Good afternoon, ladies and gentlemen, and welcome to the Steyr Motors AG publication of Half Year Figures 2025. At this time, all participants have been placed on the listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Julian Cassutti, CEO of Steyr Motors AG. Good afternoon, ladies and gentlemen, dear shareholders. Thanks for joining today's earnings call following our release of the Half Year Report 2025. It's our pleasure to share with you the financial performance of Steyr Motors in the first six months of the year, our strategic progress, and your outlook for the month ahead. The first half of 2025 has been a period of substantial operational momentum and strategic advancement for Steyr Motors. Following the successful listing on the Frankfurt Stock Exchange end of last year and the secondary listing in Vienna in February 2025, we have taken another major step in strengthening our capital markets' performance. The growth perpetually sees back from our first AGM, including the approval of EUR 0.55 dividends per share, gives us a clear signal of shareholder confidence. In the first six months of 2025, we have achieved a revenue increase of 17.1% to in total EUR 23.1 million. Our EBIT reached EUR 3.4 million. This corresponds to a margin of 14.8%. This performance reflects the targeted investments we made to expand our personnel, production, and engineering capacities, as well as to secure our global supply chains. Consequently, as foreseen, personnel and material expenses are higher than in the same period last year. The increase in personnel and material expenses was deliberate, aimed at preparing Steyr Motors for a long and strong production run back in the second half of the year, laying the foundation for further earnings growth throughout the whole year 2025. It's worth noting that a significant portion of high-margin engineering revenue with a key customer is expected to be realized in the second half of the year due to the expected reporting date, supporting our expectations for a notable increase in profitability in HQ. With the successful expansion of capacity, Steyr Motors AG is clearly well positioned to capitalize on its momentum, achieving significantly higher profitability and accelerating its growth in the second half as planned. In addition, the order intake developed particularly dynamically in the first half of the year, rising significantly compared to the previous year. Thanks to a series of new strategic framework agreements, including partnerships with Rheinmetall, Laborde in U.S., and GPI in India, as well as several new customers in Latin America and Asia, we have substantially increased our international presence across those civilian and defense-related applications. Our order backlog has now reached a new all-time high of more than EUR 300 million, with exceptionally high visibility expanding well into 2030. This long-term planning security is a cornerstone of our growth strategy and provides the financial and operational runway to accelerate expansion in key global markets. Besides, we clearly see additional upside potential beyond the current order backlog. We see clearly tangible opportunities to further increase order intake, especially through existing customer relationships. For instance, ongoing defense procurement discussions in Germany as part of a European Union initiative, where the Ministry of Defense in Germany is evaluating the existence of around 2,500 wheeled armored vehicles and 1,000 Leopard 2 main battle tanks for the establishment of a new NATO brigade. This could unlock substantial additional revenue. These potential new contracts are still not yet included in our order backlog for guidance and will present an estimated upside of around EUR 100 million further. Also, parallel to these developments, we are actively exploring regional manufacturing opportunities. A feasibility study for a local production site in Southeast Asia is underway, which has the potential to produce up to 3,000 units annually. This initiative could contribute an additional EUR 100 million in revenue to 2030, and of course, our commitment to leveraging global growth opportunity. We have also made important structural and technological strides. Our new offices in Jakarta and expanded distribution networks in China, Taiwan, Vietnam, and Indonesia are strengthening our footprint in Asia. In parallel, we've increased our workforce from 115 to 135 employees, with a focus on engineering and sales to clearly support those developments and market expansion. On the innovation front, we are preparing to unveil several new mid- and long-term product platforms, which will expand our addressable market and complement our current portfolio. These include high-performance engines for both existing and future military and solar platforms. Based on the solid operational performance in H1, continuous ramp-up of existing programs and sustained strong demands, we can confirm our full-year 2025 guidance. This means a revenue growth of at least 40% year-on-year, EBIT