Dear investors, dear friends, good afternoon. Welcome again.

I am Guo Zhi, the Corporate Secretary of ADAMA Limited. Welcome to the online roadshow of Q2 and H1 for 2026 of our company.

We have prepared simultaneous interpretation for you to choose the appropriate language, the suitable language for you to listen to the entire event. Participants attending today's roadshow include our CEO and President, Mr.

Gaël Hili, Madam Efrat Nagar, our CFO, as well as our Financial Corporate Management Director, Madam Rivka Neufeld. You can see them on the screen.

Our guests will present you the performance for Q2 and H1. Following that, you can raise up questions section on the right bottom of your screen.

As a routine, please read carefully the legal disclaimer before we start. Without further ado, we will give the floor to our President and CEO, Mr.

Gaël Hili, to present you how we have performed. Please, Gaël.

Okay. Can you hear me right, Guo Zhi?

Yes.

Good. Good afternoon, everyone.

It's my pleasure to be here to introduce the H1 results for ADAMA and make some comments on our performance and how the market is evolving. Before I do that, I would like to a little bit set up the scene because in 2026, in the beginning of 2026, we actually, as a company, entered a new phase, and it's important that you understand, and I will share with you, this what this new phase is about.

Next slide, please. Since 2022, where the industry and ADAMA had a peak a high peak in performance, we've been, in '23, in '24, and in '25, going through what we call the Fight Back and then the Fight Forward transformation.

This lasted basically 3 years, '23, '24, '25, during which we made a lot of efforts, a lot of action to restore the profitability of the company and and and bring it back to a sustainable financial position, which was not the case at the end of 2023, as you probably remember. We did during that period a lot of changes in the company, operating model, changes to our asset footprint, changes to our operating model as a as a company, changes to the way our our geographical footprint, and this resulted in a 2025 performance which was, as you remember, much better than '24 and '23.

Now, after having stabilized the company, we're entering the next phase of our strategy execution. During the previous phase—no, sorry, stay on that slide—during the the the the the previous phase, we built discipline, and we want to turn now this discipline into impact as we grow.

That's why we call the next phase Growing Forward. We stabilized the company, it's now it's now time to grow and to grow in a profitable way.

Growth is going to be the essential next step for ADAMA, but it it it must be, and that's that's what I would like you to keep as a message, it must be the right type of growth. In the past, ADAMA has sometimes grown in certain periods, but with a a a growth that was diluting diluting its profitability.

We definitely don't want to do that. Now we have to do, and I'll finish there for this slide, we have to do to deliver that growth in a market that is, for sure, more complex, more competitive, and more pressured than it has been in the last 10 years.

That means that we need to become more outward-focused, closer to to customers, and sharper on competitors because we will grow only if we beat competition in a market that is not growing. Next slide.

Obviously, we have a clear ambition as a clear growth ambition as we enter this new phase, and we this slide shows what we want to deliver by 2030. Obviously, I talked about the growth, profitable growth, it's about margin and cash discipline on top of top-line growth.

It's about making tough choices, but better choices, and delivering long-term value for ADAMA stakeholders. Now we want to become and remain and strengthen our position as a top off-patent synthetic chemistry provider, providing differentiated solution into to the end-user into all the key chemical markets in the world where we are already present.

Next slide. Now, as we enter this new phase that we call Growing Forward, we see four sources of value, the value being both profit and cash.

First, if if I start with the top two, number one and number two on the slide, they are the customer-facing heart of our strategy. This is where our differentiated value innovation strategy comes to life.

The first pillar is about what we offer, our portfolio. We will continue to drive portfolio differentiate portfolio differentiation, sorry, that meet grower needs.

We've been investing in the past for that. We have a very strong portfolio already today, and we want to continue to enhance it in the future.

This means creating value through the right differentiation, differentiated offer that support also the basic part of our portfolio. We will continue to sell commodities, but we're going to see the the weight, both in terms of top line and bottom line, of the commoditized part of our portfolio shifting or reducing to the benefit of the part of our portfolio which is more differentiated and more profitable.

