Hello, everyone, and a warm welcome to the Accelleron Full Year Results 2025 Investor and Analyst Conference. We are happy to have you as participants here in the room in Zurich, as well as remotely via webcast. For the in-house participants, here is a short safety announcement. In case of an emergency, please stay calm. Follow the signs, go down the stairs outside to the gathering point in front of the building. For everyone now, the ones in the room and the remote participants, please take note of this safe harbor statement. The presentation today contains forward-looking information that naturally comes with uncertainties. Furthermore, figures in the presentation are in U.S. dollars and were prepared according to the U.S. GAAP accounting standard. After the presentation, Daniel and Adrian, by Daniel and Adrian, there will be a Q&A session where you will have the opportunity to ask questions. If you're here in the room, it's simple, you just raise your hands. If you're joining remotely, you can either post your questions in the chat tool or ask them via the phone line. The operator will explain you what you have to do exactly. For now, I will hand over to our CEO, Daniel Bischofberger. Michael, as usual, thank you for the introduction. Welcome, everyone, to the Full Year Results Conference today. Besides Michael Daiber, I guess you very well know him from all the roadshows we are undertaking. As usual, I'm also joined by Adrian, our CFO. Here's the agenda for around the next hour. We will start with the key highlights, 2025. Adrian will then take over and talk about the financials of 2025. I will then conclude with a close look at the marine and energy markets and the outlook for 2026, and of course, including the guidance. Besides the financials, the postponed adoption of the IMO Net-Zero Framework and as well as the prime and backup power application for the energy market will be the focus topics of today. Of course, as already said, there's the usual Q&A session at the end. For those here in the room, you're more than welcome then after us to join for the networking lunch. I guess with that being said, let's go to the presentation now. In 2025, Accelleron delivered another year of outstanding growth and profitability. While the marine market remained resilient throughout the year, the energy market emerged as a powerful additional growth driver, especially with demand for backup for data center prime and backup power solutions. Building off on the success of 2024, we reached new heights in 2025. Revenues rose to $1.26 billion, increasing by almost 24% year on year. This achievement reflects both strong market fundamentals and our continued ability to capture market share in attractive segments. The operational EBITDA was up almost 23% to $321 million. Despite U.S. tariffs, the operational EBITDA margin was only slightly below last year, namely 25.4% in 2025, compared to 25.6% a year before. Net income increased by almost 36% to $224 million, and free cash flow conversion stood at 88%. In summary, last year we again demonstrated that we could grow profitably even in a challenging geopolitical and macroeconomic environment. When you look at revenues, operational EBITDA and net income from 2023- 2025, so when we went stock listing, you can see that all increased year after year. Growing profitably by well over 20% in 2025 is not a matter of cost, particularly while gaining market share. Net income more than doubled from 2023 to 2025. The higher net income enables a dividend increase of 20%. The board of directors will propose a dividend payment of CHF 1.50 per share to the annual general meeting on April 28th. In addition, we will launch our first share buyback program, totaling CHF 100 million, in line with our capital allocation framework and hence, delivering on our promises. The program is expected to start in the 2nd quarter of this year and is planned to run for two years. It will be executed on a second trading line on SIX Swiss Exchange, and we intend to use the capital base for the cancellation of the shares repurchased under this program. Enough about figures now, let's look at some of the highlights of 2025. With our activities last year, we expanded our capacity, offerings and reach on the one hand and we help to shape pathways for decarbonization on the other hand. We signed service agreements in both marine and energy with a total value of $150 million in 2025. By way of example, we signed our 50th Turbo MarineCare service agreement in December, so reflecting the growing adoption of fixed cost service plans among ship operators. These milestones demonstrate customers' confidence in our global service network and our long-term value proposition. The photo you see on top left is of a power plant in Alaska. With the utility running this power plant, we signed a record-breaking 17-year Turbo SmartCare agreement. Our mission is to maximize uptime and maintain critical power supply in such a remote and demanding environment where skilled labor is scarce and expensive. Demand for marine upgrades remained high with EPLO and FiTS2 upgrades expanding by 45% year-over-year. We also executed reliably at scale, producing over 22,000 turbochargers, a new record. Just as a reminder, in 2020 when we went on the SIX Swiss Exchange, we produced around 10,000 turbocharger, less than half of what we produce today. In fuel injection, we kicked off a multi-year investment program to expand manufacturing and R&D capabilities. The investments in Italy, including OMT's new technology center in Turin, support global demand for fuel injectors and reinforce our position in future fuel applications. We also expanded the reach of our digital solution through partnership in South Korea and Japan. This collaboration will promote our LOREKA360 and Turbo Insights offering, enabling broader fleet coverage and deeper insight for our customers in and across Asia. Our net zero reports published last year are steering industry dialogue about decarbonization. The first report highlights the need for shipping to pool its carbon neutral fuel demand with other so-called hard to abate or hard to decarbonize industries. These are airlines, these are cement industry, agriculture industry to accelerate the energy transition. The