Good morning, ladies and gentlemen, and welcome to the Steyr Motors AG publication of half-year figures 2026. The conference will be recorded. 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 hosts, Julian Cassutti, CEO, and Björn Krausmann, CFO. Thank you and good morning from our side. Before going into the details regarding our figures, let's give you, and for those of you who don't know exactly our company, a short overview, what we are doing, what Steyr Motors is doing. Steyr Motors, we are the global leader for customized diesel engines, especially in special military and civil situations. We have an outstanding product portfolio, especially for B2B customers, for the military vehicles industry, for aggregates, especially for main battle tanks in the defense industry, but also for locomotives in the civilian industry, but also in the marine industry, and also here, both for the civilian and for the defense industry. We only serve B2B customers, but the final customers are all either MODs or the respective governmental institutions. So B2G business, but only through our B2B customers. As just said, we only produce and completely customize diesel engines for the military vehicle industry and for the civilian industry. We also now have, but we come to that later on in the outlook, new kind of product applications, especially for the so-called USV and UGV market, the unmanned industry, which will be one of the main growth drivers in the next couple of years, but also a complete newly designed, newly developed product, the so-called M12, the mobile power unit. Also here, we will present much more details in the next couple of minutes. Now I hand over to Björn Krausmann, the CFO, to present the respective figures, and then we will present also strategic remarks regarding the respective outlook. Okay. Thanks, Julian, and good morning from my side. Let me just give you a brief overview regarding the key financials for the H1 year. As already announced, the business development clearly fell short of the expectations we had for the H1 year due to significant delays in the defense segment. So we had sales of EUR 22.8 million, which was roughly at the same level of 25, but a clear shortfall in profitability. So our adjusted EBIT was at EUR 0.1 million versus EUR 3.4 million we had last year for the same period. Reason or the main reason for the drop in profitability was clearly a shift mix within our client portfolio for the H1. Last year was clearly impacted by major high-margin projects in the defense industry, but also civil sector. For example, we had a licensed manufacturing with an Indian client, revenues with a Spanish vehicle client in the military sector, but also locomotive engines from Siemens in the civil sector, all with pretty favorable margins. This led to a very positive H1 2025, whereas 2026 was clearly largely determined by marine engines in the civil sector with generally lower margins. At the same time, we also saw moderate growth of costs, notably within personnel, which is related to the integration and consolidation of BUKH, of course, but also selective hirings we did in the second half of 2025 and the H1 of 2026. We will come to our new guidance in a few minutes, but based on our current outlook and sales pipeline, we clearly expect a rebalancing of our mix in the second half of 2026 and going forward. Also to get back on a more profitable track, of course. As you can imagine, the underlying business development as well as the milestones in 2026 also had an impact on our cash flow development and resulted in an overall outflow of EUR 7 million. To highlight, the cash flow from operating activities amounted to EUR -4.7 million. Main driver here was the increase of working capital, especially with inventories. We have long lead times for some raw materials, which are needed to fulfill orders in the H2 of 2026. But we also had a buildup of inventories related to delayed projects in the H1. Regarding the operating result, adjusted for non-operating items, we were more or less balanced, so at zero or -0.1, but working capital was clearly the driver here. We also had an investing cash flow which amounted to EUR 4.9 million, which was related mainly to our BUKH acquisition. So the effect from the BUKH acquisition in our investing cash flow amounts to EUR 2.9 million. We then also have the capitalization of development projects of EUR 1.2 million and the CapEx of EUR 0.6 million, mainly for software and tools needed in the production. Just a side note on the acquisition amount, this also includes a positive effect from our capital increase of around EUR 2 million, which was used as part of the purchase price financing. Lastly, the financing cash flow, which contributed EUR 2.6 million. We see here major inflow from a bank loan, which was related to the BUKH acquisition and amounts to EUR 4 million. Then outflow regarding the dividend payments we did in 2026 of EUR 1.3 million. So these are the figures just in a nutshell. Let us now have a closer look on the underlying reasons for the business development in the H1 year. Main reason, as we already mentioned, was significantly slower market momentum in the defense sector. Project and call-up decisions are currently delayed more than maybe we originally expected across the market. This is a development we also see in large OEMs and systems partners on whose production and procurement plans Steyr Motors at the