Good morning, ladies and gentlemen. Thank you for joining our earnings call for the first half results 2026 here at Barco. My name is Willem Fransoo. I am Director of Investor Relations, and I'm here in the room with our CEO, An Steegen, and the CFO, Ann Desender. We will present first our results, which will take about 20 minutes. After that, we will open for questions. I will give the word first to our CEO. Thank you, Willem. Good morning, everybody. Let me start with a summary of the results of the first half of 2026. Orders came in at EUR 468 million. That's 4% lower than last year. When we calculate that at constant currency, it's flat. Sales landed at EUR 418 million, 8% below last year, 3% if you calculate it at constant currency. After a difficult first quarter, we saw the momentum improving in the second quarter, where we saw orders picking up towards the second half of the second quarter. Also worth mentioning is that diagnostic imaging as well as control rooms really stood out for their solid performance throughout the first half year. Order book is now at EUR 568 million. That is up compared to the end of 2025. At that point, we're at EUR 492 million. This, of course, gives us, again, a solid basis for the orders to come. A solid foundation for the orders to come. We also integrated now, after the successful acquisition of VerVent Audio Holding, we integrated VerVent in our entertainment division. They form now a third BU under entertainment. It's called consumer experience. For the two months that VerVent has been reporting into the Barco financials, they also basically showed solid growth. We have also the gross profit margin. Gross profit margin was resilient despite some product mix effects that we saw. EBITDA landed at EUR 26 million, that is 6% of sales, and that was mainly driven by the lower top line and the resulting operating deleverage that we saw from the lower top line. For outlook for the year, management expects and reconfirms basically that we will basically grow sales over last year, including VerVent. Our EBITDA, we expect to land between 11% and 12%. Now I'd like to hand it over to Ann Desender for some more financial details. Starting on the top line, orders and sales. As indicated by An, orders ending in line with last year at constant currencies. Sales at constant currencies 3% below last year. If you look to the different regions, EMEA orders below last year, sales - 5%. There as well in the first and second quarter have been largely impacted by weak investment climate linked to the Middle East. Not only I would say the shipments that we have towards the Middle East, but also a lot of our customers in Europe having impact on that one. Americas saw a recovery in the second quarter, also after the difficult first quarter. Quite a nice uptake in the second quarter, actually landing there already at the same level sales as last year's second quarter. When you look into the orders in the Americas for the first half, 8% above last year. Two that are standing out in there actually is both enterprise and entertainment. On the figures which you see here, orders and sales on the Americas, + 8% and - 11%. This is reported on the sales. The biggest impact we have there from currencies, as you do know. APAC also saw better second quarter than the first quarter actually, with in particular order and sales growth in the second quarter for both healthcare and enterprise, as well as actually good momentum with consumer experience VerVent. VerVent who all in all, actually, had a very nice quick start actually the first two months that were included in our figures. Landing at an order book at mid-year of EUR 568 million, up EUR 67 million compared to the beginning of the year. In the EUR 67 million, including about EUR 15 million of VerVent, our newest acquisitions. For the rest, a nice growth, particularly in cinema and in control rooms. When you look to the EBITDA bridge from last year to this year, FX had an impact more on the top line, quite contained, but negative on our EBITDA. That's to the tune of about EUR 3 million. VerVent brought in the first two months, part of our group, a positive contribution to our EBITDA. The big down impact is actually on the lower volumes of the lower sales, which we faced in particular in the first quarter. We could have a resilient, or we could contain our gross profit margin despite the lower volumes, that is coming with mix, with more sales and service, with more recurring revenues. Recurring revenues actually as to the total of our sales is now reaching 13% of our total sales. All helping in that one. OPEX and diverse cost measures have been taken. More of that impact will be, or largely, the impact will be in the second semester. In the first semester, those were offset by R&D investment, particularly in healthcare and in meeting experience. We have quite some one-off orders impacts, including in their acquisition cost and purchase price accounting impact in their last year. Some other income related to U.S. grants also included, which we do not have this year. That order making the building blocks in and to explain the lower EBITDA compared to last year. Lower sales and FX and one-offs hampering. We could contain our gross profit margin and a good first contribution of VerVent. When you look further down into the P&L from EBITDA to net earnings, depreciations are evolving primarily as we further build out our Cinema-as-a-Service portfolio. Depreciations and amortizations are EUR 24 million in the first semester. We did take restructuring costs and restructuring measures, which indeed will have an incremental impact in the second semester in our P&L. Total restructuring cost EUR 8.4 million, except for EUR 1 million that will have a cash effect. The biggest one is the closure of the R&D facility in Norway. Diverse other changes across the regions with the biggest