Good day, ladies and gentlemen, and a warm welcome to today's earnings call of the Bajaj Mobility AG, following the publication of the first half-year figures of 2026. I am delighted to welcome CEO Gottfried Neumeister and CFO Petra Preining, who will guide us through the presentation shortly, followed by a Q&A session where we would be happy to take your questions. With that, we are starting the presentation. Good evening, everybody in Asia, good afternoon in Europe, and good morning in the U.S. This is Gottfried Neumeister. I am really happy and thankful that you took the time to follow Petra and myself for this earnings call for our half-year statement, which we have released this morning. We will quickly lead you through a presentation followed by, as always, a question and answer session to really deep dive into any concerns or questions you might have. So really, first half year, and most importantly, not only the half year, but also Q2 and the trend of Q2 was really great. We have shown a positive EBITDA in the first quarter, and we have now managed to show a positive EBIT in Q2. I think this is really a super strong reassurance of the path which we started to take at the beginning of the year, and we have proven that we can not only continue and hold up to this, but really even accelerate. What you will have realized is that we have managed to increase our sales substantially on one side, mostly, and I think this is an important remark for the whole presentation, always to bear in mind when you look to our 2026 numbers is that in 2025, we still had the bicycle business in our numbers, and Petra will really point out the details and the shortfalls, which we have completely compensated. So even in that light, I think those achievements are great. If you are following our especially European competition, one of our competitors has just announced -3% in the first half year, the other one, -7%. So also in light of this, I think our development really is outstanding. I said it is stemming from the motorcycle business. If you look to Q2, you will be then able to see that we have managed to increase our sales in units, but managed to increase our revenues even higher, which means that we are selling more motorcycles for a higher price, which is stemming from that fact that we do not have to give as many discounts as in the past. Combined with a much lower fixed cost and overhead structure, it leads to breaking even in EBIT already in Q2 2026. So this is, in a nutshell, really the summary of the first half year. We have extended our management board. Stephan Reiff, who joined us 1st of April. He was coming from BMW, is now responsible for marketing and sales. Christof Lischka was already announced, will join 1st of October, being responsible for R&D and our products development. Therefore, we really believe that we have found a very sound setup, also leading this company to the future. Last point, clear commitment to MotoGP. We have proven that we can really step up with the best of the best and even set examples. There was a lot of rumors and question marks at the beginning of the year, which of course, if you're losing money, there is this question mark, should you continue motorsport or not? There is a clear commitment for the whole company, not only in MotoGP, but also in off-road racing, because more than for any other company, winning on Sunday and selling on Monday is really a core thing at KTM. So the motorsport commitment, which is literally the platform to develop all our technologies and innovations for our series production is a differentiator. It's a USP, which we're definitely keeping, not only in light of Liberty Media entering and boosting maybe the equity values of such teams. I said already in the last call, this is not what we're here for. We're here to race, and more importantly, we're here to win. Therefore, also clear commitment to MotoGP and all the rumors that we would sell parts of our teams are also gone. We keep the team, we keep the full equity value, and we are really very confident looking to the next season. We were the first to develop the 890 engine, and the first test results were really great. We are leading the pack with the rest in terms of evolution. As I said, I didn't want to take away too much of financial details, which Petra will elaborate in a minute. But if we jump to the next slide, you see the four pillars of our not only restructuring, the four pillars of restructuring we pointed out in first quarter. Now we're taking a step forward. So it's about delivering. This is what we've tried to show you, black and white, with our strong sales results. We're still working on simplification. Focus and simplification remain essential to really streamline the company and make it even more efficient. So it starts with our product portfolio, but it's also about our legal entities and our complete overhead structure. You've noticed that at the beginning of the year, we decided to lay off 500 people. We have almost finished this process, and therefore, the fixed cost reduction, which you can already see in the first half year, is sustainable and will continue to take place also in the future. Stabilize, I think this is also one of the most important news. One of our big burdens of the past were the high inventory levels, which we had globally. Just to remind everybody, we had up to 270,000 motorcycles, both with dealers and importers and in our own stock, more than a year's production. We had to really slow down and stabilize those inventory levels. We managed to take out more than 100,000 already last year. We continued to take out inventory in the first six months, more than 10,000. We have now reached really, let's say, healthy is always a very difficult word, but we really, I would like to use it still. We managed to stabilize those inventory levels, and we reached now our desired and targeted levels, at least for the revenue we are currently having. This is something which anyway will then, over