second report illuminates the cross-sector pathway for scaling e-fuels in Asia-Pacific. It highlights the region's emerging role in demonstrating how green hydrogen-based e-fuel networks can be built, connected and scaled, supported by industrial policies of countries in Asia-Pacific. We clearly see in Asia, they are not waiting for any regulations. Based on industrial policy, they will start producing these e-fuels, and over time, especially considering the huge base in China, for example, they will get the costs down to quite a competitive level. Asia is moving while Europe has great regulation, but not the clear way to help the production of those fuels. Finally, the Science Based Targets initiative, in short, SBTi, approved Accelleron's near-term climate targets for 2030, making an important milestone for the company. This independent approval confirms that Accelleron's climate goals, which are to reduce Scope 1 and Scope 2 emissions by 50% and Scope 3 emissions by 25% by 2030, and this is the baseline of 2023, are in line with the Paris Agreement's objectives. All in all, it has been a very busy year for all of us, but equally rewarding for all of us. Let's move on to the next slide. I'm pleased to say that we have successfully integrated True North Marine, the Canadian company we acquired in 2024. In doing so, we can now promote our digital solutions under the umbrella of LOREKA360 to a combined broader customer base. For example, Accelleron's OptiHull module is being sold now to True North Marine customers. But vice versa, also the True North Marine OptiNav AI module is being sold to Accelleron's customer. Through the True North Marine acquisition, we have gained additional capabilities. We now have seafarers in the team, supported by AI-powered tools, who play an increasingly important role in providing remote operational advice to ship charters. OptiNav AI is a great example of this. The solution delivers AI-supported voyage optimization, combining weather, routing, and vessel-specific performance models. In an OptiNav AI trial with COFCO International last year, we could demonstrate significant fuel savings, emission reduction, and cost savings. COFCO International is a large agricultural trader, commodities traders, and major ship owner. Across 13 ocean-going voyages, we achieved an average fuel saving of 3.5%, reduced CO2 emission by more than 1,000 metric tons and achieving cost savings of 2%-3% on average per voyage. Importantly, these savings have been achieved by no CapEx investment on board or any installation on the ship. With those remarks, I conclude my first part and I will now hand over to you, Adrian. Thank you. Thank you, Daniel. Let us now take a closer look at our strong 2025 financials, starting as always, with the group performance. Our core markets provided an encouraging backdrop in 2025. We saw positive market momentum throughout the entire year and continued to deliver for our customers, resulting in market share gains in both marine and energy. Growth in 2025 outpaced the upgraded expectations we set in summer, largely driven by higher volumes and direct, indirect pricing effects. Indirect pricing effects arose from billing in Swiss franc, respectively the Swiss franc's appreciation versus the U.S. dollar, our reporting currency. After last year's $1 billion revenue mark breakthrough, we accelerated our strong growth trajectory. Overall, our revenues grew by 23.5% to $1.263 billion for the full year 2025. In constant currency, we grew by 21.6%, exceeding the latest guidance of 16%-19%. Moving to the operational EBITDA, which reached $321 million, up by roughly 23% with a margin of 25.4%, only slightly below 2024 and just above our latest guidance of 24%-25%. The attractive margin was slightly impacted by the strong growth of new business, which outpaced the growth of service, tariff cost, and an increase in warranty provisions. Finally, moderate cost inflation was largely offset by price increases and productivity initiatives. The next slide depicts the performance of the medium-low speed segment. Our medium and low speed segment delivered another year of broad-based growth. The marine business continued to perform exceptionally well, supported by further gains in new build market share and the delivery of more than 1,000 low-speed turbochargers. The cruise service business has returned to pre-COVID levels. As Daniel mentioned, demand for retrofits and upgrades remained high, with EPLO and FiTS2 upgrades expanding by 45% year-on-year, reaching close to $40 million in revenue. Demand for fuel injectors also remained strong throughout the year. In China, strong domestic demand and export activity resulted in high revenues from turbochargers for diesel electric locomotives. The segment's revenues increased by $156.1 million or 20.2% to $929.6 million. On an organic basis, we grew by 17.2%. Our fuel injection business contributed $97.6 million. The operational EBITDA margin increased by 10 basis points. A strong increase in new business activity and an increase in warranty provisions, namely linked to the growing installed turbocharger population, were offset by operational leverage. Let's look now at the high-speed segment. In 2025, the high-speed segment upward trajectory accelerated. Growth was driven by sustained momentum in data center backup and rising prime power solution demand in the U.S. In respect to the U.S. gas compression business, we saw a further demand increase in line with our expectations. Overall, we delivered 15,800 high-speed turbochargers, including a record 8,000 TPX 44 units for emergency gen sets for data center and other critical infrastructure applications, more than tripling the TPX 44 production year-on-year. Revenues in the high speed segment increased by $84.5 million or 33.9% to $333.5 million. On an organic basis, we grew by 31%. The operational EBITDA margin decreased by 70 basis points. The rapid expansion of new business and tariff costs were largely offset by operational leverage. Now, on the next slide, let's go through the bridge from operational EBITDA to net income. As always, starting on the left, operational EBITDA amounted to $321 million. Next to it, you can see the one-off and non-operational cost which amounted to $12 