Good afternoon, ladies and gentlemen, and welcome to the Montana Aerospace Q2 2025 Conference Call and Live Webcast. My name is Yusuf, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode and that this conference is being recorded. The presentation will be followed by a question- and- answer session. You can register for questions at any time by pressing Star and one on your telephone. Webcast viewers may submit a question in writing via the relevant field. For operator assistance, please press Star and then zero. The conference will not be recorded for publication or for broadcast. At this time, it's my pleasure to hand over to Michael Pistauer. Please go ahead. Good afternoon and hello from our side for today's earnings call. We are very proud to present today the first half year's numbers of Montana Aerospace. We, that's Kai Arndt, Co-CEO of the company, dialing in today from Belgium, and me, Michael Pistauer, dialing in from Austria. We will not only present today's numbers, but later also answer hopefully your questions in a Q&A session. When we talk about Montana Aerospace, we still talk about two segments, two segments where we are mission critical. We get more and more, become more and more mission critical in aerostructures, being a crucial part to the worldwide supply chain and for the OEMs. Also in energy, where we support the OEMs in the mission critical parts for the transformers and generators so heavily needed by the worldwide market. Still two segments. However, we already posted today in the ad hoc in the morning that we have very good progress in achieving our goal, which we pursue since 2023, to become an aerostructures only company and concentrate on this segment with this heavy potential on growth and also earnings. The goal, which we partly achieved with the sale of the E-Mobility segment in 2024, and right now we already posted today in the ad hoc, we are in a very good progress concerning the final negotiations for a sale of the Energy segment at the level of an EV, clearly above, together with the earnout, clearly above €200 million, which we think that we hopefully can bring to a final ad hoc and announcement and signing within the next weeks from now. Nevertheless, when we talk about the half year's numbers, we talk about, as I said, Montana Aerospace as a whole, where we are extremely proud on the development, which we see here on this slide. We have again, despite in many cases a flattish market, but we have again increased quite heavily the sales. We had a growth of more than 14% in sales and an overproportional growth in EBITDA and earnings. We always claimed it in the previous calls since the IPO that our business model is structured in a way that once we have a certain amount of sales, every single sale increase leads to a better usage of capacity of internal resources with a decent fixed cost and therefore to an overproportional development of EBITDA and also cash flow and also net income. That's exactly what you see in the first half year in comparison to the first half year 2024. I said increasing net sales of 14%, but EBITDA by almost 35%, 34.9%, to a very comfortable amount of over $100 million, to be exact, $101.4 million EBITDA and therefore more in line than whatever we expected also for the guidance 2025. Net income impacted by a non-cash impact, which I'll explain a bit later, but still a very strong increase from -$17 million-+ $6.4 million. Let me once again remember or remind that usually our stronger quarters are the third and the fourth quarter in cash flow, but also in earnings. Therefore, having already achieved this very comfortable net income in the first half year 2025 is something we present with proud and therefore also gives us very good comfort for the full year 2025 and the further development of Montana Aerospace. CapEx in line, we always claim that CapEx is to be divided in two different areas. Energy segment on the one, which needs capacity increase and therefore is since 2024 a bit stronger in CapEx needs for the capacity increase. On the other hand, aerostructures where we do have a comfortable situation concerning the capacities installed and are more or less slightly above the so-called sustainable capital. Therefore, the split here is mostly to the Energy segment and to sustainable capital by area within the area of aerostructures. Therefore, absolutely in line with last year and also our guidance for 2025. Net debt, please note that on the slide, out of, I would say, conformity and legal reasons, is always shown the last year's end number. If we compare it with the half year's number of 2024, which is on further slides, further down the presentation, you will see that we had one year ago more than $100 million more net debt, or in different words and expressions, we reduced the net debt by more than $100 million from $342 million- $337 million, which is definitely our also future goal to reduce further the net debt and be beyond below a net debt/EBITDA ratio of one or EBITDA to net debt ratio clearly above one. Free cash flow from -$42 million-+ $1 million. The reason behind it is also always to be mentioned Q1 and Q2 are the weaker, and Q3 and Q4 the much stronger cash flow quarters. The reason is in the working capital. There's a lot of working capital needs in the first half of the year, and this is then shown later together with strong earnings, also by reducing this working capital for the year's end and in the deliveries. Having already reached a positive free