end depends as a supplier. In concrete terms, this led to revenue recognition or lack of revenue recognition of around EUR 10 million in the H1 year, which means that the corresponding sales are postponed to later reporting periods. This underscores a little bit the project-related planning uncertainty of the defense business, where we see shifts in public procurement permitting and acceptance processes. One additional effect is certainly that we see in the defense business a strong seasonality. Generally, the H2 of the year is generally stronger, with the Q4 in particular accounting for a significant share of annual revenue and earnings recognition. As we said, we saw a delay and therefore reduction of revenue in the defense sector. At the same time, we grew our civil business. This was of course, mainly related by the BUKH acquisition we did in the H1 year at the end of Q1. With the acquisition of BUKH and its first time consolidation in Q2, we set a very important strategic milestone for us in the civil segment. It expands our product portfolio in the commercial marine sector and also gives us access to attractive international sales markets. Especially in Asia and South America, where we didn't have a strong footprint so far. H1 of the year was the implementation of the new holding structure, which sets for us kind of organizational basis to efficiently map further growth and integrate at the end additional products, markets, and companies in the future. This is mainly important if we look at potential future M&A transactions or international corporations, and will facilitate the integration of these. Let's maybe now move after these key developments and the key figures in H1 to the change in guidance, which has been already communicated. In order to take into account the delays in public procurement approval and acceptance processes, which we clearly experienced over the last time, which was also for us a learning process, we decided to conservatively adjust the guidance for the full- year and to take into account potential project postponements and future project postponements. We expect a revenue growth of 15%-25% for 2026 compared to previous year, and an EBIT margin of 8%-12%. Depending on the realization of and then phasing of certain projects, of course. These delays, we would also expect that they have an impact on the planned values for 2027, which have been communicated so far and the quite ambitious targets. From today's perspective, we think that this will not be achieved in the originally expected timeframe. What is really important, we believe that the underlying market drivers and the expected market demand, this remains intact and that's also the feedback we get from our clients and from our pipeline and what we see in the H2 and what we see in the midterm. Some projects which got delayed compared to previous planning include a project to equip the K2 main battle tanks for the Polish MOD as an end customer, but also DPM for Siemens locomotives for a Scandinavian end customer, as well as an engineering project with an Indian customer. From today's perspective, these projects cannot be realized in 2026 or 2027 in the originally our timeframe. Corresponding sales contributions will therefore be postponed by one or two years according to our current picture. I will hand over to Julian now, who will also give you a bit more insights regarding our order backlog and current developments on the client side, which will also have an important impact, of course, on the future picture and future strategy of our company. Thank you, Björn. What has been just announced and positively is the development of the order backlog and the project pipeline. The order backlog now amounts to EUR 310 million until 2030. We now have, and in addition to the almost 500 boats for the U.S. Navy SEALs, which have been already communicated, the project pipeline includes also a tender for 1,000 vehicles from one of our major Spanish customers, which will be equipped with Steyr engines. For both projects, the production will be started beginning of 2027. For instance, and to just highlight and emphasize that we as Steyr Motors are mentioned in the official tender of the Navy of The Pentagon. Here it is clearly said that a Steyr Motors engine will and should be included in those almost 500 boats, which again underlines the concreteness of future orders starting 2027. But also the already known and in March this year signed new KNDS framework agreement for 500 new Leopard 2 main battle tanks, where we supply the APUs for such main battle tanks until 2034, will contribute to the basic utilization of our production capacity, especially starting beginning of 2027. This means that the Steyr Motors Group has a strong foundation for sustainable and profitable growth, but also a high level of visibility for revenue recognition in the coming years, especially starting 2027. The highly specialized and high-performance products of the Steyr Motors Group, as well as the ability to deliver those engines significantly faster than the competition, meet clearly the current needs of the defense market. Also, what we want to highlight in the weeks leading up to the publication of the half-year figures, there have been market rumors about a potential takeover of Steyr Motors Group by Red Cat Holdings from the U.S., which is why we as a management board informed about this in a corresponding ad hoc announcement. Red