Ladies and gentlemen, welcome to the voestalpine publication fourth quarter 2025/2026 business year conference call. I am Matilda, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Peter Fleischer, Head of Investor Relations. Please go ahead. Good afternoon, ladies and gentlemen, a warm welcome to our results presentation today of the business year 2025/2026. With me is the complete Board of voestalpine, and Ms. Richter, as well as the gentlemen, will give you a brief overview of what has happened in the last business year, as well as where we stand today, as well as what our outlook expectations are. After the presentation, we will be very happy to answer your questions. Now, I would like to hand over to Herbert Eibensteiner to start the presentation. Good afternoon, ladies and gentlemen. We together will present the business year 2025/2026. I would like to start with the highlights. You have already seen our figures. Even in a very difficult environment, the performance was good and in nearly all key financial indicators. The results, I would say, were driven by a very robust strategy and a very active reorganization. On the positive side, we had high demand in railway infrastructure. We get good orders in Aerospace business and also this sector is smaller. We had record results in warehouse technology. In construction, mechanical engineering, and consumer goods, it was stable but at a low level, and Automotive was mixed, good for flat steel, and with some difficulties in Automotive body parts. For me, very important is that we can deliver a very good free cash flow, and we have reduced net debt. That means a very low gearing. We have reduced our employees coming from these reorganization measures of around 1.8%. greentec steel, our big investment project, is still well on track in time and in budget. We want to pay a dividend of EUR 0.75 per share compared to last year, where we have paid EUR 0.60. The outlook is EBITDA between EUR 1.6 billion and EUR 1.85 billion. How was the performance of our markets? You know it for sure that we have a very flat economic growth in Europe, and we had faced this pressure from U.S. tariffs, which is a very high double-digit euro negative effect. The industry production was on a very low level. When you look at the U.S., very solid, robust development, but to the high extent, it's coming from investment in the technology sector and not so in the normal industry sector, which was very flat. China, still stable. Growth was driven by exports, but domestic demand was very low. Brazil, in South America, Brazil is our biggest market. The economic momentum reduced a little bit, coming from these high interest rates and very strong competition from Chinese imports. Brazil was a market without any tariffs, which has now changed a little bit. We will see how this will influence our business. When I come to the actual strategic focus, no changes. We are working diligently on our economically successful decarbonization of our steel production, the replacement of blast furnaces by electric arc furnaces. When we look at our value-added areas, let's say we had good development in Railway Systems, tubes and sections. We are also in Rack Solutions, Aerospace, and we look also into attractive regions like India, which we have still a small footprint, but we plan to increase our activities in India. As I mentioned before, very important for our results were this very consistent reorganization and portfolio optimization, where we're focusing clearly on efficiency, and you know that we reorganized the Automotive facilities in our Automotive Components business, particular in Germany, but not only. High Performance Metals made a great effort, a big effort in portfolio optimization. This is now largely complete. greentec steel is no change in our plan. We want to start up with our two electric arc furnace sites in Linz and Donawitz next year in around February to May. We will start up then till 2029, then you will see a reduction of 30% of CO2 emissions. After 2029, you will see further replacement of blast furnaces with the goal that we are CO2 neutral in 2050. I mentioned before the added value downstream business, just to give you a flavor of what I am talking about. In Railway Systems, very important for us is that we got very good orders. We have a good order book, for Deutsche Bahn and the Swiss railway companies, we got contracts of around EUR 500 million and also Koralmbahn, which is in Austria. We finalized this big project in the course of this year. We are also in Rack Solutions, still growing steadily. We got very large orders in several countries in Europe and also out of Europe, and we get the biggest order ever in Istanbul, for instance. We have already announced that we got for our Aerospace business, record orders of around EUR 1 billion for the next five year. That's a very good outlook for this Aerospace business. What we are doing there, high performance materials for engines, complex forgings for landing gear. We also provide our customers a logistic service worldwide. When you ask what are the production sites, this is Kapfenberg and Mürzzuschlag in Austria, and we also deliver parts from Brazil, from Sumaré all over the world. Yes, it was very briefly the highlights of last year, and I would like to hand over to my colleagues in the divisions. Yeah. Ladies and gentlemen, it's my pleasure to walk you through the highlights of the voestalpine Steel Division of the past fiscal year. It was a difficult one, as we all know, but also a very successful one. You find the corresponding figures, the financial figures in the boxes on the right-hand side of the slide. We were able to achieve a remarkable margin, EBIT margin of close to 10% and EBITDA margin slightly