million compared to $19 million in 2024. Of these $12 million, roughly $4.5 million were related to M&A activities. Moving on, we had acquisition-related amortization cost of $5.8 million. Consequently, income from operations or EBIT amounted to $303 million. The next item is comprised of interest payments, pension income, and fair value changes of FX instruments used to hedge non-operational foreign exchange risks. In total, this item amounted to $300,000. One further to the right, we can see the income tax expense, which amounted to $59 million. The effective tax rate decreased from 20.6% in 2024 to 19.5%, mainly due to a change in jurisdictional profit mix. With all of that, you get to a net income of $244 million, 35.8% higher than in 2024. Let's look now at the free cash flow in more detail on the next slide. Free cash flow conversion remained high in 2025 at a healthy 88% despite strong growth and higher investments. Overall, the $10 million increase in working capital reflects growth-driven effects and a normalization rather than a deterioration in cash discipline. First, higher business volume led to an increase in receivables, while collection disciplines remained strong. Second, trade payables normalized in line with higher business activities. Third, inventories increased as we ramped up our production to meet growing customer demand, temporarily tying up some additional working capital. Capital expenditures increased by 50%, reflecting our additional investments in our Swiss, Chinese, and Italian factories to optimize and expand production capabilities across the globe. As a result, despite Accelleron's strong growth and higher investments, free cash flow increased by $37 million- $214 million in 2025, underscoring the highly cash generative nature of our business. Let me conclude the financial review by providing some color on the capital allocation framework. You might remember our capital allocation framework that we presented two years ago. Back then, we highlighted our target net leverage corridor of 0.5-1.5 times operational EBITDA, our ambition of a stable to growing dividend, our clear focus on R&D and adequate CapEx to enable growth, and the fact that we would return excess cash through share buybacks unless M&A opportunities materialize. Let me now walk you through how we have addressed and continue to address these components. Based on our strong results and a good cash conversion, we managed to reach a net leverage of about 0.5x operational EBITDA. In line with our framework, this allows the board of directors to propose an attractive dividend of CHF 1.5 per share to the annual general meeting on April 28, 2026. Additionally, we are complementing this with a share buyback program of CHF 100 million. As Daniel said, we plan to launch it in Q2 of this year and to execute it over two years. Let's now look at other components of our framework. To cope with our expected growth, we plan to further increase CapEx for the coming two to three years to expand our capacity while keeping a balanced approach of make or buy to ensure long-term viability. Consequently, CapEx will amount to 5%-7% of revenues per annum. We are making these investments from a position of strength, which allows us to keep focusing on organic and inorganic growth and investing in R&D. M&A also remains an active area of strategic interest, where we will invest when it makes sense and opportunities materialize selectively and disciplined. Now back to you, Daniel. Thank you, Adrian. I guess enough figures. Now, especially enough about 2024, 2025, and now let's look forward. In this section, I will address market trends, opportunities, and the outlook for 2026. That's the only figures you might see. Okay. A little bit more figures about the energy market. I'm sure you're interested to see how much is coming from data center. Now let's first start with the IMO Net-Zero Framework. Just for you as a reminder for those not so familiar, IMO is the International Maritime Organization. This is a UN body and who is responsible for regulating the global shipping. The Net-Zero Framework is more or less the tool or the incentive or the tariffs, defining the tariffs that should help the shipping to get to net zero by 2050. In marine, one of the key uncertainty remains this into the IMO Net-Zero Framework. While the IMO proposal is clear in its ambition and to move to cleaner fuels and invest in efficiency, the decision has been postponed for at least one year due to political opposition and lack of global consensus in this topic. This delay slows the adoption of new fuels and leads to a fragmented regulation across regions. Some region will now bring up their CO₂ tariffs, but not aligned and not on a global scale. That doesn't really help shipping. What we see is now that dual fuel strategies with gas, natural gas or even single fuel with heavy fuel is still viable for probably, unfortunately, a longer time. As a result, the transition to e-methanol and e-ammonia, so the carbon-neutral fuel that should help them to get the shipping to neutrality, will create short or mid-term uncertainties, but it will not change the long-term direction of maritime decarbonization. Despite this regulatory uncertainty, the marine fundamentals remain solid. Shipyard capacity is tight. Order books remain at high levels, and we do not expect material impact on vessel deliveries in the foreseeable future. For turbocharger, this means stable to slightly growing demand in line with shipyard capacity expansion. In fuel injection, the slower uptake of dual-fuel engines because of this postponement leads to a softening of the annual growth rates more or less halving. In 2024 and 2025 you had 20% growth year-over-year. We expect now with the more simpler fuel injection system or less dual fuel, that the growth rate will be still close to 10%. Consequently, we will also reduce the CapEx spending. We still invest, but we don't need to invest so much because the growth rate is not as high as originally anticipated. Retrofits and upgrades remain attractive with payback cases still intact. The fuel price is still high enough to motivate the ship owners to invest in upgrades and fuel savings. However, without a global unified carbon price, the upside for high