Cat out of the U.S. has expressed clear interest in Steyr Motors, but the concrete talks broke off. However, the attention around Red Cat shows the strategic attractiveness of Steyr Motors significantly. The combination of a technological niche position, robust order backlog and short delivery times makes us fundamentally attractive to respective market participants. However, our focus remains on the operational implementation of the outlined growth strategy, especially regarding the just announced programs. For instance, regarding Spain, regarding U.S., but also regarding some other projects which I will highlight in the next couple of minutes. For the second half of 2027, we expect stronger revenue recognition. Demand in the strategic core market remains very high. However, due to the delays in the call off and execution of individual programs, our revenue and earnings realizations have been partially postponed to the second half of 2026 and to the future reporting periods, so 2027. In the commercial marine business, we expect further revenue contribution from our acquisition in Denmark, the BUKH Group, which will enable us to position ourselves as a full-range supplier in the selected market segments. We are now also able to process projects quickly and serve our customers with short delivery times. New orders can be implemented in additional production capacities without further investments. In general, the market for highly individualized diesel and power systems differs significantly from the classical engine market. We are not operating in a high-volume business, but in a specialized niche market characterized by short delivery times, high technical requirements, and long-term customer relationships. In contrast to pure manufacturers of serial engines, we as Steyr Motors therefore define ourselves not only by quantities, but also by clearly customized tailor-made product development. So-called customized engineering and rapid integration into the selective customer platforms. This clearly differentiates us from classical series engine manufacturers. Therefore, we as Steyr Motors Group have the most important criteria for successful positioning in the niche market. First of all, top products which are highly customized. Secondly, a secured supply chain according to our customer requirements. And thirdly, customized development and support with our teams on-site to make the vehicle or the respective quote operational, and last but not least, a relatively fast-processing implementation and delivery of orders in comparison to our competitors. Let's now move on to the respective implementation of our growth strategy in the next couple of months and years. Clearly, due to the increased defense budgets in the company's key target markets, we as management board expect above-average market growth in our relevant sales regions. In addition to the implementation of already planned orders, the development of new markets, and the are to provide significant support for the growth strategy. We expect additional strategic defense future markets of the so-called unmanned systems, so the USVs and UGVs, and also in the field of the so-called power generators, our newly designed, newly developed product. We have identified and we want to highlight, therefore, four growth segments of our strategy. Firstly, the international market development and the diversification. We continue our international expansion and diversification of our customer base. New target markets are being tapped in a targeted manner and existing customer relationships are being further expanded. Possible new strategic partnerships and also selective acquisitions can support implementation where they meaningfully complement product portfolios or a specific market access. Secondly, a clear focus on the growing unmanned sector, the so-called USV and UGV market. This market segment for the unmanned systems is rapidly gaining in importance for mission-critical missions. We are very well-positioned here with our engines, and there are concrete negotiations with different customers about short-term production of over 1,000 engines each, which can already be reflected in the 2027 sales figures. And this would clearly represent excellent growth opportunities here. We can clearly confirm that it is not only Red Cat as a strategic interest, but also we are in discussions with other concrete customers regarding the production of, in some cases, at least 1,000 engines each, and this would even start in 2027. This, as just announced, as just said, would represent an enormous growth for us, for Steyr Motors. Coming back to the four pillars. Number three, the expansion of our product portfolio with our so-called M12, the mobile power generator. Here it has to be said that the demand for mobile energy generators is increasing significantly. As armed forces have a constant growing energy demand and require a reliable and mobile energy supply. For instance, for drones, anti-drone systems, for drone charging systems. Those are the main examples where our power generator can be utilized. This means that the generators have become part of the basic equipment of modern armed forces. Therefore, this market segment is one of the cornerstones of the modernization of military infrastructure. As just said, especially for the increasing integration of drone and anti-drone defense systems. Therefore, with the addition of the M12 Power