above 14%. What is remarkable for the time where we're living in, we could manage to perform stable deliveries in our most important customer segments. There was a low demand, but some demand in construction business, mechanical engineering and white goods in the industry segments. Our most important segment, the Automotive segment, was also not performing good, but it was able for voestalpine Steel Division to gain additional market shares and to gain additional orders from our competitors. What was at the end good for our financial figures. We think that also the demand for the energy industry, especially for heavy plates, cladded plates, had a very positive impact on our results. We also saw at the beginning of the calendar year and also business year, a positive effect by the CBAM regulation. We do expect also a positive momentum for the second half of the calendar and fiscal year when the post- safeguard measures will be operational by 1st of July. In the actual already running business year, we see that there is a kind of a pause for the heavy plate business. We expect to get additional orders by end of this calendar year, but this effect will more than compensated by the rest of the division. The rest of the market trends will be, in our opinion, unchanged. We do not see a very positive upturn or downturn. I think that we can look forward to another successful business year for the voestalpine Steel Division. Mr. Eibensteiner already mentioned the transformation project, greentec steel, so I don't want to add anything new, just that I'm looking very much forward to ramp up the production by February next year. Thank you. Good afternoon, ladies and gentlemen. It's my honor to walk you through the highlights of High Performance Metals Division. The business development in the last fiscal year, we started with quite a lot of headwinds and the tooling markets were muted in Europe and in the Americas. We saw a robust demand in China, though we could position ourselves quite well for high pressure die casting, plastic injection molding, and high-speed steel, where we see that the market was quite stable. We saw a mixed development depending on the sub-segments in segment Industrials. We saw quite, not a boost, but we are building it up, and we had some successes in Food & Beverage and also in medtech as well as in mining. Whereas Automotive was a little bit muted in this segment. We saw also that the oil & gas segment, renewable CPI, was some headwinds. Now we see slight tendencies due to the overall situation worldwide in terms of fracking business in the United States. Aerospace business, as mentioned earlier, was quite strong as well in special forgings as well as materials. What we also can say is that the reorganization projects, they are progressing as planned and implemented as planned. This means the portfolio optimization, warehouse consolidations, and also mergers of companies like voestalpine BÖHLER Bleche and voestalpine BÖHLER Edelstahl. If we come to the current situation and the outlook, we see some very slight trends, upward trends in tooling and industrials. On overall, the trends are continuing in these segments. We see that, as I mentioned earlier, the rising energy prices have a positive sentiment in certain segments in the oil & gas business. We see that also customer orders in the second half of this year will go up to a small extent. We see the positive effects from the reorganization project, which we are currently pursuing and which we will consequently follow up and implement with the same fervor as we did in the last months and years. Thank you. Good afternoon, ladies and gentlemen. It's my pleasure to present to you the Metal Engineering Division business year 2025/2026. If you look about our figures, they're a little bit less good than last year. Mainly impacted by the tariffs which have impacted our business unit Tubulars, and that has been, on the other side, backed by a good market environment for the railway infrastructure globally, which is still, and also will be in future, the backbone of the division. In the industrial business units, as already mentioned, we had a mixed development regarding the seamless tubes. I already mentioned the impact of the U.S. tariffs up from June last year. Also the wire business with muted demand and strong competition was under pressure. The welding business unit, overall and globally, was on a stable trend with some regional deviations. Regarding the current situation and the outlook, we expect that the global stable trend in the Railway Systems business unit will proceed on. Our systems approach is growing in all the regions and gets good response, especially our digitalization efforts by introducing our new asset management platform. zentrak already has shown some fruits. One of them, for example, was the award of the Rail Baltica project with an overall project sales volume of about EUR 500 million. We expect no real improvements on the seamless tube side within this business year because of no changes or expected changes on the U.S. tariff side. The other two business units, the wire and the welding, should perform better than last year, and should show a stable development, even moderate ones. As already mentioned by my colleague, Hubert Zajicek, also our part of the overall greentec steel project of voestalpine, the part in Donawitz, where we are also investing into an electric arc furnace facility, is on time and on budget. Thank you very much. We continue with the Metal Forming Division. Let me guide you through the different business units. I will start with the Automotive business. We heard the markets will not improve. We will adapt to the new levels, which we see, especially in Europe. We have a big program