returns is currently limited. After very strong growth of 45%, as already mentioned, we expect revenues from upgrades and retrofits to remain at broadly on these high levels also in 2026. Now let's take a look on the energy market. In energy, Accelleron's business for backup power for data center has moved from an emerging opportunity to an established market. Accelleron is now firmly positioned in the data center supply chain following the launch of the TPX high-speed turbocharger in 2022, and record deliveries of 8,000 TPX in 2025. Generating around $40 million in revenues. Just again, in 2020 we had zero revenues in this market, and now over the last three years we increased it to $40 million. Again, we tripled last year the output of TPX turbochargers by three compared to 2024. In backup power, with this impressive growth, Accelleron-equipped diesel engines have now surpassed more than 10% market share in this estimated 40-gigawatt segment. For how long will this boom continue? Yeah. This is the famous $1 million question. Here probably we talk about the famous $1 billion questions. To be honest, nobody has really a substantiated answer. There's more guesstimating than any substantiated figures. However, data center build-out is increasingly constrained by the availability of prime power, meaning that backup power growth is expected to normalize and follow a steadier trajectory going forward. Still a growth, but not anymore exponential. In addition, our growth in this segment is linked to engine OEM capacity rather than end market demand alone. That means there might be much higher demand from the market, but just the OEM are constrained by their own capacity, and they're investing now in a capacity expansion. The real growth drive in energy is now prime power. Particularly for data centers in the U.S. What is prime power? Power plants that provide prime power ensure continuous electricity supply. They cover essentially demand in emerging markets, in isolated island grids, sites near data center, and industrial sectors such as mining. In the U.S., rising data center demand or electricity demand is running into a completely under-invested and fragmented power grid, driving strong interest in decentralized gas-fired power generation. The good thing is gas turbines are sold out, which will be the natural, the logical choice for having power plants closer to the data center, and they are sold out until 2030. Please hurry up. You might get a gas turbine by 2030. Probably you have to wait until 2031. With that one, we see now the demand shifting towards medium and high-speed gas engine, where Accelleron has a strong market share of around 40% for medium speed and even 80% for high-speed engines. In 2025, new business prime power revenues reach more than $100 million, roughly 30% of which was data center driven, so more than $30 million. Looking ahead to 2026, we expect mid-double-digit growth in prime power, predominantly driven by data center demand. Let's look at the different segments in the energy and marine markets. What is the outlook for 2026 in our business? I still remember when I showed you last year's slide. I thought things couldn't get much better. Apparently they can. As you can see, all the arrows for the different marine and energy market segments, except for the small marine segment specialized, are pointing up, and even some steeply. We expect continued positive dynamics, particularly in the energy sector. Robust product demand is anticipated from ongoing data center expansion and sustained activity in marine new builds. Given Accelleron's already substantial turbocharger market share in marine, so we talk here about 50%, above 50%, we expect to grow only slightly above the market share because gaining market share higher than the market because gaining market share above 50%, it's getting really tough. While we expect more moderate growth in marine, we expect comparatively high growth in energy. Decentralized power generation continues to gain importance as prime and balancing power application benefit from rising demand for on-site dispatchable capacity. Data center power needs remain exceptionally high. Because data center build-out is capped by power availability, as explained already before, backup power demand is expected to grow more steadily in 2026 and beyond. In summary, the outlook is positive, and we are confident that Accelleron's growth story will continue in 2026. Where do we set priorities for this year? It's clear with this high demand, reliable delivery for our customers remains our top priority. To ensure we can meet the expected surge in demand from the power generation market in an increasingly complex world, we are strengthening our value chain's resilience and investing significantly in production capacity. To this end, we'll increase CapEx, as mentioned by Adrian. We also continue to invest in our people skills, R&D, and digital capabilities, including AI. With the successful integration of our colleagues from OMT and True North Marine, we have added key competencies to the company that support our growth trajectory. Of course, growth also comes with responsibility for people and planet. We are proud that our near-term climate targets for 2030 were approved by the Science Based Targets initiative. The approved targets are a milestone that underscores our commitment to reducing our own emissions and contributing to a more sustainable future. They also reflect our company's purpose of accelerating sustainability in marine and energy. For 2026, we forecast organic revenue growth of 9%-14% and an operational EBITDA margin of 25%-26%. Of course, with everything that's going on in the world, making forward-looking statement is challenging, and our guidance assumes similar U.S. tariffs going forward and no adverse effect from the ongoing wars and geopolitical tensions. Thank you for your attention. Now we are happy to take all your questions and try to answer them as good as possible. You just raise your hand, as already mentioned here in the room by Michael and the people remote, use the chat or via telephone. Michael, you will do the moderation, I guess, huh? Yes. Thank you very much, Daniel. Welcome to the Q&A session. Just one note, if we receive questions in