margin of above 20%, and an annual output of at least 1,250 units. We are very confident that we are only at the beginning of a sustainable growth. With our strategic foundations in place, rising global demand, particularly in the defense sector, and a highly motivated team, we at Steyr Motors are well positioned to continue delivering strong performance and value to all stakeholders and associate shareholders. We thank you for your continued trust and support. The journey ahead is full of opportunities, and we look forward to updating you on our progress in the next coming months. Now, I'm more than happy to take any questions you may have. Thank you so far. Thank you very much, ladies and gentlemen. We will now move on to your questions. Questions can only be placed via telephone feedback. If you would like to ask a question, please press nine, followed by the star key on your telephone. If you wish to cancel your question, please press three, followed by the star key. You can now press nine and star to state your question. The first question comes from Simon Keller from HAIB. The stage is yours. Hello, Julian. Thanks for taking my question. Firstly, how are the discussions with KNDS and Siemens going right now? I heard that there are some bigger projects in the pipeline. How are the discussions ongoing? When can we expect new flow? Secondly, I noticed that Q2 saw a slightly slower growth compared to Q1. Are there any particular reasons for this? Relating to this is my third question. To better understand the sequence of developments also ahead, what level of revenues do you expect for Q3? My fourth and last question is on the potential plant in Southeast Asia. Could you please elaborate your thoughts a bit more deeper, especially also at what status level would this become? Thank you. Hi, Simon. Let's go first to my question. First question was related to KNDS. Here, I've also mentioned that in my speech, and also it was discussed in the media a couple of weeks ago, the German MOD, German Bundeswehr, plans to order 1,000 additional Leopard 2 main battle tanks by the end of this year. As we are the supplier for the respective auxiliary power unit for this kind of tanks, this would mean up to EUR 100 million of additional revenue in the next couple of years. As not even the order is with KNDS, the orders are not with us so far. Ongoing discussions, which was also discussed in the media, clearly indicate that this order will come. This would be additional right about EUR 100 million of revenues for us in the next couple of years. In addition to that, there is a program before this additional 1,000 main battle tanks ramp up. There is already a ramp up number one, let's call it this way. We plan to clearly plan to increase the yearly output for KNDS in the next couple of years, according to ramp up phase number one. To give you a ballpark figure, around about 3x the current output starting in 2027 will be the case for, let's call it, ramp up phase number one for the Leopard 2 main battle tanks for our customer, KNDS. Regarding Siemens, this was your question number two. We are here awaiting a huge order for the Scandinavian Railway, which is the final customer so far. We are in ongoing discussions with Siemens, but so far, there's no news so far, so no signature on new contracts. We still believe that this order will come, but also here, the final customer is governmental related. There can always be delays in such orders. Therefore, no news so far for us. Originally, we hoped to have an order by July this year. This order we don't have at the moment, but still, we are in ongoing discussions with the final customer, with Siemens, and we are more than confident that this order will come. Let's move to your next question, the fourth question. Your question regarding reason for slower growth in Q2 compared to Q1. In general, as also just discussed regarding the final customers, which are governmental related, there can always be delays by ordering from the final customer, which means the MODs or governmental organizations. Therefore, comparing quarters related to our business model is sometimes, in my opinion, not really helpful in this specific case this year. Also, as indicated in my speech, especially engineering revenue for one of our key customers will not be in H1, but in H2. This was planned in H1. Here, engineering revenues are the most profitable revenues we have. This is also then related in a stronger H2 compared to H1, or especially Q2. Your next question was related to the expected level of revenues in Q3. I have to relate to my answer to your second and third question. Sometimes it's difficult based on our business model to differentiate between quarters because we are depending on the governmental orders in the end. I'd like to answer your question regarding the full year. I've just confirmed that our initial capital markets guidance is still in place. Therefore, what I can say, and I think this is a fair estimation, it is clearly comparable to last