Ladies and gentlemen, welcome to the results for the business year 2025/2026. I'm Moritz, your conference call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. If you would like to ask a question from the webinar, you may click the Q&A button on the left side of your screen, and then click the Raise Your Hand button. If you are connected via phone, please press star followed by one on your telephone keypad. For operator assistance, please press the Operator Assistance button on the bottom left side of your screen or star zero on your telephone. At this time, it's my pleasure to hand over to Attila Dogudan, CEO. Please go ahead, sir. Thank you very much. Ladies and gentlemen, good afternoon to Europe, Turkey, and Middle East, and good morning to the U.S. This is Attila Dogudan. I'm together with Johannes in Mexico. Attila Junior is joining from Formula One in Barcelona, and the other Johannes, Jan, is in Vienna. Obviously, we are very happy to present our business year results of 2025 and 2026. Last business year was the best ever in company history. Before we go quickly through the presentation, I want to say on a macro level that we have achieved all targets we wanted, not only financially, even more important, the right strategy where DO & CO is going to. I have to say this was a super achievement of the DO & CO team. Great teamwork. We have to say a big thank you to every single employee in this company. It makes us proud that we're well prepared for the next round of growth, smart growth, which does not go on revenue only, like we have proven not in the last couple of years, which goes on quality growth with further margin improvements in the future. DO & CO more and more is positioned as a premium brand from Formula One to tennis or golf from UEFA Champions League final, just 10 days, two weeks ago in Budapest, which was very successful, and up to where we are today in Mexico, where we are part of the biggest sport event in the world, hosting only today almost 8,000 VIP guests. We just opened the doors at 8:00 A.M. It's 8:00 A.M. here. You remember that you have asked us many times, what is the outcome of the tender of the FIFA World Cup? We couldn't give you the right answer as we had on our own no answer because we did not get an answer. Finally, this is sometimes the specific of this business, FIFA then, who had basically sold all the rights of the commercial program to someone else, took ownership and awarded us for the most important three locations, which is Mexico with the opening game and Miami and New York with the final. The same, I think semifinal and quarterfinals, the majority is taking place in these stadia. Believe it or not, we have only signed this agreement end of last week. We are used to this. Maybe you are not so much. We are super happy at the end of the day to be here, and we are happy that we are a global premium and reliable partner when it always comes to big sport events. Maybe let's go quickly through the presentation. Obviously, I guess you read already the revenues of EUR 2.461 billion is an increase of 7%, the highest ever we had. On constant currency, it would even mean an 18% growth. EBITDA, the EUR 300 million makes us really proud of. It is an increase of 15%, EBIT 12.3%, 16% increase in net result, EUR 105.8 million, which is an increase of 14%. Even more important, we believe, is the development of the margin to 12.2% in EBITDA to 8.6% as we always promised 8.5%. Net result, 4.3%. Bottom line, I think the team did a great job. Although there were a lot of hiccups, Middle East and these kinds of things, we are going to come back then in a minute to this. The three divisions you see already, Airline Catering, EUR 1.9 billion, then EUR 323 million and Restaurant & Lounge, just EUR 188 million. You see all divisions have increased, not only revenues, but more important as we always focus on is the margin. First time, the EUR 2.4 billion obviously, the free cash flow of EUR 225.9 million is an increase of 80% in comparison to last year. Not maybe everyone is happy with that. We are super happy with our net debt EBITDA ratio of 0.05, which gives us the opportunity after really bad feelings during and after COVID that we are strong enough on the market with an equity ratio of 42.7% to go to the next step as I mentioned earlier with a growth strategy based on quality. In Airline Catering, we won numerous tenders. You will see it in the presentation then. We have an award letter from American Airlines in Chicago starting next year. The contract is not signed, but we have been awarded with that. We got Air India, you see in London Heathrow, which is a lot of flights too. If you look to the portfolio, you see a lot of clients who are all over the world, and all of them obviously like what we do, and we are very proud to have this portfolio. In Event Catering, Mexico, yes, this is emotional for us, very important as we did the FIFA World Cup last minute in Qatar, and now have been awarded for the three most important cities. The restaurant lounges have good margin improvements and is basically the base of the success of the other two divisions. Innovation, quality, and people are the drivers. When we come back