The second pillar is about how we sell. I was saying before that the current market and the way we see the market in the next months and years is very, very competitive.

In order to differentiate ourselves and to win with differentiated portfolio I was mentioning a second ago, we're going to need to uplift our commercial capabilities. There are some markets where we believe we have those capabilities already, and in some markets, we're building them very rapidly and very aggressively.

We we want to want to be able we want our teams in the in the regions to make better choices, sharper execution choices in front of the customer in the in the in the future. Now together, as I said, these two pillars, they they represent how we create value for the customer with our portfolio and how we deliver those and how we capture the value commercially.

Now pillar three and four are also very important. They play a different role.

They they they are what make our growth more profitable, scalable, and sustainable. Of course, the growth will be won in the market in front of the customers, but there are a lot of things we can still do at ADAMA despite everything we changed in '24 and '25 in in the previous phase.

There's still a lot of thing we do in order to support and improve our profitability and our cash generation. The the third pillar the third pillar is about continuously working on becoming more competitive in terms of cost of our products, making sure that we have the right cost position, the right supply reliability, the quality, and the flexibility.

We are, as I as I said in previous meetings of this type, we are looking constantly at our production assets and optimizing them, making them more competitive. As I said, the market is very, very competitive and continues to be, we cannot just sit on the current situation.

We need to continue to improve the competitiveness of our production assets, and this is a very important pillar of our growth strategy. The fourth pillar is, I would say, everything else, but all the initiatives that can be delivered within the company in order to to optimize the way we we operate.

Processes, systems, and data that support decisions, and it's a real source of growth and and profitability and cash. During Fight Forward, which was the previous period for ADAMA, we built that discipline of defining initiatives, let me take an example, cost-saving initiatives, and following them through, executing on them.

This is what brought us to 2025 results that we that we had. We will continue to utilize and even improve that that discipline that we created in the company to look for opportunities of optimizing anywhere in the in the company.

That that's that these are the four pillars of our of our strategy. Now obviously, there are a few things that need to be supporting that execution for us to be successful.

We want to continue, as I was saying just a second ago, to be very, very focused on execution discipline. Once again, we built a lot of that discipline during the last 2 years; we will keep it.

Our operating model, this is the second bar at the bottom, has changed to a matrix model during that that that last 2 years. Now we need to get the best out of that model for taking better and faster decisions.

Last but not least, we need, all across the company, with our all our employees, to to demonstrate the the right behaviors that align, that support the four pillars I was mentioning earlier. Next slide.

I just wanted to share that to to to basically put us or or help you understand where we are as ADAMA in terms of phase of the history of our company. We restructured.

We have done a lot of work to bring the company into a sustainable, healthy financial result in 2025, even if our net income was still negative in 2025 due to some restructuring charges. Now we're moving into growth.

Now how did we do did we do in Q2 and in H1 2026 in in that context? I want to focus on on some very important highlights which we're very proud of.

If we look at Q2 and and H1, I'm going what I'm going to say now relate to H1, which obviously includes Q1 and Q2, but it's it's a better approach or it's it's more significant than just looking at Q2. I'll I'll mention the numbers I'm going to mention now are about our first half, H1.

We saw volume growth across most regions. That's the good news.

The challenging news is that we saw price pressure also across nearly all our regions, actually more price pressure in the market than we thought we would see, especially after the the start of the war in the Middle East. We were hoping for to see more price power of the industry during after the war, which, unfortunately, in most cases, didn't happen due to several factors, the most important one being that this industry is still very highly an overcapacity situation.

Now, we still we saw growth on volumes, lower prices, we saw higher gross margin supported by improved mix. This is a very positive sign that says that our strategy execution is starting to work in this next phase.

We saw a better mix, meaning we saw more sales of the differentiated part and more profitable part of our portfolio in H1 2026. This is really we didn't see it everywhere, okay, yet, but we saw it in we saw it in several regions, which is telling us that our strategy, if executed correctly, with the right capabilities in the right markets, can work.

We continued during H1 2026 on the on the way of cost control and OPEX discipline. This is, as I said, continues to be a very, very competitive market in which we cannot slow down that discipline.

