Good morning, and welcome to the Triodos Bank 2026 half-year result presentation. For the first part of the conference, the participants will be in listen-only mode. After the presentation, we will hold a Q&A session during which telephone participants will be able to ask questions by dialing pound key five on the telephone keypad. Now, I will hand over to our speakers for this morning, Triodos Bank CEO, Marcel Zuidam, and CFO, Kees van Kalveen. Please go ahead. Thank you, Laura, and good morning all. Thank you for joining us today. I will begin today's presentation with an update on our progress in the first half of 2026, including our impact performance, strategic execution, and transformation agenda. After that, I will hand over to Kees, who will discuss our financial results in more detail. Following the presentation, we will open the floor for a Q&A. In the first half of 2026, Triodos Bank made good progress in executing its strategy. Our financial performance improved. The organization became more focused, and we took further steps to strengthen efficiency and operational resilience. We continue to deliver positive impacts. We provided EUR 666 million in new business lending and EUR 479 million in new residential mortgages. Deposits from customers stood at EUR 15 billion, and this was slightly lower due to the German wind down. Excluding Germany, deposits grew by EUR 131 million. We delivered a net result of EUR 29.9 million and an annualized return on equity of 5%. Our cost-income ratio improved to 80% and our CET1 ratio remains strong at 17.3%. In combination with our improved performance, this supports an interim dividend of EUR 1.05 per Depository Receipt. We were also pleased to be ranked first in both the Dutch Eerlijke Bankwijzer and the Belgian Bankwijzer, recognizing the strength of our sustainability policies and impact leadership. Finally, Fit for Impact, our transformation program, is on track. We have redesigned our operating model and the German wind down remains on schedule, and also the German fiber optic portfolio was sold, reducing our non-core exposure. Our strategy remains centered on three pillars, as shown on this slide: securing our front-runner position in impact finance, pursuing focused growth, and driving an efficient and robust operating model. Under the first pillar, we continued to finance businesses, organizations, and projects contributing to the energy, food, resources, societal, and well-being transitions. I will go into more detail later in this presentation. We also published our renewed energy vision, which guides how we finance the energy transition and supports our role as a thought leader. In addition, our climate and nature strategy was further embedded, including continued focus on nature-based solutions and transition opportunities. Under the second pillar, focused growth, new business lending origination grew EUR 666 million, as I said before, compared to EUR 570 million in the first half of 2025. New residential mortgage production amounted to EUR 479 million, compared to EUR 333 million in the first months of 2025. We also saw a further uptake of our bio-based mortgage proposition, which supports the use of renewable building materials and demonstrates how mortgages can contribute to the resource transition. Improved margins supported stronger income and better underlying performance. Kees will share more details in his part of the presentation. Also, the wind down of the German banking activities is progressing according to plan. Under the third pillar, Fit for Impact is now in implementation with the new operating model in place and the first efficiency benefits are expected in the second half of 2026. Across the group, we further scaled and matured our data and AI capabilities, focusing on practical applications that improve productivity, decision-making, and customer experience. Finally, the core banking system integration in Spain entered the execution phase and is expected to improve customer experience and operational resilience. I now would like to focus on our impact performance. Triodos Bank finances businesses, organizations, and projects that contribute to our five Transition Themes, as you see on the slide: energy, food, resources, societal, and well-being. At the end of 2026, our total business lending in these five Transition Themes amounted to EUR 5.8 billion. The largest part of this portfolio is the well-being transition, representing 34% of total business lending in the five Transition Themes. Energy represented 29%, resources 19%, societal 13%, and food 5%. This demonstrates that we continue to finance the real economy in areas where we believe money can contribute to meaningful positive change. For Triodos, impact and financial discipline go hand in hand. We continue to assess opportunities based on their contribution to positive impact, their risk profile, and their ability to generate sustainable returns. In the first half of 2026, new residential mortgage production amounted to EUR 479 million, reflecting continued healthy demand. Around half of our book consists of residential mortgages, which generally have a lower risk profile than business loans. After repayments and other portfolio movements, this resulted in a net increase of EUR 258 million in the Dutch residential mortgage portfolio, representing 11% growth year on year and reflects continued strong customer demand. We are also pleased that 63% of the homes financed have an energy label of A or higher, underlining the sustainable profile of our mortgage portfolio. Deposits from customers decreased