Ladies and gentlemen, welcome to the conference call on the results of the first quarter of the business year 2026-2027. I am Moritz, the Chorus Call operator. I would like to remind you that all participants will be in the 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 is 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, Middle East, and good morning to the U.S.. This is Attila Dogudan. Today, I am joining this call from Salzburg in Austria, where we are preparing the UEFA Super Cup final between Paris Saint-Germain and Aston Villa, which will take place tonight. The rest of our team is spread through Europe today. We are very happy to present our Q1 results of the new business year 2026- 2027, and we are even happier to present the best ever Q1 in our company history. Again, as always, but I think it is very important to say a big thank you to all the team members all over the world. We are really proud of every single person in the DO & CO family contributing to this success. DO & CO is more and more positioning itself as a premium brand through all divisions. We create guest experiences which are unique, regardless if it is in Formula 1 or ATP or PGA Golf or like today at the Super Cup from UEFA, the final. Additionally, more than 60 airlines, majority of the tenders we go in, we really win, and the customer base is really a great customer base which we have. More than 70% of our clients in our restaurant and retailer are clients who really come many times, so it is kind of repeating clients, which means we do something right in all these areas, and this all is driving basically sales increases and improvement in margins, and we believe strongly in the future, too. Let us go quickly through the presentation. In terms of highlights, where are we? EUR 642 million means an increase of 5% in revenue. At constant currency, this would have been 10%. EBITDA, EUR 78 million, which is an increase of 7%. EBIT EUR 56.5 million means 8% +, a net result of EUR 31.2 million means even 16% of increase in comparison to Q1 of last year. More important maybe even the margins, again, slightly improved EBITDA from 12% to 12.2%, EBIT from 8.6% to 8.8%, and net result from 4.4% to 4.9%. If you look then at the next page, the three divisions. You see all divisions in a growth model, so to say, in terms of sales, EBITDA, and EBIT. In terms of highlights, I think free cash flow of EUR 46.9 million is a doubling in comparison to last year. We're very proud of the - 0.07% and net debt and EBITDA ratio and 42.9% in equity ratio is a strong improvement in comparison to the 37.8% of the last year's Q1. As I mentioned already, there's a super clear trend for premium hospitality experiences in all segments we are operating, we see it everywhere. We see the demand everywhere in all divisions, and we strongly believe this is now really a good time to grow the business in a proper way. When we come to the three divisions, Airline Catering, as I said, numerous tenders which we could win, and we're going to come back then in a minute more in detail. Air India and American in non-Heathrow are big ones. Thai in Milan, Emirates in Boston, and Air Canada in Los Angeles shows that throughout the network, regardless on which continent and where it is, we can attract more and more this kind of clientele. What do they have together? They focus on clients. They focus on customer experience, each of them in their own way. But it's not like, I would say they really care about their passengers on board, so everyone step by step realizes that maybe on-board product and lounge products are an incredible loyalty add-on, which if you make passengers happy, you get them emotionally, and the cost for that, in comparison, is very low. International Event Catering. Sport is the area where I think we can grow most regardless of all the corporate functions we do. FIFA World Cup obviously was a highlight. Just came in very late, and we mentioned at the last call that we signed just a couple of days prior the event started. But finally, I can report, I think it was one of the most successful performances we could have. We'll come back in a minute to this. Restaurants, lounges, hotels, nothing special, nothing new, all in line. Refurbishment of the DO & CO headquarters, so to say, flagship in Stephansplatz in Vienna has started and is going on within the schedule. Reopening is planned for October 2026. The three main pillars, again, we always want to raise this, innovation, innovation, quality, and people are the main ingredients why this setup works better than our competitor setup. It's all about innovation and guest experience, which I've mentioned already. What we are doing most is thinking about how can we make the guest journey with add values for our clients, regardless federations or F1 or an airline, and then give the add value to the final end- consumer, which then comes back in brand awareness and step by step, I think people realize who we are, where it's going to come from, and I will come back in a minute, obviously, to the PR which we have received the last 48 hours, which was incredible. But maybe in two minutes, I will touch to this. Sustainable quality is one other pillar which is key. Buying the best ingredients, buying as much as possible local, sourcing local, is something which we get more and more in our DNA and then do something which really makes sense and people and clients everywhere appreciate this kind of approach. Finally, whatever you do right, it's end of the day, people business. Our unique company culture is the key driver why we are today in Salzburg, why this happens in many other locations at the same time. This is the reason why we have to be very grateful and thankful to our team, who's really incredible in their performance, have