time, breathe. We are definitely, and this is what I will just show you on a couple of slides. We are definitely hungry to grow, but the first task was to get profitable again before it starts scaling. This is the exercise of 2026. Therefore, let me just quickly go through, also, the inventory we provided, that slide that showed you where we were coming from. In gray, you see our group stock. In orange, you see the dealer and importer stock. As you can see, with 103,912, we are now very close to the stock levels, which we think we need to have in order to operate. Stock is not necessarily bad. If you want to operate in Australia, if you want to operate in the U.S., you cannot achieve the same stock turns as in Europe. Therefore, it is necessary also to have some, and the picture shows you on one hand how much we were able to reduce it already and how close we are to our desired levels. Most importantly for growth are new products, and that those products are also well received on the market. What you can see here is the pipeline, which we will initiate at the year-end. There will be also our factory editions for the U.S. So we will have new models both for Husqvarna and for KTM. Some of them are off-roaders. As you can see, we have a 450 Rally Replica, which is also newly introduced. There is a new GasGas. So in all our three brands, we are bringing new products. The 1390 SUPER DUKE RR which is like a lighthouse or pinnacle product, which also sets really our image and the expectations. There is an even higher one, the track version of that SUPER DUKE RR with no lights, no headlights, if you look closely in front, which looks even more aggressive. We introduced them in Q2, same as the 790 DUKE, and also as a little outlook, because we will soon launch it, the 1390 SUPER DUKE GT. So those are only the new models of Q2. I said we have still in the pipeline a further lineup which we are about to launch, and we are also working on new platforms for the years to come, which should be also growth drivers for the future. As I told you, winning on Sunday, sailing on Monday. Here is just a summary of some of the successes we already had. The season is not even over, and we were already able to secure quite a few world championship titles ahead of time and ahead of year-end. So SuperEnduro, EnduroGP, you see those world champions. We won the Dakar at the beginning of the year. Luciano Benavides won the Dakar because Daniel Sanders broke his collarbone. Nevertheless, Daniel Sanders, after finishing even on fourth place at Dakar with this collarbone, is now leading the world championship, and we are quite confident that we can also win this title together with many more. This is just a flavor that you can see KTM. There is not historic feelings of the past that we were good. We are setting standards every day, and we are winning, and really having the products, which luckily also the customers are desiring. MotoGP, I touched upon it. There are three, in principle, brackets. One is about sponsors. We have managed to extend our longstanding partnership with Red Bull, and we have also won Interwetten as a new sponsor, where we are also getting really multiple millions over the next four years as additional sponsor income. We have extended our commitment for the next five years together with Dorna and Liberty Media. Guenther Steiner, for those of you who know him, he has taken over the Tech3, our satellite team. He would have been able to choose any partner and any engine to go forward, but he decided to stay and continue with KTM because he believes in our technologies also. Very good news that we continue to have a satellite team. Álex Márquez and Fabio Di Giannantonio are our new drivers for our factory racing team for the season 2027. I think really great drivers. Álex Márquez was second in the World Championship last year. Fabio Di Giannantonio was, for a very long time, the best performing Ducati. We really have a great riders lineup and therefore, I said confidently look forward to the next season. Here, just a summary, which I told you, Stephan Reiff and Christof Lischka, both very important additions to our management team. Together with Petra, the four of us will lead KTM AG, and Petra and myself will continue to lead the stock-listed entity. This is now the time where I would also like to hand over to Petra, who will now in detail guide you through our financials. There is one slide which I almost forgot. It shows you the development of our restructuring efforts. This is nothing which I would normally celebrate out, but it shows you really where we are coming from. More than 6,000 employees, and we managed to really streamline the company and cut short down to 3,400. If you look very closely, you see an addition of from 32- 180. These are temporary workers because we need to increase our production in the second half of the year. We already start getting temporary people in to cope with the peak of our production needs. All in all, most importantly was to really manage to cut out middle management and also the overhead and administrative workforce down by 435, which we have already achieved. There is a little bit more to come towards the end of the year. I said this was at least the last slide from my side, and I am now handing over to Petra to lead you through the financials. Thanks a lot, Gottfried, and a warm welcome also from my side. I am happy and very proud to present the half year 2026 financials. We have split the first intro slide into what has happened and the key focus topics of the half year as well as Q2. Mentioning that the very great performance of revenue increase of 65% actually is only half the truth, because when we talk about half year 2025 to half year 2026, you have to note, and Gottfried has mentioned already, that in the half year 2025, we still had the segments of the bicycle. We still had MV Agusta sales, and we still had the gross for sales in the revenue. Sorry, please stay there for a second. The 65 actually is. The number