cash flow gives us also a very comfortable view for the year 2025. Stepping with a basis of more than $7 billion or $7 billion on contracted sales, we look quite comfortable in the future, not only for the following year, 2025, 2026, but something which helps us to fill our capacities and even increase sales for the next years to come. Therefore, a very comfortable basis to start with. Montana Aerospace Group, solid growth in net sales, EBITDA, and net income as shown on this slide here. Comparison between the quarters of the last three years. You will see later in the explanations from Kai that the aerospace market with the build rates is not so fast increasing, by far not so fast increasing as our sales increase. It is based on a good performance from our side on market share wins, which we had, and also on tailwinds in the energy market. If you look in total, we have increased again the sales in comparison to Q2 2024. What again is more important is the EBITDA growth and the margin increase. From 2023, we raised the margin from 10%- 13%. In the last year, again by 2% points from 2024 to 2025. Operating cash flow and free cash flow, as already mentioned, we do have in the first half year a positive free cash flow of around $1 million in comparison to a negative free cash flow, which we had the same period last year. Here it's shown on the quarterly basis, which is, I guess, important to understand to see the usual development, which usually has a stronger development in the third and the fourth quarter of the year concerning operating and also free cash flow as said in connection with working capital and deliveries to be done. Same structure this year, but on a higher value, on a higher level, and therefore with a positive development already of $26 million in the second quarter of free cash flow versus -$8.2 million in 2024. You see that the positive development concerning EBITDA and earnings is also mirrored in the cash flow and the operating and also in the free cash flow. Great working capital, okay concerning the development, quite stable. We do still have on strategic purposes certain buffers concerning inventory, a buffer which we think is still necessary to overcome and to balance out the irregularities concerning the pull rates of the aerostructures supply chain and not to fall in any shortcuts concerning deliveries, which we till now are lucky not ever have to be ever done. We are performing and delivering, but on the other hand, still a need for a bit higher working capital. With a more or less fixed ratio of 23% from sales, it's okay and gradually also reducing from year- to- year is the goal from now on and also for the future for Montana Aerospace. Net debt, as said, a strong development compared to Q2 2024. We reduced net debt, so we more or less earned cash and reduced the debt position by more than $100 million. We are right now at the level of $237 million net debt. Our goal for this year 2025, year's end, is to be clearly below a net debt/EBITDA ratio of 1. This is something I guess we can clearly achieve with the present situation of the results. Financial result is something to be explained. You will see in the details of the result, a very high negative financial result, $47 million. If also compared to the net debt, it's simple to question why. The reason is that there are FX positions which are non-cash impacted, or there is no cash impact out of it. It's more or less if we grant IC loans to some of our non-Swiss, non-euro based companies, then the impact of FX changes, of course, show up in the P&L. With the negative development of the U.S. dollar versus the euro, we have an impact of almost $35 million within the first half year 2025. If you can compare it to 2024, U.S. dollar at year's end was something like $1.04, $1.05. Now it's at $1.16 and it's the difference behind. For us, it's important, what is the comparison concerning the cash impacted financial result? This is more or less stable at $12 million versus $11.4 million in 2024. Saying that and giving an overview of the P&L, a balance sheet, and also Montana Aerospace in total, I would like to hand over to Kai to give you a bit more details on the aerospace aerostructures segment. Thank you. Thank you, Michy. I hope everybody can hear me good. Thanks for the introduction and the explanation on the numbers coming to the aerostructures segment. First of all, you can see that compared to the quarter two of 2024, that the net sales is not, well, is not that big in terms of the growth rate. Fortunately, of course, our EBITDA, the margin is going up. This is thanks to the continuous efforts we are doing in cleaning up the portfolio, moving packages into sites where they make sense and where they can deliver better margins. This will be an ongoing task inside of aerostructures for the next, let's say, 18- 24 months. Continuously, we will move packages, as I said, where they should be. That's thanks to that we are increasing our margins. Overall, the market is still driven by very, very high volatility in terms of the pull rates. We see some packages which are delivered and ordered on a volume that is already 70% in the first half year of the complete volume we expected for the full year. Other packages are only at 30%. That tells me that still in the market, in the supply chain, there is a very, very high difference in terms of the inventory levels on several packages. I guess this is also one of the reasons why we don't see the fast ramp up as announced by