impact here in Belgium. Interest income, some lower than last year as we changed from net cash to a net debt situation after the acquisition of VerVent. Income taxes, effective tax rate constant at 18%. Landing at a net result of -EUR 4.8 million. Moving over to free cash flow. Free cash flow in the first semester, -EUR 37 million. The big impact there, and that's also immediately the big focus area for the second semester, is higher inventories, which we have. Gross operating free cash flow landed at EUR 20 million. This is after EUR 4 million of restructuring costs already paid. When looking at our working capital, the increase is primarily situated in inventories, EUR 57 million higher and impacting on the free cash flow compared to the beginning of the year. We have in there the bigger impacts are in entertainment. We've taken advanced purchase of components and memory chips where there are price increases and to be ahead of those to also secure our gross profit margins in there. This being said, we also landed with some more finished goods than we wanted in view of lower than expected sales. The average payment terms of customers and suppliers are in a good balance, meaning DSO at 73 days, DPO at 81 days. Capital expenditures EUR 15 million, in line with last year, EUR 1 million higher, including the bigger ticket items there, the automation in our factory in Kortrijk here. Cinema-as-a-Service included, like we had also in the previous years. Our net cash position has shifted to a net debt position, EUR 33 million mid-year. This is after the cash out for the VerVent acquisition for an amount of EUR 134 million cash out, EUR 44 million of dividends, EUR 11 million of share buyback, the impact of the free cash flow in the first semester. Looking to our sustainability KPIs, going there strong and with a consistent progress on the different KPIs. Eco-labeled revenues at 77% of our total sales, a further increase of 1% versus last year. Well on track towards our target set with House Dubai, the new portfolio of immersive experience, healthcare, and across the divisions. Control room shifting more to software is certainly helping there out as well. Pointing at our Net Promoter Score as well, stood out at 66. Another 6 percentage points up compared to the full year of last year. We do an extensive inquiry on this customer NPS twice per year, and are happy to report a steady increase in that performance. Very happy customers who just would like that they even buy more. Moving it over to the divisional updates, An will give some more color on that. Let me start with entertainment. We saw resilient performance in entertainment. Sales landing at EUR 199 million, which is 5% below last year. Orders 3% up to EUR 243 million. From an EBITDA perspective, we landed at 8.4% of sales, which is two percentage points lower. Partially, that is driven by the lower top line. Also, some of the acquisition costs, and we are already partially offsetting that with some of the cost measures that we took in the first half, but we will see more of that in the second half. Zooming in on cinema. Solid performance in cinema. I think with the movie slate getting better, that is always a good sign for exhibitors to resume their lamp-to-laser replacement wave, which we also see. China, though, remains soft. With replacement waves in the other regions, we could cover for the shortfall in China in cinema. Our HDR by Barco, our new premium cinema solution with the light-steering projectors, is very well on track. We basically have now more than 100 systems that we plan to have installed by the end of the year. We see that a lot of momentum building up with the studios. Today, we have already secured more than 45 blockbusters. If you compare that to last year with about 35, which is definitely a good sign that people appreciate actually what they see in HDR by Barco. Not to forget, this comes with a new business model for us. We are not only selling projectors, but we are also basically now a bigger share in the cinema value chain with recurring revenues. For our immersive experience, well, we are very proud to say that we are now the number one in DLP projection in immersive experience. We see softness, or we saw softness, in the rental market. That was definitely also driven by the situation in the Middle East. On the other hand, we see stable performance in fixed install, and there definitely theme parks is continuously growing and is definitely proving to be a very strong growth pillar for immersive experience. Towards the second half, of course, the situation in Middle East needs to get better. On the other hand, we are also launching new products. There is our I65 mid-end projector series that we are launching actually in September. More features on Encore 3, which will also continue to boost our Encore 3 platform. From VerVent's perspective, as I mentioned already before, VerVent is now integrated as a third BU in the entertainment division. Very solid performance in the last two months, driven by their premium headphones and also their automotive audio solutions, where they basically provide technology license to the automotive sector. Here again, for us, this is a good indication already that merging visualization and audio is the right way to go to provide growth in our entertainment division. Over the longer term, we truly believe in the growth of entertainment. I think we have the right ingredients to really be a key player in the entertainment market. That starts with technology leadership, technology breadth, market leadership, a premiumization wave that is going on, especially in cinema, but also in the consumer space. Then, of course, the customer contacts, the customer relationships that we have. On top of that, of course, the expansion, where we are not only going to focus now on visualization but also on audio solutions. If we go to