Good morning, and welcome to the conference call with the analysts and investors for the first half of 2026 results for TeraPlast Group. My name is Alexandru Stânean. I'm the CEO of TeraPlast Group. Together with me is Bogdan Crăciunaș, the CFO of the group, and Alexandra Herișanu, the CMO of TeraPlast. Welcome, thank you for being here with us this morning. It has been quite a ride in this first half of the year, we have a lot of events going on, both operationally as well as strategically. As you will see in our reporting, it has been quite an eventful first half of the year. As usual, we are presenting the financial results by segment. The segments of TeraPlast are the installation segment, which is the largest part of the group, which comprises the production and sale of all product in water management, interior and exterior switch systems, energy infrastructure, telecom infrastructure, injected products, and also a component of recycled PVC that it's used as raw material for us. We have the compound division, which incorporates both virgin and recycled PVC compounds, as well as polyolefin compounds with production in Romania. The flexible packaging division, where we do the stretch film as well as the blown products like shopping bags, garbage bags, this type of packaging product, with two factories in Romania and a factory in Croatia. Window and door division, where we do PVC and aluminum windows and doors. The group has close to 1,400 employees, with operations, either production or sales organization in six countries, running 16 factories with a production capacity of over 200,000 tons per year. On the event side, as you know, we have closed the deal with Aliaxis to purchase the TeraPlast factory in Okondo, near Bilbao, in the north of Spain. This factory is going to serve the Spanish market as well as the French, to some extent, the German market, for which it's very well-positioned logistically. Also, due to its position in the close proximity to the ocean, we also plan to serve the North African markets from this factory, targeting especially Morocco, which is very close by. We feel that this presence is a strategic step in Western Europe, as well as North African markets. At the time of the closing of this transaction, the price that we paid was around EUR 3.7 million, we did the payment at the end of June. Basically, you see this in our financial statements, consolidation in the financial statements will start with quarter three of this year. Therefore, the financial results for the first half are not impacted at P&L level by this acquisition, but they are impacted at balance sheet level by this acquisition, at least on the cash side. We have had a 4% increase in the turnover in the first half of this year. The turnover reached RON 574 million, which was due to a decrease in volumes, which was, let's say, overshadowed by the increase in prices. In our markets, we have a huge inflation due to the situation caused by the Iran war, where oil price as well as polymer price have shot up through the roof in the first month or so after the start of the Iran war. Now we see that there has been a downward trend toward the end of the quarter. This, combined with our very fast reaction to the market conditions, led to an increase in gross margin by 9% and to RON 224 million in absolute value. This enabled us to compensate the shortfall of volumes. However, this increase does not go all the way to the bottom line due to several reasons. We have had increases in the personnel cost, which was due on one hand to the base effect. Basically, first half of last year, we did not fully consolidate Aquatica Experience and its headcount and the associated cost. In the first half of last year, the Zsámbék production facility was not yet fully operational. Therefore, the headcount and the salary costs were quite low. On top of this base effect, we have had, of course, some salary increases, especially in the operations in Romania, to partially compensate for the inflation that is quite on a high level in Romania. Therefore, the consolidated EBITDA fell by 9% to RON 42.5 million. Going even further down the P&L statement, we have had significant cost, especially with the Forex due to the depreciation of the leu, Romanian currency, which also impacted negatively the net result. I would say that a little bit more than half of the loss that we posted for the first half of the year was due to the Forex impact, which exceeded by more than RON 2 million, the Forex impact of last year. However, the second quarter all in all was a very good quarter. We have significantly recovered from the loss of the first quarter, which was characterized by low demand due to the delay in the approval of the Romanian state budget, as well as the elections in Hungary, which basically meant that the demand in the market was weak throughout the quarter. We managed in the second quarter to ramp- up things. We compensated a lot of this loss that we had in the first quarter. Going down through the segments, it's a complex market environment where in the installation business, infrastructure projects are going at a slower pace than anticipated, both in