fun, and know how to do it in a perfect way towards the client. Creating the most memorable hospitality moments is exactly the combination of this personalized service, with the right environment, the right decoration, the right product in terms of cuisine and taste, which we bring from all over the world, but combine them with a local touch. This is the simple recipe which we are very happy not everyone can just replicate. I think we have an advantage which is not easy to catch because we're living this kind of culture already for many decades, which you cannot turn the other way around shortly, regardless what money you put in. Coming quickly to the three divisions. Airline, EUR 483 million + 4%, and + 10% on constant currency. EUR 57.4 million means 5% increase, and EUR 39.9 million means another 4% increase. Despite the fact that we got a hit, obviously from the Middle Eastern carriers due to the crisis in the region. But still a cluster. The reasons are that on one end, we got more clients in various location, and the other one is that load factors on other airlines has improved in a good way. One of the key players in this game in Turkey is obviously Turkish Airlines. It's very long-term and hopefully another long-term partner for the future. Best hospitality and living this hospitality on board of this airline with, I think, in the meantime, with 560 aircrafts, and buying another couple of hundred is, for us, an incredible relationship. The whole team is heavily motivated every day to deliver something which make the big difference. Innovation is here a big deal, as I always mention. The number of flights you see on the slide and the number of meals of 300,000 and on peak days, even 350,000. I guess there is no other kitchen in the world producing fresh meals in this volumes all in-house. It's not bought in, it's really produced in-house. The third-party clientele gets more and more important in Turkey, so whoever's going to fly in, I would say 90% + is joining us. Either they are our global clients or even if it's local airlines or regional airlines, they prefer to go to the market leader with this reputation. That's the reason why we are very confident in terms of our new gourmet kitchen, where the opening should be Q1 2028, which is completely on track, and you see an incredible big construction site, which is progressing within the schedule. British Airways, IAG Group, and Iberia, another strong partnership with the two airlines. Very reliable operations so far, knock on wood, on both hubs, London Heathrow and Madrid- Barajas. These are big hubs where we operate couple of hundred flights a day. Everywhere are fresh menus. Iberia just opened a new lounge in Madrid, the Emerald Lounge, which happened last week. The official opening will be in September. Everyone is getting more and more proud of special experiences which bring them, obviously, in the premium clientele loyalty and simply more business. United States on the next page. As you know, for a long time, we had almost no U.S. carrier, as we always thought it is the peanut kind of setup where we are maybe not the right partners. Now after Delta and especially JetBlue, and JetBlue is very much focusing with the Mint class on a super experience in the business class. Now we could get American Airlines. In London Heathrow, when you say 22 flights, we are talking on 22 long-haul flights. This is a good number, a significant number, and I think we have great opportunities to grow our business with American Airlines if once, hopefully, we can get good NPS scores and good feedback from the passengers and from the crew. New contracts around the world. You see listed all the Air Canada, the Air India as I mentioned already, Emirates, and so on. Maybe more important is the truck on the picture. Our truck is, I think it became now the most famous truck in the world. The last 48 hours, there was not one single broadcast station, social media, newspaper, The New York Times, you name it, where we were not on the front page. This is an incredible opportunity for us in terms of brand awareness, which I think obviously we have no comments as this is a discrete business, so we do not. We just released yesterday a press release that end of the day is no comment. What would you say? It is not our job to comment this, but I think as a way how it is through all the media around the world, it is really a way you simply cannot buy in. International event catering, next one. EUR 111 million in terms of revenue means 11%. EUR 14.1 million, this increase of 17% in EBITDA and EBIT of EUR 11.8 million is an increase of 20%. Although we did not have two races in Saudi Arabia and Bahrain, we could cover this or we could replace with good revenues in other areas and especially, obviously, in the FIFA World Cup 2026, where we could get this kind of minus on one end and turn it to a plus. You see on the next page our three locations. It was Mexico City, including the opening game, Miami, and New York. We believe these three stadia were the most important, or at least one of the most important, so to say, as the opening, the final, and Miami was a super destination for a certain crowd. We did 20 matches and more than 75,000 guests in these 38 days. It was a very successful operation. You do not hear something from me in a wording like this was almost perfect. I think what we could achieve was that the comparison between other locations and us, was for us the driver that everyone asked, who are these guys doing this? Because people had tickets in other locations and in Mexico or in Miami and New York, and we had a one-to-one comparison throughout the tournament, which everyone realized, the media realized, all the professional guys realized, FIFA obviously realized. The feedback