Welcome everyone, and thank you for joining us for the presentation of Mayr-Melnhof's '26 half-year results. I'm pleased to report a strong earnings performance given subdued market conditions.

Adjusted operating profit was broadly in line with the prior year on a like-for-like basis excluding TAN, and showed a clear improvement compared with the second half of '25. A major driver behind this performance was our Fit for Future program, which delivered a contribution of €105 million in the first 6 months, year-on-year, well above our initial expectations.

This contribution compensated mainly for lower selling prices in our Board & Paper business, and it underlined the increasing effectiveness of our profitability improvement initiatives across the group. We are particularly pleased with the strong development of our two packaging divisions, and I will come to the details.

Let me briefly turn to our financial performance of the group. Adjusted EBITDA reached €200 million and adjusted operating profit around €90 million, marginally down from the previous year on a like-for-like basis excluding TAN, and clearly ahead of the second half of '25.

Our adjusted operating margin slightly improved to 4.9%, and adjusted EBITDA to 10.8%. Cash flow from operating activities improved significantly to €145 million due to normalization in working capital.

As a consequence, free cash flow was positive at €37 million despite our above-normal CAPEX program, which will continue, by the way, until end of '27, and then our CAPEX level will significantly come down. At the same time, our balance sheet remains strong with an equity ratio of 47% and net debt to adjusted EBITDA at 2.4 times, which is within our long-term target range.

The success of the Fit for Future program so far attained has given us even more confidence on its overall contribution, and therefore we've increased our target for cumulative P&L benefits to more than €330 million by '27 compared with the '24 baseline excluding TAN. This is much more than the €250 million which we have communicated earlier this year.

This program is really getting a lot of momentum. Now, looking at our divisions in more detail, Food & Premium Packaging improved adjusted operating profit by more than 6% on a like-for-like basis, demonstrating the resilience of its business model and the benefits of the Fit for Future program.

We also strengthened our market position through signing of several long-term customer agreements, and continue to drive innovation in sustainable packaging, particularly innovative solutions replacing plastic. Our expansion project in Romania remains on track and will start commercial production by October, as planned.

Pharma & Healthcare Packaging delivered another outstanding performance in the first half of '26. It improved adjusted operating profit by 28% year-on-year.

Growth in North America, Ireland, and selected pharma applications including GLP-1 related products supported a strong business development. Continued productivity improvements, selective footprint optimization in France and Spain, and close customer partnerships further enhanced our profitability.

Now, with an EBITDA margin of 14.3%, the division has now caught up to the level of its sister division, Food & Premium Packaging, significantly up from a few years ago. In addition, several long-term agreements were signed with key pharma customers, strengthening our strategic relationships and supporting the division's attractive long-term growth prospects.

In Board & Paper, market conditions remained unfavorable. Selling prices were significantly lower than in the first half of '25.

However, customers awarded us more volume in Europe thanks to our superior products and service offering. We gained market share in Europe both in recycled cartonboard and fresh fiber folding boxboard.

Therefore our capacity utilization improved, and operational efficiency reached new levels. Sustainability remains a core element of our strategy and our daily operations.

We are therefore particularly pleased that MM's sustainability performance continued to receive international recognition during the first half of '26. Recently, we received the Platinum award from EcoVadis, up from the Gold award.

Before concluding, I would like to sincerely thank the entire MM team. The achievements of the first half year are the direct result of the commitment, the teamwork, and the determination of our people to continuously improve, particularly during demanding market conditions.

Our success with the Fit for Future program clearly demonstrates what we can achieve together. Now, looking ahead to the second half of '26, we expect market conditions to remain unfavorable.

Due to the Iran war, consumer demand remains subdued, and a number of costs like transport, energy, chemical, wood, paper for recycling have increased. In addition, annual maintenance standstills at MM Kwidzyn and MM Kotkamills are expected to impact third quarter operating profit by approximately €35 million.

However, these headwinds will be partly mitigated by a growing volume and slightly improving price levels across selected board and paper grades, continued growth in attractive pharma and consumer packaging applications, and a further Fit for Future contribution of more than €100 million in the second half of the year. At the same time, we continue to invest in the future of MM.

We haven't cut our investments to the bone. Major projects at MM Kwidzyn aim at increasing energy efficiency and reducing costs, and this remains fully on track.

These projects are expected to make an important contribution to earnings from '27 onwards. The recently announced planned acquisition of the Arnsberg board mill, which is still subject to regulatory approvals, represents another important step in strengthening our core cartonboard business, and it offers attractive synergy potential.

Overall, MM is well-placed because of its strong industry expertise and its superior, well-invested asset base. We remain firmly focused on strengthening profitability, investing in sustainable cost competitiveness, and creating long-term value through our leadership in consumer packaging.

Thank you.