to the Airline Catering, the EUR 1.9 billion and the EUR 230 million and the EUR 159 million in terms of EBITDA and EBIT, are strong numbers. We believe that what we do here really makes sense. The focus of quality on one hand, and on the other side, anything which is commodity being as efficient as possible is a good mix for all the airlines who basically, at least in our portfolio, try to increase quality. We see this almost everywhere of the network carriers. We are not the premium destination, I would say, for pure low-costers, but for anyone who flies network and has a more complicated and complex product, DO & CO is the right partner. Turkey, always the pride of the company here, too. Turkey and Turkish Airlines is almost focusing on every detail to deliver best hospitality, which is in the DNA of Turkey. This really makes sense. We are working on ongoing product innovations. We have strong volume increase. The number of aircraft which have been already ordered. The airline will almost double in the next 10 years. Istanbul is a strategic location, is a great location. We have a strong market position with third-party clients as well. Over 90%, I think almost 95% of the market is covered by us. As you see at the picture on the left-hand below, with the big crane, the construction has started for the biggest kitchen in Europe. I guess it's even in the world. At least it's the most sophisticated one on this planet. IAG group, British Airways and Iberia, close partnership with both airlines. We deliver what they expect. The NPS scores have gone up. Fresh menus, and this is always the trigger, is a driver of customer satisfaction, which then end of the day, the product having no additives, no preservatives. With all the hiccups in the daily production, obviously, we are not doing everything wrong every day. In overall, we see the great customer feedback, which is the driver then for the next contract. Iberia is the same. Award-winning guest experience. More and more of our clients winning various competition awards, which makes us happy. New carrier in U.S. As I said, the contract is not signed, but we have been awarded in writing. American Airlines is the second biggest airline in the world, only a little bit behind United Airlines. 223 million passengers. For us, a great opportunity in Chicago from next year on to show that we can hopefully add value to American Airlines. Makes us very proud, and it's a good news, I think, for the American market. JetBlue, further strategic partner. I think they won recent, just yesterday or today, best American airline in terms of food and beverage. Again, there's a portion of us in this award, too. The other new clients, I'm not going to mention all of them now you see in the presentation and the new contracts, but it's from Air Canada, All Nippon Airways, always getting more and more, and the Etihad and Qatars of the world. It makes us very proud in terms of portfolio. Coming to the next division, International Event Catering, EUR 323 million of revenue. It's a 6%, only 6% increase with EBITDA +9% and EBIT EUR 33 million with +7%. Please keep in mind that the Euro did not happen this year, the sales growth would be with the Euro 15%. As we said, we need to go on quality only, and this is showing us, and you will see in the next one, two years, the next, I would say, steps in this division. Formula One is doing super well. All races are sold out and with a maximum number. We have been last week in Monaco with a completely new temporary structure. You must have seen on TV where you had first time really something impressive in the visual of Monaco. Went super well, incredible customer feedback. This weekend from tomorrow on is Barcelona, Austria and Silverstone at the same time with the World Cup here in U.S. and in Mexico. Everywhere strong demand. We're increasing more and more the quality because we see that the money goes from luxury business to this kind of event business. People want to be in these premium events. This is something which they really post on social media. In this game, I think we are one of the most reliable partners, brands in the world being able to deliver at any location. As you see here in Mexico, we hope we can deliver it. It's a tough cookie here. We have almost 70,000 guests in these four weeks. We'll see and hope that we can deliver what everyone expects from us. Allianz Arena, same game. Super long partnership with FC Bayern Munich. We're going in a new phase with renovation in the Allianz Arena, which will start next year, where we hopefully get a new level of hospitality experience in the world, definitely in Europe. Bayern Munich is the right partner to support this, and we're very proud to be with them for a long time. Olympiapark, the concert, anyway, SAP Garden Munich is only not so much here, but it's a great business case because it's the first time a stadium which has a double utilization through basketball and ice hockey. You have almost every week, two or three events at least, in the stadium. I think 10,000 or something like visitors. We do the VIP and the public in a close relationship with Bayern Munich and Red Bull, both of them great partners for a long