running for almost two years now. It's called RESTART. We have now completed, for example, the closure of Birkenfeld. We have relocated our presses. We have conducted our social plans. They are now being implemented. With that, we have already reduced our headcount in Germany by roughly 500 FTE. Of course, we do also have a focus on Cartersville, making it profitable. We are in the middle of a transformation in our platform. It's new business. The quality is stable. We have reduced our headcount. We are improving our OEE. This project, as well as the German project, is not yet over. We will still work on it for at least the next 12 months. We need further reductions in Germany. Of course, further improvements in Cartersville. We are also looking into synergies in our organization. We are looking for synergies in procurement, supply chain, and IT. From the market side, of course, we are also looking for new opportunities, especially with non-German accounts. Looking towards tubes and sections, a lot of headwinds actually in tubes and sections in the last year. Europe was relatively solid and we had well-performing sites, for example, in Austria and also in Belgium. The U.K., especially in the construction market, was difficult, and very difficult at these times is the U.S. business. Looking at the market, you can imagine that photovoltaics or CAF business is difficult there at the moment. Customers are a little bit reluctant to give new orders at this point in time. Good news in terms of our large investment project, it's our investment in the U.S. in terms of frame rails for trucks. This project is on track, and I'm very happy that our start of production will be as planned in July 2026. Upcoming very soon. Also, we are progressing in India, where we are in the middle of the pre-marketing phase, founding a legal entity. This is a greenfield project, and we are well on track in South America with our investment project over there. It's a new slitter, improving our logistics supply chain there. We will remain focused on the market. It is not getting easier for tubes and sections, but we are still optimistic that we will find our profitable niches. We have started a project on this topic as well to improve our synergies. A word on Rotec. This is part of tubes and sections, but this is the part which focuses on safety and comfort components for the Automotive industry. In a nutshell, also a restructuring project. We had a closure of U.K. and we had almost closure, it is now only a sales office in Canada, and we are moving basically our production to more lower cost countries. This is successful and we are already turning into positive results. Very briefly on our very positive business units, and this is, for example, Precision Strip. In spite of headwinds for the exchange rates and also tariffs, our new strategy is working out very well. We are ahead of budget, and we will continue very profitably as well. We are focusing on innovations, new applications, new customers, and also new geographies. We are also reducing successfully our working capital. A very big success story there, which is going to continue. Last, but really not least, is Warehouse & Rack. It was a year of records in terms of turnover, EBITDA, working capital, cash flow. We have an excellent project pipeline also in the future. We are going to grow further. Torri our recent acquisition, is positive and on budget. We are also looking forward into a successful next year. In terms of outlook, in a nutshell, we will further improve our EBIT from this year's improvement even more. The target is that for Automotive Components, the restructuring will show further benefits. Tubes & Sections, still in a difficult market, some growth, and Precision Strip and Warehouse & Racks are continuing their successful path. Thank you very much. Dear ladies and gentlemen, it's now my turn to wrap everything up and translate how everything you heard now also translated into our financials. Let me start with our financial overview. Revenue, as you see here, is down by EUR 680 million, roughly EUR 400 million. There we see a direct impact from lower raw material prices compared to prior year, which translated directly into lower sales prices for our products. We also had an impact of roughly $100 million in the revenue line item out of the U.S. dollar. We also had a positive effect from higher volumes, in particular from Steel Division, some lower volumes from HPM Division. In addition to that, it was mentioned that we sold Buderus last year and the part of simply deconsolidating Buderus Edelstahl accounted for EUR 250 million of turnover in the prior year. Talking about the profitability, EBITDA is up EUR 140 million. You heard from my colleagues, we were doing quite well in Steel Division last year. A lot of positive initiatives. We approached the markets. We drove costs down and streamlined processes. A positive contribution also comparing to the prior year from Steel. In HPM Division, we also saw a sharp increase. The main reason there were cost measure was restructuring from last year and again the Buderus Edelstahl sale we had in the business year 2024/2025 and there we had an valuation impact in the prior year. We saw some challenging market environments and these cost measures compensated actually for that. All in all, a better year 2025/2026 compared to 2024/2025 also for HPM Division. Metal Engineering, Franz Kainersdorfer mentioned that in particular in Tubulars, we were of course suffering from tariffs. All in all, if you look at the total number, this is also what we published and told you in our publications before, that we were suffering roughly we say a high double digit million number which is the impact of tariffs from the U.S. The main