doesn't give it away. We will show it to you shortly. Overhead reduction in the first half, 2026 versus half year 2025, we have managed a little shy of almost EUR 66 million in comparison, reflecting all the topics Gottfried has already addressed. This still caters for significant costs when it comes to garden leave and the 500 headcounts we had to let go in the first half. There are lead times to separate, so we will see the full impact then in the second half. That all has led to a very strong EBITDA margin of 5.4% for the first half 2026. We already were able to record a positive EBITDA in the first quarter, and have now increased it even further. Cash flow improvement, the number is quite nice. The trend is also quite nice, but rest assured, we are very well aware that we are still negative when it comes to free cash flow of EUR -22 million. However, the improvement compared to the previous year is visible and will forward looking, show us a very positive trend. The successful refinancing we spoke about in Q1 already. You might recall that we have successfully, at very good and favorable terms, been able to secure EUR 550 million on KTM AG level, which has led to a very positive impact when it comes to the financial result. Firstly, because we have prepaid the KTM loan and have also reduced the loan on the BMAG level in order to support our financial result. All of this came beside monitoring all the exogenous factors the entire world has to suffer. We talk about the Middle East crisis, we talk about the consequences of the Middle East crisis when it comes to supply chain disruptions, inflation, interest rates, the still ongoing uncertainty when it comes to tariffs, and the like. Higher raw material cost when it comes to aluminum and steel, but also when it comes to logistic costs, but also lead times and deliverable times. All of this we feel we tackled quite well and have been monitoring and mitigating as good as possible. Of course, and we spoke about it already in Q1, on the back of a little higher working capital because we have pulled in orders. The focus on the topics of Q2 are very similar. The revenue increase, similarly strong, 60.5% compared to the previous quarter of 2025. The revenue increase in motorcycles, and here we have laid it out. When we spoke about motorcycle revenue, we talk about KTM, Husqvarna, and GasGas, has increased more than 117.5%. I am doing the job for quite a while. I have never had the chance to report such a huge increase because we almost doubled or more than doubled the revenue from one quarter to the next. All of that came on the back or caused a positive EBIT in Q2 already. Over the page, we have now given the same information in a more graphical way. You can see half year one, half year two, the two orange bars. In half year one, you see on top, in yellow, the EUR 52 million of the bicycle business. So like for like, we talk EUR 372 million compared to EUR 700 million, in euro terms, revenue. Very strong increase. You can also see the adjusted EBITDA improvement. We took the liberty to take out the insolvency gain in order to present to you like- for- like and compare apples to apples, how big the increase and the improvement of the EBITDA has been. Nota bene, the forward-looking. Please go ahead. Nota bene, for the quarters and years to come, the bicycle business will be reported, but the driver, of course, is the motorcycle business, and therefore the bicycle business is only for regulatory reasons reported, but it has no significance anymore. We also do see in the quarterly comparison, so Q1 2025 versus Q1 2026 and Q2 2025 versus Q2 2026, an improvement quarter-over-quarter, year-over-year, very strong. From Q1 2026 to Q2 2026, an improvement of roughly EUR 40 million already, in euro terms. Also here, within the year, a very strong improvement and 1.7% EBITDA margin Q1 2026 and 8.7% EBITDA margin in Q2 standalone quarters. Next page, please. Talking about a little more numbers and KPIs. In the upper part, you can see the comparison half year, half year and Q2. In the bottom part, in the box, we again have taken the decision to show you the comparison on an adjusted level. Adjusted means the exclusion of the insolvency gain. Here you can see a massive improvement. So EBIT adjusted, so the second line in the box, half year one, EUR -256 million to EUR -25 million this year in 2026. So we talk about an improvement of more than EUR 230 million, which is a massive step forward towards the restructuring and the sanity of the company. Similarly, or even stronger in Q2. Here, the improvement, Q2 2026 versus Q2 2025, EUR 166 million within a quarter. The headcount reduction, Gottfried has already mentioned, - 10%, already included the build-up of the temporary workers in the 3,416, the white collar reduction, almost on the number that has been announced in January this year. As we always or very often receive questions on overhead development, we have brought one slide showing you these are only the first six months of each year, so half year one from 2019- 2026, and how the overhead costs have developed, again here, without restructuring gain and impairment, to have an apple to apple comparison. Only in the last year, we have been able to reduce by EUR 66 million, the overhead cost within the last 12 months. If you even go further up, that number increases even more so. On the balance sheet, overall, very flattish total balance sheet amount, only 0.4% deviation, so not a major deviation. The two points I would like to address is we see an increase in trade accounts receivables that comes on the back of the higher turnover, the higher revenue, in particular in Europe and North America, and an increased debt coming from the refinancing, and the peak, so the accruals of interest on BMAG side. Overall equity ratio, still above 20%, 21.5%, and the gearing of 243.2%. The consolidated free cash flow, partially already mentioned. The highlights, clearly, year-on-year comparison, a very strong sign of