Ladies and gentlemen, thank you for standing by. I am Paulina, your Chorus Call operator. Welcome, thank you for joining the Erdemir conference call and live webcast to present and discuss the second quarter 2026 financial results. All participants will be in a listen-only mode, the conference is being recorded. The presentation will be followed by a question-and-answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. Please note, Ereğli Demir ve Çelik Fabrikaları T.A.Ş., Erdemir may, when necessary, make written or verbal announcements about forward-looking information, expectations, estimates, targets, assessments, and opinions. Erdemir has made the necessary arrangements about the amounts and results of such information through its disclosure policy and has shared such policy with the public through the erdemir.com website in accordance with the Capital Markets Board regulations. As stated in the related policy, information contained in forward-looking statements, whether verbal or written, should not include unrealistic assumptions or forecasts. It should be noted that the actual results could materially differ from estimates taken into account the fact that they are not based on historical facts but are driven from expectations, beliefs, plans, targets, and other factors which are beyond the control of our company. Forward-looking statements should not be fully trusted or taken as granted. Forward-looking statements should be considered valid only considering the conditions prevailing at the time of the announcement. In cases where it is understood that forward-looking statements are no longer achievable, such matter will be announced to the public, the statements will be revised. The decisions to make a revision is a result of a subjective evaluation. It should be noted that when a party is coming to a judgment based on estimates and forward-looking statements, our company may not have made revisions at that particular time. Our company makes no commitment to make regular revisions, which would fully cover changes in every parameter. New factors may arise in the future, which may not be possible to foresee at this moment in time. At this time, I would like to turn the conference over Ms. İdil Önay Ergin, Investor Relations Director. Ms. Ergin, you may now proceed. Thank you very much, Paulina. Good afternoon, everyone. Welcome to our conference call and webcast for Erdemir for the first half of 2026. First, I will go through our investor presentation, which you can find on our website, you can also follow it through the webcast. At the end of this presentation, there will be a Q&A session as usual. Our presentation consists of two sections, as you already know. The first one is the market overview, the financial results. Let's start with commodity prices. On page three, you will see the prices of steel-related commodities and HRC. During the second quarter of 2026, global market pricing was primarily driven by escalating geopolitical tensions in the Middle East, volatility in energy prices, and expectations regarding central banks' monetary policy trajectories. In the first half of the quarter, U.S.-Iran tensions and supply concerns regarding the Strait of Hormuz increased cost pressures in commodity markets by driving up oil and logistics costs. In the steel and raw material markets, pricing throughout the quarter was mainly shaped by costs and geopolitical developments rather than demand. Additionally, weak domestic demand in China, low consumption in Europe, and a slowdown in global steel demand limited the rise in prices. Although pressure from energy costs eased towards the end of the quarter, no significant recovery was observed due to the strong dollar, tight financial conditions, and weak final demand in the global steel market. On page four, you will see the production, consumption, exports, and import figures of the Turkish steel market. In the first six months of 2026, Turkey maintained its position as Europe's largest and the world's seventh largest crude steel producer. In the January-June period, crude steel production increased by 8% to 19.8 million tons. This growth reflects resilience in domestic output despite the challenging global steel market conditions. Going back to the slide, while exports rose slightly by 1%, production and consumption increased by 5% and 7%, respectively. Imports remained in line with the previous year at 9.3 million tons. As a result, the export-import coverage ratio increased to 84% in the first six months of 2026, slightly higher than the previous year. The European Union remained Turkey's largest export market in the first half of the year, followed by MENA and CIS. In the January-June period, China maintained its position as the leading supplier despite a year-on-year decline, followed by South Korea and Russia. As the EU's Carbon Border Adjustment Mechanism, CBAM, enters its definitive phase on the 1st of January, carbon intensity has become a more prominent pricing factor in steel imports. In addition, the EU's new steel import regime took effect on the 1st of July, 2026, replacing the previous safeguard system. Duty-free tariff rate quotas were reduced by approximately 47% compared to the 2024 reference level, while the out-of-quota duty was raised from 25%-50%. These changes increase carbon cost quota availability and pricing risks for Türkiye's steel exports to the EU. Let's take a look at the financial results and the operational metrics. On page six, you will see the summary of our first half results. We achieved $2.8 million revenue. Also, we generated $281 million EBITDA and $201 million net profit. On page seven, you will see the operational indicators of our company. Following the commissioning of the final two investments in our previous investment package during the second quarter of 2025, our crude steel capacity utilization ratio gradually increased since then and reached the 95% level. Accordingly, sales and production levels returned to their normal levels. Supported by strong demand in Türkiye, we achieved sales of 4.2 million tons in the first half, and we aim sales volumes of over 8.2 million tons in 2026. Let's take a look at the segmental breakdown of domestic sales and export volumes on page eight. As you can see from the pie chart, there has been a slight change between sectors when we compare it to last year's breakdown. There has been a transition from distribution chains, general manufacturing, and auto to pipe and profile on a percentage basis. We see similar changes between sectors in the long product, although its share in total sales is relatively small. Our export volume was 602,000 tons in the first half, representing around 14% export share in total sales. Although our focus is the domestic market, we also consider exports as an alternative market. This year, we aim to keep the share of exports in total sales in the 10%-15% range. Due to the strong domestic demand and our flexibility to shift to other markets, we expect the impact of the EU's new steel import regime on our company to be limited, which I mentioned the details in the fourth slide. On page nine, you can find a breakdown of revenue for domestic and export sales. 