time. Tennis, we did Madrid, as you know. Golf, same story, Kitzbühel. All these other events. In terms of FIFA World Cup, I already mentioned, I think enough, we'll see where we are today in the afternoon or when it's night in Europe. We are well-prepared. We have more than 1,000 people, 1,200 people working here in total, 2,500 people working in the three stadia. It's not a small operation, and it's a big opportunity for us to give a benchmark to, especially the American market, how you can run a football stadium. Far, our visibility was only in Formula One with the races in Austin, Vegas, and Miami. Now, first time in stadia, prestigious stadia like the MetLife in New York. Here, the Hard Rock Stadium, luckily, is the stadium where the Formula One happened, we left our equipment there, which during the race a couple of weeks ago, and we know at least the circumstances of the whole setup in the Hard Rock Stadium. Last division, the one which is for us emotionally and now number-wise very important, EUR 188 million of revenues, EUR 27 million EBITDA, and EBIT of EUR 19 million is an increase of 19% and 27%, which are great numbers. We see more and more that with this business, which for so long time did not make money, now is better managed, and we see that the portfolio we deliver in the mix of DO & CO, HENRY, Demel, airport gastronomy really makes sense. The hotel in Vienna is coming now to a renovation. We're going to close down next week for two and a half or three months and make a full renovation of the building. Airport gastronomy, as you know, we won in Vienna for the next terminal extension next year, a couple of locations. Bottom line, it looks good and was a good year. Thank you very much for listening. Johannes will then take over with the numbers, and then we're happy for the Q&A. Thank you very much. Thank you. Good morning and good afternoon also from my side, and thank you for joining us today. Before going into the details, let me briefly summarize the key financials for 2025/2026. Overall, we have delivered strong underlying growth, improved profitability, and a significantly stronger balance sheet. Most importantly, our earnings are translating into cash at a very high rate, underscoring the quality, resilience, and scalability of our business. Let me start with the income statement on slide 28. For the full year 2025/2026, we generated record revenue of EUR 2.46 billion, an increase of 7.1% on a reported basis, while constant currency growth reached 17.6%. At the same time, profitability also improved further. EBITDA margin increased to 12.2% from 11.4%. EBIT margin expanded to 8.6%, up from 8.0%, and net result margin improved to 4.3%, up from 4.0%. This is not just growth. This is higher quality growth with expanding margins across all levels. Turning to slide 29, I would like to draw your attention here to the fourth quarter. Revenue increased by 13.4% year-on-year and 15.3% at constant currency. FX impact was limited in Q4, with only a small gap between reported and constant currency numbers. EBIT margin came in at 8.3%, broadly in line with last year, and net margin remained stable at 3.6%, despite the challenges in the Middle East. I will come back to this impact on the next slide. On slide 30, looking at our divisions, you can see across all three segments, we delivered constant margin expansion. In Airline Catering, our largest division, organic growth reached 19.5% at constant currency, supported by new customer wins and solid demand across key markets. In the fourth quarter, constant currency growth was 13.4%. This was impacted by the Middle East conflict for around three weeks in March. Canceled flights had a negative revenue impact of approximately EUR 23 million, partially offset by around EUR 7 million from additional flights. Excluding this, growth would have been close to 17%, with stable margins year-on-year. In International Event Catering, performance remained extremely robust. EBIT margin at 10.4%, and the business grew organically by 7%, again, driven by strong, sustained demand for premium hospitality at major sporting events. In Restaurants, Lounges & Hotels, EBIT margin increased to 10.1%, up from 8.7%. This was supported by strong demand in airport lounges, high utilization at our premium restaurant portfolio. Let me now move to the balance sheet on slide 31. Cash increased significantly to EUR 240.8 million. Trade receivables declined by EUR 7.5 million, driven by strong collections. PPE decreased by EUR 21.3 million, mainly from currency effects on our U.S. assets. On the liability side, our equity ratio improved from 35.8% to 42.7%, supported by higher retained earnings. In 2025/2026, we continued to reduce financial liabilities. Lease liabilities came down by EUR 20 million, largely in the U.S., and during the year, we repaid EUR 55.8 million of bank loans. To put this into perspective, since 2022/2023, we have reduced bank debt by EUR 247.9 million. This reflects strong internal cash generation, disciplined financial management, and this is a structural improvement, not a one-off. You can see overall our balance sheet is now very solid and well-positioned. Turning to cash flow on slide 33, we again