Good morning, ladies and gentlemen, Welcome to the Steyr Motors AG publication of financial year results 2025. At this time, all participants have been placed on a 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. Ladies and gentlemen, dear shareholders, good morning and welcome to the earnings call of Steyr Motors AG on the occasion of the publication of the 2025 annual report. I'm delighted to share our strategic growth course in 2025, the key milestones we have achieved, our financial performance, and our outlook for 2026 and beyond. Before turning to the financials, let me just briefly highlight one of our most important innovation initiatives. As you know, innovation remains at the core of our strategy. In 2025, we made significant progress in expanding our product portfolio. The key example is the development of our modular M12 power unit, the so-called power generator, a highly flexible mobile energy solution designed for mission-critical applications with the respective military cornerstones. The system enables a reliable power supply in demanding environments, from drone defense systems to field operations, and especially in extreme climate situations. Alongside the power unit, we continued to advance our APU, the auxiliary power unit, and next-generation engines, strengthening our technological position in both the defense and marine markets. These innovations open additional applications in special vehicle markets, marine applications, and last but not least, mobile energy solutions. Let us discuss some strategic and operational progress before coming to the financials. The 2025 financial year was characterized by significant strategic and operational progress. Building on this strong foundation laid in 2024, we further sharpened our business model, expanded our international footprint, advanced our technology portfolio, and strengthened our operational capacity to process a growing order backlog. Several highlights. The frame agreement with Rheinmetall beginning of last year regarding a new main battle tank platform. Secondly, new marine application agreements in several international markets. Thirdly, the establishment of a joint venture in Singapore. Most importantly, for the coming years and also for this year, our entry into the U.S. USV unmanned surface vehicle market. Also, last but not least, a new 5-year contract with our main agent distributor, given long-term stability. In a nutshell, 2025 was a year of strategic positioning for Steyr Motors, setting the course for a significant expansion in the current financial year, 2026, and of course, beyond. Let me now turn to our financial performance in 2025. In 2025, revenues increased by 16.4% to EUR 48.5 million, compared to EUR 41.7 million in the previous year. This represents a double-digit growth despite temporary project-related delays. EBIT amounted to EUR 5.8 million. Adjusted for one-off M&A advisory costs and capital market-related effects from our extraordinary AGM, the adjusted EBIT reached EUR 7 million. This corresponds to an adjusted EBIT margin of 14.5%. With this, we have achieved our revised guidance in November. It's very important to note that temporary effects, including project-related postponements, influenced the financial year 2025. Especially, we experienced longer than expected budget approval processes at governmental institutions and shifts of highly profitable license revenues. However, to emphasize that, these were timing effects and no structural issues. The underlying demand remains very strong. Given the positive overall performance, the management board and our supervisory board will propose a dividend of EUR 0.25 per dividend entitled share at the AGM on April 10th. One of the most important developments in 2025 was the significant increase in order intake. As of December 31st, 2025, our total order backlog amounts to over EUR 300 million with visibility until 2030. This provides us with a solid planning base for the coming years. It's worth emphasizing that announced defense budget increases in many countries have so far only partially translated into our order books. A substantial part of the expected market growth is likely to materialize in the coming years. In addition to the order backlog, we see further unbudgeted opportunities with a volume exceeding EUR 500 million. Let's go to the outlook. Looking ahead, we expect a significant acceleration of our business development. For 2026, we project revenue in a range EUR 75 million-EUR 95 million with an EBIT margin of at least 15%. The growth will be driven especially by intensified sales activities, especially in North America, but also in Asia. Our just discussed mobile energy solutions, the so-called mobile power unit, the power generator, and of course, the further expansion in the just ended unmanned surface vehicle, so-called USV market, especially in North America, but of course also globally. If possible, further possible M&A transactions. Looking further ahead, our midterm outlook for 2027 targets, this means revenues of approximately EUR 140 million will remain. In the defense sector, value creation often happens at the platform development stage, while revenues