improvement of the operating cash flow. On year-on-year comparison, the negative deviation comes from the investing activities due to the IFRS 5 recognition of EUR 70 million in half year one, 2025. Such an event is obviously a one-timer and will not be repeated every year. Therefore, if you would exclude the EUR 70 million, we would also here be seeing a significant improvement. In total, an improvement of the free cash flow, still negative. We know that. We know that we work on this, but the improvement is clearly visible and shows towards the right direction. Working capital, one of the topics which we follow very closely. I've said the same already for Q1. We have here the half year development. The 30.79% is clearly not what I'm looking forward. That has to come down significantly. We are positive and very confident that on the back of an increased trade payables in the future, we will bring that down significantly. The trade payables still are very low in comparison to the past. That is due to the fact that we have had to prepay, starting last year, by re-renting the factory and in the aftermath of the insolvency, almost all the components when ordering it from our suppliers. That has been reduced significantly, but we have to digest the prepayments that we have made. We're currently starting the off-road production or in the midst of the off-road production, have high demand from the factory side. So there's still some volume to digest, but clearly, the direction goes for a lower working capital compared to the last 12 months revenue. Maturity profile, financial position. We have very solid financial structure. In total, EUR 172 million, if you add up the cash and the unused credit lines, gives us a strong and solid outlook forward looking, higher than in the same period last year. Please note that last year, end of June, the prepayment phase has not started in full for the production, and we still had the sell-off from the inventories we had on stock. So this is uncomparable, those two periods. But if you compare it also already with Q1 2026, you see an upward trend. Achievements. I think just to round it up, a slide that we have almost in the same way presented to you in Q1. Everything still valid, everything still in place. We have taken the liberty to add point seven, because on the back of all the topics we have tackled already for the last 12, 18 months to come to the point where we are at now, we have translated all of those measures in, and significant improved profitability and growing EBITDA margin. That should not only be a clear sign for everything we have told you, but also to have a signal that the turnaround is in full swing and that the message is still valid. With this, I have come to an end, and we are very much looking forward to your questions. Thank you very much. Thank you, Gottfried and Petra. Ladies and gentlemen, now it's your turn, and we are opening the Q&A session. For a dynamic conversation, we kindly ask you to ask your questions in person via audio line. To do so, please click on the Raise Hand button. If you are dialing in via phone, please press the key combination star nine to raise your hand and star key six to unmute yourself. Otherwise, you are also welcome to post your questions in our chat box, and we have the first raised hands by Siddhant Kadam. The stage is yours. You can now accept the permission to speak and also, yes, unmute yourself. Hello. Yeah. Am I audible now? Yes. Yeah. Hi. My first question was about related party transactions with Bajaj. Now that we are a fully owned, 75%-owned subsidiary of Bajaj, has there been any changes, or is it continuing pre-crisis levels? A follow-up to that would be, what are the royalties that we get on the 125cc to 390cc bikes that are produced by Bajaj and sold in India? Allow me to start with the second part of your question. Unfortunately, this is something we do not disclose to the market. This is on the back of our agreement. Nothing has changed, that much I can tell you, before and after a change of control, so everything has remained as is. On the broader picture, forward-looking related party, I would hand over to Gottfried. Except for the time being, I would also say that nothing has changed dramatically. We are continuing to explore really what are the strengths and benefits of each partner in each field, and I can just really reassure you that everything would ever be done on a complete arm's length conditions. But nothing has, up to now, dramatically changed. Of course, we are trying to work closely together and use also supply chains, and source and get benefits out of volumes, but nothing really has changed so far. Okay. Understood. My second question would be about our free cash flow and deleveraging targets. Could you just give us some targets that you have in mind about deleveraging? Allow me to answer first the free cash flow situation. Due to the fact that there was, I would even call it frozen cash due to the prepayments, the current picture doesn't reveal the situation forward-looking, because we have to digest the prepayments that we have still in the books. The situation, however, has changed significantly with our suppliers. When we re-ramped the factory a year ago, almost 100% was on prepayment. That has come down significantly. So that is not comparable anymore. We will see that over the next two quarters even stronger. The other topic that we currently see, of course, there is more working capital bound in comparison to the last year, same time to the top line development, which is in general a positive trend. Also here we will see and see already a way smoother picture, when it comes to cash availability, liquidity planning. So everything is now becoming very stable and predictable forward-looking. Deleveraging the free cash flow, you need to elaborate more what you mean on that end, because coming from where we have been a year ago, the cash flow clearly is significantly improving by the operating result already. The one-time