slightly to EUR 15 billion in the first half of 2026 due to the wind down of our activities in Germany. Funds and trusted of German customers decreased by EUR 254 million to EUR 419 million, and excluding this effect, deposits from customers would have grown modestly by EUR 131 million. While the headline number is slightly down, the underlying customer deposit base remains resilient. This is important because our customer deposits remain a stable funding source and reflect the continued commitment of our customers to our mission. Disciplined pricing and margin management contributed to improved net interest margin. Fit for Impact moves from design to implementation in the first half of 2026. The new value stream operating model is now in place, organized around end-to-end customer journeys and multidisciplinary teams. Key leadership appointments have been made and the organizational transition was completed according to plan. The new model gives teams clearer ownership and accountability for both day-to-day operations and also change delivery while increasing empowerment and agility. We have provided a structured transition and support process for impacted coworkers with care and responsibility throughout, as we are used to within Triodos Bank. The new model should support faster execution, stronger customer focus, and a more efficient way of working. We expect the first efficiency benefits to become visible in the second half of 2026. By the end of 2028, Fit for Impact targets a net reduction of 265 to 290 FTE. This updated FTE range reflects a change in defining an FTE in the Netherlands with a 36 hours working week instead of 40 hours before. That results in a higher FTE count for the same workforce. The underlying program and the scope of the program and the cost-saving ambition remains unchanged and is expected to deliver EUR 25 million to EUR 30 million in annual cost savings by the end of 2028. This is also an important driver of our ambition to reach the lower end of our 70%-75% cost-income ratio target and the higher end of our 5%-7% return on equity target. With that, I would now like to hand over to Kees to walk you through the financial performance for the first half of 2026. Thank you, Marcel, and good morning, everyone. As Marcel explained, the first half of 2026 shows clear progress in our strategic execution. From a financial perspective, we returned to profitability, improved our cost-income ratio, and maintained a robust capital position. At the same time, we continued to make choices to strengthen the bank structurally, including the sale of the German fiber optic loan portfolio and the continued execution of Fit for Impact. Let me start with the main financial highlights for the first half of 2026, and I will provide more details in the following slides. Our financial performance improved, returning Triodos Bank to profitability after the one-off provisions that affected the 2025 results. Net profit amounted to EUR 29.9 million, with an annualized return on equity of 5%, compared with 2.7% in the first half of 2025. A solid balance sheet. The loan book remained broadly stable, supported by continued growth in residential mortgages of 4%, while business lending declined mainly due to the sale of the German fiber optic loan portfolio and higher prepayments offsetting solid loan origination. Total income increased to EUR 228 million, supported by higher net interest income, lower funding costs, and an improved net interest margin of 1.98%. Our operating expenses declined by 3%, mainly reflecting the non-recurrence of settlement provision. Our capital position remained robust. The CET1 ratio was 17.3% and the total capital ratio was 21%, both above regulatory requirements. This allows us to pay out an interim dividend of EUR 1.05 per Depository Receipt. Total income improved by 4%, supported by higher net interest income and resilient fee income. Net interest income recovered strongly, increasing 6% year-on-year to EUR 174.8 million, supported by lower funding costs, disciplined pricing and margin management, and a stable funding base. Net interest margin improved by 6 basis points to 1.98%. This indicates better earnings dynamics despite a competitive interest rate environment in the countries in which we operate. Fee and commission income remains stable, increasing to EUR 54.7 million. This demonstrates the resilience of our diversified income base. Fee and commission income represented approximately 24% of total income, which is in line with our midterm target for fee income to contribute between 20% to 30% of total income. Operating expenses declined by EUR 6.4 million to EUR 182.1 million. This mainly reflected the non-recurrence of the provision addition related to the settlement offer to eligible DR holders in the first half of 2025. Non-credit provisions decreased to EUR 2.6 million, compared with EUR 12.7 million in the first half of 2025. Structural operating expenses increased modestly by EUR 3.7 million to EUR 179.5 million. This mainly driven by regular salary developments and the planned temporary use of external co-workers to strengthen operational resilience, partly offset by lower advisory fees. Total FTE amounted to 2,051, compared with 2,013 at year-end 2025. This increase reflects the additional external capacity to strengthen operational resilience, mainly in KYC. While internal FTE started to decrease from 1,877 to 1,863. These FTE numbers are all the new definition of the hours of FTE. Overall, the business loan portfolio remains well-diversified across Transition Themes, geographies, and