Two questions from my side. The one that you may imagine, do you have a guidance for CapEx into 2026? You were at EUR 40 million ex M&A and so on into 2025. How do you see this CapEx evolving this year? The second one is, let's say, it's not a crystal ball, but we have seen an acceleration of oil prices, and clearly oil prices you know are very high versus the breakeven in the U.S. for shale oil. Do you think we can see an acceleration of activity in this part of the world? Thank you. Yeah. Let me start with the CapEx. Thank you for the question, by the way. Let me start with the CapEx. We initially planned our CapEx last year at roughly the previous year's level. However, given attractive opportunities that emerged in the market, we were always prepared to increase our CapEx selectively as they could really support profitable growth and align with our strategic priorities. Some good examples we talked about already is the reline center that we started in the US. We expanded our business in Vietnam. We added another 4,000 square meters, and we also have invested in additive manufacturing printers in the U.S. Our CapEx increased in 2025 over what we'd call a normalized level. For 2026, we expect to be a more normalized year, maybe closer to 2024 level. As you know, we've always been very flexible in taking opportunities while also reducing CapEx if the situation doesn't support it. In terms of the question, if I think I understood it correctly, it's saying with these elevated oil prices, do we expect there to be a change perhaps with the drilling activity in the U.S.? That's a good question. I think it's again, it comes back to our original kind of answer with regard to the conflict. I think the duration will be all-important here in terms of how long this disruption is in the Middle East, how difficult and prolonged it becomes to remove or to move barrels from the Middle East. If the oil price peaks and it then sustains at a higher level of, say, maybe $80 plus and remains there, then I think it's very likely we could see drilling activity start to pick up in the U.S. again. If I may add to that, can only echo what Campbell is saying, it definitely depends also on the duration. Because what we have seen, this is the surreal situation compared to last year, from an oversupply to a supply shock at the moment, due to the closure of the Strait of Hormuz. If this situation continues, there have to be investments outside of the Middle East, either in U.S. land, potentially also in Venezuela, in order also to unlock the activities that are needed to supply the world with oil in that perspective. At the end of the day, it gets down also to the duration of the conflict. A higher oil price is needed in the U.S. If it is too high, it has a counter component in terms of inflation, and of course, also the matter of sustainability of the oil price. If the industry is in the belief that we will see over a medium to longer term, a higher oil price, above the levels of $70, I'm very sure that this will unlock activities, drilling activities predominantly, followed by completion activities in U.S. land, predominantly because they are the fastest, to lock that up and potentially also followed by Venezuela. Thank you very much. Oh, you're welcome. Thank you. The next question is coming from Richard Dawson. Richard, please go ahead. Richard, can you hear us? 'Cause we can't. Okay, in the meantime, I would say we have a question in the Q&A tool, and I will read that out loud. Can you provide an outlook for sales in the new business areas over the medium term, and what level EBITDA margins you are assuming? If I may take that question. Yeah. One year ago, we presented a strategy, and we said in terms of diversification, our goal is to generate EUR 200 million in sales until 2030. In terms of that, we are definitely on track to generate it because we see very attractive growth rates also when we compare the additive, especially also the energy transition applications, compared to the year 2024 and also the promising bookings in the first quarter of this year. On the profitability, the clear answer is that what we currently generate on those new diversification efforts is adding to the profitability in terms of geothermal applications, but also additive manufacturing and are generating EBITDA margins north of 20%. Thank you. We have a follow-up question here. You mentioned the consideration of partnerships and M&A to support your growth going forward. In which business areas are these being considered? It's on the one hand, we are continuously looking at players in additive manufacturing, what we already did with 3T Additive Manufacturing. We are also looking at precision manufacturers that will support us in the diversification into flow control markets. Flow control is a very wide range. Here we talk also about space, aerospace, semiconductor business and defense industry. Thank you. I will retry. Richard, if you want to pose your question, then please unmute. Looks like we have technical questions here. I have the next question coming from Mr. Alexander Sinkovits. Please go ahead. Good afternoon. Thanks for taking my questions. Two short ones from my side. Given the expected increase in activity into H2, how pronounced do you expect the margin improvement to be between the first and the second half? One on acquisitions in diversification areas. Are you seeing increased competition for these assets? Do you see higher valuations? How would you ensure disciplined capital allocation in that environment? Thanks. Sure. More than welcome. I mean, what you have to take into consideration when we talk about margin improvement is also the development of the quarters in the year 2025. We started with high margins at the beginning of the year, driven by higher sales. Then the impact of the lower bookings in Precision Technology more and more kicked in over the course of the year with the lowest performance in the fourth quarter, which was clear also because of the business model of Precision Technology, that the bookings of the previous year are the sales of the next year. Campbell very clearly also phrased it that he expects the subdued sales levels in the first half of the year because those are the bookings that we have seen in Q2, in Q3. Then the bookings from the fourth quarter and from the first quarter of this year will kick in and result in higher sales