Good morning, good afternoon, good evening to some of you with the half-year results presentation for 2026, first half of this year. This year will be slightly different as we're still in the full process of recruiting our new next CFO. I'm very much supported here by our interim CFO, Cees den Ouden, who is here, but also our Group Controller, Marijn Feddes. If there are questions that are going at a bit more depth that I cannot answer, then I always have these support lines. I will do the presentation myself. If we start with looking at the first half of the year, we have an EBIT margin that was 4.1% higher than last year. However, we have to also say that we are looking at a challenging second half of the year. So improvements on the EBIT line as well as the cash flow for the first half of the year, but I'll come back to talk about the second part of the year, as we see in the backlog, a development that we feel that needs to get some attention. The volatility in general of the current market conditions has reduced the near-term visibility beyond of what we would normally expect at this stage of the year, making the earlier expected margin improvement for the full year unlikely. We continue to focus on what we can control ourselves, including the rationalization of our fleet, to right-size our cost base to the current market conditions. Targeting also an analyzed saving on top of the earlier savings of EUR 50 million, with obviously a continued focus and emphasis on cash generation. We will remain committed to our execution of the towards full potential strategy to benefit from the structural demands that underpin our markets, while also obviously adapting to the operational current environment. I will share a few examples later in this presentation to give you an idea of what we're working on. Maybe one of the first reasons that the first half of the year is affected is the impact of the war in the Middle East. We have been explicit about that. That impact is on the bottom line EUR 15 million, and that is partly split in the direct impact in the region as well as for the rest of the organization. The impact in the region was two-thirds of this EUR 15 million, and relates to spoofing, jamming of our GPS signals, GNSS, Global Navigation Satellite Systems. Those are blocked in war zones, and then you cannot work because you cannot position your assets, your vessels. This had impact primarily in the U.A.E. and Qatar, and obviously limited our operational days. There are several knock-on effects, as I said, as well for the rest of the organization in the rest of the world with higher costs, specifically around fuel. Obviously, we can recharge clients for our fuel cost, but there's always a bit of a bandwidth, and some of it will end up in our own cost and own risk. We do see that this conflict is continuing, unfortunately. Nobody knows where this is going over time. We do expect this effect to also continue to impact us. However, we have also installed some different equipment, so having less effect on the jamming and the spoofing of our navigation signals. We also know a little bit better how to work and operate in this environment currently. The effect will still be there, and we will have to follow that very closely. We look at the markets, I will first talk about offshore wind, and obviously, a lot of people will have questions around what is happening in the offshore wind environment. One of the key reasons why Fugro is also affected in general in this current environment. We do, in the first half of the year, EUR 213 million of wind work. That is for a large part covered by Europe/ Africa, and a small part is covered by Asia- Pacific. These are the regions. Obviously, you also see colors of Africa. We don't do wind work in Africa or in China, but these are just simply representing the regions. The Americas has no wind work whatsoever at the moment, which is no surprise to anyone. You look at the bottom left picture, I think that is a very clear picture of what is happening in the market right now. You see 2026, 2027 being down, and this is actually common knowledge that there is currently a phase in this market where there is a reset ongoing, especially in Europe, also in Asia. In Europe, they're looking at different contract setups, contract for difference. We spoke about that before. This takes time before these new contracts are brought to the market. There are good signals, as we spoke about in the past. Most of the markets in Europe and key countries there are developing these new licenses and the new license rounds. You see a few things listed here. In France, there's a lot happening at the moment. It's coming to the market, several blocks there for 10 GW, also in Denmark and the Netherlands, they're talking about bringing this large area, six, seven, to the market. This is for more than 20 GW of wind power in the years to come. If this tender comes to the market, let's say in September or in the latter part of this year, it will take six to eight months with a European tender before the first vessels go out to the market to do some survey work or geotechnical work as we do in Fugro. This is basically the situation. We cannot change that. Most of the governments are very aware of the fact that there is a gap for most of the companies. They're trying to accelerate things. We do see the activity really coming up and increasing, but it's not happening right now. As we said before, it will take time. In Asia- Pacific, we see in several countries developments. There's still ongoing developments in South Korea, Taiwan, and some in Japan. We also see new opportunities coming through in Australia, Philippines, and Vietnam, as we spoke about in the past, but it is very slow and it's not moving very fast. The Americas, as I said, in the U.S. nothing is happening. Canada and Brazil are definitely looking at something. I spoke about a pilot project in Brazil, which is starting up in the second part of this year for us and will also generate some work in the nearshore environment. This is the wind business. I will come back on what has happened for the full- year and for the first half of this year. We then move to oil and gas, we saw a growth in oil and gas in the first half of the year of 22%, and we'll talk a little bit more about that. We do EUR 424 million in oil and gas. This is obviously split around the world in the following blocks. You can see it there in the picture at the bottom there. The traditional energy, oil and gas is, you could say, back on board. It's a more buoyant market. We have seen growth, as I said, 22% in the first half of the year. We'll come back to the backlog, we see also a small decline in the backlog in oil and gas, which I think that is fully attributed to the large project that we have done and executing on in Indonesia, as we spoke about before. The underlying oil and gas business is still continuing to grow. What you can see there on the graph is a small growth in the CapEx and the OpEx graphs there. It's slightly higher than what we showed you before because if we go back two quarters or so, it was more hovering around zero, now we see these slightly increasing already. We go through the various regions, Europe/A frica. In Europe, there is very limited developments ongoing in oil and gas. Obviously, the U.K. is looking at it again, as we picked up in the news. Norway is a pretty steady development with exploration activity there. In general, Europe you could say is pretty slow in developing oil and gas work. For Africa, we see many things on the board. It takes time. It's primarily deep water developments in Angola, Nigeria, Mozambique. The fields are developing there. Also the East Mediterranean gas development, so the north part of Africa is still on the board and has priority there. In Americas, it's really focused on South America. There we see lots of developments in Guyana, but also in Brazil and in Suriname, as we spoke about before. Asia- Pacific, as I said, we are executing on this large project in Indonesia. There are multiple roll-on projects coming out there as well. We see other developments. You probably picked up the news for Timor-Leste, where we have also picked up the first project. This is a large development, there might be some additional work that we'll do there, also on other activities. We do see blocks coming back in Asia- Pacific, a region that is developing quite nicely for Fugro. Middle East and India, there's a lot on the board. There are a lot of opportunities, obviously somewhat stalled by the current situation, primarily affecting the UAE and Qatar. As I said, because of the jamming and the spoofing, the work is there, but we can't have every day operational because at some days we do not have navigation signals. Obviously, the blockage of the Strait of Hormuz is an issue. We don't have to go through the Strait of Hormuz all the time. In actual fact, we want to go through with one vessel one time. That would be great. We're following that very closely, and as soon as we see an opening, then we'll make this move. In the meantime, we'll look also for other opportunities for the vessel that we have on standby there. Other markets, Azerbaijan, Iraq, are actually developing quite well for us. We also see some deep water work coming up in India. If we look at the infrastructure market, again, bottom right, you see the split there between the various regions. I will click through them. Large in Europe/ Africa, but also in the Americas, Asia- Pacific, and Middle East, India are splitting the rest there. Lots of opportunities there. They are affected by the general economic situation in the world. Infrastructure is always affected by that. Geopolitical situation in the Middle East is affecting the general developments for infrastructure in the Middle East. If you look broader in the world, we see new developments coming up, especially around nuclear. Quite a few projects worldwide on the board. We see that in Europe coming up, very actively in the Americas, but also the rest of the world is talking about nuclear. Those are smaller reactors, the Small Modular Reactors, the SMRs, but also full-blown larger nuclear developments are on the board. Data centers is another development that we see coming up. Huge ambition there. This is happening also in Europe/ Americas, and we will expect that to be there in the rest of the world as well. Middle East and India, we primarily focus on ports