of Q1 2025 to EUR 70 million, I have explained. So we feel quite comfortable that, of course, the aim is to have a positive free cash flow, similarly to improving the profitability coming from a positive EBITDA to a positive EBIT. In the quarters to come, we will not guide, but in the quarters to come, also a positive net income. Understood. So you have a positive net income is the target. That is the way we will deleverage. Understood. Any particular quarter you have in target for the positive net income? You are trying very elegantly, but we are not guiding to excuse. No, it is. hat is why I have to come back on that question once we have our guidance out. Understood. Second question, the follow-up was: Do we have any tax losses from our restructuring that we can use for a benefit or were they lost in the restructuring? Yes, we do. Could you quantify those losses that we can use for tax benefits? Um- Raw number. We will come back on that. We will come back on that. Understood. Okay. I will join back in the question queue. Yeah. Thank you. Okay. Thank you for your question, Siddhant. We will move on to the questions of Ankur Jain. You should be able to unmute yourself now, Ankur. Yeah. Am I audible? Yes. Hello. Okay. Hi. Congratulations, Gottfried, Petra, and the entire KTM team on the splendid performance, and thanks for taking us through the developments in the business in a detailed way. I have a couple of questions. As of H1 2026 for the half year, the off-road and the street mix that we see in the product is off-road is around 25% and street is 70%. What can the mix be expected when the business is fully normalized between off-road and street? Very good question and an important one to elaborate, because the picture you see at the moment is a little bit. There is a seasonality behind it, because we are now just started to produce our new off-road generation. Therefore, you will also see over some regions, North America is usually 65% our sales is off-road and only 35% is street. So now with the second half of the year, this is usually a stronger area also where you will see then growth in the off-road. The majority of the off-road growth will now come in the second half of the year, where usually the seasonality effect for street in the first half year is the stronger one. Therefore, you will see a shift. Fully normalized, you should expect roughly, I would say, half-half. Those were the historic levels, but as we're now initiating also new street models, and street is definitely the segment in the area where there is growth happening to a much larger extent than in off-road. So, there will be then a shift going forward in the years to come, maybe to then 60/40, where the street will become stronger. But of course, we're also trying to bring new models and new platforms, but what you are now seeing is stemming from the seasonality. Right. Yeah. Thank you. That is well understood. The second question is about when I look at the realizations in Q2, both in off-road and street, there is a 5%, close to around 5% decline in the average realization. So is that understanding correct? And if yes, what could be the reasons why we see a decline in the realizations? What do you mean decline by realizations? Okay. When I see Q1 of 2026. Yeah. And the value of the sales from off-road is around EUR 78 million. If I divide it by the number of off-road bikes sold, that number is around EUR 7,300 per bike for off-road. Yeah. That number has come down to EUR 7,089. Seven zero eight nine. That is around 5% decline. That is how I've calculated between Q1 and Q2, there is a 5% decline in realizations, both in off-road and the street bikes. This is also nothing to worry. That's a natural development, which you will see throughout any new model year. At the beginning, when you start with a new model year, and this is what we're now starting with off-road, you start giving zero discounts. Everybody's waiting for the new motorcycles to arrive. I would say in the first six months, a certain percentage, the so-called sell-through rate, you're selling immediately without any discounts for people who are waiting. Then there's a certain percentage which you would then sell over the next six months and before a new generation is initiated, and this is exactly Q2 of every year for the off-road. We're now talking only for the off-road segment. In Q2, this is literally the last season, or the last quarter before the new generation is started, and this is where usually you start giving some discounts and an incentive to clear out the floor. Because why, if both model years are then there, the model year 2027 and the model year 2026, what should be the incentive to go for a 2026 model year instead of the 2027, if they are priced the same time. Last quarter of an off-road generation, because other than street, in the off-road, you have a yearly model year change, which is really visibly with CTG change, because this is the riders who simply want to perform the next Supercross season and everything. There is, like in some other industry, really this yearly changeover, and therefore, this should be the explanation why you see here such a development in the last quarter. As we are now going forward and starting to sell the new seasons, those should pick up. Right. If we are doing everything right. That is very interesting. Thanks. Could I get this retail sales number for Q2? The number that you have given is for the wholesale motorcycle sales. Yeah. The issue with the retails is the availability of the data, because half of our business, the off-road, there are no registrations. This is something where, once the motorcycle is sold, we cannot really count them. In some countries, we get some feedback. But for really the vast majority of our products, those are never registered, and therefore, there is no official retail data. We have the retail data, of course, for our street motorcycles, but not for the off-road. Right. So that number was given in Q1, this practice has