the two OEMs. I definitely think it will continue like this for the next two years until there is really a bit of stability in terms of the supply chain and the inventory levels in the supply chain. Of course, we are happy to see the growth in EBITDA margins. We will also continue to work on this. Overall, this is giving me the confidence that we will achieve our guidance for this year, which still is in the range of $850 million in sales, and it will be around $150 million in EBITDA. That's still very likely to be achieved. We definitely see also in the second half of the year that the volatility will continue. That means we need to be very, very flexible in terms of how we allocate the resources, how we utilize our machines in the best way. For the moment, I definitely can say that we are quite happy how we did that in the past, and we were very fast in terms of adjusting capacity where it's needed. That's a very good progress in the company. I guess this is giving us some tailwind for the next months to come. Outlook from what I've just said about the build rates, if we move one slide forward. Yeah, this is exactly what I was referring to. If you see the build rates for the two OEMs, you can see that there is, I don't want to call it a stagnation, but we can also read it in the newspaper day by day that Airbus is struggling a little bit to come to the rates. I think they have to deliver 90 aircraft a month until year end to achieve their own guidance. That's not impossible, but it's definitely a big challenge also on Airbus. Of course, we continue and we follow this trend, and we are trying to maneuver in terms of inventory levels and the build rates and deliveries. Fortunately, and of course, this is also for us extremely important, Boeing is catching up. Boeing is definitely bouncing back, and that's very good to see. In the last months, they were always at the limit of the current block of the FAA. They were always at the limit of the 38, 737 aircraft, which they are allowed to deliver. This is now reducing in the supply chain all the inventory levels and hopefully will end up in a steady growth also on the Boeing side. Hopefully, very soon in the relief of this block of the 38 aircraft. I guess there's at least what I got from the Boeing side, there is quite an optimism that they will get the relief on the 38 in the next months to come, which again will then allow Boeing, but also us to deliver more and coming back to volumes, which we need in the end. That's a good tendency on the Boeing side and also on the Airbus side. I definitely expect it's just a question of time that they will come back to the higher rates. There is quite definitely an insurance to be optimistic. As I said, we need to be flexible. We need to take our own assumptions. We have been questioned a little bit about being too conservative in terms of our own guidance and the rate assumptions. After six months now, I definitely think that this was proven and there is a good reason on our side to stay conservative and, yeah, being very, very agile in terms of adjusting capacity where needed when the higher rates will come. We have the ability to follow the higher rates. Of course, as soon as the OEMs will deliver more, we will follow this trend. Overall, I guess then the numbers are showing it. We are on our path to become a very profitable company and delivering also the cash flow, which is expected by the shareholders. I guess the first half year was a very successful half year for the aerostructures segment. That's so far from my side. Of course, I'm open to answer all questions which will come. Thank you, Kai. Energy segment, similar development, also growth within the last three multiple years, but here it's shown only for the years 2023- 2024 and 2025. The reason is the ongoing transition in the energy area or industry. The need for generators, high voltage solutions, and transformers is unbroken. This is the tailwind which drives the company and therefore also with the capacity which is constantly ongoing, more and more installed. This is also then used and delivered and shown in the better net sales. Yesterday, we announced a long-term contract, another one. This is a trend. As already announced a couple of quarters ago, or initiated in 2024, the OEMs, the tier ones, OEMs like Siemens and now GE and others, they try to secure the capacities for the future. They know that they are dependent on the copper cores for their generators, transformers. Without them, they would not be able to deliver. We are mission critical. We have a substantial market share worldwide. We are a needed partner in this area with our Energy segment. Therefore, for our better planning position and on the other hand, for long-term capacity, also increased possibilities on the one hand side, and on the other hand, for securing their demand from the OEMs, long-term contracts are contracted. Another one was announced yesterday with GE, with a value far above a triple million euro amount on sales for the next few years. This is a tendency, and this gives us also the strength to keep up, to build up the capacity needed. In total, with a strong result in 2025 in the first half year in sales, but mainly in the earnings, cash flow generation, net income, we would like to at least reiterate our guidance and confirm our guidance for 2025. We have shown a guidance where we sell above €1.6 billion, something we confirm. What is in our point of view more important is cash flow, net income, and