from product sellings follow with some delays. Therefore, we are currently positioning ourselves in exactly those programs. One specific example is our collaboration with a well-known tool manufacturer, which plans to deploy our power generator, the mobile power unit, as a transportable charging solution for their products. This example illustrates the growing relevance of our mobile energy solutions in the modern defense systems. Before I conclude, let me briefly also highlight two important strategic developments that we announced very recently this year in 2026, and that further strengthens our long-term growth visibility. Firstly, earlier this year, we have just announced the acquisition of the Danish BUKH, a leading manufacturer of SOLAS-certified marine engines for rescue and military boats. With this acquisition, we expanded our marine power range from 120 to 300 horsepower to, in total, 24 to 700 horsepower. This positions Steyr Motors as a full-range provider for mission-critical marine applications. The transaction strengthens the access to international tenders, enhance cross-selling opportunities, increases Steyr Motors' exposure to recurring aftermarket revenues, and is expected to be EBIT accretive from the first full year of consolidation. Just this week, we have announced a new long-term framework agreement with KNDS, one of Europe's leading land system providers, until 2034. The contract runs until 2034, as just said, and includes the delivery of at least 500 motor generator units for mission-critical military applications, including the main battle tank Leopard 2 and the so-called Leguan system. The agreement represents a major milestone in our long-standing partnership with KNDS and of course, supports the planned production of ramp-up of the Leopard 2 system in the context of European defense modernization. For us, for Steyr Motors, the contract provides additional long-term production visibility, strengthens our technological positioning in military APU systems, and further anchors high-value manufacturing at our Austrian site. Looking ahead, we expect a significant expansion of our business activities in 2026 and of course, beyond. For 2026, we project revenues in a range of EUR 75 million-EUR 95 million with an EBIT margin of at least 15%. The growth will be driven, especially by intensified sales activities in North America and Asia. Our contribution, as explained from the so-called mobile energy solutions, the mobile power unit. Our expansion in the unmanned surface vehicle in the USV market and of course targeted M&A transactions if possible. To emphasize that our midterm outlook for 2027 with EUR 140 million of revenues remains unchanged. Let me conclude with some closing remarks. 2025 was about strengthening our operations and laying the foundation for further expansion. 2026 marks the beginning of scalable, profitable expansion. Our ambition is clear. High margin growth and the consistent expansion of our global market position. We remain very confident in our strategy and discipline, disciplined in execution. Thank you very much for your continued trust and support. I'm happy to take any questions you may have. Thank you very much. Thank you very much. Dear ladies and gentlemen, if you would like to state a question, please press nine and the star key now to enter the queue. I repeat, the combination is nine, star. If you wish to cancel your question again, please press three and then the star key. For now, please press nine, star. The first questions are already incoming. The first one comes from Patrick Steiner, ODDO BHF. Please, Mr. Steiner, over to you. Good morning. It's Patrick Steiner speaking, ODDO BHF. Thank you very much for the presentation. First question from my side would be if I look at the operating cost base, basically the difference between revenue and the Adjusted EBITDA, this cost base grew from EUR 31.5 million in 2024 to EUR 41.5 million, so basically EUR 10 million. How should we think about that number for 2026? That's the first question. The second one would be, could you maybe provide a bit more information about expected sales development for USV and for the mobile generator units over the next couple of years? Some kind of just your thoughts on this would be very helpful. Thank you very much. Okay. Thank you, Mr. Steiner. I will start with your second question. The USV and the mobile power unit. USV, we have just started end of last year to sell our respective products. Of course, as many of you are well aware of that, this market, especially in the marine industry, the so-called USV market is quite a new market with high growth ambitions. Therefore, for 2026, we can expect or what's in also in the budget, especially around about EUR 10 million of sales regarding that. The mobile power unit and of course beyond that, beyond 2026, this will be heavily growing as the demand worldwide. What we see with our customers, with our already existing customers in North America, but also with additional customers, for instance, in the UK. The forecast, the respective forecast are heavily growing. Therefore, in the years beyond 2026 also this EUR 10 million we expect for 2026 will