the next page on VerVent. Again, the strategic plan, why we acquired VerVent, is because we truly believe that a true entertainment experience is a combination of visualization and audio. This is also consistent with what we have said during Capital Markets Day, that we are going to go all in on entertainment. Because by adding audio, of course, we can tap into a bigger addressable market in the entertainment sector. We have three objectives with this acquisition. The first one is clearly growth, and that starts already short term by bundling Barco solutions with the audio solutions for the consumer market, especially in home cinema. There we have the projectors available. They have the audio available. Bundling and combining, of course, the technology, but also our go-to-market channels there to create extra growth. In the longer term, we will also work on audio solutions for Barco's professional market, so in cinema and in immersive experience. That, of course, also will create synergy and a bigger ecosystem play for Barco in those markets. That's number one. The second reason is innovation. Both Barco and VerVent, we are engineering companies. We're technology companies. They basically know best what to do in audio processing. We know best what to do in image processing. We truly believe by combining image processing with audio processing in the future, and also the system integration, because both of our companies are, of course, experts in system integration, that we can come up with solutions which the two of us separately could not do. The third one is brands. Barco has, of course, a brand in visualization, but VerVent Audio has two very iconic brands, Focal and Naim, and they are very well known in the audiophile market, but also in the high-end home market. They're further expanding actually in what they call lifestyle applications, also the automotive sector. That is, of course, where we will leverage and preserve the brands of VerVent. In the professional markets, once we start adding audio to the professional markets, then of course also the Barco brand is very well known in those markets. That is basically our main focus and the main reason why we acquired VerVent. Let me move to enterprise. We saw mixed results in enterprise. Continuous softness of the BYOD market in meeting experience, but that was offset with a very solid performance in the control room market. When you look at the numbers today, orders landed at EUR 115 million, which is 5% up, mainly driven by control rooms. Sales is down with 9%, landing at EUR 98 million, mainly driven by the lower top-line sales in meeting experience. Gross profit margin did go up with 2 percentage points. Also here, having more software in the mix, mainly coming from control rooms, is adding to our gross profit. EBITDA landed at about 6% of sales, mainly driven by top line and lower top line in meeting experience. Talking about meeting experience, we see continuous softness in the BYOD market. This is already now a couple of quarters that we see that. Overall, the market is slower. We see replacement base also being slower. We did not grow in the first half in EMEA and in the Americas. We saw a slight growth in APAC. Meanwhile, we have launched, of course, our ClickShare Hub, which is our Microsoft Teams Room system, and that's gradually getting adopted by the market. Here, we are certifying more bundles, and what that means is that we combine our ClickShare Hub with the video bars and the cameras of third parties. The more bundles we certify, of course, the more reach we have. On top of that, we're adding also more features to ClickShare Hub. The last one we now launched was the BYOD switch that we implemented on our Microsoft Teams platform, so that you, depending on the type of meeting you have in one meeting room, you could switch from a BYOD setting to an MTR setting. These extra features, also the extra bundles that we're certifying, is definitely going to stimulate our ClickShare Hub sales for the second half. Moving on to control rooms. That was definitely the highlight of the first semester. As well orders as sales did grow in all regions for control rooms. That was a combination of our control platform, but also the UniSee wall, so the LCD wall, as a replacement wave that we're introducing for the rear-projection cube right now. The control platform is doing extremely well. That represents now already 43% of the total sales and is growing rapidly year-over-year. That reinforces basically the strategic decision that we took a couple of years back, that we said in control rooms, we are going to really focus on that software-based secure control platform, which we're migrating now to what we call an KVM over IT system. This is what the customers seem to want, because they want basically software-based, connect people, systems, different systems, and different sites. That is now exactly what the control platform is catering to. Moving to healthcare. Here, definitely mixed results. Solid performance in diagnostic imaging, but a very weak performance in surgical. If you look at the numbers, orders at EUR 109 million, down 23%. Sales at EUR 121 million, down 12%. If you look at the EBITDA, very low. EUR 3.5 million, and that only represents 3% of sales. Main reason for the low EBITDA is of course the lower top line in surgical. It's also the effect that we are transforming surgical, and I'll give you in a minute more explanation on that, which meant that we need to keep on investing in R&D. Also that all the OPEX savings actions that we took already, but that the majority of that impact that we're only going to see in the second half. Let me start with diagnostic imaging. For diagnostic imaging, very solid performance. We see the replacement wave in radiology and in mammography really getting traction. We are the leader in those markets. We are recognized as a