and harbors, which has a lot of development and also our capabilities are really well tailored for that. You see a CAGR that is now for the upcoming years around 6%. That hasn't really changed over the last few quarters. It's always hovering around 6%, 7%, something like that. The infrastructure market will still be a good market for Fugro. We have also new technologies that we can deploy there, and I will say a few more words about that a little bit later. Looking at the development markets, these are markets that we have listed in our strategy in Pillar Two. Adjacent markets that we can serve with our current expertise, and we can do similar work than we do in our traditional markets. Coastal resilience and ocean health, it's captured in water. This is, in one way, a little bit affected by sustainability being not highest on the list anymore in the last year or so. There is tightening regulations, in particular areas, especially around developments in Europe, also the wind developments, where they have really high demands around biodiversity ecology surveys, and this is driving basically also this part of ocean health, so to say, and the biodiversity. We have a lot of coastal protection surveys that are popping up that are quite important with the changes in the climate, and I think everybody's following the news. This is very visible here in Europe with the temperature rising, but it has a lot of effect, basically risking situations with harsher weather patterns, but also risk for floods and hurricanes and all these kind of things. This is a market that is still a developing market. It's still small. It's a future growth market, we called it before, but it's something that we continue to focus on. In the middle, critical minerals, obviously something that's really needed for everything we want to do. The electrification of the world, the battery power that we need, but also many other things. If we want to build windmills, you need also the minerals and the metals for that. Those kind of things are really important because there's almost a battle in the world who has control of the critical minerals imported for chips and so on. There are multiple jurisdictions with the U.S. obviously very high on the list, but also the Middle East really looking at taking more control of finding the critical minerals. We see that with a change in the Middle East, especially in Saudi Arabia, where they have in their Vision 2030 now a full push for critical mineral developments. One of the things that we're doing in Saudi Arabia is really tilting the business also towards that, diverging it, and we pick up the first projects there, which really helps us to basically recover that market as well. After, for instance, a project like NEOM is now in the doldrums and is not happening anymore. Also in the Americas, in Canada, U.S., but also South America, this is high on the list and there are a lot of developments ongoing, and we see opportunities to further grow this market. On the right side, we spoke about that before, security and surveillance, quite an important market that is new and coming up. We have 1,000 Russian dark vessels sailing around on the North Sea, trying to inspect and also probably influence our infrastructure that is out there, map it. We need to get to situations where Europe can protect itself for these threats. This is something that Fugro can play a role in mapping the conditions, but also the situation on the North Sea. Also in the U.S., we see multiple projects coming up where we can help basically the countries, the governments with mapping and understanding the baseline of the current conditions of the infrastructure. We see this also popping up now in the rest of the world, where this becomes a more important element. If we go to the backlog development and the split in markets, on the left side you can obviously see revenue by market segment. What you can see there, what I already spoke about, 22% growth in oil and gas for the first half of the year. You see wind coming down with another 24%. Mind you, last year we dropped 45% in offshore wind. There's another 24% on top of it. If you go to the right side of the picture, another 47% down in the backlog. This is really going to be significantly smaller for Fugro, and over a very short time frame, and this is also the reason why we have to step in and do more cost savings in the short term. It's not so much that we say something else than what we did a couple of months ago. We still say that this market comes back. We see the positive signs. We see multiple countries bringing these licenses to the market, but it takes time, as we said as well. However, what has it changed? Maybe we thought that we were already at the bottom earlier this year, but we see actually that it is declining even further. It goes deeper before it comes back, probably second half of next year. This is important to note. If you look at the other markets, then infrastructure, oil and gas and water, they have been growing in the first half of the year, and they have basically fully recovered that 24% drop in offshore wind. We've grown 4% for the first half of the year, primarily due to a 10% growth in the second quarter. Mind you, the second quarter of last year was quite low, so it was easy to grow and show growth in the second quarter. Also good to take note of that. If you move forward and you look on the right side, again, on the backlog development, a couple of things to say there. You see 8% drop in oil and gas, which is fully attributed to the project that we do in Indonesia, where we had it in the full backlog, and then this year there's only 15% left of that project still to be executed on. That is a big drop. That's also, if you dive into the regions, why you see Asia- Pacific dropping in the backlog so aggressively. That is only related to that project. What is also important to note, because the backlog in itself drops by 13.9%, roughly half of it is related to this project in Indonesia, and the other half to offshore wind dropping even further. Underlying oil and gas business is growing. This is still happening, and we do expect also to continue to grow with other projects again, like the one that we just announced in Timor-Leste in Asia- Pacific. What is important to note there as well is the different dynamics in these markets. Offshore wind projects are larger in size, and you can anticipate them earlier. You know that you bid for a license for next year to be on the board for maybe multiple months of work, where oil and gas is always a shorter backlog. There's more uncertainty in the backlog right now because we need to rely more on oil and gas. There are also larger projects in oil and gas, as we have shown in the past as well, but the majority is also shorter-term backlog that we still need to secure. I think these things are all important to note, because in the upcoming months, we're going to secure more work for a few months down the line to still execute on. The project in wind is often larger, not always, but often larger and more continuation on one project. There are differences there, and that has also created more uncertainty to know exactly how the rest of the year progresses. That is also why we have to step in and adjust ourselves to the current market environment. We're also going to do vessel rationalizations. All in all, the cost saving should contribute to EUR 50 million annualized savings. A large part of that is related to the assets that you see here on the board. We're doing several things, and some of these things are really related to scenarios that we already spoke about before. We always said we can take out a few older vessels, we postponed it and postponed it because we still needed those assets. Now we are going to actually take them out and say, Okay, this is it. As soon as the project is over, we'll take out this vessel or that vessel. Two to three vessels. Why is that still not 100% clear? We're still evaluating what we can do and which one we really need. As this is changing all the time, we might extend one a little bit more or take it out as listed here. Also charter reductions. We always said in the strategic review, we can adapt ourselves. Even when we were investing, for instance, mind you, we were investing in the geotechnical fleet, not so much in the geophysical fleet, or not at all in the geophysical fleet. We said, we bring in these newer capacity. We need that because we need to retire the older capacity. We haven't done that yet. Now we're doing it, we also can adapt ourselves by reducing the amount of charters there. That is also what we're doing right now. We're taking three charters out over time. It's not like that has already happened, but that happens one maybe in September, another one in November, those kind of things, one is happening as we speak. That is basically the more permanent structural change. We can obviously use those assets that we have installed on these charter vessels again if we want to ramp up. If we have a drill rig that we take off a vessel, it's obviously ready to be mobilized again on a new charter in the next season when it picks up. The capacity is not necessarily completely gone. It takes time, it's also a conscious decision that you have to take, because if you mobilize these vessels, normally you have to run with it at least one or two years to three years to actually earn back also the mobilization cost. We will be careful before we take that decision again. We have some relocations we spoke about in the past. That's a little bit less of a cost saving, that's also important to drive utilization up. On the right side is more temporary solutions. cold layup of one or two more vessels. Those are own vessels that we will lay up temporarily. What is temporarily? At least six months. Otherwise, you don't go to a cold layup. cold layup means that you actually take down also quite a bit of the personnel, that you cannot the next day mobilize again. You can mobilize, it will take a number of weeks to have it ready again to be operational. That has to do with certifications that you need on these vessels, et cetera. If you go to a winter layup on the right side, we haven't mentioned how many vessels, because that's really dependent on how the winter will develop, but it could easily be five or six or seven vessels that we will temporarily lay up. They are almost in a situation where you can, in a few days, mobilize again. This