was excellent, and we got I don't know how many business cards and requests now. I think this is an incredible driver on the American market. Combining now with a prominent, let's say, high loader and picture of the container truck, so to say, it is a good fit in terms of brand awareness on the market. Formula 1, next page. Exciting season start. All the races in Miami, Canada, Monaco, Spain, and in Spielberg, Austria, were super sold out. Very good feedback. Formula 1 is going through the roof. Hopefully, it continues like this. There is very strong demand, and except the two races which were canceled, we are sold out everywhere. The race of Bahrain was just a couple of days ago transferred, so to say, to Malaysia. The one race which we lost in this quarter will come back somehow on, I think in October 2nd to 4th or something like this. It is already in the calendar. Maybe it will not be as packed as Bahrain was because it is on short notice, but we will get some revenues back, which we lost in this quarter. Customer feedback, great state-of-the-art hospitality. I think F1 is really number one worldwide in hospitality, which at least everyone says, and this is the feedback we get from the clients. By the way, in terms of client feedback, 97% say they like it and they would come back. This is an incredible number. Allianz Arena, Bayern Munich, long-term partnership. Bundesliga, Champions League matches, and other events. Olympiapark and SAP Garden, you know already what is going on. In tennis, we had a Super ATP Madrid with the winner Jannik Sinner, and the other part of the Champions League final to mention with, I think, 8,500 guests or even a little bit more in Budapest was a great success. Everywhere where we have been was luckily a good feedback and again, super teamwork in all the areas. Restaurants, lounges, and hotels, EUR 47 million + 7%. EBITDA is 6.7%, which means 4% and + 8% in EBIT 4.8%. Nothing special to report. Germany is doing well as always with the Kaiserschmarrn. Vienna, the flagship store is under renovation for the next two months. We might lose a little bit here in revenue, but at the end of the day, I think when we open, we can face another level of hopefully yields, especially in the hotel. We are getting a few more suites in as the demand on suites is very high. What else? I think for the restaurants, nothing more. Airport gastronomy is doing well, and all the lounges obviously are doing well too. For next year, I think we mentioned already we are going to open another big lounge in Istanbul, which will be in operation, I think in end of Q1 or Q2 next year to 2027. The rest is fine. Thank you very much for listening. I hand over to Johannes, and then happy for your Q&A. Thank you very much. Thank you. Good morning and good afternoon, everyone, and thank you for joining us today. Let me now take you through the financial performance in more detail on slide 31. Starting with the revenue, we grew by 5% on a reported basis and by 10.2% at constant currency. Here it is important to put these numbers into context. The Middle East conflict had an estimated revenue impact of around EUR 40 million in that quarter. Excluding this impact, reported revenue growth would have been approximately 11% and growth at constant currency approximately 16%. Despite this significant headwind, we improved margins all the way down the P&L. Attila already mentioned the EBIT margin of 8.8% versus 8.6% last year, and the increase in net result margin from 4.4% to 4.9%. The tax rate was higher than last year while minorities came in slightly lower. Overall, the net result is in line with our expectations. Let us now take a closer look at Q1 on the next page and how it compares to the previous quarters. Looking at the margins, EBITDA remains at a strong level of the previous quarters. EBIT margin was close to our strongest quarter, and most importantly, the net result margin reached 4.9%, matching the strong level of Q3 last year. The margin development in particular shows the resilience of our business model, even in a challenging external environment. FX, you can see it on the bottom, had a relatively limited impact in Q1 with a gap of around 5 percentage points between reported and constant currency growth. Turning to the divisions on the next slide, let me start with the Airline Catering. At constant currency, revenue grew by 10%. Excluding the Middle East impact, growth would have been 15.2%. The division was impacted by an estimated net revenue loss of approximately EUR 25 million. Despite this, we were able to slightly improve the EBIT margin from 8.2% to 8.3%. International Event Catering also performed very well, delivering a double-digit revenue growth despite the cancellation of two Formula 1 Grand Prix in the Middle East. The FIFA World Cup also contributed positively to the strong development in that quarter. EBIT margin improved significantly from 9.8% to 10.6%. Restaurant, Lounges, and Hotels also continued its positive development, delivering double-digit growth at constant currency while further improving the EBIT margin from 10% to 10.2%. What is important for me here is that all three divisions further improved their margins in Q1 2026-2027. Moving on to the balance sheet on slide 34. There are two points I would like to highlight. First, trade receivables increased by approximately EUR 59.9 million. That is merely reflecting the higher level of business activity during the quarter. Second, cash and cash equivalents increased further to EUR 269.1 million. On the other side of the balance sheet on page 35, our equity ratio increased further to 42.9%, supported by higher return earnings and non-controlling interests. Trade payables increased by EUR 43.3 million, partly related to the FIFA World Cup. Our