animal Nutrition & Health, a continuation of an improvement of the underlying business conditions, which is something that we have been focusing on on the back of normalized pricing in the industry. Of course, the business was supplemented or supported by the temporary vitamin effect in the first half. I'll comment on that a little later. Also, our Perfumery & Beauty business continued to see good conditions with good growth, as Dimitri highlighted in our perfumery business, our fine fragrance, consumer fragrance, and ingredients. In our beauty and care business, we've seen the destocking effect of the UV filters. We guided for that. We also explained the reasons and the rationale for that destocking effect in a Q1 call. We've seen that continuing into the second quarter, but with that fading out. We'll see that mid-single-digit growth also on a reported basis in our Perfumery & Beauty business going into the second half. From a margin perspective, a 3% step up in margin. We're now well into the 19%, both in Q1 and Q2. Also, the absolute EBITDA step up is very encouraging with an over 20% step up in our organic performance, supplemented with the benefits of the temporary vitamin effect. Now, if you look at that organic performance of over 20%, over $100 million is coming from organic growth in our businesses. Then there's another $95 million contributing in the first half, which is perfectly in line with our committed contribution from the synergies from the merger and our vitamin improvement program. As said, the temporary vitamin effect in the first half is around $125 million. At the same time, we've seen FX deteriorate into the second quarter. We had a hit of about $25 million, which was a bit bigger than what I originally guided for, which was around $15 million. We've seen the rates worsen further. Also, the deconsolidation effect of the divestments has an impact of about $30 million in the half. Let me remind you, this relates to the yeast extracts business that we sold in our Taste, Texture & Health business, the marine lipids that we divested in our Health, Nutrition & Care, and also the deconsolidation of the feed enzyme business that we sold to Novonesis, which completed as per the start of June. Zooming in a bit more on the dynamics of the most recent quarter on the next page, looking at Q2, we've seen very much broadly consistent dynamics across all of our business into the second quarter. Same growth momentum and same elements supporting that growth. Overall, the quarter has shown a 6% organic growth, so very much consistent throughout the half. The main difference really versus the first quarter is the headwind from FX that started to play. At the same time, we've seen the temporary vitamin effect leveling off throughout the quarter. In Q1, we had a contribution of $85 million to EBITDA. In the second quarter, $40 million on the back of the unwind of that price uplift related to that force majeure. Also, from a margin perspective, a strong step up on margin. Overall, EBITDA margin is up 19%. Coincidentally, that's also the EBITDA margin. We see a continued improvement on that front. We guided earlier, expect about a percent step up in margin over the years. This is perfectly in line with that plan. Again, looking at the building blocks of that step up in margin, here on the page, you see at your bottom left, the 20% organic performance. Over half driven by our organic top-line performance, the other half coming from our commitment around synergies and vitamin improvement program. The temporary vitamin impact in Q2 of about $40 million was basically offset by the negative impact of FX. The $25 million that I alluded to earlier was fully recorded in the second quarter. Also here, we see an M&A effect of about $20 million in the quarter. As said, margin stood at above 19%, which is an encouraging trajectory and in line with where we want to go. Let's zoom in into the businesses on the next page, starting with Perfumery & Beauty. Here, we've seen a good demand across fine, consumer fragrance and ingredients, as alluded to earlier. We saw the weakness in Beauty & Care on the back of the destocking and sun filters, so that has been impacted. We talked about that at Q1. We've seen a similar dynamic into the second quarter. Hence, our reported organic growth is 1%. You see that the impact of FX is marginal in the first half of the year. Adjusting for that destocking effect in UV filters, our reported organic growth would be mid-single-digit, in line with the strong dynamics that we've seen in our fragrance and in the ingredients business. Zooming in a bit on Q2, the investor presentation has all the quarterly bridges for ease of reading. It's nicely built up on the halves and quarters. In the interest of time and leaving enough time for Q&A, I'll just voice it over in this presentation. Looking at the second quarter, again, favorable conditions in Perfumery. Beauty & Care was impacted by UV filters, as I said before. What we also saw was a bit following the force majeure at a supplier. Also, our aroma sales were impacted by lack of availability of material. When you adjust for that, we have a mid-single-digit performance in our Perfumery & Beauty business. Margins, nothing to mention, largely in line with last year, despite the negative impact from FX and some one-off costs related to that force majeure. Encouraging