84% of the revenue comes from domestic sales, in line with the domestic volume. Despite import pressure in the domestic market, we achieved to generate $281 million EBITDA. We generated $75 EBITDA per ton in Q2. Our EBITDA per ton guidance for 2026 stands in the range of $75 and $85 per ton. In the third quarter, we expect EBITDA per ton to increase through increasing HRC prices and our company's increasing sales volumes. Due to the regulatory change in June, setting the corporate tax rate applicable to earnings from production at 12.5% starting from 2027, the impact of this rate change has been reflected in the deferred tax calculations. This deferred tax income is one-off, and the full-year impact has been reflected. As a result of that, we generated $201 million net profit in the first half of 2026. On page 10, you can see how we reached a net profit from EBITDA. One of the largest items was depreciation, which was $164 million in the first half. The other major item in this chart was financial expenses of $104 million. The tax income amounted to $202 million due to the deferred tax income. After other expenses, net profit was $201 million. In the graph below, you can see EBITDA to change in cash bridge. Our net working capital slightly decreased compared to the first quarter due to the increasing inventories. We spent around $117 million to investment activities in six months. This amount also includes CapEx and advances paid for the capital expenditures as well. The reason for the change in credit payments is that we paid off our maturing financial debts to reduce our credit interest costs. Finally, we also paid dividends of $95 million in June. On page 11, you will see historical trends of financial borrowings and net debts. As you can see in the financial borrowings chart, our financial borrowings have decreased by the amount of our credit payments. When we look at the second quarter, our net working capital slightly increased compared to the first quarter due to the increase in inventories. We managed to achieve a Net Debt EBITDA of 1.45 multiplier at the end of the quarter due to the dividend payment. We expect not to exceed 2 multiplier in 2026 as a maximum level. Slide 12 represents our cost of sales breakdown. There has been no significant change in our cost breakdown since Q1. In the second quarter, our cost of sales increased due to freight and insurance costs. However, sales price increases offset these rising costs. Page 13 represents the historical capital expenditures. Total CapEx was $775 million in 2025 and $225 million in the first half of this year. We expect that CapEx will be approximately $600 million in 2026 with maintenance and other ongoing investments. As you already know, maintenance will be around $58 million per year as usual. Investments such as solar power plants, port and crane investments, and energy efficiency investments are included in the CapEx figure of 2026. As you already know, the figure is accrual based and the cash outflow will be lower due to advance payments. For the goldmine, as you already know, we announced inferred resource in November 2025. There are no new developments regarding the matter. However, further developments will be shared with the public simultaneously. Page 14. As a reminder, we announced our net zero roadmap in 2024. There are no changes to this roadmap, the details of which we previously shared. The first investment in this package, solar power plants, is planned to be partially commissioned by the end of 2026. We may continue with the Q&A session. We will be delighted to answer your questions. Thank you for listening. Ladies and gentlemen, at this time, we'll begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, you may press star and two. Please use your headset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. Ladies and gentlemen, there are no questions at this time. I will now turn the conference over to Ms. Ergin for any closing comments. Thank you. Paulina, I think we have two more people right now on the line. Can we just let them ask their questions, please? Yes, of course. I will announce them. Just a moment. Thank you. Thanks so much. Thank you. The first question is from the line of Evgenia Bystrova with Barclays. Please go ahead. Yes. Hello. Thank you very much for the presentation. I have just two quick questions. First, on the domestic demand, could you please elaborate a little bit on what specifically is driving the strong domestic demand in Turkey for steel, maybe which particular industries or which particular, I don't know, infrastructure investment projects that are outgoing in the country? Do you expect the demand to continue being strong in 2027 and beyond that? My second question is about the CBAM impact. Could you please maybe provide a bit more color on what has been the impact of the CBAM implementation so far on Turkish producers and maybe the Turkish market, and just the pricing of Turkish steel when it goes into Europe? Thank you. Hello, Evgenia. Thank you for the questions. Domestic demand is strong, but there is no specific project that helps to being strong in this year. Actually, our main customer group is pipe and profile and rolling, and we mainly sell HRC to this customer group. Most of them are exporters. Actually, most of our customers are exporters, almost half of them. Basically, we don't share any specific reason, any specific projects why it's being strong, but generally it's going back to their normal level. Because obviously, last couple of years, we're under pressure because of the imports. Of course, we still