business unit suffering out of that is our business unit, Tubulars, this is part again of Metal Engineering Division. For wire market, also still difficult in 2025/2026. Stable, but also with some headwinds was welding and rail, as we said before, was positive at lower price levels, in particular for rails in last year. Metal Forming, as Carola just said, prior year driven by a lot of restructuring measures, roughly in the amount of EUR 45 million. Of course, this was one main reason that these cost measures are positive now and drove some improvements in particular in Automotive Components part of this division. Tubes & Sections, as Carola mentioned, some headwinds there, but still solid and the record year of Warehouse & Rack Solutions was also mentioned. Going to EBIT. EBIT is up by EUR 270 million. In addition to the reasons I just explained, we had some impairments last year in HPM and Metal Forming Division. This year we were very stable in that regard. No additional impairments were recognized. Between EBIT and profit before tax, you do not see the financial result there, but if you do the math there, you will see an improvement there of roughly EUR 40 million. The main reasons are a lower interest rate. Of course, Euribor was down 1.1% compared to the average number compared to the prior year. In addition to that, we have also mentioned the positive free cash flow before. Net debt was also down roughly EUR 400 million, and this was the main reason for that. Between profit before tax and after tax, you see a normalized tax rate. Last year we were above 30%. This year we're a little bit above 27%, we saw a normalized one this year. Going to the first bridge, from business year 2024/2025, the EBITDA was EUR 1,346 million. Lower prices, EUR 378 million, more or less compensated by lower raw material cost in mainly all the divisions. We have a positive impact from higher volumes, in particular from Steel Division. Some negative effects are also included there from HPM, what I mentioned also before. In miscellaneous, what you see there is actually this reorganization cost in prior period in particular and also valuation of Buderus Edelstahl and the impact of tariffs is also included there. This is how we bridge from EUR 1.3 billion to EUR 1.4 billion roughly in EBITDA. A quick look to the changes, where do they come from in terms of division? You see there that we see a better performance from Steel Division, EUR 67 million. HPM, EUR 133 million, in particular driven by this one also in the prior period. Metal Engineering, driven by, in particular, tariffs, EUR -87 million. In Metal Forming, we were doing better by roughly EUR 49 million, we end up at EUR 1.5 billion. Cash flow was very positive this year. You see here, driven first of all by higher results. Cash flow from results, EUR 1.2 billion compared to EUR 900 million in the year before. A positive effect of changes in working capital. If you add this up, these two periods, we released working capital in amount of roughly EUR 800 million. Of course, at a certain point, this also will have an end and come to an end. This has then to do with the guidance we are giving for our cash flow numbers. In terms of cash flow from investing activities, you see EUR 1.1 billion was 2024/ 2025. Last year, we were at EUR 1 billion, roughly perhaps a little bit below our expectation. As my colleagues explained before, both big projects are on time and on budget. We will see these expenditures, and it is more or less a cut-off topic. There are no big delays or no delays, actually, and no overruns in terms of cost expected. We will finish our projects on time, on budget as of today. This is our clear expectation there. We end up at the free cash flow of EUR 530 million, which was very positive compared to EUR 300 million prior year, which was also not that bad. In terms of capital allocation, you see the investable cash flow of EUR 1.1 billion means cash flow from operating activities minus maintenance CapEx was EUR 1.1 billion. I start at the corner top right, EUR 170 million were spent into growth projects. In particular, the biggest one was one in Metal Forming Division for the rail frames Carola just explained to you. We paid dividends of roughly EUR 120 million this year based on the capital allocation and dividend policy we published in July last year. Not based on that. This was pre this policy. The next one, of course, will be based on that. Investments in decarbonization, EUR 380 million, a little bit above that. As said, once again, on time, on budget. We optimized our capital structure down by roughly EUR 400 million. Having a look at this bridge now, you see the details there. Again, investable cash flow, EUR 1.1 billion, and what I just explained to you is again here and shown in the format of this bridge, which we want to give you regularly. Same numbers as we saw it here. I would like to end with this overview. Our equity base is very solid, EUR 7.8 billion or 49%. Gearing, of course, is very low at 16%. Net debt to EBITDA at 0.9x. This, first of all, brings us into the position to be simply prepared for two things. This is, we are in an uncertain environment. This is number one. We are driving big projects here. As we said, it does not go without saying that we are performing there on time and on budget, and we simply want to be prepared for growth steps. As Herbert explained to you, that we define some areas where we want to grow. I think, well, I'm convinced we have a balance sheet which gives us now also the basis and the foundation for perhaps future growth steps. Having said that, I would like to hand over to Herbert with the outlook. Thank you. What is our outlook? Behind this line with ongoing geopolitical uncertainty is that we