results. With the normalizing effect of the aroma, given that the force majeure is lifted, at the same time that destocking effect of UV filters will not come back. You heard Dimitri say that we are comfortable with an outlook of mid-single-digit for Perfumery & Beauty going into the second half. We'll be able to also then show that as recorded organic sales growth with a continuation of the strong margin performance in P&B. Moving on to Taste, Texture & Health on the next page, please. Continued strong growth. As a reminder, last year, we've seen a 9% growth throughout the year. Q2 had even 11% growth with even stronger volumes. Looking at the overall growth in Taste, Texture & Health, a 6% organic growth continuing, reflecting also the benefit of the combination and the benefits of the merger. In that growth of 6%, 2% is coming from synergies. We see that nicely coming through. As a matter of good practice, I keep on repeating the pipeline. Two-thirds of our synergies will be delivered by our Taste, Texture & Health business, and that is growing very nicely. Meanwhile, that pipeline has increased to over $375 million of leads. The win rate, I commented on that earlier, we see that above average in the pipeline. With a very good win rate, the wins are well over $135 million, and we meanwhile invoiced over $125 million. Just to put that in perspective, we meanwhile delivered about 40% of the targeted synergies in Taste, Texture & Health in this period, which is very encouraging to see. It's great to see the confidence in the sales teams in our business. Now, looking at the overall dynamics in the market, there is strong growth in beverages and dairy, and local and regional accounts are fueling our growth. In Q2, same dynamics, a 5% growth. Keep the comps in mind. We had 11% growth in the second quarter of last year. This is a continuation of the good dynamics in our Taste, Texture & Health business. It is encouraging to see the constant margin development as well. There, we also wanted to see a constant upgrade of margin. We've seen that with a step up of 1% year over year. Overall, the margin in the second quarter landed at 20.5% on a reported basis. I do want to stress that we're still selling the material to Le saffre at cost, which will be ended by the end of the year. If you discount those sales that don't add calories to the bottom line, the margin is actually exceeding 21%, which is nicely in line with the guidance that we gave. It fits the plan that we have for this business. Continued good conditions in Taste, Texture & Health. Also there, we made a good start of the third quarter in July. Moving on to the next page, to Health, Nutrition & Care. Also here, strong conditions. Dimitri stole a bit of my text with four consecutive quarters of good growth and strong growth where you see dietary supplements moving up and also early life nutrition on the back of good demand for our HMOss. Dietary supplements are very driven by preventative health. Also here, you see the conversion of marine lipids to algal-based oils getting good traction and supporting that overall growth. In the first half, 6% organic growth, all volume-driven in Health, Nutrition & Care. We see a constant margin improvement as well. The half was at 18%. Looking at the dynamics for the second quarter, you have the details in the investor presentation. Same growth profile, good growth across all the categories and regions. Also a 6% organic growth in our Health, Nutrition & Care business, and margin was at 18.5%. That will continue to improve going into the second half where we will hit the 19s as well. Here, great trajectory in terms of margin improvement. We said with the volume coming back in the business, we'll also see that moving upwards. As a reminder, we started at 15% at the start of 2024, and we meanwhile moving into the 19% into the second half of the year. A good continuation of the journey in Health, Nutrition & Care. Last but not least, on Animal Nutrition & Health. Overall, very strong growth as one would expect. I always look at the pricing factor through a different lens. I look at it how much is related to a restoring and a normalization of pricing and how much is supported by the temporary vitamin effect. In the half, that's about 50/50. You see that shifting into the second quarter where that impact of the force majeure is fading out. You see also a continued strong performance in the second quarter on pricing. Overall, we also see a good volume uptake. I do want to call out performance solutions continues to deliver a high single-digit growth on the back of a high single-digit growth last year. Another strong performance in the first half of that business. Margin-wise and absolute EBITDA, a great step up. Overall, the percentage is something that is difficult to pronounce in terms of an EBITDA step up. I look at that in terms of absolute numbers. Over $250 million step up in EBITDA, of which half is related to the force majeure, but the other half is really about improving the underlying conditions in the business. Overall, the margin profile is healthy. If you discount the impact of the force majeure, margins have meanwhile restored to 14%. We continue to improve on that front too. Maybe also as a voiceover, dynamics there, very much similar conditions in the second quarter as we have seen in the first quarter with