is also much more reduction in the cost saving. It's not really a large cost saving. This is quite an important element. That's why I spent a little bit of time on it, because it's quite important for us to do this. We have postponed some of these actions, obviously, as long as we could, and utilized those assets as long as we could, now it's time to make this move. That's, as I said, a move that will gradually be implemented in the upcoming months, because some of the vessels are still operational. I want to show you a little bit on some of the things that we're doing in line with our strategy before I dive into the hard numbers. I think it's also important to show some of the good things where we get traction also to change the portfolio of services of Fugro, because that's the whole intention, that we're also less cyclical and sensitive to these market dynamics in the future. We spoke quite a bit about the new technology, GroundIQ®, which is basically using more data that is available from particular sites, but also using geophysics. You can see on the right side an animation of several nodes in the ground. They look quite large, but they're actually only 10- 15 cm high, you put them in the ground and you listen to the ambient noise. No active noise, but noise that the ground actually generates by cars going by or by machines working in the neighborhood. If we listen for a couple of days, we can actually determine a 3D cube of the whole environment, so we can see what kind of layers there are. As you see with a drill rig, go to the particular sites, you can calibrate this whole 3D model. What you see on the left in the animation is how we actually get to this 3D model, where we can quickly analyze, and you see that with these green blobs, where are the critical areas. You can also make the plan much more specifically where to do boreholes and where you can maybe have a sparser array for drills or CPTs that you will do. Before, the traditional way of doing this work would require that you basically do some CPTs or boreholes with a certain pattern in a block that you need to survey. You get to a probably 0.1 degree of mapping the area. With this way, we're going close to 100% of mapping the area, knowing exactly what the subsurface is all about. This is really critical because you can concentrate more boreholes in the critical areas, and you might know and pick up from the news that there's a lot of money wasted by lawsuits and insurance claims at the end because they haven't done the groundwork properly. It can also save a lot of money for clients to know how they should develop their fields and design them. It's better data, as I said, close to 100% compared to less than 1% or 1/10 of a percent. It's a lot faster, and it's even cheaper. It's almost too good to be true. There are some great examples. We have here some examples on the board. I don't want to dive into all of them in detail, but they all are aimed at collecting data quite fast in a matter of weeks. This example, for instance, on Bechtel in Rio Grande LNG terminal that we have done. This is basically gathering information in a very fast way and really help them to accelerate. They had already their traditional information, it matched completely, and we basically could confirm what they already knew, and that gave them more confidence to move forward. You see also examples of data center in Europe here or a nearshore cable survey, which is very interesting because this was in the surf zone. This is even in the nearshore area where we can also deploy. When the water was gone, we could very quickly actually have some measurements done with the same system. It really drives speed and better data and much more insights and a lot of cost reduction for the end clients. We're very excited about it. You can see already, we started with this actually last year. We picked up 22 projects last year. We're now for the first half already on 27 projects. We expect this to further grow this year, this is one of the successes of new technology that we're bringing in. I believe, especially on the land side, there's enormous potential also to go back in areas where maybe there's more commodity or commoditized areas, we can probably do a lot more and also have decent margins again in this area for the land business to further grow. We're quite excited about this. We'll see in the upcoming years further growth in this area. We're aiming also more towards this, the investment is relatively minimal that we have to do in this area. You probably picked up from the news that we have invested in a company, in a Dutch company, DTACT. We have acquired 30% of the shares there, that is basically a continuation of a partnership that we already started earlier, where we do a pilot for the Dutch Navy or defense, where we basically analyze and pilot what I just described, critical infrastructure on the North Sea, where we can basically with satellite information and various data sources combined, our data that Fugro has the knowledge on the geo data, determine where are the critical infrastructure, which pipelines are more exposed, which could be maybe dragged from the seabed by anchors from dark vessels. If we see those dark vessels that are by satellite basically tracked, then you can basically indicate which vessels could be at risk Coming close to a critical pipeline or cable. Then obviously you can decide to have a surveillance vessel going there. This is one of the examples that we're working on together with DTACT. They have a data fusion platform where they can have multiple data sources being on top of each other. I think we all know about the other companies more from the U.S. that do these things. DTACT is a similar one, but then a Dutch company that can basically combine multiple data sources, even cloud independent. This is very critical for Fugro to further develop the area that we have always announced as our pillar three developments for software and hardware and geo data solutions. We're very excited about this and that we can work even more closely together. Coming back on one of the other strategic agendas that we have is advancing the capabilities we have on the USV side. You see a few projects mentioned here. You see also different USVs on the screen here. In the middle, you see our larger 18-meter platform, the Eclipse. We brought that to the market end of last year. It has been working very steadily on multiple projects. This is just one project as an example, but we see that this vessel is nicely filled. It's larger, it can operate better on the North Sea with obviously harsher weather patterns. We have a smaller one on the North Sea doing a little bit less work because it's obviously more affected. We really see that we move in the right direction there. We are looking at the development of the next generation. However, we also are very careful in the investments currently today, so we're keeping cash very high on the agenda. We have also slowed down some of the developments, but we're still in full force ahead with the ones that we have in the making. Which is not shown are the geophysical USVs on this picture. We have five boats that we're building, 70 m. They come to the market, the first one end of this year, early next year, then we'll start doing geophysical work with these prisms, as we call them. 70 m, we can do geophysical work with them. The ones that you see on the board here are doing inspection work with ROVs, robots that come out of the back of the boat. You can see that in the middle, the yellow robot there, they can do inspections, and the one in the middle can go a little bit deeper. Obviously there's also a request for even going deeper water, especially in areas like Brazil, where they want to do inspections without divers, or in the Middle East. This is still high on the list as something that Fugro feels we should develop the inspection markets in. It takes time, and it is a market that is still quite young and needs to further mature. It's also coming with startup pains, with not enough utilization in certain areas yet, but we see the successes already on the board. Especially in Australia, we have done quite a lot of work for multiple clients, also end of the second quarter or during the course of the second quarter, we were working in the Bass Strait. A very difficult environment, obviously high currents, also in the North West Shelf, we did a nice campaign. We see this working really well, clients adapting to this new environment where they can use these uncrewed, no people on board, once again, uncrewed platforms that are operated from control centers. Okay. We get to the hard numbers. I already mentioned some of the numbers, you have seen the press release, let me go through the basics there. The second quarter had a growth. As you can see there, I already spoke about it. The second quarter of last year, you can see as well, was quite low. It's easier to generate the growth, but it's good to see that growth of 10+%, close to 11%, which is basically solid, and that was good. Also on the EBIT side, close to 8%, 7.9%, an improvement compared to last year where it was 4.3%. That is positive, in that sense, also helping us for the first half of the year. Operating cash flow, as you see on the bottom left graph, also significantly better. If you talk about free cash flow, we see also an enormous improvement in the free cash flow. That's not shown here on the slide, but we have reduced CapEx quite a bit and also improved working capital. This had a positive effect on the free cash flow generation. It was positive free cash flow for the second quarter, which is good. For the whole first half of the year, EUR -38 million. That is not strange for Fugro. We normally see more cash inflow in the second half of the year, and it's an enormous improvement compared to last year first half. If we then go into marine, then we see that marine grew by 4.2%. The margin was, however, flat. Site characterization reported an increase for the first half of the year. This was primarily related to some larger oil and gas field developments, as we said, in Indonesia, but also in the U.A.E. In Saudi Arabia, we did a lot more work in the marine environment. This is something that we have not done in the past. Saudi Arabia was primarily a land business for us. We now pick up more and more work in the marine environment, which is actually quite good for us, and also diversification again for