For example, one one data point I can give you is that the number of employees in H1 globally has continued to to reduce. This reduction has started 2 years ago, but it continues quarter by quarter.

We're also very proud of an improved debt profile and and and cash management, which has significantly lowered our financial expenses, and this resulted in a in a positive impact on the on the net profit. We have a higher reported and a higher adjusted H1 net income, which I know is a very important KPIs for investors in China, we're very proud and and happy to report that.

Now, as I was saying before in my introduction about ADAMA's new phase, if you look at the crop protection industry, at our market, we have seen in H1, and we expect to see for the rest of 2026, relatively stable growth stable volumes in the market, which is good news in a way because we've seen high variability in the previous 2 years also related to inventory levels that were high in '23 and '24 in the sorry, in '24 and '25 in the channel. This has gone gone away.

We are, from that point of view, back to a relatively normal and healthy situation, so that's good news. Now, as I was saying before, price is the challenging news here, and and it's not only ADAMA.

The market is not demonstrating the agro the agrochemical industry is not demonstrating yet price power in the first half of 2026, also despite the the the signs that came from the cost increase sign that came at the start of the war in the Middle East. Even with that, we saw prices remaining under very high pressure.

If we look at farmer income, well, it's even more under pressure than in 2025. Why?

Because if you look outside of agrochemicals, which is a bit the outlier, unfortunately for us, all other inputs that growers use for their crop around the world have increased after the start of the Middle East war. Their price have increased.

You take fertilizers, you take fuel, you take seeds, all these have increased, but the commodity prices, the price at which the growers sell their production, have not significantly increased. You see that the profit of the growers is getting squeezed significantly even more than in 2025 this year.

That's putting this market and and I I don't even mention the weather and the geopolitical challenges that are all across the world, tariffs and things like this, which puts pressure on top of what I was mentioning. If you keep those two things, the fact that there is no price power in this in this industry at this stage and the fact that the the grower profitability is under pressure even more than the last 2 years, tells you that this is a market that continues to be challenging.

It doesn't mean that ADAMA cannot grow in this market. We can grow, and we're demonstrating it in in several regions, but the market is difficult, and we believe will continue to be difficult at least until the end of 2026.

We see no sign of reduction of the challenge of overcapacity in China, which is one of the key macro factor that is putting pressure on pricing in this industry. Efrat?

Yes, thank you. All what just mentioned by Gaël reflected in our P&L for the first half of 2026, which is with stable sales, we've been to generate higher gross profit and higher gross margin, and we'll see it later on in our bridges.

Supported net profit higher than last year speaking in terms of adjusted, and in terms of reported, $62 million positive income versus loss in 2025. Important to mention, our financial expenses significantly reduced versus last year, supported this profit increase, and this is due to our focus.

The ones that are with us in the last few years, you know our focus on our cash generation, and also in this half, we are presenting positive cash flow, which, of course, reduced our level of debt and decreased our financial expenses. More than that, also our structure of debt, which means that we are replacing high-cost debt with low-cost debt, following, as you remember, our buyback of our bonds last year, also supported our lower financial expenses.

This to generate higher net adjusted and reported profit in H1 2026 versus H1 2025. Next slide.

I think it's Gaël's, yes.

Yes, thank you, Efrat. On this slide, you see the performance of our sales by region, and there are significant differences.

I'll start by the top with the high-performing regions. You see that in Europe and Africa, Middle East, in H1 '26 versus H1 '25, the volume have increased significantly by 9% in USD and by 2% in CR.

With this type of numbers, we are convinced that we gained market share in Europe, Africa, Middle East. This is a region where the growth of the differentiated part of our portfolio is working, is delivering, and a region that gives us a lot of assurance that this strategy I was talking about before is working when you have the right execution discipline.

Also significant growth in North America, which is, by the way, continues after 2 years of strong performance. You see North America, the growth 5% in USD.

Same thing based on the back of strong execution of launch of new products and also significant commercial effectiveness initiatives to improve the level of our commercial capabilities in that region. Latin America, you see is the other way around.