delivered a very strong cash performance. Operating cash flow increased by EUR 70.1 million year-on-year, driven by higher earnings and positive working capital effects. Attila already mentioned the free cash flow, which was very strong at EUR 225.9 million, 80% up from prior year. Please note that CapEx was a bit below our expectations one year ago at EUR 52.7 million. Here's the key point of quality. Even after repaying EUR 55.8 million of bank loans and then paying a dividend of EUR 22 million to our shareholders, our cash position still increased by EUR 66.6 million. Finally, on our leverage position, we are now very close to a net debt-free position. I think a major milestone for the company. This is a structural improvement driven by strong earnings, high cash conversion, and minimal leverage. In summary, the past year reflects a consistent and continued improvement across all key financial metrics. This positions us very well for the next phase of growth and sustainable long-term value creation. Thank you very much for your attention. I think we are now ready to go for the Q&A session. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question from the webinar may click the Q&A button on the left side of the screen and then click the Raise Your Hand button. If you are connected via phone, please press star followed by one on your telephone keypad. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press the Lower Your Hand button from the webinar or press star two on the telephone. Anyone who has a question may queue up now. One moment for the first question, please. The first question comes from Julien Richer from Kepler Cheuvreux. Please go ahead. Hi, everyone, thank you for taking my question and congratulations for the great results. A few ones for me, please. The first one, if you could please give us a little bit more granularity on how you see 2026/ 2027 in terms of revenue. What might be the impact of the additional signatures airline that will be partnered during the year? Do you have any new bases in mind, new kitchens in mind for 2026/ 2027? What kind of impact from Middle East do you expect and the World Cup impact also? In terms of revenue, basically some granularity on how you see the growth next year. In terms of EBIT margin, it has been slightly down in Q4. We don't know what is going to happen with the Middle East in the coming months, how do you see margin evolution, sorry, in 2026, 2027? Second question, in terms of capital allocation. As you said, you are now almost net debt-free. What is your capital allocation strategy? You have won a contract in Mexico City where, correct me if I'm wrong, you have no bases, no kitchen there. You have Iberia also that is pretty strong with LATAM. Is it maybe the beginning of a new story in Latin America, in Mexico? Do you plan to make some M&A for growing your exposure to stadium in the U.S.? I would be interested in your view on the capital allocation strategy. Last thing, a quick one on the impact of the Middle East. You said EUR 23 million of negative impact for the airlines during the three weeks in March. Is it something that we can extrapolate for April, May, and going forward until the conflict is ended? I calculated for March a negative EUR 4 million impact on EBIT. Just wanted to check this one. Thank you. I'm sorry, I think the speakers might be still muted. We cannot hear you currently. We'll see potentially, we'll see. Okay. Sorry, Julien. Now it's working again. Let me start with Do you hear, Julien? Yes, we can hear you now. Please go ahead. Okay. Perfect. Thank you. Let me start with the revenue for 2025, or 2026/2027. If the current development in the Middle East continues as seen in recent weeks, we are targeting around 7%-8% revenue growth for 2026/2027 reported and double-digit at constant currency, of course. That's what we see for 2026/ 2027. In terms of margins, EBIT margin, our guidance for this financial year is between 8.6%-9%. Of course, it depends on the conflict in the Middle East, but that's what we have in our forecast at the moment. Regarding the EBIT margin in Q4, yes, you're right. EBIT margin is impacted slightly by the Middle Eastern conflict. I mentioned the EUR 23 million in revenue reduction, but on the other side, we had EUR 7 million of positive effects. Net is EUR 16 million. You can consider about EUR 2.5 million and EUR 3 million impact on EBIT. If you add this to our numbers, you will see that our EBIT margin in Q4 would have been 8.6% and 8.7% in total year. That's the impact not only on top line, but also on our EBIT margin. The third question I forward now to Attila regarding capital allocation and Mexico. Maybe first of all, the World Cup impact, I think, is between $30 million and $40 million, something like this, depending on what's then really happening. We have indication, obviously, how many guests we have. It's at least $30- something million, up to $40 million. This is what we expect. Can it be more? Yes. If more people simply buy in here in the three locations where we are. Regarding Mexico, you are 100% right. Here we have a temporary kitchen next to the stadium where we can produce. Definitely Mexico and Latin America