Unit, we as Steyr Motors are in an excellent position regarding this new market trend. The current product is currently tested by a Western NATO force. We expect feedback in the next couple of weeks, next couple of months, whether we can secure a very concrete order of at least 1,000 power generators as a total production outcome, and this production would also start in 2027. Also here, with a very concrete customer negotiations about a potential massive ramp-up of the respective new product, the so-called power generator. Again, coming back to the four pillars. Number four, we want to become not only an engine manufacturer, but we want to become a supplier of entire powertrains, especially in the marine industry, in the marine sector. As you all know, the marine market offers an attractive growing environment. While the global market for marine engines is growing slightly, the market for high-performance boat applications is developing much more dynamically. This is the market where we are in. This increasing demand for powerful, compact and reliable drive solutions opens up attractive opportunities for us in the international civilian market. Therefore, the acquisition of the BUKH Group in Denmark will create strategic growth in the field of civil marine applications. But also, as we now know, the receipt of U.S. order to equip the almost 500 U.S. Navy SEALs boats with engines from Steyr also shows that we will continue to grow strongly in the defense marine market. Our aim is clearly to gradually develop from a pure engine manufacturer to a provider of the complete marine solution system. This means to a complete drivetrain provider. The necessary competencies can be built up organically through strategic partnerships or where strategically sensible, also through selective M&A acquisitions. To sum it up, let us present some key messages where we want to focus on. First of all, we clearly see that the structural market growth is still intact. However, as we also now have announced, there are and there have been some short-term delayed market implementations. The general market continued to show attractive structural growth. Short-term postponements and delays in the defense business do not change the long-term market opportunities and the strategic growth story. The strategic separation of the civilian and the defense divisions in our corporation, our company, allow us the respective opportunities on the market to be explored in the best possible way. Still, so far, we clearly have to emphasize that all of our projects we have been reporting, and also discussing internally, no single project has been canceled. However, of course, some projects, and we've just mentioned several projects, have been delayed to 2027. Still, the market itself is fully there. There's a strong market demand, and no project has been canceled. But in several major projects, especially in Western Europe, but also in some cases in India, there have been some postponements, some delays, which we now see clearly in our H1 figures. However, we've highlighted several projects. For instance, in Spain, for instance, in the U.S. with U.S. Navy SEALs, but also clear opportunities with our power generator, clear opportunities regarding the USV, the unmanned market. These show, in addition, clear opportunities, at the latest, starting in 2027. Second key message, clearly the high visibility due to our order backlog. The high order backlog creates a strong base for further business development and offers a high level of visibility for the coming periods. One of the most important orders in this regard is the KNDS framework agreement until 2034. Also, a concrete order opportunity with a Western European vehicle manufacturer. This means 1,000 vehicles in the next couple of years. But also, the order from the U.S., from the U.S. Navy SEALs to equip almost 500 new boats with Steyr Motors engines in the next couple of years. Thirdly, third key message is the consistent strategic transformation from a pure engine manufacturer into a provider of mission-critical drive and energy solutions. We at Steyr Motors are gradually developing from a pure engine manufacturer into a provider of mission-critical drive and energy solutions. We have acquired the BUKH Group in Denmark, and this underlines the strategic orientation and clearly shows that we as Steyr Motors are able to drive the transformation forward through targeted M&A activities. Also, again, we want to highlight that the launch of our power generator, the newly designed, newly developed product, the so-called M12 Power Unit, serves as a significant growth market with high demand. Also here, again, we have to highlight and emphasize that this new product so far it's not included at all in the respective business plans and guidance, in the respective guidance in the next couple of years, as this newly designed, newly developed product would add to the respective guidance, would add to the respective business plan. Key message number four, the attractive niche position where we are in. With a technological knowhow, long-standing customer relationship in our core markets, and clearly we offer reliability with our respective products. Those factors, as well as the high degree of customized specialization, create relevant barriers to entry and form the base for our sustainable margin and also profitability potential with the respective volumes in the next couple of