a strong organic growth as well. As said, a pricing effect of 15%, of which two-thirds is related to the underlying business. On the next page, what does that mean for our KPIs across the board? You see a strong improvement there as well. What you see is that the increase in sales and organic growth and the resulting EBITDA step up have found its way in all of the metrics. You see that step up in EBITDA nicely flowing through into EBIT. We don't have any leakage on that front. A good step up. That has also flown through into the net profit line. We do want to make a comment on the earnings per share. There is about a $0.30 impact there related to an accounting entry at the associates, Katie Farmer. I remember that we sold the marine lipids business to them. They had a delay in processing everything at their end, and hence, we took some accounting and non-cash adjustments. That's a one-off adjustment in terms of some value adjustments at their side, but we had to reflect that in our numbers as well. It's a non-cash adjustment. It's not recurring, but it did have an impact on the earnings per share in the first half. I just want to make sure that that was understood as well. The rest, you see the nice business results flowing through all the way down to the bottom line. That also improved our ROTI substantially. Overall, our core ROTI is up into the double digits. We mentioned that in a voiceover that we saw that improvement at the start of the year, and it's all related to our improvement of our EBITDA and margins. Also, when you adjust for the force majeure, we're close to a double-digit core ROTI performance for our business. Now, cash flow was a bit softer than last year. Dimitri de Vreeze highlighted that and gave you a few insights on that on the next page. Overall, our operating free cash flow was about $200 million below prior, and it was merely around timing of payments where we saw some payment runs that got accelerated into the half, not necessarily, but we don't actively steer on that. That will unwind throughout the year. Also, our STI payments are usually made in the first half of the year, and that obviously reflected the strong performance over 2024, whereas 2024 was only reflecting three-quarters because that related to the short-term incentive payment for employees for the period after the merger. That effect will normalize throughout the year. If you look at some of the underlying drivers, all very much under control, you've seen that working capital as a percentage of sale improved versus prior year, but it's somewhat elevated versus the year-end. Part of that is seasonal. We always see that. We land at the end of the year below 28%, and I wouldn't see a reason why we would not be at that point. You'll see all these effects normalizing. We control our cash out around CapEx whilst we continue to invest for the future, and that came in also in line with the guidance of 6% of sales. The underlying metric is good. I do want to highlight that we make continued progress in. Reducing our inventory, although in the first half, we did allow ourselves a somewhat higher level to make sure that we deliver upon our commitments to our customers and help them navigate through a bit of a volatile economic environment. As said, also that will unwind again in the second half. We've seen the first effects of that already at the end of June. For good housekeeping, also on the next page, a bit of net debt. Overall, net debt continues to decrease as well. You would expect that on the back of the divestment proceeds from the sale of the feed enzyme business. Overall, we collected EUR 1.4 billion in line with guidance. At the same time, as you know, H1 is characterized by a good dividend payment because we maintain that as well. At the same time, we've seen the first outflow for the share buyback, and we bought back the minority stake of our under-packed-in business. All in all, continued progress in net debt as well. Looking into that, going into the second half, we'll see a continued good step up in our operating performance. I remember last year as well, where we delivered over EUR 1 billion of operating cash performance in the second half. I also do want to call out that we will be paying for the remaining part of the share buyback in the second half. When you model that, please take that into account. A housekeeping notice: when I look at net debt, I include the hybrid. IFRS doesn't always listen to me, so they classify that as equity, but we will be redeeming that in August. When you look at here, when I talk about net debt, I always include the hybrid. Our leverage is then around 1.3%, 1.4%. Don't be surprised that in Q3 or when we come out with the full year, that EUR 0.8 billion redemption will then also be reflected in IFRS definitions of net debt. Last but not least, our outlook on the next page. Outlook unchanged. We're targeting around EUR 2.4 billion. The careful reader this morning has seen that we changed "at least" to "around," and that's purely related to the volatile environment around our currencies. As said, I guided for about EUR 15 million of impact in Q2; that came in at EUR 25 million. If that were to materialize for the rest of the year, then we're looking at an impact of a little over EUR 75 million for the year, which is bigger than what we guided for at Q1. Hence, if that were to materialize, we