the country. The growth in Asia- Pacific and Middle East regions, as I just mentioned, was partly offset by lower volumes, especially in the offshore wind environment in the Americas. There's no offshore wind in the Americas anymore. We had a little bit last year, EUR 20 million still in there, nothing now anymore, and obviously in Europe/Africa. If we talk about asset integrity, results both in Europe/ Africa, and the Americas were impacted by reallocating or relocating a vessel. We moved a vessel, we spoke about that before, from Europe to the Americas, and it had quite a few knock-on effects. This was very much needed because we have these large contracts in Brazil for Petrobras, four projects, four years of really good, steady work, which is now, by the way, touch wood, working really well. We have two vessels working on it, the Aquarius and the Dweller. They are in full force ahead, and that is just for the upcoming years, steady income and steady returns for Brazil. However, it took a little bit of time to get these vessels there and operational. We also had a dry dock of one of the vessels that was already working there, the Fugro Aquarius, and that dry dock took a lot longer, because these contracts are so intense that you don't really have the time to inspect the vessels during these projects. We had a few more things to do in the dry dock when we brought it to the shore. That took time. In the meantime, Europe/Africa didn't have this vessel anymore in the beginning of the year, so they didn't generate any revenues. We moved in with the Fugro Resolve that was working with the Blue Dragon, our new robot for deep water Geotech work. We thought we can use this vessel temporarily for ROV work in Denmark. We communicated about that already in the first quarter, and that didn't go flawlessly, so they were somewhat delayed. They also mobilized a new vessel a little bit later, so than we normally operate in Europe. That is the EDT Hercules, that was operational at the end of May, is now in full force ahead. The Hercules, as well the EDT Jane, are for the Europe/Africa region for the remainder of the year, quite steady income and quite good. MEI was quite affected there in the first half of the year. Obviously, in the Middle East, we were affected by the war situation and the spoofing and the jamming, which also had an impact on our first half there. If we go to land grew close to 5%, currency comparable, supported by a strong nearshore development in Europe/Africa. We have a lot more activities there, a good return, so that's great. In Asia- Pacific, we're affected by a slow market. We spoke about that, more often Hong Kong, but also to some extent, a slow market in the nearshore area in Japan, in offshore wind. We do expect that there are opportunities again in Japan nearshore very soon. We have a rig there that should be able to start working in the near future. In the U.S., particularly in the first quarter, we're still affected by the prolonged government shutdown that we had end of last year. This was still delaying permitting, because in actual fact, we have quite a lot of work on the land side for the U.S. That is also the reason why you see in the backlog, the Americas actually growing because we have quite a lot of firm work to be executed on in Brazil, as I spoke about. That is on the marine side and on the land side in the U.S. This is helping the Americas to probably counter a little bit the uncertainties they have in the marine site characterization, which is significantly smaller for the U.S. moving forward. Those are the business lines. I go to the net result, which is maybe not the nicest picture to show, because we have a EUR -62 million net result, including discontinued operations. Basically two clear blocks mentioned on the right side, specific items. You all picked it up. We have done impairments of EUR 36 million. That is due to the challenging market conditions in geophysics. We have taken a downgrade in four vessels on the value there, and that's because of the market situation and the pricing pressure there. One is retired, so one of these vessels in geophysics is retired, and the other one, we actually cold lay up one of the vessels. That has an impact. Always the short-term development in these calculations, as you know, it's accounting, but you need to calculate the net present value of these things, then the short term, the next one or two years, have a lot of effect on these calculations. This is why this needed to be done. There's an addition also, a conversion ongoing on one of the geotechnical platforms. This is basically the last modification that we're still completing, as we spoke about before. This is the Fugro Scout. I'm not keeping that as a secret. We had quite a bit of issues there with the yard executing this, and basically we had halfway during the work, taking the vessel apart. That went well, but basically rebuilding it is not being done by the same yard. We're moving this vessel. We have moved this vessel to a completely different yard to complete the modification of this vessel, which obviously had an impact on higher cost, and we have taken a downgrade on that in this current EUR 36 million. There's also EUR 9 million in writing down a bad debt provision in Asia- Pacific. There we obviously still going after it, but at the moment, we have taken that hit. The remainder relates to restructuring expenses, which is relatively small, EUR 2 million. The second block, which is obviously also affecting the net result, is all to do with income tax expense. Yeah, the current tax expense is only EUR 7 million or is EUR 7 million, I should say. The rest is all related to a derecognition of deferred tax assets. This is again, the same calculation that you do for your impairment testing, obviously the future forecast then the next one or two years have a major effect. We have also upgraded some of the DTAs last year. This year, we come to the conclusion that we have to downgrade that in certain geographies and that had an effect of EUR 41 million. All in all, ugly picture because then you get to EUR 62 million negative net result. Luckily, some of it is non-cash, but that is always a little bit of an unimportant one because it is basically reducing your balance sheet position. If we go to cash flow, free cash flow, this slide is showing then overall free cash flow amounted to EUR -38 million, as I said, negative, which is not unusual for the first half of the year. As I said, typically we see working capital wind down towards the year-end, therefore supporting the H2 cash flow. Operating cash flow we already looked at was EUR 85 million or operating cash flow before working capital movements was EUR 85 million, and that is up from the EUR 58 million, mostly due to higher EBITDA. The seasonal working capital buildup consumed EUR 59 million of cash, an improvement compared to last year where it consumed EUR 81 million of outflow in the first half of 2025. I will get back to the working capital in the next slide. Capital expenditure is EUR 81 million for the first half of the year, representing a decrease, EUR 87 million decrease from last year, EUR 168 million, which is obviously a big drop. If we get to working capital. Working capital amounted to EUR 310 million in June 2026 compared to H1 2025. This is an increase of EUR 46 million, and this is a result of trade and other receivables consistent with the increased revenue in the second quarter. In addition, reduced CapEx resulted in lower trade and other payables, which obviously has an effect also on the net debt. At 16.6% of the 12 months revenue, working capital is lower than the previous two quarters, but still outside of our range that we have communicated before between 10% and 15%. That bandwidth is important. We want to drive that back into that, obviously, and we really focused on getting this done. Also Marijn, Group Controller, and Cees, our interim CFO, are really on top of this as we have been over the last period, and we will obviously continue to do that. On a positive note, days revenue outstanding improved to 78, coming down from the, what is it? The 87 last-- Now, 85 last year. That's a positive side. If we go to the balance sheet, net debt amounted to EUR 473 million at the end of June, up from the EUR 383 million at year-end in 2025. So year-end compared to June. In addition to the free cash flow development, this increase was primarily due to the payment of dividend over the year 2025 and additions to leases. The net leverage at the end of June was 1.7x which is down from the 1.8x previous quarter. We're still above the 1.5, the self-imposed target that we have of 1.5. We want to be below a 1.5 leverage. We focus obviously very much on that by improving our cash flow, actively managing the capital discipline, limiting CapEx as I just presented, but also driving down the working capital there. Our target remains there still to get in the level of 10%-15% for that working capital compared to revenue. In July 2026, we have added a bank to our banking group, DNB, which basically gave us an additional EUR 50 million to our credit facility. That now is EUR 400 million. Not because we want to draw that, but this is just flexibility that we create, operational flexibility if required. This is also something that all the companies obviously do in this uncertain time that you have options there. The one-year term loan that is maturing in October, we either pay that down with the available cash, or we will use one of the financing options that we have. We have multiple options to refinance that term loan or extend it or go into different scenarios. We're not concerned about that. Our key focus is to bring leverage down. That is basically what I want to emphasize and to focus on cash returns. That brings me to the last slide, the outlook of 2026. We have said that the uncertainty remains elevated due to the ongoing conflicts in the Middle East, but we also see the ongoing weakness in wind market. That is not new because we said it will take time. We go a little bit deeper and we have more oil and gas work to replace this offshore wind, and that is a little bit shorter term backlog, and that is more uncertainty in the backlog, and that is also driving the backlog down now in the short term or the 12 months. Because you have less work beyond the six to nine months, which is normally what we also see in our backlog. As it says here, we have taken the