maturities, supporting balanced growth while continuing to finance sectors that contribute to positive social and environmental impact. Residential mortgages make up around half of the loan book. Impairment charges are back to normal levels from the high EUR 66.1 million in the second half of 2025, caused by the German fiber optic portfolio. The impairment charges in the first six months of EUR 5.4 million also included the final negative result of EUR 2 million on the sale of the German fiber optic portfolio. Our capital position remained robust in the first half of 2026. CET1 ratio stood at 17.3%, above the 13.1% Tier 1 requirement and our target of more than 15%. This strong capital position supports resilience, disciplined balance sheet management, and targeted impact growth. Improved financial performance supports the interim dividend of EUR 1.05 per Depository Receipt. In addition, the successful EUR 250 million Green Tier 2 Notes issuance further strengthened our capital structure and loss-absorbing capacity. The issuance helps us preserve prudent management buffers to regulatory requirements. Due to a change in resolution strategy, Triodos no longer has an MREL requirement. Overall, our capital position remains strong and supports both our strategic execution and a meaningful dividend payout policy of 50% of net profit. To conclude, the first half of 2026 shows improved performance, a return to profitability, higher income, and improved cost-income and return on equity ratios. Fit for Impact is in implementation, with the first benefits expected in the second half of 2026. By the end of 2028, the program is expected to deliver between EUR 25 million and EUR 30 million in annual cost savings. The sale of the German fiber optic portfolio removed a non-core exposure and reduced the bank's risk profile. Our outlook is unchanged. We continue to expect income growth and lower operating expenses in 2026 compared with 2025. As Marcel stated at the beginning of our presentation, we remain committed to reach the lower end of our 70%-75% cost-income ratio target and the higher end of our 5%-7% return on equity target in 2028. With that, I would like to open the floor for Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. We have a question from Cor Kluis from ODDO BHF. Please go ahead. Hello. Good morning. Cor Kluis of ABN AMRO-ODDO BHF. A couple of questions maybe, first of all on the net interest income, which was better than expected for the first half of the year. Probably mostly driven by much better liability margins. Could you give some help for the second half of this year? I know you issued, of course, a Tier 2 hybrid, which will probably result in a little bit more interest cost, but taking everything into account, interest rates in the markets are higher. What could you help us with for the second half of this year? Second question was on taxes. Now that we have a normal year with more normal profits, we can focus a little bit more on the normal tax rate. It was 27% in H1. What is the normal tax rate going forward? We've seen some other banks increasing the tax rate guidance somewhat. The last question, what's your future tax rate guidance? And last question is about lending growth. If we look to the total loan growth, so in mortgages and everything, we saw some good growth. Could you especially talk about corporate lending? Where do you see the growth at this moment? Is this in batteries or in which sectors? That's it from my side. Thank you, Cor, and good morning, of course. Let me start with the question on net interest income. Indeed, our net interest income improved because of better liability margins and also better margins on our assets. We expect the second half of the year to stay strong. It's of course, always dependent on the actual interest rate development in the markets, as well as the interest rates we will pay on our liabilities. Because we have issued the Tier 2 for a period, double interest rate costs on that. That doesn't mean that we stick to our initial statement that our income in 2026 will be higher than in 2025. When it comes to taxes and effective tax rate, we had a fairly normal first half of the year, especially compared to the tax situation in the first half of 2025, with an ETR of 27.1%. This did include a number of tax items that brought the effective tax rate down a little bit. Going forward, we would expect the tax rate to be slightly above where it is now. But I think it is a much better indication than the tax rate was in the first half of 2025. On the question on growth, Cor, good morning. I think it is well spread across our markets and across our transition teams. I think the first half new origination reflects that. Energy origination was around EUR 183 million, wellbeing EUR 151 million, societal EUR 152 million, and resource transition EUR 137 million. Food is the smallest Transition Theme, EUR 42 million. Quite well spread across markets and Transition Themes, which clearly also reflects the diversification in our portfolio. Maybe on the latter, the energy part, which I think is the larger for growth. Can you elaborate a little bit more in which sectors of energy it is? Is there more batteries or the solar or? Yeah, but I think battery storage is a growing segment within the renewable energies. I can confirm that indeed. But also there, I think within the renewable energies, there is quite some diversification of the kind of assets that we finance. Okay. It is pretty clear. Thank you very much. Now we have a question from Benoît Pétrarque from Kepler Cheuvreux. Please