rapidly growing 2027 and beyond. We are, as some of you already know, we are in intensified discussions for a long-term contract with a currently existing customer in the US, and therefore, we are quite confident to provide some positive news in the next couple of weeks regarding a partnership with our already existing customers. This would also give, of course, midterm and long-term guidance and stability regarding some kind of frame contract in that. The mobile power unit, the power generator, as a newly developed product end of last year when we have announced our prototype. For 2026, given the respective budget, this is quite limited. Below EUR 1 million, clearly below EUR 1 million of revenues for that as we are now currently in the phase after we have introduced and announced our prototype end of last year. We are now in the phase of acquiring customers. We're in also here in discussions for potential partnerships with some concrete MoDs in Western Europe, also in very concrete and intensified discussions with potential customers. As we have just introduced the prototype end of last year in our budget, quite a limited number for this year in 2026. In total, until 2030, in our opinion, quite conservatively, we estimated the growth potential, the revenue potential, which is, and to emphasize that this is not in the order backlog and not in the budget so far. We estimated that with EUR 100 million of total revenues until 2030, but in 2026, due to the reasons I have just explained, with a very, very limited number in our business plan in 2026. Coming to your first question, Mr. Steiner, the operating overhead costs, in 2026, will increase by approximately 15%, clearly caused by the intended growth, top line growth, caused by the intended and planned sales growth. Of course, the respective cost base needs to be to some extent, of course, not to full extent, but to some extent, we need to grow as well and therefore also the overhead, the operating costs, will increase to a some extent. All right. Thank you very much. That's very clear. Just a quick follow-up on your answer. You were referring to EUR 100 million of total revenue potential until 2030. I think this was Yeah. referring only to the mobile power generation unit, right? That's correct. That's correct. Yeah. Thanks for the follow-up. This was only referring to the mobile power unit, EUR 100 million until 2030. The USV potential, which is not in the order backlog so far, we calculated with EUR 150 million. So in total, those two opportunities, mobile power unit, the so-called power generator and USV market, in total, EUR 250 million of opportunities not included in the business plan and not included in the order backlog. Following the news currently, everyone is talking about USV, USVs, especially this, but also the power generator. This is, yeah, this is a clear growth driver for us, and we see the speed in both areas. Our customers demand products quite fast, and we have really interesting discussions. As just said, we already have existing customers in North America, but not only North America, for those products. Huge potential here with EUR 250 million of further opportunities not included in the business plan and not included in the order backlog. All right. Perfect. Thank you very much for the question. I'll get back in line. Thank you. Thank you very much, Mr. Steiner, also from my side. Next question is from Marie-Thérèse Grübner from Cantor. Please, over to you. Good morning, Julian. Thank you for taking my questions. I have several ones, and if I may I ask them one by one? I'm hoping the answers would be faster. The first question pertains to, you know, the EUR 250 million you just mentioned in combined opportunities for mobile and USV. Just to be clear, is this in the EUR 500 million incremental opportunities, or is it on top of that even? Given our investor presentation, we have an order backlog of EUR 300 million and roundabout more slightly over EUR 500 million of additional opportunities. Those EUR 250 million is including in the EUR 500 million. Okay. Thank you for that one. The second question is, yeah. I mean, how are you thinking about the CapEx for this, especially the USV? I mean, are we going to see production in the US? You mentioned the US as a major market. Mm-hmm. Yeah. I mean, how are you organizing yourself from the production plan standpoint with respect to your legacy business, in light of these new, these new product lines? We don't expect to have any additional CapEx for that. We have an existing product with a new application, the USV market. For that, we don't expect any further CapEx. We have an additional we have an existing supply chain with local distributors in the U.S., long-term distributors in the U.S. Therefore, we don't plan to have local production in the U.S. All of those tariff discussions and logistics discussions we are not facing with that. This is not a challenge for us because this is mission-critical products. Therefore, no additional CapEx for this growth driver. On the USV, I mean, isn't the major growth coming from electrical drive in the USV market? How is diesel fitting in that, you know, in that product, in those