previously expected margin improvement, we took that away. We say now that it is unlikely that we will achieve that. That has to do with, first and foremost, great improvement in the first half of the year. We expected even a better improvement, I can say that, because the war was not anticipated. The pricing pressure was probably more severe. Also the second half of the year being more uncertain. We want to be very careful in what we do. We do not want to go back to the market, obviously, with surprises there. We better say what it is. Therefore we take away that earlier guidance. To support free cash flow, we have driven the CapEx or the investment profile from EUR 150- EUR 165 now to the lower band, around EUR 150 million. We can end with, it is a little bit strange to say. In the mid to longer term, we still feel that geodata is really required and our core markets remain sound. Obviously, I fully appreciate that everybody is looking at what is happening in the second half of the year and early next year. Obviously, that is not necessarily the most optimistic outlook. That is why we formulated it like this. With that, I want to move over to questions. As I said before, I have some support lines here. If you become too technical on the finance side, I will call in my support lines here from Cees and Marijn, which are here only a few meters away. Who can I give the word first? Luuk? Yeah. Good morning. A couple of questions. First, on the CapEx, can you explain a bit on the outstanding expansion plans that you still have for execution in 2027? Also the maintenance CapEx level, I think last year it was slightly above EUR 100 million. Will that come down? Into what level, approximately? A question about the change in this type of orders that you mentioned from the shift from wind to oil and gas, with smaller contracts and a shorter planning horizon. Will it make it more difficult for you to optimize your utilization because of the shorter planning horizon, or will it be offset by the fact that it is smaller projects and you have some flexibility from customers? Finally, on the behavior of customers in this environment. One of your strengths is obviously that you can combine several services, you mentioned an example with GroundIQ®, how you can save money for customers by doing that and replacing expensive services by cheaper ones. I can also imagine that in the current environment with price pressure and some competitors with smaller set of services being desperate for work, that some customers may be shifting to tendering each bit apart to have the lowest price possible for each individual part. How are you behaving? Are they opting for more integrated packages like yours, or is it still very heavy competition for smaller parts? Thank you very much for the questions, Luuk. Maybe first on CapEx, I think I know the number roughly from the top of my head, but the maintenance CapEx for the first half of the year was EUR 36 million, if I'm not mistaken. If you would double that, you're lower than EUR 100 million. I'm not saying that that's exactly the way you should look at it, but we are lower this year on maintenance and sustaining, so to say, the expectation. There are a few larger blocks in the CapEx, one is the vessel that we just mentioned that is going through the modification. We're also finalizing these prisms, these 70 m SVs. That is more expansion and growth, as we call it. There are smaller things, like growth on, for instance, some additional ROVs that we need to have and some other things, smaller things. There are no big blocks that we can necessarily take out so easily anymore. We're really strict on what we're doing there. Yes, we will keep the maintenance and sustaining down, that's also to do with less maintenance on the vessels this year. That is always difference between the various years. We expect in 2027, we have again, maybe a few more vessels going into dock or into special survey. As you know, every five years, you need to do a special survey. You can't really deviate from it, because if you don't do it in that timeframe, you can't work with these vessels anymore. Then you have these intermediate surveys every two years. This is on the CapEx side. Wind is absolutely creating more certainty in the longer term. Indeed, as I said, there's a different dynamic in oil and gas. With the actions that we take right now, we obviously adapt ourselves to the right size of serving the market that we feel is there. We also pick up things that maybe the next season we need more capacity, but that's with a certain peak, I want to make sure that we also drive or stabilize pricing again. I'd rather take out a little bit more or stall a little bit more on some of the assets so that we also see that there's imbalance again with the market size. We take the steps that we feel is required right now. With the steps that we take, we can still be quite flexible. Especially with geophysics, we can mobilize more easily, short-term charters. We're also working on an extension of our strategy to become even more flexible so that we can more easily ramp up and down. This is always a bit more complex for the geotechnical platforms because as I said before, you mobilize them for at least two to three years. This is also something that we are looking at. Can we create more flexibility there? Especially on the geophysical side and also with the use fees coming in, we do see a completely different way of working in the future on the geophysical side. I'm not planning to talk for another few years about geophysics. We're just going to shake up that geophysical market and do it in many different ways, with more modular solutions, with more use fees, also with different technologies that we can really compete again and make money. If not, we'll leave those areas in particular areas. The behavior of the clients, if they are now tendering certain blocks separately, I don't necessarily see that, there are a few other things. The markets are different between wind and oil and gas because the oil and gas players are much more mature, and they have very specific requirements. They have also departments that really know, I need to have this for Geotech, or, I need to have this for my metocean research, so to say. Therefore, they have always been a bit more selective in bringing packages to the market. Thats good. That was the right answer. No. Anyway, they have always been a bit more particular in, We want to have this for the metocean or this for geophysics or geotechnics. So th ey have specialists there. Where the wind business is more integrated services, longer contracts, and more combined services. If we talk about the land business itself, I think with the movement into more total solution around GroundIQ®, we do see more embedded services coming together. That is, I think, also a positive thing, especially because it drives really the cost down for our clients. I think if you look at it correctly, any clients listening, then this is also the sales pitch because this is really beneficial to them for lower cost and much better data and less risk on the ground. It's really driving ground risk down. Quirijn. Yeah. Good afternoon. Quirijn Mulder from ING. Three questions. First, about the U.S., as usual. Are you still expecting profit in the U.S. full- year 2026 on EBIT level? In connection to that, we discussed last year the issues with regard to jack-up rigs, et cetera, that they were not utilized. Is that situation now improving there? My second question is about the depth. You see an increase of additional leases, for example, EUR 36 million, I think. Is the reverse coming in the second half because of the rationalization of the vessels and the taking out of some charters? On general, I think if you look at the situation, if you look at wind offshore and you say, Okay, maybe if it is early, in September, October, the tender restarts, and then it takes six to eight months before the vessel is being asked to perform. What is then, in that respect, your view on 2027, especially with regard to the seasonal period? Yeah. Thank you very much, Quirijn. Let me go back to first question on the U.S. I'm not specifically going to guide on a particular region and then on the profitability. You obviously couldn't expect that. I'm optimistic about two things in the U.S. or in the Americas, and that is on the one side, the land business development. As I said, some of the permitting unfortunately delayed some of the work into the second half of the year, but we do have solid work there, and that is positive. That is data centers, that's nuclear, and LNG development. There is quite a lot happening, and also on the defense side, the security side. I'm optimistic about that. I'm also optimistic about the asset integrity business in the Americas, especially with the Petrobras work that is now ongoing with the vessels up and running, generating good returns. Always pray for vessels not breaking down. If that continues as is at the moment, that is also a solid return for the second half of the year. In general, we see in our position and construction support work that we do is actually worldwide strengthening. This is good business for us. This is just simple positioning. It is helping our customers for the work that they do in various areas during installation, during the build, but also in OpEx-related environment. That is positive. I think where the risk in the U.S. is still is around the MSC work. It was not too bad in the first half of the year, but we see less work there, and the limited projects that are there on the MSC side, there's obviously more competition and also pressure on the pricing. That is basically what I can say. It is significantly smaller by now than we used to have in the Americas on the MSC side. The risk is a little bit lower to see further drop. We have a more optimistic view of the second half of the year for the Americas. That's one. You spoke specifically about the jack-up rigs, which is one thing that is needed. We are bringing in a jack-up rig or barge for the project in Brazil. This was a problem because we wanted to actually bring one over from the Middle East. That didn't work, we had to source another one. That was delayed, and caused some issues there, but that is now under control, Quirijn. On your additional leases, will that drive down the overall cost? With the charters obviously disappearing, that will help, but not all charters disappearing