and in a better capacity utilization. Therefore, definitely for the first quarter, it will be a continuation of what we have seen in the fourth quarter of 2025. Then more and more, the bookings of the fourth quarter, Q1 of this year will convert into sales and will increase the margins. In terms of M&A and multiples, what we have clearly said is, when we do acquisitions in the flow control business, we are talking about higher multiples than the oil and gas industry is currently presenting and is also delivering. This is what we always said. This is also what is clear to us because diversification needs also value generation to move into areas that offer higher multiples. Therefore, an acquisition in the flow control industry will result also in paying multiples that are higher than in the oil and gas industry. This is what we do. Just remember what Baker did, yeah. Their transformation from the OFS business into the industrial and technology business also resulted in higher multiples through smart acquisitions in other industries. Thank you. More than welcome. Thank you. The next question is now indeed coming from Richard Dawson. Thank you for sending it. Please, could you provide some more color on the capacity adjustment in Precision Technology? Is there more to do or are you at a good level now? Thank you, Richard. I'll take that one. I think as we already spoke about, the capacity adjustment in 2025 in Precision Technology, we reduced effectively the workforce by 15% when you exclude the addition back in of 3T, which brought it to 11%. 15% is what we've done overall. Of course, in our larger manufacturing companies, that was a higher number. Yeah, we're now stabilized at that level. Even now with the bookings that we've seen come on since Q4 and the beginning of this year, there's some of those facilities we're actually going back and rehiring some individuals to bring our capacity back up again. I'd like to think we've bottomed out in that case, and now we can look at obviously increasing as the order backlog builds up. Hopefully, that gives you enough color. If I even may add to that, what Campbell mentioned on the headcount reduction and the percentages, he talked about to what percentage the headcount was reduced. What we also have to take into consideration is that we have significantly reduced also our overtime hours. Especially in Austria, we have with our work council and negotiation that in good years we put overtimes in a pot, in a savings pot that we release when the business becomes more challenging. This is what we have done in 2025. This also helped us to reduce the people less than what the capacity utilization normally would have asked for. In addition, we also introduced short-time work here and there, so that capacity adjustment was more than just a headcount reduction because with the headcount reduction, with the overtime reduction, as well as also the short-time work, we have clearly adjusted the capacity according also to the reduction that we have seen in terms of sales. Thank you. Are there further questions in line? Yes, I see. Baptiste Lebacq, your question, please go ahead. Yes. Go ahead, Baptiste. Yes. Thank you. Two, let's say, additional questions from my side. Sorry. The first one is regarding Venezuela. You mentioned Venezuela, maybe as a next booster for you. In this context, it will be products which will be produced in the U.S. that will be delivered in Venezuela? It's a question mark. The second one is, let's say, regarding another hotspot, which is Argentina and Vaca Muerta. Do you have, let's say, some new elements in this, let's say, part of the world, in terms of dynamics? Thank you. Campbell, should I take them? If you like, yeah. Absolutely, yeah. Venezuela, yes. The answer is, are those tools produced in the U.S.? Clearly, yes. We do have facilities with our whole product portfolio, and I talk about high-precision components as well as energy equipment is predominantly manufactured in the U.S. 45% of our employees are located in the U.S. We also have facilities in Mexico where we are geographically, but also from our product portfolio, well-positioned. Venezuela is the country with the biggest oil reserves. Before the oil majors will go in, the oilfield services will have to go in because the technology is totally outdated. There was a significant brain drain, and they definitely have significant investments to happen. This is what the oilfield service companies will do. They will definitely also rely on our equipment. That's to Venezuela. To Argentina, yes, it is a market for us. We are already there. It is a market. It's more project business where you have also swings in your sales recognition. The Vaca Muerta is a very nice shale formation, very similar to shale formations in the U.S. As unconventional goes beyond the U.S. to areas of Argentina, Saudi Arabia, then also Australia and Africa, we are also well positioned in terms of drilling, but also predominantly in terms of well completion with our plugs and packers portfolio. Thank you very much. More than welcome, Baptiste. Thank you. Do we have any other questions not yet answered? For the moment, there are no further questions as it looks. Should anyone have any questions at later time, please feel free to get back to us. I'm happy to help. Now let me hand it back to you, Klaus, for your closing remarks. Thank you, Judith. Ladies and gentlemen, first of all, thank you for your interest in our presentation. Also, thank you for your questions. It was a very interactive Q&A session. As we said, navigating challenges, shaping the future is what we know and what we are very experienced in. The military conflict is definitely something that puts another challenge into place. It also offers opportunities. It is connected with risks and opportunities. What you should know is we are prepared for that. We are positioned for that. We will continue to navigate through those challenges, but we will also continue to execute on our strategy. Once again, thank you for your interest. Also, thanks to all the participants. Wishing you a nice remaining afternoon and evening or day, to the U.S.. Thank you so much. Gentlemen, thank you for your insights into the business and all the questions from the audience also from my side. The next scheduled call is set for May 21st for the presentation of the Q1 numbers. Thank you for your time and interest.