prospects for USV? Our product for those kind of USVs is quite unique because of our power to weight ratio, so quite a light product, but in addition, powerful. Mm-hmm. This is a power supply for those kind of products, yeah, this is. Yeah, what would be the use case? I mean, is it kind of a USV, to carry people then? To carry more weight? No, no. Because. Oh. No, Well, it's an unmanned. Yeah. USV. Yeah. We are not in the submarine market, we are in the USV market, therefore it's an unmanned product. Yeah. To carry radar systems, whatever detection systems. For instance, as an example, in the final product. Therefore, they don't use electrical drives, they use a diesel engine, and especially our diesel engine is with an ideal power to weight ratio. Okay. It's of course, therefore quite beneficial for them. Okay. Then on your guidance, does it include any M&A? Because you mentioned growth also via M&A. I mean, the EUR 25 million-EUR 95 million. Yeah. Well- Ex M&A. Of course, we gave a range because, by given the guidance, we already knew that we have been in some M&A discussions, but. Mm-hmm. You can expect the guidance, reaching the guidance without M&A, now we have fulfilled already one M&A transaction. We are currently discussing potential other M&A opportunities, this is not a must-have. If a good fit is in further M&A transactions, then we may think about it, this is not a must-have to reach the guidance. As we already knew that we have We are active in some M&A discussions, we gave a range for the guidance in 2026. It includes increments on M&A of things you're already working on? It does not include necessarily, but yes, if a potential M&A transaction fits in our strategy and fits in our financing profile, then, we will include it. To some extent, it also fits then in the range, yes. Now just to be clear, the upper end 95 you can achieve without M&A? I'm not understanding your answer here, sorry. The beginning of the range, we can achieve without M&A... Mm-hmm. Without M&A range. If we go to the upper end or even beyond the range, of course, M&A will be included, yes. Okay, understood. All right. When you mentioned the 2027 guidance of EUR 140, you focused in your presentation on the top line, and you kind of did not really mention the EBIT. Is EUR 40 million still the guided EBIT? Yes. For 2020? Yes. Okay. Yes. Look, the full year, or the guidance with those two KPIs, revenues EUR 140 and the respective EBIT, which will then translate into almost 30% EBIT margin. This remains. Remains. To be clear, yes. Okay, perfect. Then, and that's the last one. Then I'm off the hook. What about Siemens? What can we expect now? Because now we're talking about a full new range of opportunities, and there are some, yeah, legacy biggies in terms of orders that haven't yet come through. Mm-hmm. If you can give us an update on that. Siemens is, of course, the main focus at the moment is clearly the defense industry. Of course, you're absolutely right, Marie-Thérèse. Siemens is still an active customer with for us. We have an active agreement with them. We have an 8-year service frame agreement and spare parts agreement with them and contract. Of course, we are awaiting a new substantial order of more than 100 new locomotives for Siemens, this will translate into, of course, a substantial order for us. Here we are waiting for the final customers, Siemens is waiting for the final customer, a governmental institution, governmental railway system provider. This is still an ongoing project. We expect this to happen in 2026. This is not a change here. As just said, Siemens is still an active customer. Also, latest communication with Siemens, and with the final customer, the railway system provider, this project is still ongoing, and we are waiting and awaiting this substantial order for 2026. Excellent. All right. Well, thank you so much, Julian, for answering my questions. Thank you, Marie-Thérèse. Thanks a lot. Next question is from Simon Keller, Nuways. Please over to you. Hi, Julian. Two questions from me. Firstly, regarding further M&A initiatives, could you share what type of target you are focusing on now following the BUKH acquisition? Secondly, congrats on the KNDS order. Could you provide more details here? For example, are the 500 units you mentioned a guaranteed minimum? Do you think 500 units is closer to the actual demand than the previously 1,000 units that were discussed in the press? What percent of the order so far is already fixed? Regarding call offs, what time frame have you discussed with them? Do you expect a linear call off into 2034, or should we assume that it's rather back or front-end loaded? Thank you. Thank you, Simon. Well, starting with your first question regarding M&A. We are absolutely convinced that the acquisition of BUKH in Denmark is in the marine industry, both civilian and defense, a very good fit for us regarding product range, regarding sales synergies. Potential, I mean, as to emphasize this, again, it's not a must-have for us, but if we are going for that, potential new acquisitions should be ideally in the core defense industry. BUKH both, it's civilian and defense, but further M&A acquisitions should