could be slightly below EUR 2.4 billion, hence the change in wording. I want to stress that the underlying business conditions have not changed. We're perfectly in line with the guidance that we started the year. In Q1, we technically updated it for the increase in the force majeure in line with our commitment and transparency around that. At the same time, we sold our feed enzyme business, so we deducted that. That leveled off. Now in the second quarter, it's only the FX that is a bit uncertain. You can see how volatile it is. On the back of the trade deals, they started moving again. We expect for the quarter a bit of a similar impact. Housekeeping is there for your convenience, but the models can stay as is. There's no change. Very consistent delivering in line with that. Maybe with that, Dave, we leave enough time for Q&A. Okay. Thanks, Ralf. As said at the beginning of this call, the sell-side analysts who want to ask questions in the Q&A session need to be registered via the questioners link. I think that's what we all know by now. With that, I think we can start. Operator, please let us have the first question. Ladies and gentlemen, we will now begin our Q&A session. If you have a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. Once your name has been announced, you can ask a question. If you want to withdraw your question, please lower your hand using the raise hand function in the Zoom app. Thank you. Our first question comes from Alex Sloan with Barclays. Please unmute your line. Yeah. Hi, gentlemen. Good morning. Thanks for taking the questions. Two from me, please. The first one just on Perfumery & Beauty. Clearly, some exceptional impacts in the first half you highlighted, and also tough comps in Q2 in particular, weighing on the reported organic sales growth. Could you maybe give a bit more context on what's driving your confidence levels in P&B returning to mid-single digit organic in the second half and 2026, and maybe key end market assumptions behind that? You also talked about a good start to July in TT&H. I wonder if the same is true in P&B. That would be the first one. The second one, I appreciate you're not going to talk more on the ANH process, but as that enters final stages, is it still fair to assume you have no material plans for acquisitions in 2026? Thanks. Yeah. Thanks for those questions, Alex. Indeed, good morning. Let me take P&B and then Ralf may for the second part. P&B, indeed, let me give some context here. What we've seen is good growth for fine fragrance, consumer fragrance, and for ingredients. Indeed, as we explained, duty care was a bit soft due to UV and the force majeure of the supplier in aroma. If you look at the growth of H1, about 1%, then you would correct for that on the normalization of UV and for aroma, you will be around 5%. That is against, as you indicated, indeed, a high comparison of 10% volume in the first half, 17% even in Q2. We look at our brief and innovation pipeline, and you know that our brief pipeline is sort of a synergy check on what we see for the second half, with the normalization on UV. Remember, UV was destocking because our customers were stocking really on the back of a very strong 2023. Going into 2024, still with a very good half year of a double-digit growth in the first half, and then it slowed down in the second half. They were preparing for continued growth, and they took action in the second half last year. You've seen that Q1 and Q2 have the last bits and pieces of it. The second half, that will moderate. Same on aroma, on the force majeure. That will also be solved throughout the second half. If we take that, we're back in the earliest comparison to around 5%, so mid-single digit. We see that being reflected in our brief and innovation pipeline going forward. To your point on July, yeah, we can also confirm that next to TTH, also Perfumery & Beauty have seen a good July going forward. Overall, on Perfumery & Beauty, we're indeed confident on the mid-single digit. A bit to the trends. Fine fragrance, consumer fragrance, ingredients. We do see that the younger generation is really pushing that growth. I think compared to pre-COVID, we see quite a change in how people look at fragrances. Maybe also due to a little bit with more attention to well-being. In this strange world today, people are going back to themselves and looking for well-being in themselves. Fragrances do play a key role there. You see the use of fragrances in end products going up, so the concentration of it, which obviously helps our growth. We feel confident that that continues for the second half. Therefore, you've seen that we are confident on the mid-single digit for the second half. About cash, the owner of cash is Ralf. I'll give it back to you, Ralf. All right. No, I appreciate the question, Alex. If you look at the company that we're building, and Dimitri did that at the start of the presentation as well, we're very happy with the portfolio that we created. We said that before. We've got everything we need to deliver a strong growth and a strong margin profile. That is something that we are committed to. That's our promise. We will deliver upon that promise. We also want to focus on that. That's also the reason why we said we will focus on growing our business and delivering upon the targets that we set ourselves. M&A, therefore, is not a big focus