been stopped from this quarter, right? Okay. We have not yet included it in our half-year report. Right. Let me double-check and come back to this question. Okay. Lastly, could you please talk a little bit about what is the early signs of improvement that you see on the customer satisfaction, because that has been some area of concern in the past. Your team has definitely taken a lot of actions when it comes to dealer excellence and also bringing the riders on the Orange Board, and making availability of spare parts, making it available on demand. So what do you see in terms of early satisfaction scores from the customers and the decrease in the customer complaints? So there's definitely, we had, of course, and this is something which was not yet mentioned. I was very emotional, I think, on the last call where I explained that it was not really triggered, this Diesel scandal which was out in the media, and our marketing team has decided that some of this data is for sure biased. What we are doing, and this is what you've really— There is a huge company-wide program to improve customer experience. This is one of our To be close to our customers, to listen to our customers. You mentioned the Orange Board. We have significantly improved. So this is what the data has shown in availability in spare parts, how quickly do we respond to our customers. We were coming from numbers as low as 70% in spare part availability, and now back to 95%, which is really also, of course, costing money because we have bound working capital. But those have dramatically increased. We have now over the summertime, because of this Diesel scandal, not contacted. I think unfortunately, the NPS score is the last score which takes a while, and which then moves up, and it's also a question when, how, and these questions are contacted. But as said, what we are looking at is the raw data, which is for me the only one. How many complaints do we have? How quick we are responding, and do we see an improvement? That's something which, as said, we're doing. Thanks a lot. I have a couple of more questions, but I'll come back in the queue. Okay. Thank you, Ankur. We will move on to the next person in line, Sanchit Shah. You should be able to unmute yourself now. Please click on the microphone in the left corner of your window. We may come back to you later. Johan van den Hooven, you would be next in line. Please unmute yourself by accepting the question to speak. Yes. Good afternoon. Johan van den Hooven, Edison Group. A few perhaps more detailed questions, financial questions. You brought down the headcount to around 3,400. If I understand correctly, Yes. —the whole restructuring is not finalized yet. What kind of number do you have in mind where you aim to end up with headcount wise? That's a really delicate question because I don't want to start and create any rumors. I told you we have initially said that we would lay off 500 people. As you can see from the numbers, 350-ish has been already achieved. We have not yet started or announced that we would have another large round of layoffs. Yes. If we would do so, I think from the restructuring layoff wave is, let's say, over. Yeah. We are even starting, and this is why I pointed out in certain areas to even rehire in certain key positions because we lost also capacity, know-how, and if you want to grow, you will also need fresh blood. The rehiring has started. Nevertheless, profitability and efficiency will remain our only benchmark. If it's necessary to become more efficient, and this is what I said, we would do it not with a company-wide layoff program. Each and every division is daily questioning old routines, old procedures, and together with AI and our IT department, we're supporting each and every department, how repetitive routine work can be simply avoided and simplified. We're trying to then streamline. Petra would certainly like to comment. If you only talk about headcount, and I tried to explain it a little bit. We had announced the 500, of which 435 have been executed by 30th of June, in January this year. With all the garden leave period, and the payments that we had to make, the first half of this year is only slightly impacted by the saving. If you then calculate that we talk about Austrian salary levels, and you calculate something between EUR 80,000- EUR 100,000 a headcount, you can come up to the number that we will save on an annual level— Yeah. —if you have a 12 months full impact. This is only one side of the story. Of course, there are account effects when we talk about merit increases and the like. The other stream that we are focusing very strongly on is to relocate certain components to best price countries. Also here, the collaboration with Bajaj is very helpful to get certain components at a better price without jeopardizing our DNA and our quality, and the production in Mattighofen. This is the other work stream— Work stream. that we are very well-acquainted with, and we've spent a lot of time on. Relocation, however, take a lot of time. We have started that exercise last year, and usually talk 12 to 18 months, depending on the component. We will see some of the effects in the second half of this year, but more so in 2027. The year 2026 is clearly a transition year when it comes to— Yeah. —savings, because you have either only half year of the effect, or it's a ramp phase when it comes to component savings. The year 2027 will be, of course, more significant. Meanwhile, I have also looked up the tax question, or the answer of the tax question. It's a little shy of EUR 60 million. For the colleagues before. Yeah. All right. Thank you. A second question about working capital level. That has come down nicely. But you don't seem to be happy with the 30.8%, and you said that has to come down significantly. What kind of number percentage will you be happy with? A low 20. Low 20? Yeah. Okay. Yeah. Other question about. Just for expectation management— Yeah. —this might not be the case by the end of the