is, especially in the context with Iberia, with all these things which we do in this region, how should I say? A business case which really might make sense for the future. We're evaluating this or have started to evaluate this. That's the part on Mexico and South America. Impact of Middle East, I think Johannes answered already. Please keep in mind that even the impact was not helping us in our numbers. We could manage it somehow, and sooner or later they will come back. There's no way that the Qatar and the Emirates and Etihad will not fly. I think Emirates investing billions in a better product on board and Qatar is the same. End of the day, we are premium partners of them outside of their home bases and see what happens when they are back. In total, what Johannes said, EUR 2.6 billion-EUR 2.7 billion for this year I think is a reasonable estimation. As we said in previous time, we are adding close to EUR 3 billion. I think this is absolutely reachable. We expect the year after something between EUR 2.9 billion and EUR 3 billion. This is without any M&A. This is the current business development, which we believe really makes sense and is reasonable internally operational tool. Is this okay or is there anything missing on your side? In terms of new bases, do you have current discussions on potential large new kitchen at some airports or new airports where you could operate, whether it is in the U.S. or Europe? We are looking at. I have to be careful, but I cannot give you any more detail. Obviously, if you have this kind of financial setup, then obviously we know that not only you guys will ask us what we're going to do with the money. For sure, we are thinking. The key is, I don't know how much it came out, the quality growth means where can we grow where we do not go in stupid commodity low-margin business. This is what we do not want to do. We want to go in partnerships. We want to go, I don't know, in joint ventures. We want to go in cost-plus. Cost-plus based on a net value which we can create for our clients and then get a nice return on that, which then in their balance sheet doesn't change their life, but in the image of an airline really makes a big difference. At the same time, I mentioned already a few minutes earlier, the reason why we said in the very last moment yes to do FIFA is simply how many times you get the chance to show the American market that you can do hospitality in a different way. Yes, for us it's a tough cookie. Believe me, usually you would plan a World Cup like for two years. We had, I don't know, six weeks and four weeks, and it was even not until the end clear are we doing it or not? We took the risk, the only reason is we believe if we can deliver in Miami and in New York and in Mexico, obviously a super product, in comparison to the competitors, then the next business in U.S. comes on its own. This is what we believe. Our advertising is basically to make our clients happy, and that's it, what we do. Not going for this revenue, which only brings us revenue without any margin. What Johannes said in terms of increasing EBIT margin from 8.6% towards 9% is simply the next step. We always said the year after, obviously, we want to go heading number 10 under circumstances which are okay. If no Middle Eastern carrier is flying, obviously then you suffer, but you suffer on a different level than anyone else. I think we're still the strongest company in this industry now, that gives us the opportunity to segment on all the premium and leave the low margin commodity business to the others. Perfect. Thank you very much. You're welcome. The next question comes from Patrick Steiner from ODDO BHF. Please go ahead. Good afternoon. Two questions from my side. Firstly, congratulations on winning American Airlines as a customer. How do you expect the business with them to scale over the next three to five years? Secondly, the $30 million-$40 million revenue impact from the World Cup you mentioned is in U.S. dollar, right? Yes, correct, Patrick. We're talking about U.S. dollar. Yes. Correct. That's in dollar. Maybe let me say to American Airlines something. I mean, a relationship in a hub like Chicago is at least not only two flights a day. You have always a chance to convince your client by doing it better than someone else. We are everywhere in heavy competition, and I think the reason why we put in our presentation, American has 223 million passengers is obviously showing you the opportunities and the upsides. It's like in a tennis tournament, you're not going to think in round one against whom you were going to play in a final. I think the first step is now do this round one with them. What we really like with American is the way how the chemistry works. The whole relationship started in London, where we helped them on some occasions, and then they liked it, and then they got better NPS scores. It's always the same story. If you make someone happy and they rely on you and they see a partner in you then we have big opportunities. I mean, someone with 1,000, I don't know, 200 aircraft or 1,000 aircraft is always a great partner for the future. Our first objective, do this well, then I'm pretty sure it's going to be in the next round 