at 1st of July. It's during the course of the second half of the year. How much the impact exactly will be is difficult for me to know exactly at the moment. In principle, the additional leases should come down because we're very focused on doing more with our own equipment. The other thing that we see, Quirijn, is that we hired quite a bit of third-party assets in the project in Indonesia. You need in Asia, if you were to drill deeper into the third-party cost, which is actually up compared to last year, which is a little bit strange, the amount that it's up, but that's because in certain countries, you need vessels that are flagged for the country, Indonesian-flagged vessels. We are actually bringing one vessel now into an Indonesia flagged situation. Before that, for the project that we have executed over the last half year, we had to hire quite a lot of Indonesian vessels, and that drove up also the leases and the third-party cost. Your last question is the crystal ball question around offshore wind Europe. The view on 2027. What I said before, things take time for the wind business to come back. Also, if you look at our slide that we presented on the market, you see multiple licenses now coming on the board. Obviously, some is delayed in Germany towards next year. You see also now in the U.K., end of this year, they will start again with the next round, which is positive. I just spoke about the Netherlands bringing a large area to the market. Denmark is doing things. There is a lot of activity, and that wasn't there this year or end of last year, so to say. In that sense, we do expect that during the course of 2027, we will see activity picking up on that side. I'm still careful in saying how much that is and when it exactly will happen because I'm taken by surprise all the time. We're emphasizing this and pushing also jurisdictions or the governments in various countries to help the business to really overcome this gap. Having said that, it's not for nothing that we take out capacity and that we now retire some of the older assets and let go of some of the lease assets and move some vessels around in the world. We don't do that for nothing. We have the flexibility also during the winter season to lay up warm stack or hot stack some of the vessels. Small cost reductions, not large. Then we can actually ramp them up again in the season next year. First, we have multiple. Yeah, go ahead. Good morning. Kristof Samoy, KBC Securities. First on turnover and backlog. You commented on the trends and the comparable evolution year-over-year. In the past, you've also shed some light on pricing and volume trends in there. Could you share that with us, both in terms of revenue and backlog? Then as a second, on the land business, comparable growth in the first half of 5%, respectable growth margin, I would say. If you strip out the capital gain on the building sale in Hong Kong, let's say a subdued result. The land division has been underperforming for quite a while. Aside from GroundIQ®, what are the main growth pockets within the land segment? What share, what proportion of the land business is indispensable for nearshore activities? In the past, you've always indicated that the relevance of the land business is for the nearshore activities. Then a final housekeeping question. Maybe I'm mistaken, I couldn't find the vessel utilization rates in the half-year report. If you could share that with us. Okay. Thank you very much, Kristof. First on the backlog, we have not issued the details on how much is volume, how much is pricing. I understand that could be interesting to know all the details on. To be honest, it's not easy to actually get a very exact pricing effect in the various regions and then have one overall picture that gives you a good insight on what's happening. We see in some regions actually hardly any price effect. In other regions, obviously the effect in the wind business is quite large. Then obviously also other markets like oil and gas benefiting from that in particular situations. What I can say is that we have in our current backlog absolutely already priced in the pricing effect. For the work that is already on the books, we don't feel that there is a large additional drop on top of what we already know and see for the remainder of the year. But as I said before, it's also important that we balance again the oversupply, because we have actually gained quite a lot of market share in some areas. For instance, on Geotech, we have managed to grow market share significantly. But if you are one of the competitors to Fugro, then after sitting still for half a year, you're going to become quite desperate and then you will drop your prices probably to be cash flow positive on a particular asset and a job, and then you go in very aggressively. This is also happening. Now, for the projects that are already secured, that's not so much the case. You see in certain areas that you normally have an offer, a tender to a client, and then you get a request for a Best and Final Offer, a BAFO. And now we have seen certain contracts where they ask three times for the Best and Final Offer, which is actually scandalous if you ask me, because they should also make sure that parties like Fugro and also some of our peers continue to exist. But to be honest, they are not so nice. And then when these crises are over, I know from the past as well, then they apologize and they say we shouldn't do that next time, and the next time comes and they repeat exactly the same thing. That's painful, but I don't think it will help you a lot too, because then you need to dive into all the regions in specific, and we also don't want to necessarily open up too much on that. On the land side, you're obviously right that the result is affected by the income of the building. You can read that, we're not hiding that EUR 12 million of the building sale. As I said before, we're also not hiding the impact on the land business, for instance, or on the overall business on the Middle East situation. That's obviously also in there, the EUR 50 million negative there. Obviously we will have to balance those out and then look at land as a specific thing. If you take out all these special items, then you could see that especially Nearshore is doing well in Europe/ Africa. You see that land in the Americas has been staying behind, absolutely, but with lots of potential moving forward, as I just described. Middle East, India, very much affected on the land side by the current geopolitical situation and the war situation there. Asia- Pacific, we spoke about the Hong Kong market, and also Japan, Nearshore market has been slow. We do expect not necessarily Hong Kong, but certainly Japan to contribute a little bit more moving forward. Your question around, okay, what else is there in the land business and what are you focusing on beyond Nearshore? Because most of the people see that Nearshore is an interesting market. Well, to be honest, it is GroundIQ®, and the next thing is GroundIQ®, and the next thing is GroundIQ® What I'm saying is everything in land will be changed to the new situation where we're going to change everything towards GroundIQ®. We have a lot of potential to grow, I think our share, our opportunities, because as I said, some markets are maybe commoditized and we never surfed anymore, and we believe with this new technology, I always call it the iPhone of the site characterization, we're going to change. We're going to change the land business, how it's being done. This is happening. We see the first proof points, and it's growing very rapidly, and will change the whole land business. Then Nearshore will continue to do what we have been doing. Most investments for GroundIQ® is up and running, is operational, so you don't need further add-on investments? Well, there are investments required, but it's relatively small. You have seen in the news that we also created a new setup in Australia, where we bought a small setup in Australia with geotechnical expertise, and we'll complement that with geophysics so that we have a real good hub there for GroundIQ® development, because we see that this area also offers opportunity to further grow in the area, in whole Australia, with large projects that are coming up where we can also offer GroundIQ®. In the mining business, GroundIQ® can offer quite a few solutions there. I think this is helping a lot. To be honest, over time things will change to GroundIQ® and Nearshore, and that's the land business for the future. Monitoring will also stay because we do monitoring services, but solely only doing, let's say, CPT work or drilling work, that will disappear over time. If it makes money, I'm less eager to close it down because making money always fits in our strategy. Your housekeeping question, and now I'm a little bit stuck because I Yeah, it's on the top of the page. Sorry, No. Yeah, I thought it was also in there, but I didn't want to off-the-cuff mention a number. It is down compared to last year. Thijs, and then Philippe, and then I saw Jeremy. Thijs Berkelder, ABN AMRO- ODDO BHF. First housekeeping question, one-off costs for the efforts to realize your EUR 50 million cost savings, what should we pencil in there? Coming back on GroundIQ® and the numbers you mentioned, back of the envelope, let's say two and a half million per project means GroundIQ® revenues last year, something like EUR 50 million, and now in H1, already EUR 60 million. Is that too high, or is such a project, on average, much smaller than that, or maybe much larger? Further, I want to have an update on the U.S. unmanned fleet. What is the revenue growth there? The utilization of the unmanned fleet, because you are rewarded in your bonus schemes based on that, so I'm curious what the progress is there. I have a couple of other questions, but they're more on corporate governance. Okay. Thank you, Thijs. I'm going to ask one of my experts here to maybe say a few words on how much the cost is for the cost saving, and maybe they don't have the full answer, but they can think about it now while I answer the other questions. On the GroundIQ® side, I think you're slightly too high. Not on average project size, by the way. Basically, we have projects that are actually EUR 20 million that will run over multiple years and involve GroundIQ®. We have also projects of a couple EUR 100,000. It's difficult to give you that average number. That is basically what I can say