Romania, Hungary, and Republic of Moldova for various reasons. If we are to talk about the Romanian market, which is the biggest of all, the budget deficit does not incentivize the government to allocate too much budgetary funds to public works on one hand. On the other hand, European projects that have been underway are going at a slower pace due to the slower pace of payment by the government to the construction companies. This also impacted our working capital. In Republic of Moldova, a lot of projects have not yet started until the candidate status is awarded to the Republic of Moldova and the elections in Hungary. The change in government there meant that they are just reshaping their budgeting strategies and allocating the money for projects. We hope to see, at least from Hungary, a ramp-up in projects beginning the last part of this year. Demand in compounds has also fallen sharply by quantities, the largest demand shrinkage that we have in this segment due to, on one hand, the market conditions as well as the purchasing behavior of the customers which have stocked up a lot in the first part of the year. Purchases in the last couple of months were quite slow. Hopefully, this will remediate by mid of this trimester, and we will see somewhat an acceleration towards the later part of this year. Just to finish with the bad news, we also are facing challenges in the windows and doors segment, but there we did a management change and we hope that the new management has started a hopefully successful process of reinventing the business through digitalization and efficiency, which will allow us to reposition completely the window business. On the good side, we have great news from the flexible packaging division, which is somehow something that we were unable to announce in the last years. The beginning of this year was extremely good for the packaging division, which has had a positive contribution to the EBITDA of the group. The market demand was quite sturdy in the first part of the year. We were somehow expecting this to be the case for a while now, but it finally seems to appear. However, we have also complexities in this market as well because as the huge spike in demand after the start of the Iran war seems to cool down, we think that we are going to see also a complex situation in the second part of this year for this business as well. As I said, the revenue increase of 4% comprises of a volume decrease on one hand, as well as a sensible price increase on the other hand, giving a combined effect of +4% in the turnover, although we have a -5% in quantities. The volumes, as I said, the biggest decrease in volumes we have in the compound segment with a 22% in decrease in tonnage, as well as a small decrease in the installation segment, especially to a slow demand in Hungary due to the political situation there, and a small decrease in windows and doors, and significant increase throughout the businesses in the packaging segment. Now I'm going to hand over to Bogdan to continue with the details on the financial results. Thank you very much. Hello to everybody. We are starting the presentation of the financial figures for H1 with the comparison between the financial results of the first half of 2026 compared to first half of 2025. The revenues have increased by 4%, compared to the similar period in 2025, up to a level of RON 574 million, compared to RON 552 million in 2025. On a percentage basis, the gross margin improved from 37% in H1 2025 to 39% in 2026, also exceeding the budget level of 36%. However, this improvement in the gross margin was not sufficient enough to offset the increase in the operating expenses. The employees benefits expenses increased mainly due to the higher headcount resulting from the acquisition of Aquatica Experience Group and the starting of the production in the Zsámbék production facility. The other operating expenses increased primarily as a result of the consolidation of the newly acquired businesses and the Zsámbék production facility. The EBITDA is presenting a decrease from RON 47 million to RON 43 million, so a decrease of 9%. This first half, we also had a negative effect on the financial results generated by the depreciation of the Romanian leu against the euro and the higher interest expenses. All in all, the net results is actually a loss of RON 4 million compared to a net profit of RON 3.4 million in 2025. What I want to highlight are the results of the standalone quarter two of 2026 compared to the similar quarter in 2025. As you can see on the right three columns, in terms of turnover, we had an increase of 12% up to a level of RON 339 million. In terms of EBITDA, we have an increase of 30%, so a significant improvement in the profitability, up to RON 34 million. In terms of net profit for quarter two standalone 2026, we are presenting a profit of RON 6.6 million, compared to a profit of RON 2.2 million in 2025, quarter two 2025. What are these figures showing us? After the first quarter in 2026 with modest results due to the market environment, this second quarter is presenting a significant improved performance, and it's generating a good base for the next two quarters of 