have still, or we expect still, no changes in tariffs. We have, in addition, the negative aspects of the war in Middle East. When you look at the market trends, we see most of these markets at the actual level when it comes to Automotive. It's difficult for them when you look at mechanical engineering. Same level, when you look at building, not really improvement. Still very good Railway System, Aerospace, Warehouse, as we have mentioned before. We expect that there a further positive performance. We have these positive effects or the expectations from the introduction of CBAM and the implementation of the post-safeguard measures. Also, we know that CBAM has led to relatively high stock levels. What's clear to us that we have to talk about these positive effects from the reorganization measures. As my colleague said, we are on plan, but not finally finished. There is a way to go and to put effort in that. All these things together, with all these negative and positive aspects of our outlook, we expect an EBITDA of between EUR 1.6 billion and EUR 1.85 billion. Thank you. Thank you, and we are happy to answer your questions. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the telephone. 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 star and two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Tristan Gresser from BNP Paribas. Please go ahead. Yes. Hi, good afternoon, and thank you for taking my questions. I have two. The first one is on the guidance. It's a bit wider range than what you usually do. Can you explain why is that? Also, if I understand correctly, there is EUR 100 million kind of positive one-off from the sales of Buderus in there. The low end of the guidance adjusted for that would be EUR 1.5 billion. It would be barely up year-on-year. In what kind of scenario you would see that happening, given you talked relatively positively, notably about your steel business, and the momentum going into calendar H2, and maybe more specifically, how much of a headwind this heavy plate, well, moderation, let's say, is for fiscal 2027? I'd start there. Let me start with some general remarks. Then Gerald will give you some figures, maybe. I think it's very difficult. I said it with my first sentence in the guidance is that, okay, we are used to this, let's say, tariffs, which is around EUR 100 million. Now we got, in addition, this Middle East war, which is affecting the whole world more or less. We think that, and we see it at the moment, higher energy prices will increase inflation. With higher inflation, we will see higher interest, this will dampen growth rates at the end. How much this and in what context this will be is open, this will be the outcome. Both of these negative aspects is EUR 100 billion, no change. The headwinds from the lower economy is not really clear at the moment. You know that you have wrote in different scenarios, but what you think of that is how long will it take to come to a conclusion in this war. In our scenario, it looks like that the lower end is when it takes longer, and the higher end of our range or guidance is for sure when it ends in the next days or weeks, then we'll see the upper end of our guidance. Perhaps I would like to add something there. You ask quite a wider range than usual. Last year, we were asked exactly the opposite. Why is it that narrow? At the beginning of this year, I would say uncertainty is higher this year. This is the clear answer to that. It was not an easy exercise to give you this guidance. Let me talk about and guide you perhaps a little bit through our divisions. Let me start with the Steel Division. You saw, I would say, an excellent performance this year. As Herbert and I, during our Q3 call, also elaborated on that, we cannot expect to continue a certain project- type business like that in the energy sector, in particular, because of the war in the Near East, for example. This is where we thought this will happen again, that we'll have some projects there, perhaps starting end of this year. This is, I would say, not really realistic. A lot of things are destroyed there. Right now, this business is something which is more difficult, and this is perhaps a reason why we think that we will have, again, a very good year in Steel Division. Will it be dramatically higher, or I would say it's more at the level where we are this year. In HPM Division, for sure, we have to see an improvement because we are convinced there that our measures work out to be the right ones. We are on track there. We elaborated in our previous calls that we will see a level of EUR 400 million EBITDA, around 2028/ 2029. I think this is still valid, by the way, for both divisions, for Metal Forming and for HPM Division. In both, we see improved results compared to this year. I would like to change and talk a little bit about Metal Engineering Division. You saw there an EBIT now of EUR 180- something and the respective EBITDA number to that. Talking about the business units there, in Tubulars, we have simply to assume that we will stick to this 50% tariffs the whole year. It's very difficult for us to expect a big improvement. On the other side, we see a Railway Systems business, which was very good in the last two years, where it's also partly a project driven business, which might be a little bit more difficult also this year. We are a little bit cautious perhaps there, but this path going forward to a EUR 3 billion business unit is absolutely the right one, and we will be there. As promised, we will deliver until 2030. Then there is left welding and wire. Welding is stable business with some headwinds in the U.S., in Europe at the moment. We will see how this is performing, but no big improvements can be expected out of this business, I would