leader. We have very high-quality products now in the field, and we have a large install base, and we feel the trust of our install base in renewing their portfolios. Also, in digital pathology, we're doing very well. As you know, digital pathology is a little bit later in the digitization wave, as we call that. We are going to this market with, as well, hardware solutions, which are the pathology displays, but also software solutions, which were developed with Barco. SlideWrite QA is the one that we explained to you last time. This is now an AI use case to improve the efficiency in pathology labs. The combination of these two is really opening doors in pathology world. We're seeing a lot of traction. It's an emerging market, but we see a lot of traction. We believe that Barco is one of the first movers in that digitization wave. We basically want to really take a share of that and also grow in this market. Which brings me then to modality. As you probably remember, end of last year, we made an organization change that we moved modality with the operational center in Suzhou in China. The main reason to do that, because modality for us, that is custom displays for OEM, large system integrators in the healthcare world. It's a very competitive market. Cost and being cost-conscious is really key in this market. That is the main reason why we moved this to Suzhou. We see there our business stabilizing. We see basically new projects, new contracts coming in. Definitely there, we can confirm that moving this operational center to Suzhou was the right move to do. We come to surgical, and the surgical market is weak. As mentioned now already a couple of times, we are losing big contracts. Typically in surgical, they're very big contracts. They are for years when you're designed in, and it turns out to be extremely difficult to replace these big contracts in a short period of time. We are putting all hands on deck there to basically fix this. That means building up customer relations, working on new projects, which also means new products that we need to develop. There, for instance, focusing on what we call Nexxis Cube, which is a mid-end solution for the Nexxis market. New display types. Also, at Summer Valley, where we're introducing edge compute, so that we can run real-time applications on that system. All of that takes time. As well the trust, as the development, as the design in cycle with these large system integrators, it takes time. We have taken more measures in surgical, and in healthcare in general. We have moved now the entire healthcare division under one leadership. That's under John Zhao, who was leading Modality in China. The reason why we do that is to avoid fragmentation, to simplify the organization, to speed up decision making, and definitely also to improve execution discipline. That combined now with the new portfolio we're building, with also our migration into more software, which is definitely already happening in diagnostic imaging, but will also happen in surgical. This gives us confidence that we will turn around healthcare and that we also here have the right ingredients to turn this around and turn this back into growth. That said, maybe a very quick recap on our strategy. This is what we also showed you at Capital Markets Day, and it's what I have repeated now already for our divisions. For Barco, we have multiple layers. Historically, we started with hardware. We built and pioneered definitely in network solutions on top of that. More and more, we will differentiate actually in software. That starts with adding edge compute to our hardware. Then of course, building software applications on top of that. That is still very consistent, and I think you see this actually, this strategy rippling in many of our businesses moving forward. Our priorities for the second half. Oh, no. It's about bringing new products in the market. This just gives you a summary of the product launches that we did the last 18 months. As you can see, there are very big, new platforms that we have brought to the market at Barco. There is HDR by Barco, which is, of course, a completely new cinema premium solution. There is Encore3, complete new event switcher solution. Nexxis Cube, the mid-end solution for Nexxis. New displays going from a Coronis OneLook to a megapixel NDI to a 3D monitor screen for diagnostic applications. ClickShare Hub, completely new platform. More to come. Brilliant Assist, voice control, surgical displays, more to come here. We have not been sitting still in bringing these new solutions to the market. That sometimes takes some adoption time, but I think we're on the right track here. That brings me to our focus areas, of course, for the second half. We continue our innovation, where you will see more software and AI coming in. That also means that we are going to strengthen and make sure that we can maintain our leadership position in our core markets where we see the best strategic fit. We will also sharpen our focus and our investments on businesses where we see structural growth into the future. Last but not least, of course, also towards the second half, cost discipline and making sure that we introduce the right organizational efficiencies is key also to maintain our profitability. Which leads me to the last one, which is the outlook for 2026. An year geopolitical instability and uncertainties continued to impact demand and visibility throughout the first half. Management expects full year sales above last year, including the recent acquisition of VerVent Audio Holding and an EBITDA margin in the range of 11%-12%. With this, I'll hand it back to Willem for Q&A. Thank you very much, An and Ann, for this presentation. I think we're ready for the Q&A, and you can raise your questions by hitting the raise button at the top of your Microsoft Teams window. If you have more than two questions, we ask you then