Now actually, our volumes in Latin America have grown. The problem is that Latin America, and especially Brazil, Argentina too, but Brazil really very intensely, is the place, the market in the world where this price pressure I was mentioning earlier is the most acute, and it's acute especially in the mid-tier off-patent segment that ADAMA is playing in.

The level of aggressiveness of new entrants, especially from China, in this market is making the market very, very difficult on the pricing point. All the volume growth that we achieved in Brazil have been offset by price, unfortunately.

Asia-Pacific, if we exclude China, we see growth, and mainly the big country in that region is India, and the growth is coming from India mostly, which is good news. We are recovering in India after two difficult years.

The market is not easy either in India, I can tell you that for sure, but still, same story as I was saying for North America and Europe, we see the execution of our strategy starting to have impact on the ground. Now you see a big negative in China here.

We have to be careful here because we have to exclude the fact that we took a conscious decision to close an asset in 2025 in our Anpon site, to close an asset which was a non-ag. We were producing chemicals, commodity chemicals, for industries outside of agriculture in this plant at a significantly lower margin than our average.

This was dilutive to our profitability and not really sustainable with the way we saw it. We closed that asset.

Of course, now the difference is showing up on the sales, but if we exclude those sales, we see that our Chinese business is actually growing volume on the branded formulated part of the business. It's also slightly decreasing on tech sales.

This is due to a phenomenon that has affected all the tech sales players in China after the war. There was at the start of the war in the Middle East, you had a bit of a moment or about a month, where the market kind of stopped with all buyers and all sellers waiting to understand where the prices was going to go, and that has resulted in lower volume on the tech business.

I wouldn't see it as a structural issue. The one thing to remember here is that overall, our performance in China is actually pretty solid.

This is taking us with a growth for the total of the company about flat sales on the top line if you combine all this in US dollar. Next slide.

Thank you, Gaël. Looking on the sales as mentioned by Gaël, flat sales versus last year, but if you are looking on the details behind, the picture is hybrid, starting with the volume, higher volume by 1%.

If we are taking, by the way, out the Anpon sales that we did not perform in H1 2026 due to our decision to exit from this activity, our sales basically increased 3% and our volume growth would be significantly higher. However, the pressure of prices in the market decreased by 4% and together with positive FX impact due to the weaker dollar, as mentioned, we are generating in this half $2.1 billion sales, stable sales, excluding Anpon, basically 3% sales increase.

I think what's important to mention here, it's not only our volume growth, but the contribution of this volume growth into our gross profit, as reflected in $36 million in the gross profit, which means that our mix of product is positive. We are selling more profitable product and less non-profitable products, and together with more or less the same sales, we are succeeded in this quarter to generate higher gross profit, 2% higher, $632 million, and higher gross margin above 30%.

With OPEX, which is more or less stable despite the fact that it is impacted to support the growth of the sales, we are performing slightly lower EBITDA than last year by 3% and getting to the $302 million. If we will move to the cash, we can see that our operating cash flow also impacted with our decision to stop the activities in Anpon, as the mix of sales, despite the fact that we had a stable sales, the mix of sales moved to more long-term collection, which impact the operating cash flow, and together also from the company Iron Project, which merges the Israeli company, and for that, we had to buy and to procure more inventory to support the future.

We basically generating only $100 million operating cash flow, together with the sale of Agan logistic centers and our continued focus on CAPEX investment that generating very short and high ROI. We are succeeded also in this half to present a positive outflow of $54 million versus $90 million last year.

Thank you very much, Efrat. We are at the end of what we had to present today in terms of slides.

We'll move to the Q&A in a second. Let me though repeat one last time that this result, we believe, of H1 are showing resilience and are showing that, broadly, the execution of our strategy is working.

We're showing growth in the places where we're putting that execution in place, and this is happening in a market that is very, very challenging and competitive. We'll move to questions with that, Guo Zhi.

Now we'll enter the Q&A session. If you have any questions, you can enter it in the chat box.

Question number one: Management mentioned during Q1 2026 communication that the company has raised prices in different regions. What's the current status of these price increase implementation?