bank debt is now at a very low level, with only EUR 10.1 million of scheduled repayments remaining for the current business year. Turning to the next page, 36, the cash flow statement. We also saw a very positive development here in the first quarter. Cash inflow from operating activities increased by EUR 18.1 million compared with last year, supported by our higher gross cash flow and a lower working capital outflow. Free cash flow more than doubled to EUR 46.9 million, compared to EUR 23 million last year. CapEx was EUR 16.5 million in that quarter, slightly below our expectations, but we expect investment activity to pick up over the coming quarters and remain fully on track with our full- year guidance. As a result of the strong earnings and cash generation, our cash position is now EUR 98.3 million higher than at the same point last year. Finally, let me spend a moment on our leverage position because I think the development here is worth highlighting. Based on rolling fourth quarter EBITDA, DO & CO has now moved into a net cash position with net debt- to- EBITDA at -0.07x. Just to put this into perspective, this ratio stood at 3.3x in 2021- 2022. We now have a very strong financial position, giving us significant flexibility to invest in future growth while maintaining a conservative balance sheet. Overall, we are very pleased with the start into the new financial year, 2026- 2027. Despite an estimated revenue impact from the Middle East conflict, the underlying growth and momentum of our business remained very strong. At the same time, all three divisions improved their margins. I think that's demonstrating the resilience of our operating model. Finally, strong cash generation has further strengthened our balance sheet and moved DO & CO into a net cash position. Thank you very much for your attention. We are now happy to take over questions. 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 and two on your telephone. Anyone who has a question may queue up now. One moment for the first question, please. The first question comes from Patrick Steiner from ODDO BHF. Please go ahead. I'm sorry. One second. Hello. Good afternoon. Can you hear me? Yes, we can hear you. Yes. Okay, perfect. Patrick Steiner. Thank you very much for taking my questions. I've got a few and I will take them one by one if that's okay for you. I'll start with the first one, which is with regards to the new kitchen in Istanbul. Can you maybe give us a bit more information about where will you be in terms of capacity utilization expected after the ramp-up? What is your expectations in incremental margin effect? Will this improve profitability at the joint venture and so on? This would be the first one. Okay. Let me start to give you hopefully the right answer. As you know that we have in Turkey a cost-plus model on a defined margin. The capacity now is throughout many locations, as we do not have one main kitchen, and is very complicated. We are having an average between 250,000 and 300,000 meals today, and the new kitchen will go up to 500,000. 500,000 means in terms of revenue, obviously it depends on if Turkish Airlines grows like they have scheduled and at the same time, if the others are growing as well. In terms of capacity, I think then for the next, I would say 8 to 10 years, we are incredibly safe. Not only this, additionally, if there was even more business, which then means that Turkish Airlines must have kind of 1,000 aircrafts, so this is a big deal. Even then, you could separate partially warehouse areas in the building, which is easy to replicate somewhere else and increase the production. The whole thing is built that you can size down and up depending on market conditions. We are used after so many years in this business that you count both directions. If there is a crisis, you immediately can reduce the capacity, and if there is good opportunities, then you can go ahead. Additionally, I think I have to mention, we're working very strong on automization and robots and these kind of things. As you might know, almost 50% of the cost, so to say, is not visible for a passenger. Whatever we can gain in reduction on the logistics side, we can invest on the product. This is something which we do very proactively for the future. I think in terms of percentage margin improvement, yes, a little bit, but you are not going to double it. In terms of revenue increase, I think you can expect then significant revenue increases if the market is in a good shape. I hope this helps. Yes. Thank you very much. That is very helpful indeed. A second one would be following up on cost, as you have just mentioned. After this enormous post-COVID growth phase that you have been in over the last few years, what is planned for the coming quarters in terms of efficiency measures? How will this affect the cost base in the current and next year? Where is the biggest cost savings potential, so to say? Johannes, or let me start and maybe Johannes continue. All the improvements in margins do not come because we just charge simply more to everyone, so it does not work. There is a market, there is a market price, and yes, you can get some premium on the pricing, which we do. If to keep the premium and maybe slightly to increase the premium, then you have to invest in education, in better skilled people, which means you pay them well, and at the same time, you train them to get this level to be consistent throughout the network wherever you go to. This is the one side on the top- line, so to say. On the other side, we have to manage a constant improvement program within our costs everywhere from procurement to the robotic issue, which I have mentioned. Both together are heading the goal, going to the next level, which is heading now the 9% EBIT, and then going hopefully as quick as possible to the double- digit 10%. So 10%-15%, wherever, depending on the business and on the split of the business, is a target which we have on a super long-run sustainable model, which we believe you can do. We do not think you can do 28%, but can we do something between double- digit 10% and something 15%? 100%. This is what we believe. Johannes, I do not know if you want to add something to this. Yeah, maybe one thing. Also the margin improvement now in the last three years, I think that's a result of different measures. Of course, strong operational controlling, disciplined pricing, efficiency improvements, as Attila mentioned, strict cost management. But I think for now, the next step for sure is optimization. If you look to our personal costs, for example, in the P&L, you can see a shift between personal costs and COGS. That's also due to the fact that we hire more permanent people, which also helps us to get a higher efficiency, and more importantly, also reduces our overall cost base. Thank you very much. That's very insightful and also answers the question thereafter. Maybe last one from my side. I'd be very curious about how this quarter's award wins, especially with Emirates in Boston, which is a location which has a fewer number of customers, for example, compared to London Heathrow, is affecting, what kind of impact does it have on logistics, procurement efficiency, margins, and how does it affect the setup there? Thanks. Johannes? Yes, let me start. You know that we don't want to disclose revenues for individual customers, but just a total number for you. Just to give you a sense of the business there. The customers mentioned in our press release have an annual revenue of approximately EUR 80 million. Part of the revenue we already have because we already produce some premium product, but it's a total revenue of EUR 80 million. For sure, that also is one measure to improve our margin in certain locations because we get more contribution out of that. In terms of procurement and other overheads, we do not expect, to be honest, to hire spend here because we have a setup in London, we have a setup in those stations. Maybe we need some CapEx, but also not a big number. Like for example, buying trucks for certain operations or maybe getting another warehouse for location. But we are not expecting now double-digit million CapEx only for those customers. All right. Great. Sounds good. Thank you very much. I will get back in line. All the best. Thank you. Thank you. The next question comes from Simon Keller from Nu Ways. Please go ahead. Hi, everyone. Can you hear me? Yes. Fantastic. Thanks for taking my questions. Starting off with the FIFA World Cup and the inquiries that you now have as new opportunities seem to emerge in the U.S. for you. I was wondering, can you share any color on how these new opportunities look like? Do you think this is more a sports stadium business similar to the Allianz contract, or is it more single event based? What lead times should we expect, do you expect in this business over the next years as it evolves basically in the U.S.? Secondly, on the American Airlines contract from London Heathrow. I remember that you temporarily served them from London already, so I was wondering how big the step up is. Ideally, of course, in revenues, but I guess on a per flight or flights per day basis, that would also be helpful. My last question is on the financial flexibility that you have gained. I was wondering whether you could once again outline your capital allocation considerations. In particular, whether you plan to maintain this net cash position or whether you are considering any other opportunities like buybacks, dividends, M&A, and so on. Thank you. Thank you very much. Maybe let me answer the first part. The FIFA World Cup, as we have already mentioned and discussed together, our business, you cannot advertise. The only way to get the next business, and if you want to get the next business, then you have to create demand. Otherwise, you are under pressure on the margin. The good news here is that on the U.S. market so far, we are known for airline catering, we are known for the three races in Formula 1, and first time now, we got the opportunity to show the market, the public, the VIPs, and the professional operators of stadia that you can do something in a stadium which is an incredible impact. The money they pay already in the stadia for, I would say, average product is not so far away from then what we got. The price level in U.S. is so high and for this kind of let's say price which you get, the product was in comparison, let's say, friendly, reasonable. I'm not saying bad, but it was reasonable. What we expect is it's not going to happen from one day to the other, but definitely as we did three locations, one was Mexico, but a lot of Americans were there. Especially Miami and New York was a showcase for DO & CO, for the logo, for the experience. We believe in the next two, three years, we'll get follow business. Could be operating in stadium, could be anything related for big events, for corporates. We have been asked by so many people, where you come from? What can you do? Where can you do? We believe there is, in all these segments, super opportunities. The stadium business, if someone understands that this kind of operation brings incredible return for them, will start, if you ask me, in the next two to three years max. Someone will come 100%. We have already initial talks, but they have all existing contract and whenever they expire, I think they see now that there's another opportunity than the obvious players on the market, which are more on the commodity side than us on the guest experience side. Johannes, maybe you go with the American and the financial flexibility. Yes, of course. Thank you. Regarding American in London at the moment, it's approximately 30% of the annual revenue that we won in the tender process that we're already doing now. Yes, of course it's a big step up, but 30% of the annual revenue is already within our P&L now. Regarding cash allocation and financial flexibility, you know that our first priority is always to continue investing into the business. But whenever we see good opportunities to grow and to generate a good return, we are also prepared to invest more. That's why our CapEx guidance for this year remains at approximately EUR 90 million to EUR 95 million. Although maybe in the first quarter we only spent EUR 16.5 million. At the same time, because our strong cash generation and balance sheet gives us flexibility. I think M&A opportunity is potentially a share buyback could be an option in the future. But at the moment, to be honest, we are really focusing on investing into the business. Let me add one sentence to this. Any penny, any cent we invest will rather increase the revenues or increase the margin, ideally both of them. This is definitely the target. It is not like go for the revenues and dilute the margin. No way for that. I think we always mention this, that the target is, as we said, always a double- digit EBIT margin on the long- run. We believe this is super achievable if we do our homework and do the right investments. It is very clear that this company is going to go for future growth and we are not going to stop and become lazy because we have enough money to live. Definitely not going to happen. Well understood. Thanks a lot. Then the next question comes from Vladimira Urbankova from Erste Group. Please go ahead. Thank you. Congratulations to excellent results, and I would have a couple of questions both related to the results as well as the outlook. On the results as such, I would very much appreciate to get the overall picture of the Middle East conflict impact. You said some EUR 25 million impact on the Airline Catering side, and how much was it in the Event Catering? That would be the first question. Outlook related to that, how does the situation look like now compared to the pre-war situation and how do you judge you will be impacted this fiscal year? Next one would be in the Event Catering, the impact of the FIFA World Cup, how much was recorded in first quarter? How much we still can expect as a top- line contribution in the second quarter? Last but not least, if you could give us a brief summary of your guidance, if you stick to it, what do you expect as revenue growth as reported and revenue growth in constant currency terms maybe, and also the margins after such an excellent first quarter? What is your EBIT margin guidance now? Thank you for answering these questions. Johannes. Thank you, Vladimira. Yes, let me start. The first one is the results and the Middle Eastern impact. The total impact of the Middle East conflict in Q1 was EUR 40 million top- line. Thereof, EUR 25 million approximately in Airline Catering and EUR 15 million approximately in Event Catering. If we talk now about constant currency, I mentioned that in my presentation. Constant currency, the revenue grew by 10% in Airline Catering. Without the Middle Eastern impact, it would've been 15%. In Event Catering, of course, the loss of the Formula 1 races was overcompensated by the FIFA World Cup. I think that is the third question regarding the FIFA World Cup. Approximately 70% of our revenue is in Q1 and 30% in Q2 because we had 20 matches in total, 15 in Q1 and five in Q2. Regarding the outlook, you know that we mentioned the number in our last call in March, we saw a net impact of the Middle Eastern conflict of EUR 16 million in one month in Airline Catering. Now it was EUR 25 million in the first quarter. June was a very low number. In July, to be honest, we are already back on track on our budget level. We do not see any impact of the Middle East conflict right now because also on the other side, we see higher load factors on some other routes. From July onwards now August, we see no further impact. I hope that this situation stays, but at the moment it looks good. That brings me to your last question to the guidance. Our guidance remains the same. On top- line it's between 6% and 8%, of course dependent on the FX and the Middle Eastern situation. That constant currency growth rate, we expect between 11% and 14%. So a difference of around 5 percentage points what we have seen now also in Q1. Regarding margin, also our guidance remains the same, between 8.6% and 9% on the EBIT margin. I hope that helps. Yes, that helps. May I ask you also, for the absolute terms, the FIFA World Cup impact on the first quarter results? Yes. How many millions was it in the first— It is around EUR 28 million, EUR 28 million-EUR 29 million on top- line. EUR 28 million-EUR 29 million. Right. Yeah. Okay. Thank you. You're welcome. Then the next question comes from Marie-Thérèse Grübner from Cantor. Please go ahead. Ms. Grübner, you need to unmute yourself. Your line is open. Can you hear me? Yes. Yes. Good afternoon. Thanks for taking my questions as I have two left, given that many were answered. First of all, Mr. Dogudan, you mentioned that sports is where you will grow most. Obviously, we touched upon the U.S. market. Is Europe, for sports, also something that we should have on the map? That's the first question. Definitely you should have it on the map. The reason why I highlighted U.S. is that in U.S., no one realized, knew, that you can get something in a U.S. stadium, which we could deliver within the circumstances during the FIFA World Cup. I think in Europe, clubs know that we can deliver and that we can make the difference. It's always about the pricing. If we would accept to go for a lower level, we would get a lot of stadia, to be honest. But it doesn't make sense as you dilute the brand, the margin and everything. We believe you can only do in every country one major, so to say, depending where you go to. Europe is 100% on the map and will be most likely quicker than the other one. Okay, great. Thanks for this one. My next one is regarding the Airline Catering business. Obviously, you have Delta, JetBlue, you're growing into American Airlines. From a broader picture perspective, all these airlines are competitors, not only the U.S. ones, but also the Turkish versus the Emirates, et cetera. Given how in demand you are, do you think that you would get to a point where an airline is going to slap, in inverted hyphen, slap a non-compete clause on your business? Do you see this as a danger that you cannot offer the business to their competitors? Yeah. I think if you look to the portfolio, you are 100% right. But it is like a good doctor you go to, right? As long as no one else can deliver tailor-made solutions, and what we are trying to do and the reason why we want to invest in education, in people, in different hubs, in different areas, getting the right people to be more authentic in the product and the taste and these kind of things, is that a product which you, I do not know, which you fly for Cathay Pacific, where you have a lot of additional to the Western world, a lot of the Chinese world, is obviously not always the right product, which maybe would go on British Airways or Turkish Airlines and so on. What we are trying to do is like a fashion designer. You think about how can I segment that not everyone flies with the same curry. And this is, in theory, you are right. If a client gets at a certain size, especially in U.S., they might say, okay, I do not want my competitor to have the same product. But the exchange would be, okay, then you have to give me another EUR 300 million of revenues," right? If we would come to such a point. We try to stay independent. We believe there is enough room for the future. But you are right, one day someone might say, you cannot do my competitor on the other side. The lucky part so far for us is that the product we deliver, most likely others cannot deliver, and I think this is always a driver. This is the reason why we have to invest in people, innovation, locations, and these kinds of things. End of the day, in the premium, the only thing what works is demand. In desire, not demand. Desire means I cannot get everywhere what I wanted. I think one of the reasons why the luxury business is losing because everyone has already three handbags. This money goes now to entertainment. It goes to hospitality. People rather go to Wimbledon or to Formula 1 or to FIFA World Cup and pay enormous prices for a ticket. A group game was in Mexico, EUR 7,500. One game. If you compare this and if you look how much these premium events charge more and more. And the demand is incredible because social media drives that you want to be somewhere where others cannot go. To be honest, in airlines, especially in the premium cabin, if you create something what others cannot do, then I think you have a unique selling proposition. We are aware of this problem, honestly, and we do not accept any limitation because a limitation would only be acceptable if you give me so much revenue that I do not need in this region anyone else. And then you have to cover my risk, give me a 15 years- 20 years contract, right? That I think is not beneficial for both parties. And it is always competition. If someone comes and does as good as we do or better, then we have to become better again to win the game. Okay, perfect. Thanks a lot, Mr. Dogudan. My two residual questions are for Johannes. Nitty-gritty financial questions. The first one, Johannes, is the financial income. This is something that was an important swing factors for your over proportional net income growth, and it was quite high, and I was wondering if this is a figure which is sustainable for the remaining quarters, because it implies like a 20% return on your cash balance, if I am not mistaken, which is very high. I was wondering how we should be modeling this. That is the first question. The second question is also what you mentioned, the number of temps declining and the permanent employees increasing. Where is this ratio now, temps versus permanent, compared to let us say, two years ago? I would be interested to know. Thank you, Marie-Thérèse. The first one regarding the financial result. I think you can expect the financial result in Q2 and Q3 anywhere between zero and maybe EUR -5 million. Then in Q4, we expect EUR -5 million to EUR -10 million because in Q4, the hyperinflation effect within the financial result is always the highest. Yeah? You can expect those numbers within the financial result. Tax ratio, we expect anywhere between 28% and 29% for the full- year. Regarding the number of temps, I think that we have to find out the number in detail, to be honest. But for sure, I would say most of the units will improve the ratio by 5% to 10% at least minimum, which is part of our margin development. But a small number of temps we normally use also to balance maybe some revenue losses or revenue reductions. I think a zero number here does not make sense. But for sure, this is one very important topic which also helps us to improve the margin here. Because we are more efficient. Okay We get the same people every day. Of course, that makes sense. Okay. In the kitchen, to be honest, the number of temps was always very low. In the kitchen, especially, we normally only use fixed term people. Permanent. Yeah. Okay. All right. Well, thank you very much, Johannes. Thank you. Thank you, Mr. Dogudan, for taking my questions. You are welcome. Thank you. The next question comes from Christoph Greulich from Berenberg. Please go ahead. Good afternoon, and thanks a lot for taking my questions. It is three from my side, please, and I would like to take them one by one if that is okay. I would like to firstly follow up again on the Middle East impact, and I appreciate the clarity and the color you have provided on the top-line impact. Would you be able to also give us an idea of the margin impact, so where the EBIT margin, especially in the Airline Catering division, would have landed without that impact from the Middle East situation? I was also wondering if you have implemented any special initiatives to mitigate the margin headwind. Thank you, Christoph, for the questions. On the EBIT margin in Air line Catering, if it is a EUR 25 million revenue reduction, if you assume a contribution of EUR 4 million to EUR 5 million approximately, I think you could have expected the EBIT margin in Air line Catering instead of 8.3% to, I would say, close to 9%, maybe 8.7%- 8.8%, something like that. Of course, there was no special measure we took in Q1. I think it is a combination of those things that I already mentioned, operational controlling. We are tracking our revenues every single day. We are reducing personal cost hours, if necessary, every day. I think we improved that process. We are happy that we were able to increase our margin despite we had that effect. I think that the EBIT margin in Air line Catering without that would have been at approximately 8.7%-8.8% in the first quarter. Great. Thank you. On the situation in London, the Heathrow location. With the, let's say, meaningful new contracts there with American Airlines and with Air India. What's the headroom to add further business at that location? Could you give us an idea of the current utilization or if there's any capacity bottleneck there? I would say, maybe let me start. We are now with the 22 long-haul flights. This is a big chunk. Don't forget, we have Air India with nine flights a day, too. This is, again, long haul. This is all business, which we can do because we have still the old building next door where we have some separated areas with, I don't know, dishwasher and warehouse and these kinds of things. If further business is going to come in the next round, then we have to get partially warehouse out and do production or the other way around. This is exactly why we keep the money for investments, as we believe that these kind of hubs like New York, like London, like L.A. and so on, the ones where you have high frequency, there we see the biggest demand and everyone wants to do on these prime routes, a good product. Let's digest now for the next couple of weeks and see where we are. What happens is really interesting. You think it's already packed, then you get another 25 long-haul flights, and somehow you reorganize and it works. This is where we are. You are right, we are at maybe another 10%-15% maximum in the current location, but no more. Definitely no more. Lastly, I wanted to ask about your expansion plans. A few quarters ago, you announced the plan to open a number of additional gourmet kitchens. I was just wondering if you could give us your updated thoughts about the timeline for those new openings and if the Middle East situation has led to any changes in the timeline there. Yeah. The one was on the U.S. market, which we definitely will do in the next 12 months. We are there to announce these locations and increase the local setup, so to say. The other one was on the Middle East, which was obviously now parking. But the desire to get to these six to seven new locations in total is basically a demand of the market. It's not like we're going to open somewhere something. Airlines ask, can I get here and there, again, something? If we have enough startup clientele, so to say, then we go there. We have, I think, already mentioned that we're working on a system which I think we are now very soon to deploy to bring in hot kitchens in a very smart way where you do not need 6 or 9 or 12 months of construction anymore. You go in a modular system like we use it in Formula 1 and, kind of fix and play, so to say. Then we can do it. We just wanted to get the right infrastructure to be able, and then we go ahead. The plan is not on hold. Yeah. Very clear. Thank you. Welcome. As a reminder, anyone who wishes to ask a question may click the Q&A button and then raise your hand or press star and one on your telephone. It looks there are no further questions at this time, so I would now like to turn the conference back over to Attila Dogudan for any closing remarks. Thank you very much. Thank you very much, ladies and gentlemen, for joining this Q1 call, and thank you for all the questions. We hope that we could give you the right answers. We believe that the next quarter or half year will be in line. We don't see any bad vibes anywhere, and especially as we have discussed a few times, the Middle East, as Johannes said, we are on a point that the business seems to be back despite the fact is if there is a point- to- point, maybe less, and transfer is more. But what we see is that our passenger numbers, which we have to deliver with good experiences, hopefully, are almost there where it was before. Whatever comes now is better than hopefully what it was before in terms of this region. And yeah, and the rest is fine. Is there always a guarantee forever? No. But currently, the current quarter and all data, all forecasts, all pre-bookings look like this will be hopefully a good year. Thank you very much for listening. Hope to see and hear you soon. And have a good day to all over the world. Thank you very much. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.