EBITDA on a also positive development path. Here also, we want to reconfirm so-called adjusted EBITDA clearly above €200 million with an ongoing positive net income, which we have already seen in the first quarter, but clearly higher in the second quarter, second half year, and positive development further also concerning the positive free cash flow with a streamlining working capital. Therefore, we want to confirm to finalize the year 2025 with a position which gives us all the strengths for 2026, where we, on the basis as we see it right now, see a sales increase to above to around €2 billion and the adjusted EBITDA grows to above €250 million. Our presentation is closed with the reconfirmation of the guidance. We, Kai Arndt and me, we're happy right now to answer your questions. Ladies and gentlemen, we will now begin the question- and- answer session. Anyone who wishes to ask a question may press Star, one on their 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 and eventually turn up the volume from the webcast while asking a question. Webcast viewers may submit their question in writing via the relative field. Anyone who has a question may press Star, one at this time. Our first question comes from Christian Bader, Zürcher Kantonalbank. Please go ahead. Yes, good day. Can you hear me? All fine. Very good. Okay, good. All right. I have three questions, and I'd like to do them one after the other. First of all, can you maybe talk a little bit in more detail about your business mix in the aerostructures segment and how you expect it to develop in the next one and a half years, please? Yeah, that's an easy one. Thank you. I mean, clearly, we indicated on all of our websites, etc., that we want to follow our so-called core strengths to be a vertically integrated supplier of aerostructures solutions. This is what we do today, and we want to be as far as possible vertically integrated in the company. What does it mean? We, from the very raw material over the recycling extrusion, then of course the machining, surface treatment, and the smaller assemblies, we want to deliver everything out of one under one roof. That's the philosophy we are following. Also, with the integration of ASCO, this is what I mentioned at the beginning. We are now trying to even move more of the supply chain in-house so that we can deliver also to ASCO the single parts that are needed and all out of one hand, so out of our own portfolio. That's basically our business philosophy. This is where we are building on. Of course, if we think about further developments, we don't want to get more into the assembly business. We are fine with the smaller assemblies we have. That's not our strategy to even become a tier one. This is not what we are willing to do. We want to stay in the core business, maybe even enlarge our portfolio into the raw material side. That's what we are aiming for. This model is proven by the two OEMs. We are winning packages continuously based on this model. I guess that's the philosophy and the strategy we want to integrate and implement in the company. Okay, that's very clear. Maybe a follow-up on what you just said. In terms of the custom mix, do we expect, let's say, significant changes in the nearer term? There will be no significant changes because I think we have a very diversified portfolio in terms of the different platforms and the programs, which definitely is a very, very good strength of the company. There might be some more diversification in terms of the space business, which is a very fast-growing market where flexibility and speed is of essence. We see that with the current customers, we are winning significant market share. This is a very good business for us because it's also building on the core strength I mentioned for the commercial aircraft. We make use of the same philosophy then also on the space business, and that's paying off in the moment. We are winning market share continuously with the customers. That's very good. This is a further diversification. Of course, it's in the trend that we also think about some defense business. Again, this will never become our core business. It's just an add-on and where we can build on the strengths we anyhow have in the company. This is what we are further elaborating and continuously developing in our company. Okay. Now my next question has to do with the disposal of the Energy segment. Does this imply that you will do an acquisition in the Aerostructures business relatively soon, or are these, let's say, two things that are completely separate? The main goal is to have the potential growth in aerostructures. You know it's growing fast. We heard it from Kai. The demand in the future from the OEMs, it will be even much higher. We will be prepared. There is at some point a need for organic and inorganic growth. Inorganic in the direction Kai just mentioned in some of the areas we want to expand. On the other hand, also organic concerning here and there due to high demand from customers in the future. Capacity increases, and this is something we want to be prepared for. Yes, it's the main use then for those user proceeds. Okay. My last question is basically, I mean, in terms of balance sheet, let's say, indebtedness, what is the, what can you give us, let's say, a maximum level of gearing ratio that you would not go above in case you do an acquisition? Two. So So 2x net debt/EBITDA is the maximum we want to be above. Why? Because things can happen, and there is something then which