100%. Okay. Understood. Thank you very much. You're welcome. The next question comes from Vladimira Urbankova from Erste Group Bank. Please go ahead. Yes. Hello, good afternoon. Congratulations on your results and maybe some more details on some issues which were already touched earlier. With American Airlines, this contract how much it brings you for now to your revenue line? Do you need to make any bigger investments in Chicago to accommodate needs of American Airlines? With this respect, also a question, how much you think will be your CapEx in fiscal year 2026/ 2027? A little bit more on the Middle East. You were talking about net impact of EUR 16 million in March. Of course, this was the phase when almost all traffic was closed in the Gulf region. How does the situation develop now? What are the currently net lost sales compared to expectations or last year in April and May? How do you see it may be if situation will not escalate for this year, what could be the overall impact of the Middle East on your company? Thank you. Okay. Thank you, Vladimira, for your questions. Let me start with the first one. American Airlines, the revenue, the starting point here is EUR 50 million around for one year. Please consider we have 170 flights, but a lot of domestic flights. Your second question on that was regarding the space in Chicago. We do not need additional kitchen space for that customer, but maybe logistics space. That's what we tell you all the time. We have still kitchen capacity in most of our kitchens, but what we need if we win a tender like that, is normally logistics space, which is also not CapEx intensive, to be honest. Yes, of course, we need also trucks. The second one on the CapEx guidance for this year is around 3.5% of our revenue. I would expect around EUR 90 million. Last year was a bit lower. We have a lot of projects, as Attila mentioned, in our restaurants, but also with our units. Please expect EUR 90 million for 2026, 2027. The third one regarding Middle East, we see already improvement. I mentioned the EUR - 16 million net effect in March. We saw that this number came down in April to EUR -14 million, in May EUR -9 million, and we also expect improvement in June. Maybe July onwards, we expect something around EUR 5 million-EUR 7 million. It's not a big impact in Airline Catering. Our last division, Restaurants, Lounges & Hotels, the impact is low, to be honest. It's around EUR 0.5 million per month at the moment, but it's getting better and better. I hope that I answered all of your questions. Yes. Perfect. Thank you. Maybe can I add something? No one is asking what happens if all the Middle Eastern carriers fly again full capacity, then you boom in the other way around. We're just talking about w hat we are losing, once there is a peaceful environment in the region, it goes the other way around, because they will go aggressively on the market to get all the clients back on and attract maybe people who do not fly, because they have to fill up all the planes. As you know, the culture of the Middle Eastern carriers is quality-oriented. They will invest to get clients back, and they will attract people to fly. We are very confident. That's the reason why we say sooner or later, it will come the other way around. Thank you. You're welcome. As a reminder, anyone who wishes to ask a question in the webinar may click the Q&A button and then the Raise Your Hand button. If you would like to ask a question via phone, please press star and one. The next question comes from Miro Zuzak from JMS. Please go ahead. Yes. Hi. Can you hear me? Yes, we can hear you. Hello. Yes, Miro. Thank you for taking my questions. I have a couple of them. Is it okay if I take them one by one? Yes, of course. Okay. The first one is on Airline Catering. You've just given quite the detailed numbers on the Middle East situation. We've also noticed the decline in organic growth in Q4. Still, full-year growth in local currency was 19.5%. You mentioned the 7%-8% growth in reported currency for 2027. You said more than 10% or double digits in local currency. Do you expect an underlying decline in the growth of the Airline Catering business, or is it just that you're now expecting Q1 probably just going to be some kind of, I don't know, EUR 15 million-EUR 20 million of impact from the Middle East, but the underlying growth is continuing or even accelerating? Can you comment on that, please? Thank you, Miro, for your question. Maybe the first point regarding the difference between reported growth rate and constant growth rate. For 2026/ 2027 now we expect a difference of around seven percentage points based on the FX forecast that we get from our banks. The difference between those numbers should be lower than last year. Because as you know, in 2025/ 2026, the difference was more than 10 percentage points. That's why if we're talking about 7%-8% increase at reported currency, then constant currency should be somewhere about 15%, 16%, close to the numbers we had now in Q3 and Q4 without the Middle Eastern effect. Because as I mentioned, without the three weeks in March, our constant currency growth rate would also have been at 16%-17%, which is in line with our Q3 