writing, we might combine similar questions into one. Especially to the persons here in the room, please, state your name and the organization you're affiliated to when asking a question. With this, we're going to start in the room. I think our colleagues will bring the microphones. Yannick Lee from Zuckerberg. I have two question. The first question is about the energy segment. I mean, on slide 23, you highlighted the different end markets, but could you also give us the breakdown of the revenue mix in gas compression, medium speed power, high speed power, and the backup diesel. That's the first question. The second question is regarding M&A possibilities. The last couple of acquisitions you made was mainly in the marine space. Do you also have some possibilities in the energy space to any acquisitions? Okay. The first question about our EPG market. In the emergency genset, we are in with $40 million. What we call the prime power, which is the continuous power, we mentioned we are at 100 million and 30% is coming from data centers, so $30 million. All in all, we have about $70 million in the data center. On the gas compression, I need to quickly check. Yeah, it's not included here, but we talk here about close to $20 million of new build. On the M&A space, as already said, we always, you know, we are looking for bolt-on and adjacency acquisition, so that means in the marine and energy. It's clear that it's not only marine, but also energy. We are seeing the pipeline growing, but as usual, what we would like is not available and what's available, we don't like. You know, it takes two to tango, and we watch the markets and we'll take those acquisitions when they come and the price is okay. That's why we also say it's selective and disciplined, and we have good organic growth potential still that we are not desperate for any acquisition. Hi. Ingo Stössel from UBS. Regarding U.S. tariffs last year, can you give us some kind of numbers on what your impact was on top line and on operational EBITDA? How did these usually get handled? Was it you taking most of the hit? Mm-hmm. Or was it your clients? If you could give us some color on that. Starting on the margin, we had a bit less than 100 basis points impact. In terms of revenues, we're talking most probably up to 1% growth, which is coming from passing on the tariffs. Net, obviously, there were more cost than what we could pass on as we are in a partnership with our customers and we have shared this. Now, in respect to the future, we have noted decision of the U.S. Supreme Court, right? That tariffs are considered unlawful. We have as well noted the recent ruling that a kind of a back-charging mechanism or refund process is in the verge of being established, and we're closely following up and would then there expect somewhere single-digit million CHF amount to be recovered. Obviously, the partnership with our customer is very important. We were able to pass on a certain quantum while a certain quantum remained with us. Maybe a second question regarding the current situation in the Middle East. It's obviously very fresh. Have you experienced any delays with clients who are holding off on their orders? Or what are the main risks you see that might evolve out of this? As you said, it's two weeks. We are watching. I mean, there was minor impact because some of the services should have happened in Dubai, for example. So the crew is off port, and we have also made sure that our people are not in the dangerous area, so but that's minor. You know, in the long term, also from the number of ship, I think if the figures are correct, we talk about 300 ships on the wrong side of the Hormuz Strait, but that's out of 50,000 ships. I would say the biggest challenge is definitely when the oil price goes up and there's a recession, then normally we are hit. But the rest, we don't see, for the time being, a risk. As I said, if the oil price goes up and there's a recession, then definitely we would be hit, especially on the marine side. Good. One more question in the room, and then I would move to the phone line. David Windisch from Rothschild & Co. I have two questions regarding the energy segment and backup power. One would be, the first one, with the OEMs being the bottleneck, how quickly do you think they can change that? What would be sort of an appropriate percentage they can achieve within one or two years? Mm-hmm. The second is for the same segment, which ones are the largest players, and how high is your exclusivity on them for their generators? Thank you. Mm-hmm. Okay. First, look, the good thing is we are small piece of the large engine. So definitely if they want increased capacity, they have a bigger challenge in front of it. They're all investing. If you go to Caterpillar, Cummins, MAN or Wärtsilä, they're all investing. So they will increase, but we definitely, since we are small piece, we are fast enough to be sufficiently ahead. The other one was about our market share. On those, as already mentioned, on the small engine, the high-speed gas engine, we are 80% market share, while on the medium speed it's about 40%. What was-- There was a third question, David. Market share on different OEMs. Those we don't disclose. Okay, thank you. With 80%, it's 80%. It's pretty high. Good. Yes. Valentina from the phone line. First question from the phone comes from Daniela Costa, Goldman Sachs. Please go ahead. Hi. Good morning. I have two questions. One is a follow-up on this point of the OEMs increasing CapEx. Some of them are doing very substantial CapEx increases. For example, Wärtsilä talked about 30%. Should we expect that your CapEx plans will kind of match their CapEx plans? Is that the size of. You talked about doing some capacity increases. Maybe if you could elaborate there to give us an idea of where CapEx could go to for yourself. I'll ask my second question afterwards. Hi, Daniela. Here is Adrian. In fact, yes, surely. I mean, we are differentiating by reliably supplying to our OEMs. We have proven in the past that we can follow their pace and therefore are really in the partnership. As mentioned, we have spent in 2025 roughly a little bit less than 5% of revenue, and we are even actually stepping this up further to 5%-7%. One could say over three years in