say, for this year. In wire, we are on a track where we are improving right now a bit, but still also, we have headwinds there. The physical demand is still a difficult one. This is how we ended up in this guidance we gave you. If you add this up, what I just said, you will end up somewhere perhaps in the middle of this range, and then there's some upside and some downside. This is how we see it. Okay. That's very clear and helpful, so I appreciate the color. My second question is a bit more on the current market conditions in Europe. I know you're not too exposed to the spot market, but we've seen European steel prices go down over the past two months. I would be keen to understand what's your view, what's driving this leg down. Do you think there's a big inventory overhang at the moment in Europe? If you could touch also a little bit on your contract negotiations, the half year one I think you have in June. I think you have some in July as well. I know the January one were maybe difficult. Are the half year negotiations moving into the right direction, and are you able to have better prices in line with what we're seeing in spot conditions? Thank you. If I may answer your question. I would say at the beginning of this calendar year, the price dynamics on the market and also when our fiscal year started, were a little bit better than expected. I think we saw some effects from the CBAM regulation, which is effective since January this year. We saw a positive price dynamic, a little bit better than we expected. You had it included in your question already. We saw also on the market that some customers are building up inventory. That is why the situation right now is a bit more moderate. I think that is because the steel safeguard measures will be operational by 1st of July this year. Some customers tried to get material up before this date. Now we're in a kind of a wait and see situation, and we do expect a positive momentum again in the second half of the calendar or more of our fiscal year, after the summer. I would say that you also mentioned and what is absolutely right, we're not so exposed on the spot market. We do more yearly contracts and quarterly contracts and also half year contracts. The negotiations are more concentrated on contracts beginning on April and then in fall again. We have hardly contracts starting in summer. The contracts we negotiated for April were Slightly positive, more positive than we thought. Also the few contracts we are negotiating for July, the negotiations are ongoing. If you look at the situation right now, it's okay, because there we're also negotiating contracts which should substitute contracts which are one year old. We are able to negotiate positive adjustments for that. Put it in a nutshell, it is difficult, but I think we see the market dynamics on the positive side. All right. That's very clear. Thanks a lot. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question comes from the line of Bastian Synagowitz from Deutsche Bank. Please go ahead. Yes, good afternoon. Thanks for taking my questions. I've got a couple. Maybe starting off here with the cost-cutting measures which you have ongoing here in HPM and also Metal Forming. I think you signaled that you may be topping up the cost measures here beyond what you said so far. Can you please share with us how much more cost-driven improvements you still expect in those two businesses in 2027 and 2028? This is my first question. I already reported on Automotive Components. I also referred back to the market that we do see that the market is even weaker than we thought in the beginning. We will look into more cost measures. If we talk about cost measures, that consists of different elements. I talked about procurement. An order of magnitude here is difficult to say. I will not do it here, but there is more that we can gain. I think the biggest lever still remains headcount, and you can translate that. If you go down, we are now slightly above 2,000 FTE in Germany. The plan is to go down by at least another 100 FTE to better 200 FTE. You can translate that into cost as well. For HPM Division, if we look at the last fiscal year, we have reduced the headcount around 600 FTEs. For this year, we schedule another 300 FTE, this is also significant. We will end up with this 900 FTE over one and a half, two years. This is one point, and the other point where we gain cost-cutting measures is from taking the synergies, for instance, in merging voestalpine BÖHLER Edelstahl and voestalpine BÖHLER Bleche, where we can reduce redundancies as well. These are the main topics, and then there are some smaller measures throughout the world on our locations outside Europe and in Europe. Okay, great. Thank you. My next question is on, firstly, your energy exposure and maybe also your Middle East exposure, maybe starting with that. What's your total Middle East exposure by revenue? Maybe in percentage numbers then, also just in terms of the energy market, which is, I guess, where your end market exposure is quite sizable in HPM and also Metal Engineering. Many of the end markets you have been operating in obviously have been pretty soft until now. Could you please give us a quick update on the current energy-related demand picture, what you're seeing in those two businesses, and could you maybe share with us how you expect the current high energy price levels to drive demand in these businesses in the next, say, two to three years? Yeah. Regarding the exposure of the Metal Engineering Division, regarding the Middle East, yes, we have a certain exposure, that's approximately actually between EUR 50 million-EUR 70 million. That's mainly from Tubulars and to a certain extent, from the welding business unit. The actual situation