feel that pressure from imports in the domestic market. Obviously, starting from last year, there have been many developments, especially from the trade ministry side. They revised inward processing regime. They finalized some of the antidumping investigations and announced additional taxes. These kind of protections help protect the local producers. Of course, it's included the steel user sectors as well. I think that's the main reason this demand is going strong this year. The CBAM impact, obviously, let me just clarify our position in export right now. Last year, the export share in our total sales was almost 20%. It was 19.9%, but let me say 20%. It was an exceptional year, because the local demand was weak last year. We just tried to concentrate to the export markets, and it's an exceptional year because obviously we haven't seen 20% export share in our history at all. Our normal levels, for exports is generally between 10%-15%. Right now we are going back to this level, 10%-15%. As we shared earlier, in the first half, our export share in total sales is 14%, which we are going back to our normal levels. Mainly we are focusing to the local market, to the domestic market. Intentionally, we are decreasing our export level when you compare it to last year. That's why we said that the impact of CBAM or the new import regime of EU will be limited for our company. Because actually we are focusing to the domestic market and we are intentionally decreasing our export level because the demand is strong in the local market. That's the general view of why we said the impact of CBAM and new regime will be limited. Thank you. Maybe just as a quick follow-up. I understand that maybe the impact of CBAM or import regime is limited for the company, but what about the industry and domestic prices in general? For example, domestic demand will weaken. Would you expect those measures in Europe to affect the domestic pricing as well? When we compare the European Union's local prices with our import prices, there is a huge gap between these prices. Türkiye has the highest quota, by the way, when you look at the European Union's quota. Türkiye is the leading importer for European Union right now. We have number one position. When they announce all of these protections, Türkiye wasn't the targeted country for sure. They are trying to make a caution for the much more aggressive countries such as China and the other Far East countries. We do not balance the prices. When you look at the price differences between European Union and Türkiye, there is a huge gap, and that will help the Turkish producers to import their products. That's the main reason, actually. We have the highest quota, that's number one, and we have a huge price gap between European Union prices and Turkish prices. Okay. Thank you. You're welcome. The next question is from the line of Adahna Ekoku with Morgan Stanley. Please go ahead. Hi, İdil. Thank you for taking my questions. Maybe just following on the policy topic, could you give an update on the latest in terms of the protection or potential protection for the Turkish steel industry? Anything on tightening of the inward processing regime or your own kind of safeguard measures? Thank you. Hi, Adahna. We haven't heard anything yet, so we are still expecting, waiting for any news from the trade ministry side. Until now, we haven't heard it. Okay, that's clear. Is an update expected this year at all, do you think, or not likely? Well, we are expecting. Normally we don't get news regularly from the ministry. Generally they work for a long time when they decide to make a regulation change, and then they announce it. We know that they're working on some kind of regulation changes. Of course, we are expecting in the second half, but it's not for sure. We are just expecting and waiting. Okay. That's very clear. Thank you. Maybe just one more on your order books. I know you mentioned domestic demand is quite strong, but could you give some indication of whether these are full for Q3? Have you started taking orders for Q4 yet? Well, yeah, sure. Actually, we can see the third quarter. It's going to be very similar to the first two quarters, around 2.1 million tons, most probably. Of course, we haven't finalized it yet, but this is what we are expecting for the third quarter as sales volume. As we shared earlier, we expect higher EBITDA per ton in the third quarter due to increasing sales prices as well. Okay. That's fair. Thank you. You're welcome. The next question is from the line of Jason Fairclough with Bank of America. Please go ahead. Thanks, İdil, for the call. A little bit of a simple question from me. Sorry if I didn't understand this, I'm trying to square the EBITDA per ton increasing, even as I look at spot steel prices in Turkey that seem to be going down, and they're going down quite hard. Like if I look at Platts HRC, it's below $600 a ton at the moment. Is it the case that you've just booked up all of Q3 so there's no issue? What I see is going to come through in Q4. How should I think about that? Hi, Jason. Our order book is full for two and a half months, it's a long period. Yes, we also see the decrease in local HRC and other steel prices in the domestic market. The impact of this decrease is the subject of fourth quarter sales. Because we are full for two and a half months, we can say that we almost finished the third quarter sales, and we didn't affected by the decrease of these current sales price situation. It's going to be the subject of fourth quarter results, but not the third quarter. Without getting ahead of ourselves here, we should expect a slight increase in EBITDA per ton into the third quarter, but then maybe rolling over a bit in the fourth quarter on the basis of the spot price I can see today? That's a possibility, but it's not for sure because obviously we have just started to the last quarter's sales. Actually, it's really early to make any comments for the fourth quarter, but of course, it's a possibility to see that kind of scenario. Okay. Thanks very much. Appreciate the color. You're welcome. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Ms. Ergin for any closing comments. Thank you. Thank you very much for joining us. There are 14 parties in conference. Ladies and gentlemen, the conference is now concluded. You may disconnect your telephone. Thank you for calling, and have a good afternoon.