see ideally in the defense industry. Ideally, of course, in North America, because given several current, yeah, developments, for instance, USV market. Or as to mention only one example for us at the moment, North America, especially the US, is the most important growth market. Also here, of course, many opportunities will arise. Therefore, further M&A acquisitions, if they will happen, ideally fully defense and located in the US, in North America. Regarding question number two, regarding KNDS. Yes, it's a new contract. Minimum quantity, 500 APUs until 2034. This is all of those minimum 500 are fixed. This is not only a non-binding frame contract, it's a fixed volume of those 500. We all know in the press it was or it has been discussed of additional ramp-up with 1,000 new Leopard 2 main battle tanks. Now we have this new frame contract with EUR 500. Still there are ongoing discussions between KNDS and the German MoD, between us and KNDS. Therefore, as you also see in our investor presentation, we still have, as additional opportunities, EUR 70 million for the Leopard 2 ramp up because still, there's a huge opportunity with further volumes, given the further ramp up for the Leopard 2. So far, we are more than happy that we have now concluded the new contract until 2034. As just said, there is of course still some further opportunities, and this is clearly caused by additional volumes, the German MoD will order. This was also, as you are totally right, this was also discussed in the press. Regarding phasing, 80% of this volume of those, at least 500 APUs will be before 2030. Comparing 2026 to 2025, even in 2026, this is a huge increase. Round about 100 products, 100 APUs will be delivered in 2026. This is at least doubling the revenue compared to 2025 for us with KNDS. Even in 2026, a clear ramp-up, a substantial revenue increase for us with our customer, KNDS. Thank you very much. That was clear. Thanks a lot. Moving on to the next question. The next question is from Jean-Marc Müller, JMS Invest AG. Please, Mr. Müller, over to you. Yes, thank you very much, for taking my questions. A couple, maybe one by one. First on the order backlog, the EUR 300 million. I started to look at Steyr Motors probably a little more than 1 year ago, and the EUR 300 million order backlog I mean, that was basically already then the number. The number hasn't really moved much over the course of 2025, despite all the news flow and all the press releases and so on. Can you help me a little bit understand why that number has not gone up more, since basically 12 months ago? Well, several reasons. First of all, we started with around about EUR 150 million, then it increased heavily. Of course, 1 year ago, or let's say 10 months ago, the now achieved revenue, those almost EUR 50 million for 2020-2025, was of course included into that. From day to date, we of course generate revenues and the almost EUR 50 million for we have achieved in 2025 was of course included in the order backlog 1 year ago. Those around about EUR 50 million of course are now filled with new potential revenues in the order backlog. Secondly, as we've just heard and we have announced this week, now we are talking and we signed contracts going beyond 2030 with, for instance, with KNDS, until 2034, but also with some other customers. We have decided to define our order backlog until 2030. Given the example, for instance, with KNDS, we are aware, and we are aware that of course also the total order backlog with unlimited timeframe would be higher. This is also something you have to consider that, let's say order backlog, not limited to 2030 would be higher. We have decided to define our order backlog by 2030. Yeah. I was just wondering, because you're guiding for, let's say, even if take the low end of the range, the EUR 75 million in 2026, and then the EUR 140 million in 2027, I mean, that amounts to already more than EUR 200 million of sales. I mean, that is basically the majority or I mean, that's basically 2/3 or more of the order backlog that you have now. Yeah. Yeah. Okay. Then a question on the secure order backlog, you have on slide 10, you know, you have the EUR 45 million and the EUR 62 million. Again, I looked through some old presentations and, I mean, in some old presentations for 2026, you had a secured order backlog of EUR 58 million. I do not really understand why that number went down from EUR 58 to EUR 45, especially given the fact that you argue that 2025 had some timing issues, et cetera. In a way, kind of flipped sales, which I then would have expected in 2026. Mm-hmm. If at all, I would have thought that this number of EUR 58 million should go up but not down. This clearly given the business model, of course, is some project or some major projects delay, are postponed, caused by governmental decisions. First of all, our project start with some engineering revenues, limited number of engineering revenues, to design the prototypes. In this phase we only have engineering revenues. The majority of our revenues, given the total life cycle of a customer relationship is clearly in the production phase. Where we are now, for instance, with KNDS, when we produce several hundreds