shows that the demand is still there. The Arabic states are finding now ways, logistical ways, new ways, on the land bridge side and from the south via Oman to bring in the products. Probably not on that level that we have expected, it's not zero. It's improving. It will impact to a certain extent. Hopefully, it ends soon and comes back completely, it's not that it's completely halted. As for HPM division, we see that we have quite a good position in the fracking in the United States, and this is what currently is showing some signs of increasing the business. This is one part, and we see it from other customers, mainly Asia and also United States, and even in the South American region, that they expect a higher demand in the second half of this year. This has to be, let's say, validated, because we don't know how this really will materialize, but we are very cautiously optimistic that we can get some tailwind from that. Okay, great. Just maybe to complete the picture, what is the Middle East exposure in the steel business, mostly with cladded plate? If I may add, our energy plate business in the heavy plate company is mainly driven at the moment by this area. We do not see any halts or stops in this project because they have to build pipes out of it. There is some time, and I think the market believes that there is time enough to finish their project. What we do see that new projects are postponed a little bit. Orders that would have been negotiated during summer, they are postponed, the negotiation are postponed to the last quarter in this year. What means that also here, there is at the moment a little bit a wait and see, and the projects are halting a little bit until there is a clearer picture how long this war is going on in this area. Okay, understood. Great. Thank you. Maybe one more last question just on, I guess the ramp-up of the new EAF, which is nearing next year. Given your significant CO2 deficit, which you still need to cover near record CO2 prices, that should obviously change the cost dynamics quite a bit, and I guess you will be able to run a little leaner there as well. With mechanics maybe looking different in Steel and Metal Engineering, what would be the cost savings on the various line items such as energy, labor, and CO2, which you would expect once these plants have fully ramped up? Regarding the Donawitz and the Metal Engineering part of the greentec steel project, the next step we are starting now in April 2027 is to ramp up the electric arc furnace. So we have an intermediate period for two, three years where we have a hybrid mode, where we're still running one line on the blast furnace and converter set and then the electric arc furnace side. The major improvements there will be first, the reduced CO2 certificate costs, they will be already significantly. After this first part, and once we have decided to get into the second step, then there will be also from the headcount side, an additional part becoming active. Okay. Could you put some numbers to those? For Linz, it's basically the same. I'll come to some numbers. On the one hand side, you're saving, as everybody knows, CO2, and you don't have to buy certificates for that. That depends a lot on the cost for the certificates. On the other hand, you buy a lot more electricity and scrap HBI. At the end, there is, depending on the market situation, can be on the cost side advantage or not. That's just a question of a few euros, I would say. What is different between Linz and Donawitz is, in Linz, we have a larger production, and we are following a modular approach, so substituting one blast furnace by the other. The big advantage in Donawitz is that you come quicker to a situation where you can change your structural costs step by step. The real difference, in my opinion, in the situation we are right now in the next one, two, three, four years, is not the cost side. The big advantage will be, do you get a premium for selling a greentec steel in our case? You know that greentec is our brand for greener steel. If we are able to sell you steel produced by electric arc furnace with a premium and having, depending on the situation, but more or less the same cost situation, that is a big advantage to go that path. In our case, we are actively getting orders for our greentec steel production. These orders are coming, and we have contracts in our hands Some OEMs in the Automotive business and also in the energy business when it comes to CCS or similar projects, they're willing and they want to have a green steel for building their cars, for building their energy facilities. Therefore, with a positive number of contracts already in our hands. That is the big advantage, not the cost difference for the next some years. It's a different story when you look further into the future, when ETS stays like it is, CO2 will become more expensive than it is now. Till 2030, I would say that the cost issue is not the big difference. One thing can be, to put it in a nutshell, if you can change your structure in your company. The most important thing is if you're able to sell your greener steel for a green premium on the market. That is a big difference, I would say. From my side, Bastian, one thing to add there. I think one number, which is a real number, what I can give you, because this is what we paid for CO2 last year, in this business year we are talking about right now, is EUR 230 million. It is quite a number. All this discussion we have is simply based on a lot of assumption, and I think it is not serious to give you there a big cost split, how we do our math there. Of course, you have assumptions for energy. You have assumption for development of CO2 prices. You have assumption what are the free certificates we get in future and