year. No, no. it is really what we are looking for. Yes. No. Yeah. But that might be then in the next, let's say between now and the next three years, or earlier? Oh, yeah. For sure. For sure. For sure earlier. Otherwise, you are choked wrongly. Yeah. Yeah. Other question is, of course, you have shown a good volume growth and above your 100%+ in the second quarter. If you look at your current capacity, what kind of revenue level can you reach with the current capacity without large additional investments? We can almost double. We were producing up to 220,000 motorcycles, only here in Austria, before the crisis. Just to remind you, we— Yeah. —just reduced it to a one-shift model. At the moment, all this, you have to factor in that we are able to achieve and break even by taking out so much productivity— Yeah. —which we deliberately did, that the market can recover, and the inventory levels come down. We will, in the second half of this year, start with second shift already, in really quite some areas, engine assembly, components, and lastly, also in our vehicle assembly. Without really large investments, by probably introducing a second shift, we could easily grow. Secondly, we have our partners. Bajaj has really— Yeah. —also capacities. It always depends on the platform— Yeah. —where you want to grow. We are working also, which I just mentioned, on new platforms for the future, which could be established. Do not expect a large CapEx need to grow and resize the picture. It was heavily and over-invested in the years before the insolvency, so we— Yeah. —can sweat those assets. Okay, yeah. Last question. For now, in the past, you have reached EBITDA margins of, let us say, 15%-16%, and I guess. When revenues grow nicely further, then that level is achievable again. Again, a very nice question towards guidance. But in general, you are right. We are not giving a timeline yet. We are really pleased with the performance I have mentioned. Allow us to celebrate that half year one 2026 compared to half year one 2025 is EUR +231 million. So allow us to execute the plan. But yeah, of course, we want to be profitable. Of course, we want to have a positive net income. Of course, we want to have a positive free cash flow. We will turn around that company, and we have, I think, proven and shown now with the last two quarters. Yeah. That it is not just wishful thinking, but that this is also supported by very clear and hard measures and facts. Absolutely, I agree. Appreciate the question, but allow us a bit more time. No, we do. Absolutely. If anything, levers we are not scared of. No. No. Yeah. That is more the underlying question. Well, thank you very much for the answers. Thank you. Thank you, Johan. With an eye on the time, we will take one more audio question from Constantin Hesse, please. All additional questions can be placed to the investor relations afterwards. I will place the email address in a minute. Mr. Hesse, please. Hi there. Good afternoon. Can you hear me? Yes. Great stuff. Hi, guys. Thanks very much for taking my questions. Look, I understand that tactically, an incredible job has been done already with fixing the channel, clearing the channel, getting volumes up. I think you've said more than enough times that you won't be providing guidance for now. I do wonder, now that you've done this very important task of clearing the channel, having started innovating again, getting operations back on track, when can we expect a strategy update and some visibility on what your plan is for the next few years? It's kind of hard to model or have an idea of how to forecast without really understanding what your plan is in the end. Maybe if we look at market share data, do you expect to go back to the low teens market share that you used to have in Europe and in the U.S.? Any kind of indication there will be very helpful. If you can't share anything now, when can we expect something? Constantin, thank you very much for the question. I feel it and we both, Petra and I, would love to give you that answer as quickly as possible. We just try to be really a little cautious. As we told you, we are very confident that we can continue this, that those restructuring measures are sustainable. It's not one-offs. We clearly see those overheads costs dripping down month by month and improving. I would say year-end, at the latest, we should be able to give you a guidance. We, of course, always have also already laid out a midterm plan, not only to our financing banks, where we're able to refinance EUR 550 million without, I mean, it's an unsecured loan. We have this planning in-house. We are working according to those plans. We will be, as I said, end of the year latest, able to share it with you and then give you also a guidance. For this year, we really decided that we want to hopefully positively surprise you. We are giving you as much information already to really take forward some of those and in certain models and extrapolated that you get a feeling how it can continue. Hopefully, you feel that we are really happy with the development and confident that we can continue, and even accelerate, what we have shown so far. Gottfried, just to understand. When you say positively surprise us, I do not even know what the expectation is for this year. There is no consensus. There has never been clarity on what the plan actually is for 2026. That is why I am trying to figure out exactly what does that even mean, positively surprising the market. I think you have an incredible brand in your portfolio. I think with a good management team in place, you obviously have a very strong parent company now backing the company. All of these things clearly imply that a recovery should be strong and you are showing a strong recovery. What does that mean, positively surprising us if there is no indication on what the plan actually is? I am wondering why are you not able to share that medium-term plan with investors as well? My concern is if I look at your balance sheet, you have EUR 850 million