of products. Of course, if a project, a major project delays, this means in the following years, not in year one, but in the following years, the production will increase. This is also here with some projects, where we clearly see that this effect, the postponement effect, that some projects will start later. We start with the engineering revenues, and then the years following that, we will see the production revenues. Here for some projects, we have seen insights that the projects and also we have announced that end of last year, the projects will have some delays, postponements caused by the governmental decisions. Therefore, you have this timing effect, this phasing effect. It's not a. It's not an effect that you have then immediately next year, the respective revenues. Okay. Would you say that, let's say the lower end of the range, the EUR 75 million, that this incorporates all known, and I know maybe some potential further postponements or? Yeah. I mean, you mean, if this is reachable, given the postponements. I mean, or as. Like we have said- What is the risk that we will see further postponement in 2026 and that you maybe only have, I don't know, EUR 60 million of sales instead of EUR 75 million? We'll have to argue again with some project delays and so on. Mm-hmm. As you can see on the investor presentation, slide 10, of course, given the total order backlog, by EUR 45 million are within the order backlog are secured, given the order backlog. Of course, you never know how governmental this, how governmental decision-makers decide or will decide. Therefore, of course, we cannot, not 100% of the intended sales of the planned sales for 2026 are secured. Therefore, of course, there's no. It's not risk-free. It is clear. On the other hand, clearly, so far, we have not seen any stops of any projects. Therefore, given the major two projects, this was the Siemens project and also this, the project in South Korea we have been discussing last year, which have been the two major projects with some delays. We, out of risk awareness reasons, we clearly reduced the effect in our business plan for 2026 so that we are on the safe side if those projects will have further delays. We are not aware of that, to emphasize that, but you never know. I'm not the decision-maker in the government, in the governmental organizations. Mm. To be risk aware, we clearly reduced the volume and the profitability effect of those two major projects in our 2026 business plan. Mm-hmm. Also for me to understand, I mean, you're guiding for roughly EUR 30 million more sales in 2026 compared to 2025. Mm-hmm. Should we expect this to be in a sense linear that, you know, like every quarter the sales should be, I don't know, EUR 4 million, EUR 6 million, EUR 7 million higher or? Mm-hmm. You know, is I mean, what do you see in Q1? I mean, will Q1 maybe be flat, and then it's going to be again very hockey stick like or what do you? What we have experienced in the last couple of years and also before, clearly before the listing, Q4 has been always the best quarter. This will also be this year. Therefore, this, as just said, Q4 will also be this year according to our internal planning, but also according to the experiences we have faced in the last couple of years will be the best quarter. I understand. It was already the best quarter in 2025. I mean, you're basically- Yeah. -guiding for 50% growth. Should we expect? Mm. 50% growth in Q1, Q2, Q3, Q4? Mm. It will still make Q4 the best quarter, you know, because every quarter. In terms... Yeah. of growth rates. Clear. Relative, in absolute terms and also relatively will be Q4 the best quarter in 2026. Therefore, we will not see the full effect relatively and in absolute terms in Q1, neither in Q2, but of course, in Q4. Also, this is historical experiences. There are several reasons about that, but also of course, if you just think about one example, to give you one example to make it clear, the KNDS contracts ramp up, more than doubling the revenue, compared to last year. Of course, they start, do not start in January if the contract is signed, now, end of February and March. Of course, this will start not in Q1. Therefore, this is just one example. We have other contracts signed end of last year, beginning of this year. This will need some time until the production or the engineering revenues can be realized. Yeah. Yeah. Understood. Still a couple of add-on questions. Your average employee base in 2024 was 104 employees, and in 2025 it was 122 employees. I mean, I took those numbers from the annual report. Mm-hmm. If I take your personnel costs and I divide by the average number of employees. Mm-hmm. The average salary has gone up from around EUR 92,000 to EUR 105,000, which is an increase of 14%. Mm-hmm. I understand that maybe you hired highly skilled people, et cetera, that just cost more. Still, also looking into 2026, I mean, obviously, I should expect employee numbers to go up because, I mean, you have to handle a higher, a higher sales volume. Should I expect a further dramatic increase of average cost per employee? Of course, you've more or less already answered it, of course. To handle this growth, we have to