years, starting in H1, but clearly with a clear ramp-up starting in 2027 with the respective examples what we have expressed and outlined in the last couple of minutes. To name again, some examples is the orders from the Spanish MOD, from our Spanish customer for the defense marine market. Also additional opportunities in the USV market with very high potential volumes starting 2027 and also our new product, the power generator, the M12. Also here, very concrete discussions with potential customers also for high volumes with more than 1,000 of the respective generators, but also starting here in 2027. That is from our side the presentation of the figures and also some expressions, some highlights and background regarding the future outlook. Now we are happy to answer your questions. Ladies and gentlemen, if you would like to ask a question, please press star nine and the pound key on your keypad. If you would like to cancel your question, press star three and the pound key. You can also use the dial-in function in the webcast to ask a question by raising your hand. The first question is from Patrick Steiner from ODDO BHF. You can go ahead. Your line is open. Good morning, Patrick Steiner speaking, ODDO BHF. Thank you very much for the presentation. I do have a few questions, and I will take them one by one if possible. The first one on the new 2026 guidance. If I have read correctly between the lines, this is indicated to be a bit more on the conservative end in your view, but still implies revenue growth of 30%-50% year-on-year in the H2 of 2026. Can you therefore please explain to us the main drivers of this expected revenue growth for the H2 of the year? If possible, already give us your impression of the operating development of the Q3. Thank you. Well, I'll start and then Björn will go into some details. In fact, of course, compared H2 with H1, clearly, H2 will have a significant growth. There are several main reasons, and maybe to answer your second question first. Clearly, Q4 will be much stronger than Q3. This is what we clearly see right now and what we clearly see regarding the concrete purchase orders. To give you some examples, KNDS, the APUs for the Leopard 2 main battle tank, it will clearly be much more volume than H1. Also, some spare parts for KNDS. This will also be clearly a sales and profitability driver for H2. Also clear, as a matter of fact, we have the consolidation of the BUKH business, which we did not have in Q1. Therefore, of course, as a matter of fact, even with the stable business for BUKH, we will, out of accounting reasons, have to consolidate more revenue in H2. But also, and Björn will give you some more details with some other major customers. H2, what we see clearly right now regarding the concrete purchase orders will be stronger. Also, what we've just uploaded in our new investor presentation, the order backlog for H2 for the remaining months is EUR 32 million. If you add this up to the just announced H1 figures, of course, you can clearly see what you've also just outlined, Patrick, that the lower end of the now guided range can be clearly reached just by H1 figures plus the order backlog. But of course, we clearly believe that some opportunities still can be realized in H2, and therefore, the lower end of the now guided range is, in our opinion, really a very conservative outlook, a very conservative guidance for this year. Björn, please. Julian already mentioned a couple of customers, and we said there will be a shift from our expectations also back to more military customers, and that's what we see. Of course, especially regarding USV market, U.S. Navy, et cetera, we know these things are in the pipeline. They will come with a high probability, but as we last time, over the last month, there can be always a shift and the phasing effects, or things might shift from Q4 to Q1 next year, whatever, and that's why, of course, we want to take a conservative approach here and not to have too ambitious targets which might then not be reached. All right. Thank you very much. If I understand correctly, you can confirm that you already see some kind of revenue momentum year-on-year in the Q3, and you are quite upbeat about the order backlog conversion of the EUR 32 million within 2026. Is that correct? That is in general correct, yes. Okay. Thank you very much. The second one, on page 15 of the H1 results presentation, you have outlined a revenue bridge to get to the EUR 140 million of sales by 2029. I see no figures or estimates for EBIT development, also not in the press release. Is this EUR 40 million EBIT target also just postponed until 2029? If not, what kind of operating profitability should we expect for 2029? In general, what is the key message here? Given our business model, of course, if we have, in 2026, a delay, and therefore the guidance cut, then of course, as all of our respective programs are ramping up, then of course also, as a matter of fact, as a clear consequence, the 2027 targets will have some delays. Therefore, we now clearly say from a conservative perspective, still our targets, as we have just also announced and expressed, we do not know any single projects which have been canceled. But really, different major programs, different major projects have been delayed. There have been postponements. Therefore, we now clearly say our targets, our initial targets which we had for 2027 are still valid. However, there will be a delay