in net debt. Yep. If I look at your EBITDA, your EBITDA obviously is still really low. Even if I assume EUR 100 million in EBITDA, that is still 8x levered plus. That is a big amount of leverage. I am trying to get comfortable from an equity side, how to think about the next three years. What is kind of the trip? When you say end of the year, do you mean February, March next year? With full year reporting? Is that what you mean? No. End of the year, I was more in line talking about year-end calendar year to start giving a picture. I said I understand it. I would love to be able to give it to you now. Just as a reminder, if you take out the EUR 1.2 billion restructuring gain last year, the company was losing EUR 600 million, and it was more than EUR 440 million of EBIT loss. To turn around that company and bring it back to positive EBIT levels in only six months, I do not know. It is always expectations management, and I do not even want to imply if someone was positively surprised or not. We are just focusing on our work. I can tell you day and night, we streamlined, we got rid of bicycle, car business, and other brands. We are focusing on our core. We are streamlining the company. We will give you as soon as possible also a guidance. As I said, give us another quarter before we can start guiding. Sounds good. Then maybe just on production structure, just remind me again what is being produced where. I remember Mattighofen was being used for the premium products. CFMOTO was doing the mid-sized engine. Bajaj Auto was doing the small engines. You got rid of CFMOTO. So who is doing the mid-sized engines now? 100% of our off-road, and I think this is also important not only for marketing reasons. 100% of our off-road motorcycles, which is half of our portfolio, is coming out of Austria. Still, and this is not even still implying a question mark. Also, the big bikes, everything above 1,000cc is also coming out of Austria. For the time being, you are absolutely right. The 790 DUKE platform, which in numbers has not grown because we were not able to sell any Chinese products into the U.S. at all because of tariffs, is coming out of China. The remainder, the small size motorcycles, the small displacements are coming out of India. I would say, two-thirds of this year's volume should come, maybe a little bit less than two-thirds, should come out of Austria. A very small, maybe low double-digit percentage amount is coming out of China, and the rest is coming out of India. Okay. Then just last two questions. I obviously do not want to ask you a question that one should be asking Bajaj on a potential liquidity event, whatever placing is concerned. But would it potentially make sense, given the fact that free float is so low, would it make sense to do a capital increase and lower your debt position as well in the future? That is my first question. I totally get the question. If that would be the case, I would have to announce that to the public. As you have rightfully said, if Bajaj wants to destock, that is something you need to ask Bajaj. So looking at the current share price and the market capitalization, I do get your question, but please accept my apologies that we cannot answer that question because there is no information known to us on that end. Okay. No, fair enough. Then, just lastly, on reporting and covenants, is there anything, Petra, that you can share on what the covenants are, even if not specifically, just what they are related to? Then just on reporting. I just want to understand how you are going to report in the future. Because to update, this is just a homework question for modeling purposes. Because if I look at Q1, you did not report the regional breakdown, and then in Q2, you had the breakdown of the different segments and also the regional breakdown. But not the brand breakdown. So if I look at modeling the future reporting of Bajaj Mobility, should I base my model on whatever Q2 is, or are you expecting to provide even more data with Q3? Thank you. First question, there is a quarterly reporting. As you have said, this is different from the years before, where we had half-year reports. We will definitely continue to quarterly. The regional break and the product split, as you can find it right now, will be continued. I do not think that we will break up the brands into KTM, Husqvarna, and GasGas. But that might also be for 2027. We have not actually thought about that. But if you need to start modeling right now, I would continue, if it would be you, with the Q2 layout. Perfect. On the covenants, Petra? On the covenants, we have announced what we are allowed to announce. I think you referred to the EUR 550 million loan. There is the announcement that we were allowed or were given by the consortium is the talk that we were allowed to offer to the market, which says it's not the covenants, but it's the terms which refer to low single to mid-single digit including, this is Euribor plus spread. It's the EUR 550 million, it's the period, it's the consortium who has funded it, and it's also the fact that it's unsecured. This is the information we were allowed to give to the market. Okay. Thank you. All right. I am very sorry. We are now 10 minutes over time. Christoph is ready to take any of your questions in writing. We are very delighted and thankful for the questions and the good discussion. We can certainly also set up one-on-one calls. Yes. Thank you very much. We will come to the end of today's earnings call with that. Thank you for your interest in Bajaj Mobility AG. With any further questions, please contact the investor relations department over the email address I have posted for you. A big thank you also to you, Gottfried and Petra, for your presentation and your time. I wish you all a successful day around the world. Handing back over to you, Gottfried, once again for your closing remarks. The closing remarks is just a big thank you for joining and listening us, your interest. Stay tuned. We will continue to update you.