go ahead. Yes, good morning. A couple of questions on my side. I wanted to come back on the strong loan growth on the mortgage portfolio, +4% year to date. I tried to understand how sustainable that is, and if you think you have still a good pipeline on mortgages for the second part of the year. Also on loans, it was impacted by the runoff of the fiber optic book. I am trying to understand also underlying what you have seen on the business loans, please. The second one is within an uptick of the temporary staff costs. When do you expect that to go down and what was the effect in H1 from your temporary staff costs? The third one is on the gross cost savings of EUR 25 million-EUR 30 million. I wanted to understand if you see some headwinds or tailwinds from that number as you progress, also in the preparation and implementation of the plan. Then the final question is on excess capital. Any ideas on how you will be redeploying the excess capital? Do you also expect some relief from the mortgage flow in the fourth quarter? From the Dutch mortgage flow that has been released by the DNB, and I wanted to understand if this is impacting Triodos as well. Thank you. Thank you. I will respond on the question on mortgage origination, and Kees will take the other questions. On mortgage origination, indeed, we expected to continue to see a strong momentum for further mortgage growth in the Netherlands. There is a clear demand for energy efficient and sustainable homes and the financing thereof, and that demand remains strong and we are well positioned in that segment. Indeed, also on a total level, the NL origination levels have been growing by 11% year-on-year, compensating also for the parts of the total mortgage portfolio including Belgium and Spain, that are in runoff as you know. So in a total portfolio level, the portfolio has been growing by 4%. On business loans, we have seen the loan balance, excluding fiber optics, decline a little bit. But we are building up a good pipeline for the second half of the year. What especially happened in the first half is not so much that we did not have strong origination, but that we had, in certain countries, higher than expected repayments. On staff costs and especially external staff costs, we expect to see a decrease in external staff in 2027, and therefore also in 2027, an impact on external staff costs. The cost savings targets that we gave, which was a gross number of between EUR 25 million and EUR 30 million, remains unchanged. Because we are in the plans and the execution of Fit for Impact still on track. And we are sticking with the targets we gave there. Looking at our capital, we still have a strong capital position, and we are using our capital both to ensure that we can pay dividends like we are now doing with the interim dividend of EUR 1.05, and also to grow our books, and to sustain Triodos. On the impact of changes in the floor in capital calculations, we expect no impact for Triodos as we are reporting under standardized. So we expect no change. Thank you. Just on dividends, given the strong capital, do you think you could pay more than 50% payout ratio or for this year you will stick to the 50%? We will make that assessment when the year is over, and then we will take all the relevant things into account, including expected regulatory changes, expected growth, and of course, also the interest of all our DR holders. Okay. Now we have a question from Michael Roeg from Degroof Petercam. Please go ahead. Good morning, gentlemen. My questions have already been answered, but I also had a question about the operating expenses. Slide number 12 is very helpful, where you see the structural expenses, so excluding non-credit provisions. But even within those structural expenses, there are probably a couple of items that were non-recurring in the past. I was wondering, in the first half of this year, there were still some costs, for instance, maybe legal or other items that probably will not come back in the second half of the year or next year. Could you give a clear view, an underlying view on your normal cost base for H1 of 2026? Thank you. Good morning, Michael, and thank you for your question. The first half of 2026, I would classify as relatively normal, with not many non-recurring special costs. We excluded the EUR 2.6 million from our structural cost base. So I am just talking about the structural cost base. The most notable thing we should keep in mind going forward is that in the first half of 2026, there is a high amount for external staff. As said before, that should really start to decrease in 2027. So for me, that is the most important element that is non-recurring in that sense. You are currently engaged in an efficiency program, which I assume also entails certain costs and presumably a tail of legal costs. Is there part of the structural costs or is it not meaningful? I think the level of legal costs in the first half of 2026 has strongly come down from the first half of 2025 and also the second half of 2026. So we are at a much lower level now and we expect the current court cases and litigation to take a while to come to conclusion. So those costs, even though they are much lower than in 2025, will be with us for a while. Okay. At much lower level. Much lower. Very low compared to. Yeah. Yeah. Okay, good. Well, that is it from my side. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing remarks. If there are no further questions, thank you for your participation and also for your questions during this webcast. We hope to speak to you soon, and I wish you a nice day.