of one or, at the latest, two years. Therefore, we have just announced and including in our investor presentation, which can be found in the investor relations section of our homepage, there is a bridge how we can reach those initial targets, revenue targets. Of course, in the next couple of months, we will announce a concrete guidance for 2027, this is clear, including a concrete profitability guidance also here. In general, what we can confirm, the initial guidance for 2027 is clearly still possible. So far we have only uploaded and we have only announced the revenue target, the revenue bridge. But clearly, as just said, we will publish also the respective profitability in due course. In general, of course, yes, our initial targets are still valid, but there will be clearly some delays of one or, at the latest, two years. Okay, thank you. You have mentioned during the presentation that you were in concrete negotiations with customers for short-term production of around 1,000 USV engines each. You said each for 2027? Yep. You were talking about the potential of the M12 Power Unit. Could you maybe give us a ballpark range about your expected sales numbers in terms of units of M12 Power Unit and USV engines for 2026 and 2027? Well, this would be quite a broad range. As just said, we are in both fields, so concrete for the M12 Power Unit and for the USV, with different customers in concrete negotiations for respective contracts. This would imply if we hopefully in the next couple of weeks can sign, or in the next, let's say one to three months can sign such contracts. This would mean, in the best-case scenario, that we have a minimum quantity of 1,000 USV engines produced in 2027, and also production of 1,000 generators. But the range, it's quite a broad range. It can be, let's say, couple of hundreds each. Next year, up to so far 2,000 in total. It clearly depends on the concrete outcome of the negotiations with those concrete customers, and maybe there will be some other customers coming in the next couple of months. So the concrete range is now, let's say, a couple of hundreds to 2,000. But this is quite an appropriate range. But so far, we're not in the position to give a concrete figure, as it all depends on the concrete negotiations in the next couple of weeks. All right. Fair enough. Thank you very much. Last one from my side. The 1,000 vehicles with UROVESA and the 500 boats for the U.S. Navy SEALs, is this already in the backlog or not yet? Yeah, this is in the backlog now. It is in the backlog. Exactly. Okay. Was it in the backlog in Q1 already as well or not? To some extent, there was UROVESA in the backlog, but this has been extended now. Okay, perfect. Thank you very much. That is all from my side. Thank you. Thank you. The next question is from Ivan Novak from Austria Presse Agentur. You can go ahead. Your line is open. Good morning. I have one question regarding your liquidity. Your cash and cash equivalents fell sharply from EUR 7.3 million at the end of 2025 to just EUR 300,000 as of the end of June this year, while your operating cash flow turned to EUR -4.7 million. Given these tight liquidity levels and your heavy reliance on factoring, how do you plan to secure operational funding for the next quarters? Does this cash constraint limit your capacity to ramp up production for the new M12 Power Unit? As outlined before, the main drivers in the H1, as you said, it is operating cash flow, which contributed EUR -4.6 million. This was mainly due to build-up of inventories. As I mentioned, this is already due to the build-up of inventories from delayed projects in H1 and also projects which can be done or which should be fulfilled in the H2. We do not expect such a huge ramp-up in inventories again until the end of the year. It depends, of course, on the project. Of course, we expect, as we outlined, that H1 is a clear shift back to profitability with also more military clients. This should also create a positive operating cash flow this side. Second point in the H1 year was, of course, that we had this financing, this investing cash flow, which was negative due to the acquisition of BUKH. Of course, largely financed by a loan, but this contributed also a lot to the negative outflow in H1 because we also had one-off effects regarding consulting costs, et cetera, which were also related to the transaction. Clearly, for the H2, we expect a positive cash development, which will also support us. Second point, yes, we use factoring, which gives us a certain flexibility. As you can also see in our balance sheet, we have a quite limited loan funding so far. Our financing structure is also quite conservative. We have the EUR 4 million bank loan now, which is clearly related to the BUKH acquisition. We also have a revolving facility, which is currently used only temporary and to a certain extent, but which gives us also a lot more flexibility. I would say we have flexibility because we have, of course, existing short-term facilities, but also the perspective that we can build up more long-term loans if needed. Given the positive outlook we see in H2, this will also provide us with a positive cash impact. Thank you. Thank you. The next question is from Lukas Spang from Tigris Capital GmbH. You can go ahead. Your line is open. Yes. Good morning, gentlemen. I would take my questions one by one. The first one is related to the BUKH acquisition. Can you share the inorganic