average 6%. This is still a massive increase exactly to follow suit their growth trajectory. We are in the middle of preparation, respectively optimizing our parameter in Switzerland and as well in the other locations. Probably I can add here. Look, we are in close contact with all the OEMs, and they're coming almost on a monthly basis, adjusting their forecast. It's clear that what they are doing is testing the waters. They go to all their own suppliers, and they want to see who is the laggard, who is restricting them on their capacity increase, and definitely it's not us. We have enough potential to increase, and that's why we have to invest a lot. As I said, we are fast enough. We are the small agile ship while they are the big tanker, and they need to invest much more. It's higher investment, longer lead time. We will manage it, and we are in close contact to ensure we are not the one hindering them on selling more. Mmm-hmm. Thank you. The second thing is just regarding pricing. Obviously, you talked a bit about tariffs before, but we've also seen like some very pretty steady increases on prices of raw materials this year. Within your 9%-14% organic sales growth, how much pricing are you baking in? For the time being, on average, little to nothing. Because with the strengthening of the Swiss franc, the situation is in that sense demanding. We have as well with the high market share, certain OEMs attacking us or trying to gain market share back. This is first and foremost volume. What would trigger you to move price as well? Or how much higher did some of the inflation need to be? I think in the past, our philosophy was what we see in terms of increasing input cost, that we pass this on in the sense of protecting our margin. We have means on the productivity side to work, and we have operating leverage. I think we're solidly set. Yeah, this is always open. We have no plans to increase our margin by price increases. No. Absolutely not. Got it. Thank you. You're welcome. Next question from the phone comes from Sebastian Vogel, UBS. Please go ahead. Hello. I have three questions. I would ask them one by one. The first one is, with regard to the sales split equipment versus services for the different segments. I know you're providing not hard numbers, but if you can give us some sort of ballpark indication what these shares are for each segment, that would be great. That would be my first question. Usually we provide that at group level, and we're by now roughly one-third product and two-thirds services. Remember at the CMD back in 2022, we were one-quarter product, three-quarters service. With the massive growth of our product business, that share has changed a little. It is good because we are increasing our installed base, which is opportunity to do business in the future on the service side. In terms of segments, it is clear that the high-speed has a bit of a higher product share versus service, while the medium-speed obviously has a bit of a higher service share versus product. We do not disclose on the segment level detail numbers. Got it. The second question is more clarification if I got it right. Your data center revenues is around like CHF 70 million. Is that the right number that I was getting? I think it's 5%-6% of group revenue in FY 2025. It's CHF 40 million coming from emergency- Mm-hmm. Our backup, and CHF 30 million from prime power, which we expect now to grow significantly going forward. Got it. Perfect. Then the third and last question regarding capital management. In the past, I got the impression that you were rather aiming for DPS that is more gradually growing. Now, a 20% jump of course appreciated, but it doesn't seem to be sort of tying in very well with your previous communication. What are your thoughts there? I think first and foremost, net income went significantly higher. In fact, we have seen a 35%+ increase, right? Cash conversion was very solid, and we felt comfortable with making that kind of half-plus step while complementing it with a share buyback in essence. Surely the good results allowed us to make a bigger step than maybe in a normalized environment where we would be growing 2% -4%, definitely. It is on the basis of the results and our capacity to sustain this trajectory. Understood. Many thanks. That were my three questions. You're welcome. Mm-hmm. You're welcome. Next question comes from Uma Samlin, Bank of America. Please go ahead. Hi. Good morning, everyone. Thank you so much for taking my question, and congratulations on the strong results. My question is just one for me. On the service opportunity you have, so when do you see the OE orders you've got for the past few years to translate into service revenues, both in terms of Marine and Energy? I suppose that there is slightly different phasing between these two segments. Could you elaborate a bit more on that, please? Thank you. Thank you. You're right. There's different phasing. I mean, number one, emergency genset, they don't bring any service. I mean, they run 100 hours a year, and I think we need to have 8,000 hours until they see some service, so that might be a bit long. The prime power and data center, we expect the service to come in three to five years, depending on the utilization dispatch. On the shipping, it's mainly five years until we see them really making services on that one. If it helps, some after three to four years, and some after four to five years on the marine side. Thank you. For the marine segment, just out of curiosity, have you already started to see the, you know, increase in the service revenues from the strong contracting in 2021, 2022, or is it still too early, I guess? No, we see some of them. I mean, considering that we have almost now two-thirds of the business still coming from service, we would not be able to grow above 20% without service driving it. We definitely see the installed base growing. As we already said, unfortunately, some of this installed base on the shipping, they're running on cleaner fuels, so the service intensity is going slightly down. But the good thing is we had now a lot of upgrades which was able to compensate that and still keep a good growth on that one. We see, yes. We see the installed base now moving into the service already. That's super