How did prices in Q2 this year change compared with the first quarter this year? Can selling prices be further raised in the third quarter this year?

What is the expected corresponding change in gross margin?

Sorry. I'll answer that one.

It's true that we have, intentionally, after the start of the war in the Middle East, because of the risk of this war to impact our cost negatively, to increase our cost, we have put price increases in nearly all our markets, on all of them, actually, we announced price increases. Now ADAMA, as you probably remember, is a company that has about 6% market share globally, 6% to 7%.

We're not the market leaders. The problem is that in some cases, not in all cases, we managed to drive those price increases to the bottom line.

In some cases, we didn't. Why?

Because the market was not moving. We had to swallow back some of those price increases.

The result is still better prices in Q2 than in Q1, but not to the extent of what we hoped when the war started in the Middle East. We saw some price traction, for example, in China.

China is a market where we saw, for our formulated business, some good price performance. We managed to pass some price increases in the US, but you have some other markets like Brazil, like Argentina, even like Europe, where our attempt to increase prices did not work as we hoped, because the market, and especially the market leaders, the big company who lead this industry, did not show any intention or willingness to increase prices.

We will continue to push prices as much as we can in Q3 and for the rest of the year. Now being realistic about the market, if a market finally shows some price power, of course, ADAMA will too.

We depend also on the market leader of this industry to show that price power, which they haven't done so far. The last thing which is important, despite all this price pressure, I remind you that we have managed to increase our H1 gross profit in 2020 in the first half of 2026 versus the first half of 2025, which is quite an achievement.

Question number two: The China Meteorological Administration has indicated that this year we'll see the strongest El Niño effect in history. How does the company view the impact of this event on global food prices?

What will be the subsequent implications for demand and prices of CP products?

Usually this type of meteorological phenomenon, El Niño, brings extreme weather that are not in favor of agriculture. Usually, it's more a challenge, it's more a minus than a plus for growers.

Now there are some variability globally, but if you make an average, usually, historically, El Niño is more affecting agriculture than helping agriculture. Usually, the most affected area are Asia-Pacific and Latin America, obviously, we are monitoring very closely those markets week by week, month by month.

Frankly, what you need in a situation like this as a company like ADAMA is a flexible supply chain. We are increasing the focus and the attention on our supply chain to make sure that every time we take decisions, especially for those two markets, they're taken as late as possible so that to give us as much possibility to react as possible on how those markets are evolving.

If you look at the value of the market globally, H1 was relatively flat as a global market, maybe down a little bit, but not because of volumes, okay, because El Niño could affect the volumes, because of the prices. We don't see that fundamentally different in the second half where markets like Brazil and Argentina, the Southern Hemisphere, are going to come.

Yes, there will be impact of El Niño, but overall, our assumption today, and if you hear a comment from our competitors when they release their result, it's the same. They are still believing or expecting a market that is relatively stable year on year versus 2025.

Let's

see the third question. ADAMA reported net income for H1 changed to an income of $62 million from a loss of $11 million last year, yet adjusted EBITDA declined 3% year on year.

After excluding the $36 million capital gain from the sale of the Israel logistic center and favorable currency impacts, what is the true YoY trend in operational profitability for H1? Which financial metric does the management team internally prioritize?

Furthermore, the adjusted net income declined year on year in Q2. What are the factors in your mind which have impacted the Q2 performance?

Hi,

I will take it. I would suggest that we will look at the adjusted figures, mainly adjusted EBITDA and net income.

As you probably know, adjusted figures exclude expenses and incomes that are not part of the company's ongoing activities. If you're speaking about H1, adjusted net income, as I presented, increased by 28%, excluding the capital gain from the sales of logistic center in Israel and the other extraordinary items.

Facing the challenging industry environment, as presented by Gaël, ADAMA remains focused on selective growth, disciplined execution, and improving profitability and cash. This was reflected in our improved volume supporting better gross profit and margin, and of course, as I already mentioned, lower financial expenses and positive cash flow.

Currently, we are focusing on improving our performance and protecting our profitability. Net income is an important metric.