area for us. I think there were questions around that you're not going to do M&A in 2025, but 2025 is nicely progressing. We trust you on that. Going into 2026, it will be the same. It's not a focus area for us. Internally, I sometimes make the joke if I stumble across something nice and it has the right nice profiles and it's a smaller bolt-on, we'll look at it. Like I said, this is not a priority for us. We've got a great portfolio. We'll focus on delivering the growth and the margin ambition that relates to that also in 2026. Very clear. Thank you. Our next question comes from Nicola Tang at BNP Paribas Exane. Please unmute your line. Hi there. Thanks for taking the questions. First one on the outlook. I think you're very clear that the slight change in wording is not due to any change in underlying business conditions. I know some of your peers have been flagging slightly weaker end market trends. I was wondering if this is something that you're seeing as well and if that's also baked into the guidance, despite the fact that you're still able to reiterate that kind of mid-single digits for the second half. The second question, I was keen to understand a little bit more the trends in the HNC business. I was just trying to understand how much is due to the end markets themselves and decent growth there versus sort of DSM-Firmenich-specific dynamics, whether it's around HMOss or algal lipids, as you called out. Thanks. Ralf, could you take the outlook? I will give you some call on Nicola on HNC. Y eah. No, thanks for the question. Good morning, Nicola. Overall, no, if you look at the overall dynamics in the markets, I voiced it over a bit. Dimitri just responded to Alex's question around Perfumery & Beauty. I think the dynamics are there. There are some specific events in H1 that are not recurring. We also see the development of the order book. If you look at it in Perfumery & Beauty, that's developing nicely. Meanwhile, we have July under the belt, although today is the last day, but we know how that is going to look. We made a good start on that front. Taste, Texture & Health, very much driven also by the synergies. We have a 2% contribution of synergies. You hear me speaking with confidence around the pipeline, but I always remind everybody it's more important that Patrick and the team are talking about that with confidence. We had the business review with them. The number of examples are numerous, so very strong dynamic. That makes us confident that we see that mid-single digit growth confirmed also going into the second half. HNC is a recovery, and Dimitri will zoom in a bit on the end markets. Dynamics there are very much focused on growth. Part of that is market-related, but also the actions that we're taking. The momentum in HMOs is good. We said that we're well placed for the second half, but I'll leave that to Dimitri to comment a bit more. These dynamics are baked into our outlook. An outlook is always balanced. I also want to remind ourselves that if you look at the buildup of the original outlook that we did, there's also a contribution from the vitamin transformation program and the synergies. I think that is something that is fully within our control. We continue to focus on the delivery of that, and that is obviously supporting our outlook statement that we made. With that, Dimitri. Thanks indeed, Ralf. Nicola, what I think you need to be aware of is that we, our company, will be focused on well-being with nutrition, health, and beauty. We made deliberate choices strategically to grow in the area where there's growth, on well-being with fragrances, on health with more healthy food, and also on nutrition, more healthy ingredients while not compromising on the taste. We do see that happening. I think we gave some color on the Perfumery & Beauty. Let me add a little bit to TTH before I go to HNC. Also on TTH, I think with the 6% growth, we clearly outperformed the market. It has to do with the synergetic effects we've seen, so adding healthy ingredients while not compromising on the taste and the texture. That's almost like an art. It's something where consumers and our customers are not willing to give in to, and that is fueling also the synergy. It's been one of the strategic rationales of the merger. We do see that growth. Yet again, also for TTH, again, a very high comparison. If you look at the comparison for H1, it was 8% and 11% for Q2. It's really solidifying. Beverage and dairy segments did very well, and we see also that continuing in H2, almost in all regions. Maybe the only one was maybe the U.S. was a bit soft on our global key accounts. Although I also say that our regional accounts and our regional customers are growing very confidently over the first half and into the second half. Couple that, you see the confidence for mid-single digit and to be continued. On HNC, indeed, good growth, 6% organic sales growth. We're building it up in parallel with an improvement on the EBITDA. It's not only top-line growth. It also comes with an improved EBITDA from 16.8% in 2024 to 17.9% in H1, of which 18.4% in Q2. We're confident we will be in the 19% range to the end of 2025. The growth, indeed, supported by early life nutrition. Obviously, with HMOss as a key category, we are well placed. I would say we're more than well placed. I will not give too much background because there's some competitive