is then it's getting not so comfortable to leave still enough headroom for also topics where you have maybe unprepared macroeconomic issues, or great issues, or whatever. We know the times are volatile. Therefore, this is also for acquisitions, so within an acquisition. Right now we are below two at year's end, below one at year's end, and this should give us more than enough also headroom for organic and inorganic growth in aerostructures. Okay, that's it for me. I go back into the queue. Thank you. Thank you. Thank you. Our next question comes from George McWhirter Berenberg. Please go ahead. Good afternoon. Thank you for the questions. I have three, please. Firstly, on aerostructures, can you just comment a bit about how you expect that to trend in H2 and what are the moving parts to the performance there? You mentioned about strategic delivery sequencing in H1. Do you expect that to remain a factor in H2? Linked to that, can you comment a bit more about the rationale for moving the work packages between the different locations in aerostructures and how that helped the performance in the half? That's the first one. Thank you. Yeah. Let me start with your last question about the rationale behind moving packages from left to right, if I may. This, of course, first, we are invested for, let's say, $1.2 billion of sales. These investments have been done over the last five, six years. Of course, first of all, we want to utilize what has been invested. This is why we now want to see, okay, where do we have open capacity where packages fit perfectly on? That's the first thing. Second, of course, is to make use of the wider portfolio we have now with the integration of ASCO and the supply chain of ASCO. We want also to move packages in-house where today we are facing problems with the supply chain. I guess we want to have our own destiny under control. These are the main two drivers to move packages internally. As you can see, it's definitely paying off. I'm talking about main movements into Vietnam and into our side of Vietnam, but also into Romania. We recently also moved packages into the U.S. where we want to get rid of all the transportation time and the working capital behind. There are several reasons to make this happen. I guess the best time to do it is, as always, if you are not completely utilized and you have the capacity flexibility, then this is the time to do it. Hopefully, in one year from now, we will be fully utilized. Then, of course, we have to follow the big volume increases we see. It will become more and more difficult to move packages. That's now the right time to do it. This is what we continuously do. This is the main reason behind these initiatives. For H2, yeah, I mean, the volatility will continue. That was my first statement. It's very, very visible that it will continue. As I said, we saw in some packages already orders in the range of 70% where we then expect that it will slightly go down in terms of the demand in the next months to come. On other work packages, it will steeply increase, mentioning the 737 packages we have in Vietnam and Romania. There we expect that it will be a very, very steep increase in terms of the demand curve. This is giving us then the full year guidance in terms of the sales and hopefully also in the margins. I hope this is answering the question. Yeah, that was really helpful. Thank you. Maybe just the second question is linked to the first question. You talked about broadly flattish OEM production rates in the half and inventory in the supply chain. When would you expect to see sales rates for Montana Aerospace AG start to go up in line with what we've seen with Airbus and Boeing production rate targets? Yeah, that's a very complex question, I have to say. I will elaborate a little bit why. As you know, in our extrusion business, we are delivering to most of the suppliers of the big OEMs. Here we definitely see by far lower demand than expected in 2025 so far. There was really something like going into the brakes and making sure that the inventory level is going down. On one hand, this is telling me that there will be a steep ramp-up as soon as the inventory levels are back to normal in all of the supply chain. In other work packages, I'll give you one example for the 737, which I mentioned. We are still delivering around 15 chipsets a month on the 737, which is, as I said, Boeing is now able to deliver 38 over the last three months. We are still delivering the 15 chipsets. Again, also here, I guess it will be very, very soon that the demands will highly increase. This is where I see the major volatility in terms of the different build rates. For Airbus, it's more steady in terms of the growth. This is, I would say, more predictable. On the other side, if you see that they want to increase the rates on the 350, the A220, and the A320, and all in parallel, and all in the range of 30%- 40% in the next 12- 18 months, of course, everything is coming at the same time together with the steep Boeing increase. That will be a challenge for the complete supply chain. I definitely can say we are ready to do so. Of course, we are highly, highly sensitive in terms of analyzing the market if the complete supply chain can follow this high demand. We will then adjust our capacities if needed. Thank you for that. The last question is just on the M&A outlook in aerostructures. It's positive to see the news about the energy sale in the release this morning. Can you just comment on the M&A pipeline