to queue again for a second round afterwards. I see that Marc is the first one. Marc Hesselink with a question, Marc, you can unmute yourself and go ahead. Yes. Thanks. The first question is on the guidance. Let's call it the implicit guidance for the second half of the year, which basically implies a very significant improvement versus the first half. There's normal with your seasonality. I also think that will be higher than next, if you take the midpoint of the guidance, higher than last year, which seems a bit of a challenge. I know you have talked about cost cutting, maybe can you walk us through how you can achieve the midpoint of your guidance range in the second half of the year? It's actually based on primarily three or four things. Being in the second half, there will be six months of VerVent where we have in the first half two months, that has an impact. We saw on the top line of our Polytan business the second quarter a better momentum already, especially already picking up and being at the same level of last year in the Americas. In that sense, that's where we then have the outlook on the top line for the second semester in there. This on the two divisions, actually. Gross profit margins were resilient in the first semester despite a lower top line. In that sense further, I would say keeping and even a little further improving that one, it's about operating leverage. Operating leverage on that higher top line, actually, not only operating leverage, we took quite some cost decisions actually in the course of the second quarter, which then have an accelerated impact in the second semester. Yes. It's a little bit all of that together, actually, that makes up for the far better, I call it normalized result in the second semester. Okay. That's clear. Thanks. My second question is actually on your 2028 guidance. The 15% margin. Just conceptually, the businesses as they are today, and maybe structurally some additional weakness in ClickShare, is that still achievable and is that in that timeframe? Because it will imply very significant improvements in the margin over the 2027, 2028 period. Yeah. We basically hold our guidance for 2028. We basically believe that we can achieve the EUR 1.1 billion. The portfolio mix, as you know, also the focus that we're putting today in our businesses and how the portfolio mix is going to turn out might be slightly different. We're adding also VerVent to that one. We, in general, think with all the actions that we have in place and all the strategic roadmaps that we have in our businesses, that we can hold to our guidance of 2028. Maybe as a follow-up, the EUR 1.1 billion, because that excludes VerVent, right? That was organic, the EUR 1.1 billion, right? Yes. Now, of course, because VerVent is now part of our portfolio, we constantly optimize our portfolio. That is what we need to do in the dynamics that we see in the market today. By 2028, it is part of the portfolio, and that is, of course, included then. Okay. Thanks. Okay. Thank you, Marc, for these questions. Any other questions from other people in the room? You can raise your hand by tapping the hand at the top. We see a question from Trion. I will allow you to unmute yourself, Trion. You may unmute yourself and ask your question. Trion Reid from Berenberg. Thanks, guys. Hopefully, you can hear me okay. I just had a first question about, you mentioned about the component prices. Obviously, that's the reason why your inventory's gone up. We've heard all about memory shortages and prices going up. How do you think about dealing with that coming forward in terms of increasing your own prices? What impact will that have on demand? You mentioned your NPS score going up. Does that leave room to increase prices without impacting demand in the future? Mm-hmm. Yeah, of course. We are sensitive to memory and memory shortages and the price increases there. One action we took already, we have already bought quite a supply so we can last for at least a couple of months, and this year with the supply that we have. Wherever we can, we basically include that in our price. We basically include that in the price. Sometimes that's a little bit also a timing effect when you increase the price, but we've seen actually our competition also increasing prices. When you do this collectively and your competition does it too, then it's just an effect of the market that everybody needs to swallow. Back to your question, will that impact sales and will that slow down sales? So far, depending on the business, we have not seen these effects in, for instance, a cinema or a control room or a diagnostic imaging. One that we have to watch out for is, I think, ClickShare, especially also the new ClickShare Hub platform. It is a Microsoft platform that uses newer generations of memories. There, it's to be seen also how the competition, some of them are already increasing their prices, how they behave, and then how the market is going to react to that. That's great. Thank you. Just maybe a second question just on VerVent. Obviously, adding audio, we can see that. You talked about the future, adding professional audio products, right, to your cinema and maybe immersive experience. How long do you think that will take? At what point, is that still within the 2028 longer-term timeframe, or do you think it's going to take longer to develop those new products? The plans, because the integration is in progress, and we're making very well progress. We focus first on the short-term things, which is the bundles, where they have the products, we have the products. That's then for home, mainly, yeah, for home cinema. For their professional audio, they need to make modifications to their current portfolio. Those roadmaps are being built right now. Yeah, we typically say two years, and then maybe in the market in the third year, which will be at the outer edge of the