reasons for customers who are very close to launching their products. I hope you appreciate and accept that. Park that question. I will give you more background on the HMOs launches going forward. We are very well positioned in the stage one, two, three products in early life nutrition to grow that category to over $100 million of sales in the coming years. Then dietary supplements. Also here, interesting synergy. Dietary supplements are great, but sometimes it's just those are pills or any other formats out there in the market. Now, with the taste and flavor experience we have, we're building dietary supplements, gummies with the flavors on different age categories we can help. We do see that is also helping the Health, Nutrition & Care growth, as well as all the segments: pharma, medical, based on aging population, and the like. It's across the board with early life and dietary supplements in recovery with a good brief and innovation pipeline. Overall, to your point, outlook maintained. It's just like Ralf was saying on the technicality on FX. Because we've chosen to play in the segments where there is growth, I sometimes mention that blue ocean growth, but Dave, our head, is saying nobody understands what blue ocean growth is. I need to explain that. That is growth where you don't compete on market share. We call that red ocean. We also like that. We do that. Blue ocean is playing in the space where there will be growth. Going forward, new growth, new innovation. I think we do both. With that, let's go to the next. Our next question comes from Charles Eden with UBS. Please unmute your line. Hi, good morning. Thanks for taking my questions. First one is, if I look at your organic growth and I'm looking on an ANH basis, I think it's about 3% in Q2, maybe 4% for the half. Given concerns around the volume challenges for some of the or many of the listed staples companies continuing, could you remind us of the split of your sales on an ANH basis between global customers and local and regionals? If you can, what the growth looks like by customer type so far this year? My second question is more of a follow-up on P& B. I guess it's probably a two-part question, but both quite short. Could you give us an indication of what the growth is in fine fragrance during Q2 and the first half? Secondly, obviously, you're looking to exit aroma business, but given your opening commentary, Dimitri, I wonder whether further down the line, there may be other components of that division that may not be viewed as core. Could you just confirm whether that was the intention or not? Thank you. I did miss the last question. Could you repeat that third question? Yeah, sorry. I was just wondering, given your opening remarks, and obviously, you're exiting aroma business, but within P&B, I just wonder whether there's any other components of that business which may not be core further down the line. Yep. Okay. Let me respond on the organic sales growth. Indeed, we are 3% - 4% if you take the core part of it, by the way. That's also, I think, the EBITDA quality will move towards the 20% region to the end of the year. I think it's in line with the steps we're taking. What you need to be aware of is that staple companies are not always the right reference for us. We can even grow if there's no growth of the overall market. Let me explain that. I would rather have growth in the overall market because it makes it easier to grow. We are supplying ingredients to a customer. Even in a space where there's no growth, we see substitution of different ingredients with our ingredients. Let me give you an example on food and beverage or dairy, on yogurt. If we can replace sugar or salt or any other ingredients by our ingredients, we still grow. The innovation and change appetite is, for us, a better metric to see if we can grow. Obviously, if staple companies and our customers are growing, it's a bit easier, but it helps the innovation power. That also sees why we are still growing and maybe sometimes even growing faster than some of the references. In terms of global and regional accounts, let me not go through all the details, but I think one clear indication, and I think I hinted on it, the regional customer, the localization of the proposition and the briefs are going very rapidly. These customers are growing faster than our global accounts. Therefore, the local-to-local presence with application labs, with creation labs is absolutely key. I think we have built that over the last 5 to 10 years, and that helps our growth in our three businesses going forward. Fine fragrance, yeah, I think we clearly indicated that we're happy with the growth in consumer fragrance, fine fragrance, as well as ingredients. We've clearly indicated that if you correct for, or not correct, if you don't take into account the FX and the hyperinflation, I think we have very good organic sales growth. It means that we are growing in line with industry on consumer, on fine, and on ingredients in itself. Last but not least, on aroma, and you linked it a little bit to the portfolio of ingredients. Let me go back a little bit to the ingredients portfolio when we started. First of all, we have ingredients for fragrances, which we use as input material for our fine and consumer fragrance division. We call that internal ingredient sales. That's about $700 million. That is top-end and which