so on and so forth. We are carefully looking at that. Yeah. We have two different models, and as Franz Kainersdorfer told you his side and Hubert told you the side of the Steel Division, perhaps we have two different paces there which we will, and we will keep you posted there. We do, I would say, a very diligent job there on our side. As soon as we have more to share, we will do so. Very helpful. Thank you. We now have a question from the line of Dominic O'Kane from JP Morgan. Please go ahead. Hello. Thanks for taking my question. I just have one question, which is, my understanding is in April, the U.S. Department of Commerce initiated a countervailing duty investigation into imports of OCTG tubular products. I just wondered, are you aware of that investigation continuing? Could you just maybe comment on whether you have exposure to tubular products being exported into the United States? Thank you. We are actually running or we are within two procedures. The one is AD and anti-dumping procedure. The second is the countervailing duty procedure you mentioned. Both are in process or processing. We have had regarding anti-dumping, I would assume two, three times already and always have got out of doubt there without any penalty. The countervailing duty one is something we have not seen in the past before. There, it will be an issue, for example, how the U.S. authorities are going to see certificates, CO2 certificates and free CO2 certificates. We on our side think it will be on our side, but earliest in September this year, we will know more because then the first judgment, preliminary judgments of the U.S. Department of Commerce will be available. Cannot really say much more about it now. Are you able to maybe quantify what percentage of Metal Engineering Division's revenue is those type of products? I think the overall revenue of Metal Engineering is roughly EUR 4 billion. The overall revenue of Tubulars is perhaps EUR 500 million, and at maximum 50% goes into the U.S. as a total. This is not just out of my gut. It's an estimation, roughly 5% of Metal Engineering. That's really helpful. Thank you. Thanks so much. Once again, to ask a question, please press star and one on your telephone. We have a follow-up question from the line of Tristan Gresser from BNP Paribas. Please go ahead. Yes. Hi, thank you for taking the follow-up question. It's just on Bastian questions before on greentec steel. If I understand, you'll have the EAF ramping up in H1 calendar 2027. You mentioned the date of April. How should we think about volumes from those EAF in calendar 2027? Is that a very gradual ramp-up, or do you expect to already have some meaningful tonnage? How it's going to be maybe on the Steel Division? Are you going to shut down the blast furnace already in calendar 2027? I think you mentioned the positive on the contract side in green steel premiums. Is a good chunk of your Of future orders that you've already locked in contract, is it meaningful volumes? Then I have another follow-up. I'll start there. Thank you for the question. I try to give you a flavor. In Linz, for the Steel Division, we are going to start the ramp-up of the electric arc furnace in February 2027, more or less in the already running business year. We are careful to ramp it up, so we will see running it at full capacity the business year after. In the first business year, I would say the business year 2027/2028. I have to be careful not to mix up the numbers. We are running the blast furnace and the electric arc furnace, gradually, we will reduce the blast furnace and shut it down by end of next business year. The electric arc furnace will reach its capacity of 1.6 million tons a year. Having in mind that we, in Linz Steel Division, we have a capacity of close to 6 million tons of steel production. 1.6 million tons of that will be electric arc furnace by end of next year. I would say it's a good estimate to say we're starting the ramp-up by February. When you start a new facility, you have to stop it and repair, improve some things. I would say if you take the middle of the 1.6 million tons for the next business year, that would be a reasonable figure for that. Okay. No, that's clear. Just confirming on CapEx and OpEx subsidies, there is no update there? No. Anything you hope to get maybe with the reform of the ETS market, maybe there's some more money? No. All right. All right. That's clear. Thanks a lot. Positive side is that we have our destiny in our own hands, and we can have the freedom to operate and manage the transformation. That is a positive thing. All right. Thanks. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Peter Fleischer for any closing remarks. Thank you very much for this very interesting discussion we had so far. I would like to finish the session with a personal remark. After almost exactly 20 years, I'll be leaving IR by end of June. I will be taking over a new role heading the strategic FP&A department in the Steel Division. I want to thank Hubert Zajicek for his trust and for this opportunity. Of course, I want to thank the whole Board for this very friendly, very good cooperation in the last years. In particular, I want to thank Herbert Eibensteiner for his support over so many years. Thank you very much for that. I will be missing the capital markets. We had very good discussions, very interesting discussions, very good times. I want to thank you for all the friendly cooperation over the last 20 years. My successor is Dino Malkic, as you can see. He's coming from the voestalpine Group Treasury Department, so he's very experienced in dealing with capital markets, so you will be in very good hands. All the best to you, and thank you very much. 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