that you're seeing in aerospace and has that changed at all in the recent months? I can start and maybe Michy and Mark can add on or Michy can add on. For me, it's somehow like a jigsaw approach. We are searching for the right thing to do and not searching for something to do. If there is a good fit and the conditions and the commercials are directly fitting into our model and into our portfolio, then of course we are interested to do a further M&A. There is no force, there is no need to do it very soon or to speed up or to become desperate if we don't do it. It should be a perfect fit into our core business, which I explained earlier. Of course, we are interested, but there is definitely no need to do it fast or do it desperately. Secondly, we have clear goals concerning also EBITDA and cash flow. With the M&A, we potentially don't see those even strengthened. We don't go for it. In terms of a potential acquisition, we don't exaggerate concerning the purchase price or the enterprise value or the valuation behind. Here we are extremely restrictive. Why? Because we always have the other possibility to do organic growth. This is something always to mention. Here we have a clear understanding on what should be the return, the payback, the EBITDA possibilities of those new investments. They are way hopefully above what we see right now already in our P&L and maybe also in some of the other companies. Therefore, only if we see the M&A is matching with those, then we step into it. How is the pipeline? The pipeline is extremely intensifying. The year 2025, and I guess we already mentioned it in the first quarter's earnings call, even strengthened in the second quarter's earnings call. We see there is an ongoing drive for M&A. There are many, many companies testing the waters, testing the possibility of an M&A, trying to find partners, trying to match up with stronger groups to secure also their supply chain. We are constantly looking at those. At least from January till now, we had more than 35 possibilities on the desk, and some of them we are still investigating. That's really helpful. Thank you. Our next question comes from Olfa Taamallah of ODDO BHF. Please go ahead. Hello. Hello, everyone. I may have a few questions. The first one may be with regards to the Energy segment and the margin, the strong margin shown over the quarter. I am wondering if you can comment a little bit how should we think about the second half of the year. Also, if you can comment more on the possible sale of, I mean, you mentioned it's $200 million enterprise value. Is it something that you are okay with or negotiations are still ongoing? Should we expect the investment any soon? I mean, before the year end. My second question is on free cash flow. We had strong performance so far. The full year guidance is around positive cash flow. Could you be more explicit about that? Maybe comment on the main assumption in terms of the working capital requirement and CapEx. Maybe a last one on the supply chain. You mentioned some volatility within the ramp-up. Do you see some new bottlenecks rather than the engine parts? If you can comment a little bit on the current situation over the supply chain. Thank you very much. Thank you very much. Michael here. I would start with the first two questions, and for the third one, bottlenecks on aerospace supply chain in general, I would like to hand over to Kai. We start with the energy, the divestment, the potential investment, the divestiture from the Energy segment. I start with the earnings quality. Yes, we saw a very strong first quarter with a lot of tailwind. Here, it's quite balanced, to be fair. The quarters, in contrary to the Aerostructures segment, where we see mostly a stronger development in the third and the fourth quarter, mainly in the fourth quarter, the Energy segment is quite balanced. Usually, only August and December are a bit lower due to the holiday season and some maintenance, but it should be plus minus in the same range of what we have seen in the first half year, also in the Energy segment. Talking about the price and the potential divestiture of Energy, here we indicated in the talk that we are very far concerning the negotiations with the potential partner, a process which took us the last two years, as you know, with potential, I would say, carve-out IPO contemplations on the R1 end side in 2023. Then a lot of partners or potential buyers addressed us, in total more than 30. Nevertheless, here, yes, with the over €200 million plus potential earnout, we are way clearly above the €200 million. This is more or less something which is above 7x EBITDA of last year, 2024. With the still need there in this field for capacity increase and needed CapEx, we feel quite comfortable on this topic and also the possibilities. Therefore, we would like to continue heavily on this potential transaction to finalize it within the next weeks concerning signing and also closing, hopefully, then shortly afterwards, but definitely within the year 2025. Yes, free cash flow in general, you're right. We are a bit vague on our statement concerning guidance. We try always at least to meet our goals, and that's something also in terms of positive free cash flow. Cash flow was stronger than also from our side expected in the first half of the year. The second half year still should be stronger, also concerning the free cash flow development. There is one still open issue. It's always the need for inventory. I would say, yeah, inventory