hire, especially engineering guys and of course, salespeople. Of course, given our cost base, those kind of FTEs are earning above the average. Therefore, of course, the average went up. For 2026, our intention is also of course, we will grow. We need to grow to handle the expected top-line growth. This is of course one of our reasons we always explained, growth to handle the growth of especially salespeople and to some extent, engineering people are needed. The focus is clearly not in the productions. Okay. Maybe a question on the progression, you know, 2025 to 2026 to 2027. I mean, for 2026, you're guiding a margin above 15%, obviously it can be everything above 15%. If... let's say if it was, if you expected a margin above 20%, you probably would have said above 20. Let's say it's maybe somewhere between 15%-20% or so. In 2025 you had 14.5% margin. Despite some 50% top-line growth, you know, EUR 30 million more top line, actually the progression on the margin is not I mean, is there, but is not extremely high. When I look into 2027, as you just alluded to, you're basically guiding for EUR 40 million of EBIT, which is nearly a 30% margin. Why this jump in 2027? Why don't I see a jump or that much of a jump in 2026, magically I see this big margin expansion in 2027? Well, two reasons. First of all, three reasons. First of all, of course, given 2025, we wanted to be more conservative in 2026, given the margin. Secondly, of course, given a few, what we've just announced, the acquisition of the Danish corporation BUKH, they at the moment trade with a lower margin than we, than we have. Understand. Yeah. Of course, by announcing the guidance, we already had some discussions with the target. Therefore, short term, mid-term, clearly with the synergy potentials which are not included so far in the calculation, but with the synergy potential, we clearly see our acquisition, we see the Danish BUKH, at the level we are trading at the moment. This is clearly second reason. The third reason, of course, the major effect of the margin expansion is the volume effect. The volume effect, given several projects, will fully kick in by 2027, because then several projects are no longer in the engineering phase, but in the production phase. Then the full volume effect kicks in. This is reason number three. Okay. Last question, if I may. I mean, M&A, you know, I kind of struggle. I mean, this is a small shop, right? I mean, you have 128 people. It's you in Austria. You, as you rightly say, you know, there is like this huge opportunities to grow organically, be it USVs or be it with the, with these power units, et cetera. I mean, this is already a lot on your plate, I would say. Mm-hmm. I mean, going from EUR 50 million sales to EUR 140 million sales in 2 year has to be properly managed, otherwise, obviously this will not work out. Yet you seem to spend a lot of time on M&A, and you wanna raise, then you have synergies, and then you have a footprint. Now you have to go to Denmark, and I don't know what. I mean, it just doesn't make sense to me that you actually spend time on M&A at all, given that on a standalone basis, you're basically saying you can grow this business to, I don't know, EUR 200 million-EUR 300 million sales. If you see, the Danish BUKH, which is, given the product portfolio, given the geographical sales distribution, which makes 100% sense for us, this is a perfect fit for us from a strategic point of view. They are, even without us, without any integration, they are profitable. Therefore, for me, for us, it makes absolutely sense that we now have a full product portfolio. Also, as said earlier, further M&A is not a must-have for us. If there's a fit, from a strategic and financial, perspective... Mm then we may think about it. If there's no fit, then of course we don't do it. We don't do M&A just because we want to do M&A. We only do it if there's a fit. If there's a fit from a strategic, from a financial, geographical and so on perspective. We will do in the future, maybe. With just given the example for the Danish BUKH, with this acquisition, we consider a lot of synergies because our product portfolio is now a full product portfolio from 24 to 700 horsepower, not only from 100 to 300. Therefore, for us, given the synergy potentials we see, the sales synergy potential, this makes a lot of sense. Therefore, of course, as now, as just said, if there are other opportunities, we think about it. If not, they're not. It's not a must-have. Therefore, we see this as potential additional additional opportunity for us, but not a must-have. Therefore. Okay. It's still on the agenda. Good. Thank you very much for your all the answers. Thank you. Thank you. Thank you very much also from my side. At the moment, there are no further questions in the queue. With that, I'm closing the Q&A session and giving it back over to the host. Thank you. All right. Dear ladies and gentlemen, that concludes today's call. Thank you so much for participating. Dear Mr. Cassutti, any closing remarks? Thank you for the participation, and thanks for your continuing interest in Steyr Motors. Thank you. Thank you very much. Goodbye. Have a wonderful rest of the day.