clear. Thank you very much. You're welcome. Is there meanwhile new questions from the room? Hmm. Thomas Body, William Blair Investment Management. I would have a question to your increased warranty provision. Is this due to the fact that you had in the last two years such a high growth that you had to increase the provision, or was there a certain incident happened in 2025? I think you're correct. It is, namely related to the growing installed base. We have been growing in product business alone in FY 2025 by close to 40%. That's basically this being reflected. Additionally, yes, within this, I think it's $47 million in total, we have certain specific cases, but all within the bandwidth of the experience of my past seven years, heading the finance in this business. Okay. One question from the chat tool, from Adrian Pehl from ODDO BHF. First question, how do the changes in the outlook alter your investment plans in the fuel injection business? We informed last year that we expect the fuel injection business to double to $150 million, and for that, we will invest $80 million. Now with the reduced or more or less half the growth rate from 20% more to 10%, we'll see an investment of about $40 million, if that's the trajectory. Who knows? If again, dual fuel comes back and ammonia is back, we will start investing. The good thing is we can gradually invest. It's not one big step, and then we might be overinvested. We can now steadily grow with the revenues, and we will invest accordingly. A second question on the revenues in power. What's the revenues in baseload power, and can this be offset from prime power? You know, the baseload versus balancing. Wish so. You know, the electrons don't care. If you put them into the grid, they go where they want, based on physics. No, some items are very clear. We call them behind the meter. That means if the power plant is really only dedicated to a data center, then it's clear. But you know, if it's one kilometer or two kilometers apart, is it now for the data center or not? It's for the demand, and the big demand is coming from the data center. It's not so easy. On some items, it's clear. On the other one, we have to make a judgment call whether it's now more for the data center or it's just generally for balancing power. Okay. One other power question. How much of the prime power is in medium and low speed, and how much in high speed? No, I don't have this figure now out of my head. I think in the FY 2025 numbers, if we talk prime power for data center, then it's very minor. Uh-huh. Right? The medium speed, while it is namely the high speed. Going forward, we would expect as well medium speed to profit from that, e.g., the Wärtsiläs, and us. Okay. One more question on the tax rate. Do you expect the tax rate going forward to be again smaller versus the U.S. GAAP tax rate? Probably the wrong one to be addressed. He sits a little bit more in the West than where we are. No, I have no clue. The tariff rate or the tax rate? Tax. Ah. The income tax. The cash payment of Will the cash tax rate going forward be smaller versus the U.S. GAAP tax rate? Okay. I mean, first and foremost, if you grow and your income tax and the income statement is increasing, you do not pay everything naturally in the same year, so there is a little bit of, you know, following that higher level. Additionally, we have still certain tax assets which can be amortized. Yes, there most likely remains for the next two to three years a minor gap between the expense and what we ultimately pay in cash. Okay. One other question from the chat tool from Bejic Sanaya from Lombardia Capital. Could you provide more color on the significance of revenues generated in China from diesel electric locomotives? Mm-hmm. China revenue grew by around CHF 60 million year-on-year last year. Is it mainly regarding, driven by the turbochargers for diesel locos, and what's the outlook for 2026? No, definitely not. I mean, if you talk about diesel electric locomotive in China, we talk about $20 million. The majority is from marine business. Again, as a reminder, 60%-70% of all the ships are built in China, and we produce the equipment for China in China. Okay. A question from the room? Else I would go back to the. Mm-hmm. Telephone queue. We now have a question from Joon Kim from Deutsche Bank. Please go ahead. Hi. Good morning. Three questions, if I may. Could we start with what you're seeing with core service revenue growth? I seem to remember about 10% year-on-year in the first half print. Is that accelerating, decelerating, staying in line? Is there any pocket of super normal activity you'd point out there? I'm not sure I fully understood the question. Could you repeat? I think core revenue growth, how do we see that going forward? How have been the dynamics? Are there any growth pockets? On the service side? Yes. Yeah. I mean, again, service is more or less steadily growing with the installed base. What we have seen, especially high growth now in the last year was on the upgrades, where we said the upgrades grew by 45%, so from about CHF 20 million to from CHF 25 million closer to CHF 40 million. Here we said this might now level out. It stays on that high level, but it's a challenge to further grow. The other thing what we saw last year was definitely on the cruise ship. They invest a lot in the existing ship because they clean up the balance sheet, and now they're investing in new ships and a lot in cruise ships. I mean, here, that's definitely a pent-up demand. Here, probably that will be a bit more will normalize. That's why also the growth rate is now between 19%-40% and not anymore between up to above 20%. It's also because we see more normalizing on the service side. Okay. Thank you. Another question on your diversified exposures, so the exposure to LNG and fracking. Can you comment on what you're seeing there? You mean on the gas compression side? Yes. Well, the good thing, if you take a look, we had some ups and downs, especially on the new business, because for a year, they more or less, our customer purchased too many turbochargers for the gas compression, and then they had too much inventory. This has normalized, and last year we are now back on a good growth level. Here, more stability on the gas compression side. We don't expect an additional push from the gas compression. Normal growth rates now. It's roughly 10% of group revenue. Yep. The full lifecycle Yep. Gas compression business, product and service. To group or to the division? Excuse me? That one we didn't understand. No. Can you repeat again? 