year when Q4 was the strongest quarter. This will also be, regarding phasing, more or less a role model for this year, that Q4 is clearly the strongest quarter. This is in the end, then also the answer to your question regarding the phasing, especially phasing of revenues in Q3. Your last question was related to the potential plant localized production in Southeast Asia. We've just started with a feasibility study with our local partner. Revenues until 2030 would be roundabout additional EUR 100 million, which are clearly not in the order backlog so far. This would mean additional EUR 100 million in addition to the roundabout more than EUR 300 million in the order backlog. Here, the intention is to have a localized production in Asia and production of product engines, mainly for the marine industry, also here mainly for the civilian industry. Of course, then a cost advantage in those potential new products produced in Asia would then be with a similar cost advantage in comparison to the production in Austria, then directly shipped to customers in Asia. As just said, we are at the beginning with our partner to start a feasibility study and to check whether those cost advantages we plan to have and potential customers are in place, are accessible, and what challenges and what risks are related to that. Very helpful. Thank you for your explanation. Thank you. Thank you. The next question comes from Lukas Spang from Tigris Capital. Lukas, please state yourself. Hi, thanks. I'm super happy. I have three questions, and I would do them one by one. First question is related to the topic of the shifts in the engineering revenue. Can you quantify them, and will these revenues be recognized in Q3 or rather in Q4 as revenue? Hi, Lukas. Sure. Regarding engineering revenues, it goes rather being Q4 and roundabout up to EUR 1 million, roundabout EUR 0.84 per share. 4.4? EUR 1 million, roundabout roughly EUR 1 million. Okay. It's revenue, and as I explained at the beginning of the discussion, more or less, also margin as engineering revenues are the most profitable ones given our business model. Okay. Also, a follow-up to the potential production plant in Southeast Asia. Is there already a potential CapEx number discussed or CapEx range to have a feeling what CapEx would be required for that? At the moment, we are discussing several potential models with our potential partner. As I explained, we are still in the feasibility study phase. There are, of course, some ideas of CapEx, but as we are still in the phase of discussing several potential role models or models, how we can then, in the end, finalize and set up this production or potential production, I think at this stage it's too early to communicate specific CapEx figures for that. If we go for that, there will be no CapEx in 2025. It would start Q1 2026, but to a very decent level still. As I said, we are at the moment discussing several models of how to set up this structure. Maybe in the next earnings call at the end of this year, we'd like to communicate something regarding that because then we are more clear in the respective model of what we plan or intend to do. Until the end of this year, you want to have a picture and the possible. Absolutely. Yes, yes, yes. Absolutely. Regarding the backlog, you changed a little bit the communication regarding this in terms of the timeframe. In the past, you said backlog until 2027. Now you are talking or writing about 2030. If we would compare apples with apples, so an order backlog until 2027, as communicated in the past, what would be the related number on that? As we started in 2024 with order backlog EUR 25 million-EUR 27 million, it's clear that out of such an order backlog until now, some revenues or some portion of the order backlog is now already in the books in the P&L as revenues. Therefore, we are now in 2025. We decided to change this. The second reason is clearly we are now talking, and one example I just gave regarding ongoing discussions with KNDS and also what is discussed in the media, additional future orders, and such orders will be then clearly produced until 2030 or even beyond 2030. Those have been the two major reasons why we changed the timing, the timing where we changed this. You can clearly assume that out of those more than EUR 300 million until 2030, the rest of EUR 30 million of it will be until the end of 2028. This is clearly the case. More than EUR 200 million are here until 2028. Okay, that's helpful. Thanks. Thank you very much. At the moment, there seems to be no further questions. Once again, if you would like to state a question, please press nine, followed by the star key. If you wish to cancel your question, you can press three and the star key. We are going to give you a couple of more seconds if there's anyone to state a question now. That seems not to be the case. Thank you very much to all participants. The conference is now closed. The recording has been stopped. Your conference call has come to an end. Thank you for attending. Goodbye.