there. Let me see. You asked a question around the utilization of the USVs, and that is obviously also connected to us being successful in maybe some incentives. The incentive program is not running really well for management at the moment with the current figures. This is also part of that. Some is still close to meet, others are far from, and I think this is one that is staying behind in the first half of the year. Certainly, really catching up in the second half of the year. I don't think we'll meet our targets that are set for our incentive scheme, unfortunately. That's life. Okay. The corporate governance, can you give an update? We can first maybe answer the question on, do you have an indication on what the cost could be for downscaling basically the EUR 50 million, the restructuring cost that is related to it? You have a microphone there. This is Marijn Feddes, our Group Controller, answering. You can speak. It's already on? Yeah. The costs related are similar to the restructuring costs that you have seen for the first half year. There will be a little bit more on the vessels, but I don't expect that to be in this half year yet. Thank you, Marijn. Governance questions, yeah. Yeah. Can you give an update on the process to hire a final new CFO? Where are you in the process? When should we get announcements there? Further, you've probably seen the news on WSP approaching Arcadis with a bid. Did you also receive a letter in the past few weeks from WSP or maybe other industrial players approaching you? I would say you're, as an engineering firm, maybe as attractive or more attractive at this point as Arcadis. From a consolidation perspective, it's maybe now the right timing to consolidate. Also viewing Fincantieri, let's say acquiring NextGeo, an example of that. Finally, is going back on guidance. The profit warning, in my view, has two sides, Middle East continuing the events, and offshore wind orders not yet in. Are these the prime components? While coming back on the Asia-Pacific project is about to end, maybe you also banked there on further progress. ENI has done a lot of additional discoveries offshore Indonesia, is that also a factor? Okay. Thank you for all the questions there. Let me start with the easy one. We did not get a letter from WSP, or from anybody else. That's one thing. If it's the right time for consolidation, I leave that for you to speculate about and write about. The question on the CFO, it's quite clear that you don't like me as a CFO, that's not taken personally. The update there is that we're working through that recruitment. That's a process. We want to hire the right person, that takes time, because there are multiple phases that you need to go through. Obviously, our supervisory board is very involved there as well. We have a reputable executive search firm helping us with that. That's progressing. There are good candidates that we're talking to, that is progressing. We are actually very pleased that we have Interim CFO right now, Cees den Ouden, that the pressure is off. Cees is just in for three weeks, we give him a little bit of time before he's presenting towards you. He's getting a good handle on the business, supported obviously by our existing team, Marijn, who just spoke. That is the update on the CFO. On the outlook, you're right that there's a lot of uncertainty. I would create basically the change in the outlook. I said before, it's two reasons. First is the first half of the year that we would actually expect more, although I know the consensus was below what we delivered right now. We had the feeling that this could be better if the Middle East, India would not have been there, and some of the operational issues we had with vessels moving around. That has affected also the confidence that if you're already below in the first half of the percentage that you basically generated last year, 4.1% versus 4.9% last year, that is one reason. The other reason is the uncertainty in general, moving forward. We don't know how the conflict will continue and how long it's lasting. That has an impact. We're quite optimistic about several items that we have on the board, especially marine site characterization in Europe and in the Americas is still uncertain, especially because it relies on oil and gas development, that has a shorter outlook, shorter visibility. That is what it is. Not so much wind not coming back this year, because wind not coming back this year, I already said a few months ago, that is not the case. We are moving further down, so we would have expected a little bit more replacement work there for the amount that we were doing. Asia- Pacific actually shows a steady continuation. They do not have a second Indonesia project, but they do have follow-on work and other projects like Timor-Leste, and there is more to gain. Thank you very much, Thijs. We move over to Philippe. Good afternoon. Philippe Ferreira from Kepler Cheuvreux. One follow-up on the last comment on the guidance. I was still wondering, given that the order book for renewables has declined so much, that must have come, of course, as a negative surprise, even though you did not expect it to come down, or to recover this year yet. Can you say anything about, are there other things that are driving that in terms of clients just being more cautious? The other questions I have are, first of all, on the recovery that you foresee, offshore wind recovery in 2027. You mentioned, of course, the tender, the auctions that are upcoming. Are there any other concrete evidence that supports the thesis of a recovery in 2027? Are you getting approached early by governments or potential developers? I'm interested in understanding what your base case is for the oversupply situation that we're seeing now in Geotech. If these additional work come back to the market, will that be sufficient to, and I'm asking you, of course, to look in your crystal ball, but will it be sufficient to balance the market again, to remove that oversupply and pricing for that to recover? I think related to that, maybe interested in also hearing your views on whether you're seeing or what you're hearing in the market or other players taking out capacity as well, and from the vessels that you are taking out, what portion is Geotech and what is really geophysical? Then I have one last question on working capital. That's more on the, we've seen receivables coming down, of course, days payable outstanding coming down. At the same time, it was helped, of course, also by the write-down, so the drop is maybe a bit less. The unbilled receivables have actually moved up year-on-year. Maybe you can explain what's driving that specific region as well. Very good. Thank you very much. First, your question was around clients being more cautious and order book coming down. I think what we did expect, obviously, there will be a drop, with an Indonesia project that was in there last year and not in here right now. You could basically see that coming because we don't have those projects. We announced when we came to the market that it was the largest project that we signed in Asia- Pacific region since 10 years or so. A very large project. That could have been expected. If people would have thought about that, then you could see that. The other part is that, yes, clients are, in some areas, waiting waiting longer, so there's much later awards coming through. The work is still there, but they obviously negotiate longer, as I just said, do the second and the third BAFO, best and final offer. They drive the price down where they can, but also they award much later and then that creates uncertainty. Last but not least, is that I think our teams are also much more careful what they have in their backlog, especially the highly likely backlog, which we saw in the past sometimes pushed out again. People are also more conservative in how they look at their backlog. This is also an element that is somewhat in their backlog development. I think there is an element there also when it comes back, and that is your second question, is then the capacity that is taken out, enough that is taken out because is it then in balance or do you need more? That is a very good question. My experience from the past is if markets come back, they don't come back with 5%-10%. They come back with much more and much more aggressive, and you can see that in the past, in Fugro history as well. Once the market comes, and I say the first signs maybe in 2027, but we know that there's a ramp-up coming for offshore wind, then you need a lot more capacity. People are obviously waiting as long as they can to reduce capacity to make sure that they are able to serve the market in the future. Having said that, I see all our peers also reducing capacity. Some are laying off staff, as well, similar to Fugro. Others have had their vessels idle for more than half a year. We have been working. This is also what I've seen in the previous energy crisis that Fugro was with lower prices still at work and the peers did not have work, some of the peers. This is also what I see, but I see competitors taking assets out, because everybody knows it will take time before that ramp-up comes. When it comes, we will all be scratching again for having enough capacity. One of the things that are important there is that you have the drill capacity for geotechnical. The drill rigs are not disappearing. Even if we take out a charter or a permanent vessel, we keep our drill rig basically ready to be mobilized again. It will take a couple of weeks or a month or two to get the vessel up and running, but we can ramp up, and we can see that coming then the market coming back. I think it is important that capacity comes down, and we need to do our fair share. Is it enough to stop, so to say, the fighting in the short term? I don't think so. That's why we're also careful in that, and we mentioned pricing pressure will continue. You have a question around working capital, especially about unbilled. Maybe Cees, you want to say a few words about that, because I know you picked up on that as well, that you're going to really emphasize that element, the work in progress. [audio distortion] Please use the microphone. [audio distortion] Cees, can you use the microphone? Yeah, sorry, your question was more about the prepayment, I think, in the? Or not? Unbilled receivables. Unbilled receivables. Work in progress. We're working on work in process. It was already a project which started