growth. We do not expect any decline except the situation in Middle East, but I think I talked about that in detail. Yeah, we do not expect any other decline, no. Okay. The second question is on the margin. You mentioned, I think if I understood correctly, you mentioned 8%-9% in 2027. This seems to be a broad range and even, especially the lower end would basically mean that there's quite a significant decline. Could you qualify this a bit? What the drivers are, whether you basically reach the top end or the low end of this guidance? Yes. I mentioned, Miro, 8.6%- 9%. Of course, we don't want. Okay We don't want to get below 8.6%, it's not eight to nine, it's 8.6%- 9.0%. It's a very close spectrum, to be honest. It's again, a combination of course, new contracts, operational leverage, efficiency improvements. All the topics that you know anyway. I think for the next step, 9%-1 0%, again it's the same story. Together with automation and also operational leverage, I think we are well positioned to reach that. We started at 6.0% three years ago, I think we can see this is a really sustainable margin development, which we also see in the next years. Yeah. Hopefully not below 8.6%. That's also very clear. Okay. Thank you. That's clear, and that's reassuring. One more question on the structure of the P&L. If I look at the development of the personnel expenses versus the cost of materials, the shift seems to be ongoing. Your cost of materials are going down, your personnel costs in terms of percentage of revenues are going up. Should we expect going forward that this is basically going to continue, or is this at some time plateauing at a certain level? Yeah, that's a good point, Miro. That's a development that we have seen now in the last years. You are correct. It's a shift, especially from agency staff to fixed staff, which also improves our efficiency. You know that in our material costs, also agency costs are included. That's why you see the shift here. I think the shift continues, but maybe a bit lower than in the past, to be honest. It's still for us a very important trigger to improve efficiency, to get our own staff, to train them so that the people are doing the same task every day. Yeah. This is, of course, again on our agenda and helps us to improve our results, of course. Great. Thanks a lot. Have fun at the opening ceremony in Mexico City. I think fun? We will not have fun. The others will have fun. That's for sure. Thank you, Miro. Thank you. The next question comes from Marie-Thérèse Gruebner from Cantor. Please go ahead. Yes, good afternoon. Can you hear me? Yes, we can. Yes, of course. Yes, we can hear you. Perfect. Excellent. All right. Great. My question pertains to M&A. With PE potentially looking to divest part of LSG, Gategroup, everything that's going on, Gategroup preparing an IPO. Certainly, the opportunity to buy some local players as you seek to grow your stadium business, especially after the fantastic showcase you will be able to deliver at the World Cup. Can you give us your thoughts, Attila, on where your priorities would be, if any, in M&A for the next two years by business, by geography, and also if you can give us some metrics, in terms of your own benchmarks, what kind of revenues, EBIT margins, what kind of multiples you're prepared to pay or not go above, just so we are prepared when you decide to go the inorganic growth route. Thanks. Okay. Thank you, Marie-Thérèse. Do you hear me? Yes, right? Yes. I think the key element is, as we have already discussed, obviously U.S. is a super key market for the future for us, that we see in terms of where we are. We are not ready with enough skilled people in all these locations to take over something where people expect the level DO & CO has to deliver. This is the reason. We are in a lucky-unlucky position that we are not suffering on demand. We are suffering on the precise delivery of a high-value experience no one else can do. We don't want to go in this commodity, as you know, anyway. That's the reason M&A is quite difficult. What are we going to buy? If you go in Airline Catering, as you mentioned, LSG will be or is on the market, the U.S. LSG. I think the others are sold and already did a great job, obviously, honestly. They did super. Would we buy something like with the 8x and 10 x multiple to get what? To get contracts which expire in a few years. I think this doesn't make sense, to be honest. What makes sense is if you get a platform for reasonable money, which is far less than the multiple I have mentioned, that you can get at least the logistics side of a business which others don't see in terms of product. We could add our way of creating the product, then okay. For that, if you pay 8x or 10 x EBITDA multiple, honestly, you're not going to end up there. It's not going to work. If you take the same money and invest on your own and go in partnerships with the right airlines, with the right partners, with the right stadia, then I think you can achieve the same in the same time frame on the long run with a far better margin. That's the reason that the answer. Would you go for M&A? Yes, obviously. If we get an opportunity where someone is successful and wants to sell