revenue effect in the H1 of the year, please? From the BUKH acquisition or? Yes. Yeah. The BUKH acquisition in Q2, what we consolidated is EUR 1.8 million revenue effect. If you take the full half year for BUKH, it would be around EUR 3.6 million. They have quite a steady- 3.6? Yeah. Thank you. But only 1.8, only half of it is conservative starting April 1st. Yeah. Coming back to this revenue bridge you showed us in the presentation. You now also included some EUR 20 million of strategic M&A, which were not part of the outlook before. Why is this? Because you have now two years more of time, but included also EUR 20 million of additional M&A in effect. Just for understanding. Well, based on our strategic pillars and cornerstones, which we also gave some insights in the last couple of minutes, especially regarding our intended plan to not only be a pure engine manufacturer, but to offer the whole propulsion system, the whole system itself around the engine. It's clearly the possibility to develop this in-house. We have the capabilities clearly in-house, but there are also some, let's say, interesting external M&A opportunities out there which we've already have identified. Therefore, we clearly see that from a major ramp-up, EUR 20 million could be M&A targets as a sales portion, which we strongly believe this is only a small portion out of this clear bridge. As just said, we have identified several potential targets. It's not a must-have, but it could be, from a strategic point of view, useful, as we then could be faster in the development into offering of the whole propulsion system and not only of the engine itself. But shouldn't this EUR 20 million come on top of the EUR 140 million as before? Because the previous outlook 2027 was pure organic. No, it's part of the bridge from 2025, 48.5 to 141.3. Okay. Then on the order backlog, the EUR 310 million, can you split between fixed call-offs, forecast, and frame contracts? Or you call it fixed call-offs, contracted, and forecasted? Well, for those around about EUR 310 million, we have clearly communicated that the fixed call-offs and contracted is around about EUR 200 million, although the vast majority is contracted and fixed call-offs. Also you see the concrete distribution for the years 2026 and 2027 regarding fixed call-offs, contracted, and forecasted. In general, this EUR 310 million, approximately EUR 200 million is fixed call-offs and contracted. Yes, this is what we've announced, and that you can see that the contracted and fixed call-offs is clearly the majority out of the order backlog. Yep. Last question regarding cash development in the H2 of the year. Can you share how much prepayments you maybe expect in the H2 of the year? Sorry, which payments? Prepayments. Prepayment. Advance payments from new orders. I mean, usually there are no big prepayments received from new orders. It might depend, of course, if we do any larger engineering projects, et cetera, with clear cooperation with clients, there might be, of course, prepayments. Also, if there are issues with solvency, we will, of course, ask for prepayments. But in general, this is not the case for us. Okay. Thank you. Thank you very much. Currently, there seem to be no further questions. No, sorry, there is one more question from Adrian Brasey from AlphaValue. You can go ahead. Good morning, Adrien Brasey from Baader Bank, AlphaValue. Thanks for taking my question, just one on my side. How should we expect CapEx to develop going forward? Any adjustment to be expected? Thank you. Yes. In general, of course, CapEx development might be adjusted depending on the needs for new clients. But currently, our expectation is that we stay in the same range of last year. Last year we had about EUR 1.5 million. That is probably the range we also expect for this year. Okay. Thank you. Very clear. Thank you very much. Currently there are no questions, so I give back the word to your hosts. If there are no further questions from our side, thanks for your attendance and for your continued interest in Steyr Motors. As last words from our side, unfortunately, we had such delays, which we commented on in the last couple of minutes. However, the business case itself is fully intact. We have the market demand, which is still there. We have our projects, we have our opportunities. In addition to that, we have our new product, the power generator, with concrete negotiations, with concrete customers of at least 1,000 products. We have the new market applications in the unmanned industry with the USVs and the UGVs, and also here in the USV industry, we have concrete negotiations with concrete customers for the production of at least 1,000 engines for next year. In general, also with our base business, for instance, our Spanish customer, with 1,000 vehicles in the next couple of years, the order for the U.S. Navy SEALs for almost 500 boats. There is a strong base. There are new opportunities with new products and new applications, also we have a strong order backlog. Therefore, in our clear belief, our clear outtake for that is that the business case itself is. We strongly believe in that. However, we had such delays, but we strongly believe in the business case. We now will deliver the respective results in the next couple of months and the next couple of years. Thank you again for your interest and taking the time for our H1 presentation. Thank you from our side. Thank you very much.