2026. We are continuing with the presentation, the comparison between the actual results and the budget. As you can see, the turnover is below our budget, below with 10%. The budget was set up at RON 641 million. In terms of EBITDA, we are also below the budget with 23%. In terms of result, we are presenting this loss of RON 4 million against the budgeted net profit of RON 11.3 million. The sales outside Romania continue to be 35% of the consolidated revenue. This is an increase of 4% compared to the first half of 2025. In terms of segments, the most important segment is the installation. The Romanian installation market operate in a challenging environment with a slower pace of new infrastructure project launches and delays in the implementation of the ongoing investments, driven by the financing constraints and the delays in reimbursement. This has put a pressure on our clients and obviously has put a pressure on our sales and on our working capital. In the first half of 2026, for this installation segment, we generated a turnover of RON 421 million, 5% increase compared to 2025. We generated an EBITDA of RON 32.4 million, which represents a decrease of 24% compared to first half of 2025. This generated a lower EBITDA margin up to 7.7%. The PVC compounds market faced multiple challenges, particularly weaker demand from the cable industry and postponement of new investment projects. This generated a market contraction compared to first half in 2025. With all this impact, we are incurring a turnover of RON 41 million, representing a decrease of 19% compared to 2025. In terms of EBITDA, we generated RON 3.6 million, with 38% below the similar period of last year. The windows and doors division also operated in a challenging market environment with weak demand and higher raw material costs. This resulted in lower sales volumes. At the same time, the division continues the implementation of the transformation and efficiency improvement program. We are incurring a turnover of RON 21.7 million, representing a decrease of 12%. We generated a negative EBITDA of RON 2.5 million compared to EBITDA basically at zero for the similar period in 2025. The packaging division delivered the strongest performance within the group in the first half, supported by the acceleration of the market demand, driven by the geopolitical environment, the Iran war and the concerns over the raw material availability. This division incurred a record turnover of RON 90 million, 21% increase compared to last year. The most important positive EBITDA, a strong significant positive EBITDA of almost RON 9 million compared to a negative EBITDA of RON 1.5 million in the similar period of 2025. In terms of the balance sheet, we are presenting a slight increase of the non-current assets, having the payment for the new Spain production facility. We are incurring also a slight increase in the working capital, RON 273 million compared to RON 265 million at the end of 2025. This was generated by the higher inventory levels, higher trade receivable levels, and implicitly the higher trade payables towards our suppliers. In order to compensate the need of working capital and the need of funds to finance the CapEx and the acquisition, we have drawn bank loans, having the current level of RON 446 million at the end of June compared to RON 387 million at the end of 2025. In terms of leverage, the current leverage level is 4.8x compared to 4x at the end of the year 2025. In terms of working capital as a percentage of revenue remains at a stable 26%, indicating the strong operational control despite the increase in the working capital base. Moving forward to the cash flow. As you can see, in the first half of 2025, we have used our funds to finance the increase in the working capital. The need here was RON 39 million. Another point where we have used our cash flow is the acquisition of fixed assets of RON 31 million in the first half and the investment in the Spain production facility, close to RON 20 million. In order to finance all these main three components, we have drawn new bank financing of RON 58 million. Another very important factor is the collection of the subsidies. In the first half, we have collected RON 7.9 million in grants out of a total of RON 14.6 million, the level budgeted for 2026. With this cash flow, I finalize the financial presentation. I hand over to Mr. Stânean for the Q&A session. Okay. Any questions? Okay, if there are not any questions, thank you very much. See you in three months time for the quarter three results. We don't disclose this information at this level. As we declared, we are going to start giving sales breakdown by countries. What I can tell you right now is that, again, sales breakdown by countries not individual P&Ls of all subsidiaries. Besides Romania, which is the bulk of our sales, we have 30% of the sales going to Hungary, and all the other countries are below 10% in the total turnover of the group. Again, without the Spanish factory. Okay. If there are no other questions, thank you very much for attending this conference call. Again, see you in, give or take three months for the quarter three results. Thank you very much.