differentiates ourselves to customers and helps them to win in the market. Second, we had about $1.1 billion sales of ingredients when we started the merger. You can deduct about $100 million, $150 million for the Pinova event one and a half years ago, which were commodity-like ingredients. We also deliberately decided strategically not to rebuild that. We will divest our agro ingredient. It's about $50 million, $40 million, $50 million on sales. We the ANH exit, and that will bring the external sales of the ingredients from $1.1 billion close to $800 million. That $800 million is really high specialty, higher margin business. We feel completely comfortable, and it's absolutely key to keep that. Within that $800 million, there is about 20%, which is what we call industrial. That is something we will phase out over the period by growing the fragrance ingredients. It has to do with scale, security of supply, and the assets. We will keep that, but we will grow faster in the fragrance ingredients. The portfolio we have after all the bits and pieces done on aroma, on agro, and on the Pinova part, we feel very comfortable. We go into the accelerate region, and that means we want to grow that business and are happy with what we have. To your point, is there more to be tuned? The answer is no. We want to grow what we have for the next coming years. May I add to that. Very clear. First question, Charles. When you said what's roughly the split there, if you look at the underlying, if you also adjust for that UV effect, then we're more mid-single digit volume growth. Where you see the big growth and the volume drivers is in the regional and local accounts. Remember that when we started the journey, we explained that 70% of Perfumery i s corporate account, 30% local. You see that move to 60%, 40%. The opposite is in Taste, Texture & Health, very much local and regional driven, where 30% is corporate and 70%, you see that actually moving into a 20%, 80%, reflecting that strong volume growth in regional and local accounts, which is already with us for quite some time. It leaves us limited time. Let's do a last questioner. Last person, and then we move and close the meeting. Yes, last question, please, operator. Our last question comes from Artem Chubarov with Rothschild & Co Redburn. Please unmute your line. Hello. Good morning. Thanks for taking my question. Just as a follow-up on the previous one, just to double-check that. Aroma ingredients will go together with the ANH divestment. Is that because they actually share the same production infrastructure? You're selling vitamin assets, which in legacy DSM used to also produce aroma ingredients as a byproduct. Just to confirm my understanding here. Also, could you explain why the force majeure in aroma was a negative? Is that also referring to the BASF situation? If it was a negative, why was that the case compared to the vitamins, which was more of a positive? Forgive me for that question, but that would be helpful to understand the moving parts. Thank you. Yep. No problem. Everything you said under question one is correct. That brings me to question two. Aroma has nothing to do with BASF, neither on the vitamins. Aroma had to do with a supplier who supplies us for ingredients to make aroma, and they went into force majeure, and therefore, they couldn't deliver some of the ingredients, and therefore, we couldn't make the aroma, and therefore, we couldn't sell the aromas going forward. That is that effect, and that will unwind in the second half. We'll be back on track. With that, back to you, Dave. I think now we basically, operator, we conclude now the Q&A session. Maybe Dimitri, you can make a few closing remarks before we close the whole session. Yeah, with pleasure. Also respectful of your time in this busy period, I just want to add a few key points. You see it on the slide. Let me not go through all of them. We will continue our journey on 2025. I think H1 is a sort of evidence of the fact that we are on track. We are building a future-proof growth company. We are fully committed in the accelerate phase to grow what we have, anchor what we do, and deliver on our promises with innovation, with synergies being delivered. Focused on the right segments, the blue oceans, the market trends. That's our focus with growing what we have, anchor what we do, and delivering on our promise. With, I think, a very clear and transparent path forward, we'll continue to do so. That's also part of the company we're building with transparency, with the discussions we all have, and we appreciate that. I think, finally, with a confident outlook for the second half of the year, which has been reflected in our outlook for 2025, around $2.4 billion. With that, I think, back to you again, Dave. Yeah, thank you. That leaves me to thank you all for attending today's call, indeed, on a very busy day. Please reach out to us if you have any additional questions. We're there to answer your questions. Maybe a reminder, we have updated our ESG fact book. For those maybe who have seen it, we make a very extensive fact book that can easily help you understand our sustainability position that was published earlier month. I think it's worth checking that out. With that, let's conclude today's webcast. Back to the operator. This concludes today's call. Thank you, everyone, for joining. You may now disconnect.