the business because, I don't know, no one is going to continue or this kind of thing, then obviously we would go in. If this is in the premium experience business, 100% we would do. Making a long story short, U.S. market is number one. Mexico and South America is turning out now as an interesting market, which we could not touch in the past because we were so full with the other stories. Multiple wise, I think I gave you the right answer. Would you pay eight times a multiple if someone has a great contract? Not only the great contract, it's a great product where you most likely can continue because they're already doing a great job, or do you pay 10 x? Obviously, you would do, but not, I think, in the circumstances where we are today in this industry. All right. Thank you very much. You're welcome. The next question comes from Christoph Greulich from Berenberg. Please go ahead. Thank you for taking my questions. It's actually just one from my side. I wanted to circle back on the Middle East situation and, a bit more the indirect impact that it has on your industry. Jet fuel prices are obviously higher and putting some pressure on the profitability of the airlines. I was wondering if you have seen any shift in the attitude of the airlines, if there are any signals that airlines might try to save costs on the catering side, and if there has been any more difficult pricing discussions with your customers. Thank you. Definitely the industry is suffering a lot due to the high fuel price. Everyone is trying to look at where they can be more efficient. On the other end, the ticket prices went through the roof. If you pay in the premium cabin, first business, and even premium economy is considered somehow as a premium cabin, you charge what they charge today, all of them, you have to give them some proper product because people are getting upset otherwise. What we see is this mix of that in economy you go for, let's say, budget driven, but still image-wise, something which does not kill you, product. In premium, you have almost everyone has improved the premium now. Everyone. Because the yield went up so much that no one can argue. Even the American carriers partially think about doing something. On the other hand, the Middle Eastern definitely go for the better product. I think there DO & CO has a good opportunity with the reputation, with the brand. We are the only consumer one, consumer brand, so to say. People see our chocolate and cookies on the dessert with the DO & CO logo, regardless if they fly BA, Iberia, or Turkish or whomever. Have a kind of cross-marketing to Formula One experience, to the World Cup, to the Champions League, and this kind of, I would say, marketing mix is another add value. If we are in the premium cabin, which is not the highest driver of the total revenue, slightly higher, which gives us the margins we have, we don't have a problem to sell. For sure, you have to work with every client to reduce cost, which is not visible for the passenger. That is for sure. This is what we are doing. We have a very open discussion with the airlines. We do not give them a threat. Some competitors say, "If you do not give me the business here, I am not going to give you the business there, so you cannot get a delivery there." We do not do this. It is a matter of attitude. I think our attitude is slightly different. We have no IPO in front of us. Our numbers are fine. The cash is good. We can argue with the client to get a best product for them, and that works very well. By the way, the mindset I think we discussed to come to Mexico and South America comes from the airlines say to us, "Please go there." It is not like only we want to go somewhere. We always evaluate first the market. If we see that there are enough demand for the product we want to sell, obviously, we go there. I hope this was good enough. Very clear. Thank you very much. Thank you. Thank you, Christoph. Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to Attila Dogudan for any closing remarks. Thank you very much. Honestly, today not too much to say. We're waiting now that guests come in. We're happy and proud of the result, of the team. I think we have discussed the Middle East. We believe we're in a good position. We were very flexible, by the way, with the Middle Eastern airlines in this difficult time. We did not insist on every detail of the contract, I think, which comes back 100% then afterwards. Our academy, which we believe is the trigger of the growth, is developing very well. As you know, we have this kind of cooperation with the hotel and school in Lausanne, which is the best in the world. I think all these details make the whole picture, guaranteeing us quality growth for the future and no margin impact regardless what happens on the market. Bottom line, that's it. Thank you very much for your time. Cross fingers that we can deliver here. Please keep watching the TV. There's a great opening show. We'll see what's going to happen then afterwards. Thank you very much for listening and hope to see you soon. Thank you. Thank you. Ladies and gentlemen, the conference is now concluded and you may disconnect. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye