Welcome to the earnings call of the PORR AG regarding the Q1 figures for 2026. I would like to welcome CFO Klemens Eiter, who will guide you through the figures in a moment, followed by a Q&A session via audio line and chat. With that, I hand over to Head of Investor Relations, Lisa Galuska. Hello, good afternoon from my side. Hello from Vienna, and a warm welcome to today's conference call. Please find all the relevant details and materials on our website ready for your convenience. Without further ado, I would like to hand over the call to our CFO Klemens Eiter. Thank you, Lisa. Good afternoon, everyone, and thank you for joining our conference call on PORR AG's Q1 results 2026. As we publish the trading statement for this quarter, this will be rather a short presentation. Be prepared to get a full report again in August and in November 2026 for our half year and first three quarters results. For the task at hand. Let us start with a quick overview over this first quarter on slide three. First of all, despite the ongoing uncertainties in the global economy, we are still positive about the European construction industry. Especially in our CEE countries like Romania and Poland, we see continuous growth. This performance shows that our strategic focus is paying off, even in a challenging market environment. Following ongoing investments from the European Union as well as national road, railway, and energy network operators, we saw a strong order intake with an increase of 14.7%. This was mainly driven by continued high demand in infrastructure construction, also in the segments Austria/Switzerland with a growth of 20% and Germany with an increase of 36%. Moving on, I want to talk about our record order backlog, which reached an all-time high of EUR 10 billion. Not least to major order intakes regarding design and build projects. Continuing with the top of our P&L, I would like to talk about our revenue, which despite the harsh winter, remained broadly the same compared to last year. On the other hand, our output increased by around 2.3%, a result of the higher share of joint ventures. With EBIT coming in at EUR 14.3 million, we reached an EBIT margin of 1.1%, another increase of 15 basis points. Finally, we confirm our outlook for 2026 and expect moderate growth on the top line, combined with a further improvement in the EBIT margin. That said, let us now take off by again taking a closer look at the current market situation on slide four. Truth be told, there is not much new since the last time we talked at the end of March. Currently, all home markets indicate growth according to Euroconstruct, with CEE standing out, where we are expecting growth rates of 3.2% for 2026 and 3.3% for 2027. Residential construction continues to show signs of recovery. With our PORR Living modular construction, we expect to participate in upcoming opportunities in social housing. Non-residential building construction remains resilient. At the moment, specialized services such as healthcare construction, educational buildings, and data centers continue to show particularly strong growth. A recent example is our hospital expansion project in Warsaw, which highlights the sustained demand in these higher margin segments. Civil engineering remains the key growth driver and carries on offering the strongest momentum. This development is mainly supported by the strong backing of European funding, especially from the NextGenerationEU program and the Recovery and Resilience Facility. On a project level, we see further opportunities in our home markets. In Poland, tendering has started for the new central Polish airport, the CPK. This is one of the major infrastructure projects in the region, with a total investment volume of more than EUR 30 billion. As PORR has already won railway project, the Lodz Tunnel leading to that airport, we feel in a good position for the upcoming tenders. The airport will not only raise the need for runways, but also for terminal infrastructure and accompanying roads and railways leading to the big Polish cities. This further underlines the strong demand for large-scale transport infrastructure. In Germany, the key question remains how quickly the EUR 500 billion infrastructure package will hit the market. As we always have said, we still expect first measurable impacts in 2027. We think that the newly proposed Infrastructure Future Act has the potential to speed up the approval processes. The draft is aimed at accelerating and digitizing the procedures of infrastructure projects by amending administrative, planning, and environmental law. The tendering authorities are pushing new integrated project models, again, to speed up to get closer to the design and build contracts we used in CEE markets. We continue to expect major investments in both Germany and Austria coming from national infrastructure operators, while Poland and the CEE countries will further benefit from EU fundings. Our growth drivers are still strong. In terms of market environment, we certainly also have to talk about our input cost structure. Let me give you a quick touch-up on that topic on slide five. Overall, construction input costs have remained well manageable for PORR. While we have seen significant price volatility in recent years, especially caused by the Ukraine conflict and the Iran war, our contract structure and risk management have proven resilient. Early procurement, hedging measures, and price escalation clauses have been the keys to protecting our margins. In terms of energy input, be assured that we continue to do our homework. Gas and electricity prices both are fixed through framework agreements until 2027 and 2028 respectively, with around 90% of our gas demand already secured until 2030 through commodity swaps. Diesel consumption is monitored monthly, with input costs being hedged if needed. Let us dive into our PORR's figures, starting with the order intake on slide six. The strong momentum continued, leading to an overall increase of more than 14.7% compared to last year's quarter. With this, order intake stood at slightly more than EUR 1.7 billion. This underlines the current growth path of the construction industry. The strongest increase came from Poland, where order intake more than doubled in the first quarter. This was mainly driven by infrastructure, with continued strong momentum in tunneling and railway construction. In Germany, we also saw a strong pick-up, supported by higher demand in civil engineering. This indicates the first signs of the turnaround of the German construction industry. If you follow me on slide seven, you will find an overview of our biggest order intakes during the last four quarters. Here on the far right, you can see our main new orders in the last quarter. As already said, civil engineering and infrastructure in Poland in particular, once again was the key driver. Major orders include the construction of the motorway S6 section 1, the western bypass of Szczecin, the extension of National Road 25 between Konin and Rychwal, as well as the bridge DW 281 crossing the River Oder in Pomorsko. These projects clearly reflect the continued strong momentum in the Polish infrastructure market. In building construction, we secured a first medium-sized residential building project, The Lil- Y in Vienna. Furthermore, PORR is now responsible for the reconstruction of the headquarter of Raiffeisen Landesbank in Klagenfurt. The positive development in our order intake is mirrored in our order backlog on slide eight. Here we reached a new record level of EUR 10 billion, mainly supported by design and build infrastructure projects. Here too, the strongest growth came from Poland, Romania, and the Czech Republic. Getting more on the hard fact side, please follow me onwards to slide nine, discussing our output and revenue. First, please let me remind you that the construction industry is a very seasonal business. These figures are mostly not indicative for the year 2026 as a whole. This is especially true for our revenue, where we experience a slight decrease as a result of the strong winter, especially in our biggest home markets, Austria and Germany. Nonetheless, we saw strong growth in Poland and CEE based on the high order backlog. Output was further supported by a higher share of consortiums and JVs, naturally not included in the revenue figure. Coming to our results for the first quarter 2026, please follow me to slide 10. Our EBIT increased by 13.1%, a new all-time high for the usually seasonally weak first quarter. EBIT margin improved by 50 basis points to 1.1%. This development was supported by a solid operating performance across the group. Absolute cost reductions and an increased order backlog in the last years leads to an improved impairments, particularly in Poland and CEE. At the same time, depreciation, amortization, and impairment remained on the same level, a result of the reduced CapEx of the last year. Finishing up with the outlook on slide 11, I would like to confirm our bigger picture. Based on the increased order backlog and the expected market development, we anticipate moderate growth in output and revenue, as well as an increase in the EBIT margin in 2026. Our long-term target of an EBIT margin between 3.5% to 4% by 2030 remains unchanged. To sum it up, our strong order book, improving profitability, and secured cost base give us confidence in our guidance for 2026 and in our development beyond. With that, I would like to thank you for your attention so far and open the call for your questions. Thank you very much, Mr. Eiter. Ladies and gentlemen around the world, now it is your turn, we are opening the Q&A session. If you would like to ask your questions in person via the audio line, please click on the raise hand button. If you are dialing in by phone, please press *9 to raise your hand and *6 to unmute yourself. Additionally, you are also welcome to post your questions in our chat box and we will read it out for you. Stefan Scharff, the stage is yours for the first questions. Please unmute yourself and accept the speech we ask you to do. Hello. Good afternoon, Klemens. Here, Stefan from SRC Research. Hello, Klemens. Yes. Hello, Stefan. Good afternoon. First, congrats to a good start into the new year. My first question is about Germany. You mentioned that there is not too much impact or effect coming now from the Merz government German infrastructure package, but you still made a 36% hike in order intake. Perhaps you can say a bit more about this hike in order intake. It was from about EUR 300 million to more than EUR 400 million, and also about the situation in the German residential market, and also about your initiative about affordable housing, which might be more important for the future. Yeah. Thank you for your questions, Stefan. First, our increase in order intake in Germany. There are some infrastructure projects coming up. One of these is the Fehmarnsundquerung, where something is going on that we think in general will lead to a speedup of the investments in Germany. This project has been designed as an Allianz-Modell, an IPA, integrated project execution model, where the authorities put together several tasks and contracts in one framework agreement. We've won a special foundation of that's really a big share. It is one of the first projects coming up on the market with the new project models that we expect will help improve the investments. As I tried to point out in our presentation before, we also expect positive impacts from the Infrastructure Future Act that should give priority to main investments in infrastructure and ease most of approvals and speed up. For residential construction, we still see the interest for our modular construction approach for PORR Living. We are in discussion with landowners here about realizing models. This is still, let me say, in the pipeline. Besides that approach is also very helpful for what is going on in the defense area. Germany wants a lot of new soldiers, a lot of new barracks will be built and there's a big tender out for these. I think we are very well prepared for that with our modular housing approach. Okay. I see. My second question is about your cost side. You mentioned in your presentation that you did some hedges to avoid price increases on materials and other expenses. How long do these hedges work? Well, actually for gas, we've got hedges up till 2030. After the peak we saw in the gas price and following then the price levels normalizing to 30 and below, we took the chance and have been saving our gas demand price-wise until 2030 as we've seen really unexceptional increases in gas before. Beside that, for electricity, for example, we've contracts until 2028. In general, I think it's very important to recognize that for all long-term contracts, beyond one year, we got price escalation clauses. The cost increase leads to an increase accordingly of revenue based on this price escalation clause. Of course, you cannot safeguard cost development beyond many years. You're also safeguarded by the price escalation clauses. I think in general, if you look at the situation after beginning of the Ukraine war, we had in nature the same effects in size and amount. The effects have been much higher. Despite that, you've seen our margin development that was still positive. In general, I think we are able to manage that situation with a combination of hedging on the cost side and price adjustment clauses on the revenue side. Okay. I see. My next question is, you mentioned the harsh winter, you still delivered a + 2% in output and stable revenues. Perhaps you can say a bit more about the April and the first half of May about your revenues and the output, how you like it, or how is the situation here? Well, we've seen double-digit increases in our order backlog in Poland in our CEE countries. Based on that, we've seen growth in the first quarter in these countries, despite winter that was also strong in the countries. Based on the strong order backlog, this materializes now in revenue, and I think that's what we generally expected. We didn't see growth in order backlog so far in Germany and not so much in Austria, and that's why the winter effect was bigger in this segment and all over, leading to a slight decrease. In general, going forward from a growth business segments, we expect still further growth. If you look at the orders in Germany and Austria, you also see that they are taking up. We also got double-digit increases, so we are also optimistic of a positive development in these segments. Okay. I see. One last general question about your guidance. You did a good job on improving the margin, and due to my calculations, it might be possible with some input coming from political developments from this infrastructure packages and all these attempts of policy to improve our infrastructure here in Europe, that you might reach the EBIT margin of 3.5% earlier than in 2030. Might it be possible with good numbers for half year or for the 9M results that you say the EBIT margin might go to 3.5% earlier than 2030? Well, as you're saying, 2030 is actually a long-term goal. Yeah. We've got a long way to go. I think we've got a good start into the year with the first quarter, but the first quarter is always the weakest as our output is the weakest due to the winter in that quarter, and that's why we don't see us in a position to take a look very far now. Yeah. Yes I think, in general, we are on track. Yeah, we did a good job on the cost side and, yeah. Sorry, I think a little bit too early. Okay to give more guidance on that at this point of time. Okay. Thank you. Thank you for your questions, Mr. Scharff. We will move on to the questions from Patrick Speck. The stage is yours. Yes. Hello, everyone. First of all, also from my side, congrats on another very convincing quarter. My first question is also on your guidance. I mean, the first quarter has been very successful, especially on the order side and giving you so much visibility. What is holding you back to give, at least for this year, a more concrete guidance already? Will we see that maybe with the next report that will be more detailed again? Well, we've been thinking about that. Let me say, after talking to all our managers in the group, in our segments, we still see a little bit of uncertainties. If you take the shorter moment, we'll have some slight impact from the cost increase as for the tenders you've got out on the market. Without long-term clauses, you got some negative effect and we're still confident to improve our margin despite of that. I think we need a little bit more visibility on the geopolitical issue going forward over the next months. Yeah. I think we all expect that situation will normalize. Let me say, we gave us one more moment to give a more precise guidance for 2026. I think the big message is we are on track and we will give pricing on that probably by end of the summer at the latest when we present our Q3 figures. Okay, thank you. My next question is also on the summer because you mentioned the harsh winter that had some impact on your top line, and now we see the opposite. There's a heatwave, not so much in your core markets yet, but could be a very hot summer even in Germany and the eastern parts of Europe. Could that become a problem for you? What temperature is too high for your construction sites? I think we took a lot of measures for heat and for the summer. I think in general, we are prepared. Let me say, actually, increasing temperatures are a risk that's also managed also on a project level. For example, we've got markets like Romania. We've got heat in Romania for not only the first time, but by calculating our project execution, we are already including general expectation of heat and warming up. In general, again, I would say we are prepared for the topic, and for exceptional situation, we have also safeguarded in our contracts. Thank you. My last question is on your latest acquisition of rhtb:. Could you say a bit more about this? What does it bring to the group? Is the profitability of this company below or above your group level? Maybe some words on their sales contribution. Well, actually, it's in line with our general M&A strategy where we say either we are expanding our regional footprint or we are getting more strong strength in our value chain. rhtb: is especially offering an element for our PORR LIVING modular concept. It's special walls that they design. So they are a special project element in our approach of modular residential construction, and I think it's a good thing to have them on our side here. Taking that into account, the investment of about EUR 10 million I think is rather fine and in line with our general strategy. Understood. Thanks a lot, and all the best. Thank you very much for your question, Patrick. Thank you, Patrick, and Andreas Wolf is next in line. Yeah. Hi, it's Andreas Wolf, Berenberg. Congratulations on the strong order intake in Q1. I have a couple of questions. The first one is related to the profitability of the order backlog. Mr. Eiter, could you comment on that? Related to these questions also, the medium-term margin target, will it mainly be achieved by, what I assume, a higher profitability of future projects, economies of scale or a higher efficiency, which you apparently also have achieved in Q1? That's my first/second question. The next is related on price escalation clauses that you have in your contracts. Are those also relevant for potential wage inflation? The last question is related to the employee numbers. Shall we expect the employee number to increase during the course of the year as it appears to have remained flattish in Q1? Thank you. Yeah. Thank you for your questions. First, on profitability of our order backlog in margin development. Yeah. I think in general, we've got two main sources of business. One is infrastructure, the other is building construction. Within infrastructure, we won a lot of contracts in railway, and railway is the business area where in the past we had actually the best margins. In general from the order backlog as we see now, we also see potential to increase our margin on the infrastructure side. On the other side, in building construction, we got our special competencies and you've seen, for example, last year that we increased our margin in Germany from 1.8% to 2.5%, and that's mainly based on increased margins from our special competencies in industrial construction, data centers, and healthcare business. As we took investments in these areas and see growing demand, we expect that margin improvement will also be contributed by building construction. Last not least, cost is still important, and the cost increase and inflation we've seen over the last years did have an impact on our margin on the fixed cost side, on the overhead cost side, as our main forces in head office are located in our headquarters here in Austria, and we had an increase of 20% in two years from 2022 to 2024. This had a negative impact of almost 1% on our margin. With the growth opportunities in scale and our efficiency measures, especially in digitalization and lean management, we're working on the cost base to decrease the cost and increase our margin. For the price escalations, yes, they do not only cover materials, they also cover wage inflation. In general, I have to say that the personnel costs are actually easier to manage as the volatility on this cost is lower compared to especially the material side. It's mainly based on general inflation, which is something that is published in actual and forecasted figures actually every month. That's why we can always take good expectations and assumptions herein into our tenders. I think wage inflation is something that is rather good manageable. To your third question, employee number, yeah, in the winter month, we got a little bit less. Yeah, that's also due to our relatively lower output in this quarter. I think it will take on a little bit, but if you look at our development general of our employee numbers, you don't see big fluctuations there. Great. Thank you. Thank you. Thank you for your questions, Mr. Wolf. We will move on to the questions from Graham Hunt, who's dialing in by phone, and can unmute himself now with the star key six. Just checking you can hear me. Hello, Mr. Hunt. Hello, Graham. Hey. Hey, guys. Thanks very much for hosting this call. Really appreciate it. I just have three questions from my side, if that's okay. First one on order intake. Maybe just if you can give us a little bit of sense of how things have developed since in March and then in April and what you've seen in May, I guess since the Iran conflict. Have you seen any hesitancy from your customers or even the opposite in terms of wanting to lock in prices early? Second. I'll just give you all three now. Second question just on cash. I know you don't report that in the Q1 now, but maybe just any comment on how cash performance is trending in the quarter. Profits were very good, but how is cash doing, and are you seeing any pressure on your CapEx guidance with the inflation ticking up a little bit? Maybe third question, you mentioned data centers as an opportunity in the buildings segment of the business. I think one of your competitors is ramping up construction of edge data centers in Germany. Just a word on kind of what you're seeing there in terms of demand, whether you're seeing any more coming into the pipeline would be super helpful. Thank you. Thanks, guys. Thank you for your questions, Graham. On our order intake. Actually, if you look at the first quarter, Poland and CEE, they are in line with the general development we've seen before. It's just an ongoing process. As I tried to point out, there are big tenders, especially for the new airport near Warsaw that's being built, that will still bring a lot of volume to the market, and we expect this trend to continue in our CEE markets. Actually, development in Austria with an increase of 20% in the first quarter was remarkable. Going forward, we still see positive development here. In general, I would say that's a little bit of a new development and rather promising also in Germany, the first sign of taking on. Regarding our order book development, we're let me say, very pleased about developments and looking forward optimistically. Yeah, as we are publishing a trading statement as the first quarter is not that big issue in the construction business, and we do it as I think not the only one. Some other peers also published the trading statement. Of course, question of cash situation and development arises. Actually, our net debt position has roughly developed the same as in previous year. Yeah, we are a little bit better in the net debt position that we've been in the previous year. We're in line with the general development and performance that we do have in the construction industry. Also, of course, the first quarter results do not show positive results on operating cash flow. That's something usual in our geographical area in our business. Results here are in line with our general expectations. Regarding data centers, actually, we're in discussion with the big providers to establish a business relationship here, and there are several opportunities. I think we are one of the few construction companies, especially operating in Germany, that are able to offer that as a total contractor. For example, our data center in Berlin has been awarded as the best-built data center in 2023. Based on that, I think the providers are acknowledging our competence and I think we're in good negotiations and expectations for development. Did that answer your question? Understood. Thank you very much. Yes. Thank you very much. Thanks. Thank you. Thank you, Graham. We will move on to Markus Remis, who is also dialing in via phone. The line is free. Yeah. Hi. Good afternoon, Klemens. Hello, Markus. A few questions, please. Firstly, a follow-up on the price escalation topic. Did I understand correctly that is for all contracts above one year? Can you maybe, I'm sure it depends on the input factor, but can you kind of indicate at which thresholds these price escalation clauses actually become effective? I'm sure not every percentage point in cost increase can be passed on. Any granularity here would be appreciated. Well, in general, there are different models. You don't have the same price escalation clause in all the contracts. Especially the bigger the projects are, the finer the price escalation clause is. Meaning that you've got a cost base distinguishing in material costs, special material costs like, for example, steel, cement, concrete, energy consumption, and then wages. Yeah. Then you've got for the really big infrastructure projects, you've got an index for every kind of cost, for every kind of material cost, energy, and salaries and wages. The price escalation is depending on an index development of these kinds of costs. Meaning that, for example, what we see now is that based on the increased oil prices we see steel taking on something like 10%-15%. This increase of steel, which we see now on the short term, will increase the index for steel as a cost in general. Based on that development we will adjust our revenue. There are differences. Most of that do adjust at least every quarter, not only by one year, but every quarter. Yeah. Some also are adjusted monthly. Let me say, just with the jurisdictions that always had higher inflation like Romania or Poland, we've got actually very good, a lot of and very good experience with the price escalation clauses not running into any cost or margin issues. What I said before is that it's more to the closer term or contracts where you don't have the clauses on the short term where we are out with tenders and didn't have the chance to adjust that you will have some downside. That's a short-term effect. To our evaluation, it's not that big. That's why we're still on a good track with our earnings and margin development. Sure. Is it the case that, I don't know, the first 2%- 3% increases you will have to adjust before this indexation kicks in? No, it's general, an adjustment of the index of the cost base. Okay. As I said- Okay There are differences there, you do get the cost increase. Otherwise, we would not be able in general in our business. If you take our jurisdictions, in Austria, it's always been called [Foreign Language], and we've been smaller adjustments. Even in years where you got 2% or 3% inflation, you would end up with a decrease in your margin of 2% or 3%. If this would be to what you're saying, that you got that base effect that is not compensated. Okay. Understood. Thank you. Can I then turn to Poland? I would be interested to hear your perception of the competitive environment in that market and how you perceive pricing discipline in general. Well, if I look at the Polish market, in general, I think it's the market with the highest investments and volume now. If you look at competition there, I think we got the three main competitors. First is Budimex with an output of something like EUR 2 billion, then Strabag and us with an output of around EUR 1 billion. Then you've got local construction companies, but they are far smaller. I think the biggest one is something like EUR 500 million of output. In general, you got political development to, let me say, the right side. There's also more national aspects in tendering and going forward, but I think we are prepared for that. We also do joint ventures with local companies and with that, and our general market share. I think the big investments can only be done if they are contributed and supported by the big companies and construction providers in Poland. We're pretty confident to also get a good share of the projects coming up on the market. Sure. The pricing discipline, what's your perception on this one? The potential of Polish- Well- very high? We are keeping the discipline. As we got a big volume already and a big order backlog, we don't see the need for going into price wars. Yeah. I think we are rather in a good position. You can see that sometimes where you have lighthouse projects, yeah, that companies are willing to take losses on that, but that's not our strategy. Sure. Okay. Thank you. Can I ask you regarding UBM and their plans to raise participation capital of EUR 90 million. PORR apparently is willing to subscribe. Can you give us any idea of how much you would be willing to invest? We are now in discussion, but we're talking about something that will first pay off for us investment in according interest. That means that we will get a good return first of that investment. I think it is important to know that our intention and the reason why we want to go into something like that. Actually, if you look at the past, UBM has always been something like a developer and distribution company for what we are building for the products in the recent years in office and hotel market. Well, office market is not that strong anymore, but hotels are coming back, and on the other side, we see a big demand in residential construction in affordable housing. We think we can realize that model together, and we need a developer and distributor as this is and has not been our part of the business model before. That's somehow we want to again invest in that model and as investments on the other side for that kind of business is not that big. We think we will increase our work together with UBM. On the participation capital, any size you have in mind? Well, I think we'll come up when we're finished with that. You already gave me kind of an intro because from the related party transactions that were carried out last year, there were a couple of EUR tens of millions spent on UBM projects, like on the UBM Hotels Management GmbH, Marina Tower, et cetera. Is that a strategic investment, or how should we think about these related party transactions? Well, these have been projects that we are doing together with UBM as a joint venture. We have some contribution. I think, as I said, Marina Tower is a promising project. Before we did Leopold Quartier, which is at the later stage now, and we got a lot of apartments and residential construction there that has been successfully already sold now, with also a profit impact to us. Let me say, as in general, financing by the banks for developers is lacking still somehow. It wouldn't have been possible to realize such projects. That's why, to some degree, to realize that project, we've been willing to take share also in some projects. That's what you've seen. What I said before is that we want to more to go to a general model, as we've seen, for example, with Leopold Quartier. This can be very successful, as it has been in the past. Thank you very much. The next thing is actually more a remark than a question, if I add up the order intake of all the segments, I get to something above EUR 1.9 billion. There's about EUR 150 million gap in the sum of the parts of the segments compared to the group level. I don't know if you have any answer right away on some things? Actually, yeah, on the holding segment, we had a negative adjustment of something like EUR 140 million. Actually, with the acquisition of VAMED Vitality World, we also acquired share in the spas. First, we took also a pro rata share of that orders. As we are not doing operating business or operating services to the spas, we've been eliminating that part. Yeah. Same for UBM Hotels Management GmbH. Yeah. That's why we had some negative adjustment on that. Yeah. I think the general picture and outcome of our order development is the same. Sorry. Forgive my ignorance, I did not get this. It was EUR 148 million order adjustment from the VAMED acquisition, the share in the spas and the UBM Hotel? Yes. GmbH? Okay. Okay. Thank you for your questions, Markus. With that, we will move on to two more hands up. With an eye on the time, I am calling out Lukas Spang with your questions. Mr. Spang, please accept the microphone speech. With that not happening, we're going on to Philipp Kaiser to the last questions of the call. Hello, everyone. Philipp Kaiser speaking. Congrats to the good start. Just two small follow-up questions from my side. Starting with the top line output. Your production output grew by roughly 2%, while revenue fell by 1.5% driven by a higher share of joint venture. Is this a structural shift towards more design and build and large infrastructure, or just a quarter specific thing? Differ the JV book margin from your overall margin in any kind? Well, I think we've always got the distinction between output and revenue development based on that fact. In this quarter, relatively, it's a bit bigger, but if you look at the long-term development, I think the deviations between output and revenue, if you take full year results, are relatively stable. Hello? Yes. If you take the development from our full year results, I think something still we think that's valid. Thank you very much for your question, Mr. Kaiser. I see that you are unmuted again. Can you hear us? Okay. Mr. Kaiser? Okay. There might be some microphone issues. We, therefore, come to the last questions of the day from Lukas Spang. You may unmute yourself now. Yes. Can you hear me now? Yes, we can hear you. Perfect. I would like to follow on on the previous question on the data center area. It's good to hear that you have a good position there and are in talks with potential clients. Going into Q1 numbers, or let's say until today, did you win further data center orders or projects within this year? Well, as I said before, we're in discussion with the big players to establish a long-term relationship. These negotiations haven't been finished yet, and that's why we haven't a new order intake. Yeah, we're optimistic looking forward. Remembering your statements from last year, let's say Q3 call or also Q2 call, when you explained the behavior of the new big projects, when you explained us that there's a first six to nine-month design phase or preparation phase. Can you give us an update on these big orders? Are the design phases going as planned? Now looking into Q2 and especially Q3, how's the development in terms of going from the design phase into the execution phase? Well, I think we're on good track with the execution there. What you can see from a revenue development or output development in Poland and the CEE countries. They are growing, in Poland, even double digit, also with a strong single-digit positive effect in CEE. I think we are on track with that. Okay. Will we see a further push in Q2, latest Q3? Well, if you take our whole structure, then you see that about half of our revenue or output is from Austria, about 25% is Germany, and about 25% is Poland and CEE. In these segments, Poland and CEE, we expect overall double-digit growth for the full year. We also expect some growth in Germany and a little bit growth in Austria too, taking into account that in Austria, we're starting off after a harsh winter with a negative base after the first quarter. Taking that all together, I think our guidance of a moderate output growth for the full year for the full group is reasonable. Mm-hmm. Okay. Thank you. Thank you, Mr. Spang. Philipp Kaiser wants to try again. Do we take the time? Well, I have time. Yes. Okay. Mr. Kaiser, please. Yes. Sorry. I had some technical issues on my side. Yeah, referring to the first question, I think you already heard it. I don't know if you already answered it. Would you repeat the answer if possible? Sorry, your first question was on JVs or on data centers? I'm very sorry. No, sorry. It was on the share of JV. That's a structural shift towards more design and build- Just a quarter specific kind of one-off and differ the JV book margin from your general overall margin in any kind? We think that the first quarter is not representing the general expectation, and therefore, I think it's better to have a look at full-year results. We've always got a distinction between output and revenue development, but the difference is rather stable, and we don't expect a big impact on that here in the future. Okay, perfect. Thanks a lot. My last one with regards to Poland and CEE, this growth lends heavily on the current EU funding in place. How long will these programs run? Do you see any kind of a potential funding step down in the future? Well, the new airport near Warsaw, is targeted to open up in 2032. Actually, we think that is really a hard target, taking into account that the tenders for many parts are just kicking off. If you start a project like that, if you don't want to end up like other airport projects that we've seen, I think you'd rather go for finishing. That's why we expect at least these parts will run for a longer time, first. Second, I have to say that when the initial building is slowing down at some point of time, there will be also the start of the first investments in renewing and the continuing business. If you look at Austria, for example, we don't have a lot of new highways or new railway lines that are being built, but our main business is coming from renovation. Actually, we start to teach our business units here in Poland and also in CEE about this renovation and the smaller business, that it will probably be the driver of our output and results in the second phase, when initial investments will slow down. Perfect. No real risk for potential funding step down, let's say from 2030, 2032 onwards? Well, we're now in 2026. Our long-term guidance is still 2030. As I said, at least the big railway project there will last even longer. I think for most of our next calls, I'm pretty sure that we're not talking about the pipeline that's shrinking and output that's going down. Okay, perfect. Thanks a lot. Apologies for the technical hiccup. Thank you very much for your questions, Philipp. With that, we have come to the end of today's earnings call. Thank you very much for your interest and your dynamic participation with your PORR AG. A big thank you also to you, Mr. Eiter, for your presentation and your time. Should you, ladies and gentlemen, have any further questions at a later date, please feel free to contact investor relations, Isabella Steiner and Lisa Galuska. I wish you all a successful day around the world, and handing back over to you, Mr. Eiter, for your closing remarks. Thank you very much for your question and attention. Please enjoy the summer that's now kicking off after a long winter. We would be very pleased to hear you again at the end of August when we will present our half-year results.