That's why we improved our debt structure, which together with positive inflow contributed to lower financial expenses. We just finished merger of the Israeli entities to improve additional operational efficiencies.

Let's look at the fourth question. Revenue in China declined 23% YoY in H1, and sales fell 8% even excluding some one-time factors.

When do you expect to see a recovery?

I mostly answered that question already during my presentation, but I will repeat the main points here. The drop of the revenue, 23% in China, is mostly due to a decision we took, consciously, to close an asset of basic chemicals for non-ag markets.

Now it's true that even if you exclude that reduction, we're still reducing the top line by 8%. Now this is coming from the business of tech sales.

Our formulated branded business is growing in China in H1. The tech sales are going down because of what I was saying before, there been about a month, maybe even 6 weeks after the start of the war, where this market has stopped, basically, because both buyers and suppliers were waiting to see what was going to happen to prices, a bit, kind of wait-and-see type of position, which lowered the overall size of the market during those 6 weeks.

Then it restarted, but this is what explains the slight drop on our tech sales business out of China.

Now let's see the fifth question. ADAMA launched 23 new products and gained 54 registration certificates in H1.

What is the current revenue proportion of these differentiated formulation products? How much higher is their gross margin?

What is your target for the next 2 to 3 years?

Yes, you're absolutely right. We launched a significant number of new products in the first half and also obtained a significant number of new registration.

Unfortunately, we do not disclose the breakdown externally. However, I can tell you, as I was saying in my introduction, that we very much focus in ADAMA on these new product launches, and not only on their launch, but also on accelerating the growth in the first 2 to 3 years of the life of those products.

This is one very key focus. When I said to you earlier that we're looking at improved our commercial capabilities in our key markets, this is one of the focuses, how we launch and grow products.

Now one of the actual concrete results or proof points of that is the fact that our mix is positive in H1. This is very important metric for us as we go into this new phase of growth for ADAMA.

We want to grow our profit supported by the mix. The mix basically tells us that those new products, volumes are growing, and they're growing with the right level of profitability.

Question number six: Operating cash flow declined sharply from $242 million to $100 million, and free cash flow fell from $90 million to $54 million. You explained it's because of collection time difference and inventory stocking.

Is it purely a time issue related to disturbance, or do you think it reflects a structural increase in your working capital?

I will take it. I will go to the end, okay?

Our current level of working capital is not due to any structural increase in working capital as we saw a few years ago. I think this is a very important statement.

As mentioned, and also included in the question and as I presented in our presentation, this is due to collection, stable sales with different mix of sales for moving to more longer-term collection sales, and also, as I mentioned, Iron Project, the merger of the Israeli entities to increase operational efficiencies. This required us to procure and produce more inventory in order to not lose any sales in the future due to this name change.

Question number seven: Your company previously expected to resume sales in Turkey in the second half of this year. What is the latest progress in this regard?

Guo Zhi, sorry, I lost the translation on this one. This one, the question about Turkey, right?

Yes, this one is about Turkey.

Yes, we mentioned that in previous roadshows that we were planning to resume our business toward the second half of 2026 in Turkey. Everything is lined up as per this plan, and this plan is progressing well and normally.

The impact we will see in 2026 would be very small. Most of the impact will be actually in 2027.

This was our plan, there's nothing that has changed in this plan.

Question number eight: Assuming global agrochemical demand maintains moderate growth and active ingredient prices do not rise significantly, what does the management team consider to be the most critical driver for the company to achieve a notable YoY improvement in your margin? Is it selling price, volume, gross margin, expense ratios?

There are several factor of focus when we look at the first half of 2026 and when we look at the second half of 2026. Honestly, they are the same.

First, we continue to look at growing the differentiated part of our portfolio, okay, at the right price in a market that is very competitive. This is what I was mentioning earlier about looking at the mix as one important measure of the success of the execution of our growth strategy.

We will continue to look at this. The other part continues to be the cost, okay?

We will not slow down cost control measures in the second half of 2026 for sure. The market does not allow that.