in terms of the Aerostructures field, which is a kind of a question mark till the end of the year. What is really demanded? How much excess inventory do we need to surpass any problems in the supply chain in the Aerostructures? Nevertheless, we expect here in the clearly, I would say, a bit beyond mid-term, mid-double-digit amounts of million euro cash flow by year's end. With that one, I would like to hand over to Kai to give you a bit more. Yeah, I will take for one. Bottlenecks. Yeah, please. Yeah. Now, with pleasure, of course, the engines you mentioned, the engines, this is the most famous example because everybody knows what an engine is and where the engine belongs to an aircraft. That's probably the best example to tell the audience where the problems are. As we are very much upstream, we also see the supply chain problems in terms of the fasteners, detailed parts, raw material. There is definitely still some struggling in terms of speed up and just match the high numbers of the volume which is coming from the markets and the OEM ramp-ups. It's not only the engines. I guess it has been heavily improved after the last conversation I had with Boeing and with Airbus. There was a very, very big optimism in terms of the supply chain stability. It's getting better. There's no doubt. That's good. It's good for the industry. We can also see that in our own supply chain where we are still receiving parts from several suppliers and that there is a very steady and heavy improvement in terms of their delivery performance. On the other side, remember what I said in terms of the build rates. Both of the big OEMs and absolutely every single program they build, they want to have a very steep ramp-up in the next months and years to come. It's not a single ramp-up in one program like it was for the last decade, mostly driven in the single aisle area, like for the 320 family or the 737 family. Now it's in every single program, A220, 787, 350, and every single program they want to increase the rates by 40%, 50% even. That's all coming at the same time. This is the big challenge for the market in the next months and years to come. I said we are completely ready for it. As we are very, very far upstream, we also see that some of the suppliers are struggling right now on the lower build rates. Of course, that will be the big challenge for the months to come. There is absolutely no doubt that it will come. It's a question of the time and the question of the sequence. There is no doubt it will come and that we are in a fantastic industry with the outlook. I definitely think there's no doubt about it. Thank you very much for these insights. Okay. As a reminder, if you wish to register for a question, please press Star and one on your telephone. In the meantime, we'll be answering a written question from Americ Poulain from Kepler Cheuvreux. Michael, please go ahead. Yes, sir. In the meantime, we also have the possibility for written questions in our earnings call. Americ posed one, the energy disposal value of €200 million. Does that concern 100% of the Energy segment? He writes, could you elaborate on the discussed planned proceeds for Montana and the possibility to earn out mentioned in the introduction? Any idea of the timing of a clause? It's partly repetitive, but I'm happy to do so. Our idea to find a signing date is something we envisage, hopefully, for the next weeks to come. I would say something between 8 to 12 weeks, hopefully. Therefore, also signing and closing very close together. This is the one point concerning the timing, but still there are some points still to deliver and to secure. Therefore, not 100% certainty yet. Concerning the earn-out, the possibility, which is negotiated or in negotiation right now, is in an amount of a low to a higher double-digit amount of million euro to be paid directly then to Montana Aerospace, depending on certain circumstances. I guess the possibility for that one is quite visible and something we can expect with. Does it concern 100% of the Energy segment? Good question because as we remind ourselves in E-Mobility, we carved out E-Mobility, but there were some parts we held back. In the case of the Energy segment, everything is carved out. Yes, it would concern 100% of the Energy segment. Answering this question, I would like to hand over back to the moderator. Ladies and gentlemen, that was the last question, and this concludes today's Q&A session. I would now like to turn the conference back over to Michael Pistauer for closing remarks. Thank you very much for listening and being part of today's earnings call, which we were extremely proud to present. It's something, I guess, which is not usual to see such results, to say. We have still an extremely volatile market. We behave in this volatile market, I guess, very stable. We always tried to be at least above our guidances and the expectations on us. We try to be the partner for many parts in aerostructures, but also in energy for OEMs. The strategy which pays off, pays off with the confidence they have in us, in the capabilities, and also in our possibility to grow together with them, for them, and taking over some areas which are maybe for the supply in the supply chain at risk. This strengthens us, I guess, again. That's why we are also very positive for the next quarters, but also the next years to come. Saying that, we thank you and looking forward to the next earnings call or the direct discussion meeting we have at one of the next conferences.