three-year guidance. Yes. Okay, great. Thank you. Okay. Thank you, Trion, for these questions. Any other questions from the room? You may raise your hand. Trion? Trion, do you have more questions, please? Yep. Go ahead. I'll come back. Yeah, if everyone else is too shy, I'll ask a couple more. First of all, on the event, I was just going through your report, and you talk about the sales and EBITDA contribution. I think if we exclude acquisition-related costs, it was sort of EUR 3 million if it were for the whole of the H1 period, right? On EUR 51.5 million of sales. Yep. If we annualize that, it would imply an acquisition price of 21x EBITDA, if my math is right, which feels quite high, especially compared to your own valuation. Any comments on the price that you paid and how you justify that and how you expect to generate a good return that'd be useful. One of the things is also, it's not only EBITDA, it's also revenue. When you look at the revenue multiple, we are close to the 1.2x multiple. That is one of the things that was also driving that. There is, of course, also things that we're going to have to do today on the improvement of the EBITDA and how we can basically also get them to the 15% level that we, for Barco, have as our end goal. Is this expensive? Cheap? It's not cheap, that's true. We truly believe that the value is there, that we create the effects and the value by merging the visualization and the audio together. Actually, that extra, this one plus one is three effect, that we will see this in the growth that we can present, actually, the coming years in entertainment. That, I think, when we look at that goal, we say, "Okay, this was a fair price that we paid for it. Still being early days, actually, but happy with the kind of kickstart that they made since they are part of the group, actually. Likewise, on the outlook on the second semester, actually, also adding to recurring revenues, being smaller, but it all helps, actually. In that sense, yeah, making, or I would say, on plan with also the business case and plan which we laid forward as part, actually, of the due diligence. That is still early days, yes, but at least on track on the start, so to speak. Now it's full steam ahead together. I think the other plan is also a very convincing business plan. The way that they basically are presenting their growth for the coming years in their own markets, by expanding into more lifestyle applications. They work through points of sales. For them, that is actually a multiple, how they increase the sales. Of course, the synergies that we can add by adding all new to the professional markets. Yeah, if you take that into account, that basically brought us to our EUR 135 million acquisition price. Okay, good. Maybe just a final one on healthcare, and particularly surgical. Obviously, this seems to be the sort of source of the EBITDA weakness in H1. You talked about you lost these bigger contracts. In the press release, you say specifically that you're shifting towards this cost-competitive and scalable mid-segment solutions, which I think is the Nexxis Cube that you've talked about before. Yes. I was just interested in two points. One, why are you not able to replace those contracts? Is it competitive? Is it just a delay, a time lag, or is there something structural really happening in the market? If you do manage to shift towards these more cost-competitive and mid-segment solutions, does that have a negative impact on the gross margin? Yeah. On your first part of the question, when contracts end, and they're ending in time, that's just the way it is. That is typically, for a large system integrator, the moment where they design a new system, but also look at what they need. Typically, some of the parts that we deliver, they need to become cheaper. There is a cost-competitive effect that is created once they start designing new systems. That is one of the reasons why indeed Nexxis cube is a more mid-end solution compared to the high-end Nexxis solution that we have. That is one trend we see. That can be in Nexxis, that can be in the display. The other trend that we see is once they start designing new large systems, they also need innovation. They want to introduce new features on their systems. For many of these features, that could be a new type of display, but very often this starts now being in software. They want to add real-time compute. They want to overlay an MRI on the video image during a surgical intervention. For that, their infrastructure, and that's typically then where Barco plays a role, also needs to be adapted, and that takes time. It takes time from their side because they need to come up with a blueprint of the design, then we need to custom design that, and that takes time. Then we need to certify it together, and then actually you get a confirmation of a PO that you're in that design. Typically, the volume starts gradually picking up. This is the time that you have to spend with these large system integrators to get designs in. I think it's the two effects. It's one, the cost competitiveness that indeed you need to go to more entry-level products. Back on your second question on the margin and the price. We have also learned now for the entry-level products, that's why we also have R&D in China, to really, from the design already get less costly components so that we take that into our design, so that way we can still actually secure margin even on the end products. Okay. Okay, great. Thank you. More questions? Any other person in the room who likes to ask a question, please raise your hand now. Okay. If there's no other questions, we can conclude the call. Thank you for these questions, thank you for attending our call today. The recording of the call will be available later today around noon on the website. We wish you good continuation of your day. Thank you very much. Thank you very much.