10%. When you talk about gas compression being 10%, 10% of what? Of the group's revenues. Roughly. Fantastic. All right. Last question. If we think about your guidance for the growth this year, what needs to be true to hit the high end? And are those externally driven factors, i.e., speed of build-out on data centers and power plants? As we already mentioned, the marine business will more normalize because we don't see any more the chance to gain so much more market share like what we had since the last three years. That's more stable. The big upside would come from the data center, whether there's now more demand from the customer side, if there are the engine builder are able to increase the capacity faster than what they are telling us now. That might be the upside, that we might get closer to the 14%. If the growth on the capacity is less, then we are closer to the 9%. It's all about data center. Okay. Thank you. You're welcome. Next question comes from William Mackie from Kepler Cheuvreux. Please go ahead. Good afternoon. Thanks for taking the questions. Three, please. First of all, again, a clarification around the growth, just following on from that last question. Could you frame the 9%-14% growth in terms of your two business areas of high speed and then medium and low speed, just to put some brackets around how you would see each of those businesses develop? A lot of the information you've given is very useful on the end market lines, but just framing it around the divisions. Let me take the first one, and then you can take the second one. About the growth. More or less, we take a look on the markets, and the major growth is definitely coming from the power, which is more in the high speed, while the medium and low speed is more in the marine business. That's why definitely the higher growth might come from high speed, while marine or medium speed is more stably growing based on marine business. Thank you very much. Then with regard to margins and your margin guidance overall, at 25 margins, you know, I note you've called out the business mix, tariff costs, and warranty provisions affecting the margin development. When we think about 2026, maybe talking to each of those levers, you know, what pushes you to the upper or lower end of your 25%-26% margin guide for the year overall? I think starting with product versus service, indeed, but there are different margins, but it boils down sometimes to the single product, right? Even within the product itself. That mix is detrimental and can easily be 10, 20, 30, 40 basis points plus, minus. Ultimately, that mix we do not know with certainty. That's the first. The utilization. How efficiently can we deliver the growth, the volume? If you have more challenges or need to do more air freight versus sea freight, you see that immediately in your cost. Transportation is an element, the utilization over time, material cost. That's definitely the second largest lever. Then in terms of tariffs, I think we have framed in assuming tariffs stay on the level we have currently, so the 15%. Obviously change is there. If there are less tariffs, yes, net, we would have less impact. These are most probably the three key dimensions at this point. Please bear in mind that we need to keep investing as well. Daniel has pointed it out. There might be operating leverage we redeploy towards investments into our sustainable future, right? In terms of growth and offerings. The last is on the cash flow. I mean, your operating cash flow had some benefit from a normalization of payables in last year. When we look to the year ahead, given the moderation of growth and the various factors, should we consider that working capital is gonna be a tailwind, neutral or a headwind, due to the level of growth and the business mix developing? I mean, usually as we grow, there is a little more working capital needed. Our receivables are going up, even if we keep the same DSO. Our payables, yes, will help to finance, but not to the full, right? Payables compared to receivables is a much smaller portion. We have inventory, and we need to supply on the service, but as well on the product side. You would expect there is a little bit of working capital being absorbed when you keep growing. Additionally, our investments are higher than what we see coming through depreciation amortization. I believe somewhere around 80% conversion for 2026 is roughly in let's say the ballpark figure we could provide at this point. That's still healthy, but it will tie some capital, the additional investments and the working capital. Thank you. Thank you very much. Mm-hmm. The telephone queue is empty. There is one more question in the chat, still from Adrian Pehl from ODDO BHF. How will adjustments between reported EBIT and operational EBITA develop in 2026? When will they drop out, please? I think in line with past conferences, we cannot guide on this element. I mean, the amortization, we know it is basically in the annual report as well projected, and that will decrease, right? The intangibles of the acquisitions in respect to the acquisition related non-operational costs, I would expect as well to decrease. While on the residual non-operational cost, we cannot guide. I believe CHF 8 million versus CHF 100 million or CHF 1.2 billion business, that's clearly less than 1%. That's within a normal bandwidth. Good. Thank you very much. Is there any last question from the room? If not, I do a small logistical announcement for the people that are here in Zurich. If you want to join us for lunch, it is one floor down, and our colleagues will be happy to assist you in finding the right place. For the ones joining remotely, thank you very much. We will not take care of your lunch. We hope that. Yeah. You're also happy in getting some lunch. Daniel, do you want to close? No, nothing. Thanks for coming. Looking forward now to have an interesting exchange during lunch. For those not joining the lunch, enjoy the day. Thank you.