We will continue to manage those two ends of the P&L, the top line with the mix, and the cost of our operation, and by the way, both cost of products and cost of operation with the OPEX.

Question number nine: In April and May, you increased prices. Do you think it has effectively offset the rise of raw material costs during H1?

Following the sharp rise in global chemical prices since March, when do you think the full impact will be reflected?

Yes, we saw some price increases for some raw materials after the start of the war in the Middle East. Now these price increases did not impact, or very slightly, our first half results because there is a lag, okay?

What we buy in Q2 is not being sold before Q3, sometimes Q4. We will see this impact in the second half of the year, in H2.

Now again, our ability to offset that impact with price will depend on us, obviously, but also on the market. If the market shows, finally, I would say, some price power, of course, we will offset these costs with price increases.

This is our intention, this is our strategy, but once again, we have to be careful because in H1, there was no price power in the market. We will do whatever we can in a market that is being difficult because of overcapacity.

Question number 10: The company has reiterated that its 2026 targets are to strike a balance between sales growth and further improving gross margins. Have you achieved this target in H1?

I'm lost in the question, Guo Zhi. This is question number what?

Number 10. Question number 10: The company has reiterated to strike a balance between sales growth and further improvement of gross margins.

Do you think it has been achieved

in H1? Yes, in the first half of the year, it has been achieved because we have delivered higher gross profit.

Now it's true that our EBITDA has been pressured because we did not expect the level of price pressure we found in the market. Still, in the context of the market, delivering a higher gross profit in H1 is, I think, a tribute to delivering on our promises and our intentions.

Question number 11: In the second half of 2026 and 2027, what is your focus?

I can repeat this one. This is the four pillars I showed in the beginning of my presentation.

These are the areas of focus for '26, but also for 2027. Frankly, probably beyond even 2027.

These are the four areas, the four pillars I presented before, who are our strategic focus for the weeks, the months to come.

Question number 12: Can you share the latest updates on the warehouse damage at the Israeli facility at the end of March? How is the government's compensation processing regarding the $5.7 million inventory loss and subsequent repair costs in this incident?

The good news there is that the plant, and it's true for now a significant time, is operating normally. We have resumed activities.

It took us about 2 months to resume activity in all the part of the plants which have been affected by this strike. The plant is operating normally.

We had to go through some bypass and some changes in the way the production setup is operating that plant, but it's working. Regarding the financial impact, we started working both with Israeli government and with insurance companies to get compensated according first to insurance contract, but also according to the rules of war event in Israel.

We started working with both those entities, and, this is a good news, we saw cash starting to flow already from those two sources in the last few months. The process is working.

We're providing information to our insurers and to Israeli government, and we expect a significant part, if not all, of the financial impact that has been generated by those two missile strikes to be compensated through those two sources.

Question number 13: How effective is your efforts in expense control since the Fight Forward plan enters a new phase?

Thank you. I will take it.

Basically very effective. If we are looking on our operational expenses versus last year, it seems that there is an increase.

If we are taking out the impact of the FX, weak dollar means higher OPEX in dollar, higher operating expenses in dollar, basically if we are taking it out, we are reducing our operating expenses in 2026. This is despite the higher volume that require more logistics, more marketing to support those sales.

Bottom line, very effective.

Thank you very much for all your questions, and that will conclude our Q&A session. I'll give the floor back to Gaël for a final wrap-up.

Thank you. Thanks to all of you first for attending this session.

Thanks to Efrat and Guo Zhi. I want to conclude on the way I started.

This is a new phase for ADAMA, a very different phase from the last two years, and a phase that is all about profitable growth. We see this profitable growth, and we need to achieve this profitable growth in a very competitive market, extremely competitive, which makes it even more difficult and complex.

Still, we are showing the first very promising result in some key markets of our ability to deliver on that profitable growth. We will continue with that priority for the months to come of profitable growth without losing any focus on two things, which are cost and cash.

Thank you very much for attending today.

Thank you all very much. With that, we'll end our presentation this time.

Please keep a close follow-up to ADAMA. Thank you very much for your attention.

Bye-bye.