on a very high quality. Of course, we want to look to the total cycle from getting an order in, maybe a bit more hard, stringent contract conditions, to get prepayments more and more easy way of being able to invoice when you met a deadline. Because when two weeks earlier, project becomes adept, it's also two weeks earlier on the bank. We're working on that all over the world to get improvements there. In the contracts, in the behavior, in the project setup. We think we can get some proper improvements there. Although people are working on high quality already on it. Yeah. I think so. We have had a few projects like that to really focus on, obviously recovering outstanding receivables, also invoicing earlier contractual terms and conditions. Cees really put it high on his list to give this an additional push now, together with the whole financial team to say, we have to go and do even better in the second part of this year and moving forward. This is obviously just hard work. You can never stop with that. You had a follow-on question? The write-down on the receivable that you took, the EUR 8.8, what type of client was this that you Yeah, this is a local wind player in Asia. Basically, they should definitely pay this amount. They stopped their wind farm development. They basically stopped paying everyone. To be honest, they have a parent company that has enough money, I would say. There's obviously lots of battles. We're not the only one. There's lots of battles. We have started a legal process to confiscate whatever they have on their bank accounts and so on. Obviously, we're not the only one. Yeah, we basically took this write-down right now, just to be sure that doesn't come up, there's nothing else there. It can only be upside in the future if we recover some of it. Okay. Jeremy Hi, Mark. Jeremy Kincaid from Van Lanschot Kempen. Three questions. One more on the guidance. You talked to a EUR 15 million headwind from the Middle East in the first half. What do you assume in the guidance for the second half? Just on the offshore wind recovery, you mentioned that you now expect a recovery in the second half. That seems to be pushed back from the first half that was previously communicated. I was just wondering what's changed. When I look at the tender outlook, it doesn't appear as though there's much slippage, just curious on your thoughts on that. On the oil and gas outlook into 2027, just curious on your view there. It feels like there's conflicting messages. On one hand, the oil price is high, the forecasts you have in the presentation from Rystad look like there'll be growth in 2027, there's lots of regions that are coming to the market. On the other hand, you mentioned the IEA sees oversupply of quite a lot of oil in that year, it's just hard to see more capacity or more production coming online. Just curious on your thoughts. Very good. Okay. On the Middle East impact of EUR 15 million for the first half of the year. In principle, we would expect it to be lower for the second half of the year. I'm careful because we don't know how this progresses. We have to see. In the beginning of the conflict, there was a different situation where obviously there were lots of bombs thrown on the UAE and Qatar that has now changed towards Bahrain. Yesterday, again, we see that Iran is fighting with Saudi Arabia. This is very difficult to say. If the conflict is the same as the earlier part of the year, depending on how long it will last, maybe the impact will be roughly the same. I would think it could be lower. If it changes, I will come back to you and tell you, Surprise, surprise, it is even worse. It is a lot of uncertainty there. I cannot make it much nicer there. On the offshore wind side, what has changed? As I said, not a lot has changed because we said in the beginning of the year as well, it will take time before these new licenses come to the market. Yes, you're right, these new licenses are on the board, they are progressing. Some of it is actually brought forward, like the round in the U.K., they want to do as fast as they can. The Netherlands is now bringing something to really quickly decide on, okay, area six, seven, very large. We can bring this to the market to help the industry. It takes time. This is what it is. I think what the difference is, there is much more aggressiveness in whatever is left, and we have done well on the Geotech. We have not so well on the geophysics, and there is a lot of fighting going on with all the parties that are still out there trying to get what is still out there. There is more competition and there is lower pricing. This is what it is, and that is more aggressive than what we maybe anticipated earlier in this year. We were doing quite well earlier in the year, and now we see that some of our peers have not had any work, and they become really aggressive now to jump and basically desperate to get some work as well. This is basically what we see. Oil and gas, a crystal ball question again. If I had the answer, that would be great. I do not know. I also read the overcapacity and oversupply in storage and all these kind of things. At the same time, I see a lot of oil and gas companies thinking, Hey, this is the time, because now sustainability is a little bit in the background. This is the time to progress with the field that we still want to develop in, I do not know, Mozambique or in Nigeria or in Angola. We are allowed to talk about oil and gas again, and we are moving forward, and we know how to make money with oil and gas, even with lower oil prices. I think the anticipation is that we still need the oil and gas, and especially gas, for quite a bit longer. Energy requirement is enormous in the world, obviously, especially with the AI data centers and storage capacity that is required. That in itself is driving energy requirements up, which for many, many years, people kept a stable outlook for energy. There is a lot of things happening. Now, do you need to take my view for granted? Absolutely not. It is a crystal ball answer, and I do not know exactly how it will go. Over time, absolutely, oil price could come down again, if you ask me. Thijs. Thijs Berkelder, ABN AMRO- ODDO BHF. Coming back on your jamming and spoofing. Yes. Your global positioning business, is that also affected by that jamming and spoofing, or how are you handling it there? Can you still deliver towards your clients? Yeah. Very good question. Well, we're protected in those contracts in a different way. We cannot control, obviously, that delivery. We're protected in where we only supply the signals for DP, for instance, for platforms and so on. That is a different situation than where we offer a service to the customer, where we say, Hey, we're going to do a survey for you. Yeah, then we cannot sail because we don't have the capacity or we don't have positioning, and then we cannot enter the 500-m zone of a platform and do inspection on platform legs or on the pipeline. It's different situations, but to some extent, yeah, they are obviously also being jammed and spoofed. In that sense, absolutely. The beauty is as well for Fugro that we have obviously a lot of knowledge. We're one of the leading parties or the leading parties in the world on positioning offshore. We have a service that basically also signals if there's spoofing going on. Spoofing is basically giving the receiver a different location. Well, telling you that you're somewhere totally else than what you are, and if this is automatically connected to your navigation system, it goes wrong. That is a big problem. Jamming is very difficult to overcome because if somebody from the site is jamming the signals, which is happening, we are now moving towards different antenna setups and different equipment where we can block basically the jamming a bit more because we only look at a certain angle. Sometimes there is jamming coming from the top as well, or different areas, and then we're still out and cannot work. This is a very hot topic at the moment in the world because a lot of suppliers cannot work. They cannot do pipe lay, or they cannot do their services in certain areas because it's not only in the Middle East, it's also in the Baltic Sea. There's a lot of jamming and spoofing going on and in several other areas as well in the world. It's not one party doing it. It's actually all the parties doing it towards each other. Therefore, it's also important, especially for the spoofing, to have multiple services. You need to have GPS from the U.S., but also GLONASS from the Russian system, as well as the Galileo system, as well as the BeiDou system from China. We have these G4 systems that we can actually also pick up which signal is maybe spoofed, and which one we should use. Those kind of things are really technical things that we're trying to solve. Can we solve everything? No, because if it are weak signals and if you come and jam, then it's jammed. Another question on the outlook. You're giving a sort of outlook for the second half of the year. We have to first make, let's say, the forecast for Q3. Is it primarily related to not having the order backlog now, which makes you cautious for Q3, which makes you cautious because you're now not yet knowing what the weather conditions will be in Q4, et cetera. That's primarily the question. Last year, you gave an outlook at this point in time and five weeks later, had to give a totally different picture. Could it be vice versa this year? You want to tease me into doing the same as last year? Well, good luck. I think we're over time. This is a wonderful last question because you're now asking questions that you don't get an answer to. You know that as well because you ask very specific what is happening in Q3 and Q4. There's a lot of uncertainty for this second half of the year. That's what we have guided for. That's why we're careful, because we don't want to be in the same situation as we have been in the past. We're careful in what we guide for, and we realize that this is obviously difficult because everybody wants to know, obviously, where this is going. If somebody could tell me what is happening with the oil price or what is happening with the Middle East, or what Mr. Trump is going to do in the next few weeks, I can give you an answer. I think this is a wonderful way to stop this first half of the year presentation from Fugro. I thank everyone for your questions and for your attention and look forward to the next update.