Ladies and gentlemen, welcome to the Analyst and Investor conference call. I'm Moritz, the call operator. I would like to remind you that all participants will be in a listen-only mode, and the 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. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's our pleasure to hand over to Jürgen Rebel, Head of Investor Relations. Please go ahead, sir. Good morning, everyone. This is Jürgen speaking. Thank you all for joining us on such short notice. We have exciting news to share today with you. With me are Aldo Kamper, our CEO, Rainer Irle, our CFO, and during the call, we are referring to the presentation on our website, Creating the Leader in Digital Photonics. Aldo, please tell us how we're going to reposition the company. Thank you, Jürgen, and good morning also from my side. We are on slide four here. A new dawn, at least for us. Last night, we announced the sale of our non-optical analog mixed signal sensor business to Infineon for EUR 570 million in cash. The transaction comprises position and temperature sensors, the industrial sensor interface, ASICs, as well as the medical computed tomography sensors for professional health applications, all within the business unit, CSA. 2025 annual revenues were approximately EUR 220 million, and the adjusted EBITDA was around EUR 60 million. Well, that's a little bit, approximately EUR 30 million of so-called stranded costs, the overhead and allocated group costs that the buyer does not need. To deal with that list, we will keep the manufacturing site, which is our CMOS factory in Premstätten, near Graz in Austria. We will continue to provide manufacturing services for several years to the buyer. Three R&D sites and approximately 230 employees will find a new home with Infineon. We expect closing pretty soon in the second quarter of this year. Relevant for our trade investors, the deal comprises approximately EUR 130 million of current net assets. With that, let me ask Rainer to comment on the deal rationale on the next slide. Thank you, Aldo, and welcome everybody to this decisive moment in the story of ams OSRAM, and we are now on slide five. We are pleased that we can kill more than two birds with one stone with this transaction, and first, with an almost surgical deal, by divesting less than 7% of group sales and 10% of adjusted EBITDA, we had EUR 570 million in cash, a high multiple that allows faster deleveraging that we always spoke of. Second, we gain additional room to maneuver, creating a company with a sharp profile, strategic pure play around digital photonics. And third, we found a great home for 230 of our employees with Infineon. With their financial prowess and complementary technology, they will be able to foster this business even better than we could have done ourselves. At the same time, the deal will enable us to invest adequately in the growth opportunities in digital photonics on both the sensor and the emitter side, as Aldo will show you later in the presentation. And fourth, we generate total proceeds of EUR 670 million, including the previously announced sale of the special lamps to Ushio. And we are reducing our net debt, including the OSRAM minorities, by almost 35%. We are taking the necessary steps outlined on the right to achieve a truly healthy balance sheet. We continue working on improving profitability and ongoing tasks, given the adverse macro environment. Completion of our Re-Establish the Base program is in sight, and we will immediately address the stranded costs related to this transaction. We will repay the 2027 convertible using cash on hand, fully in line with the T's and C's, and finding a solution for the Kulim 2 facility remains a clear top priority. Finally, we will be able to refinance the 2029 senior notes on improved terms. Taken together, these measures will bring us to our target leverage ratio below two and reduce annual interest expenses to under EUR 150 million, enabling us to deliver an attractive free cash flow profile. Let me show you our pro forma balance sheet on the next slide. With today's deal, we are moving close to our target leverage. On the left, you see our balance sheet as of December 31st of last year. First, cash. The European Chips Act funding by the Austrian government arrived exactly on time. We also optimized our German pension set up by switching the trustee. Under IAS, this freed up a meaningful amount of cash without reducing the security of the pension plan for our employees. Altogether, this lifted our cash on hand to EUR 1.5 billion, end of last year. Second, debt. Only small changes here. Within other financial debt, we rolled EUR 100 million bilateral credit with one of our core banks. For the 2027 convertible, no change until year-end, but in January, we repurchased EUR 200 million, 96%. No changes to the senior notes. On the Kulim 2 sale and leaseback, it's just a regular quarterly lease accrual and FX impact from the Malaysian ringgit. In total, this leaves us with EUR 3 billion in interest-bearing debt. So net debt stands at EUR 1.5 billion or EUR 2 billion, including the OSRAM minority share. Using about EUR 6 million of adjusted EBITDA for 2025, this gives us leverage ratios of 2.5 or 3.3, including minorities. Now, let's move to the pro forma balance sheet after closing of both disposals. Today announced the non-optical sensor sale and last summer's transaction with Ushio. Upon closing, this brings EUR 670 million additional cash. This will reduce net debt to EUR 850 million or EUR 1.35 billion, including the OSRAM minorities. We are also showing here that we reduced cash and outstanding convertible through the EUR 200 million buyback in January. We then adjust for the EBITDA we are selling for both transactions, which leaves us with approximately EUR 525 million EBITDA pro forma in 2025. This lowers leverage for 0.8 turns to 1.6, excluding minorities, and 2.5, including them. The final step needed to bring leverage to below 2 x will be finding a solution for the Kulim 2 facility. This remains a top priority, but it's not fully in our hands. So deleveraging has already been quite successful. And importantly, these divestments also free us up to accelerate innovation across our photonics core business. And Aldo will walk you now through our vision for the refocused company, switching to slide seven. Thank you, Rainer. Yeah, let me take you through the story going forward. With the disposals of our non-optical analog sensor business, we are truly shaping the leader in digital photonics. We're becoming a pure play with the broadest portfolio in the market across emitters, optical sensors, and suitable CMOS technologies for enhancing those. We hold the number one position in almost every segment we compete in, and in nearly half of our revenue base, we have a relative market share well above two, meaning we are not just leading, we are leading by a wide margin. We have several very promising growth avenues, and we're now focusing on them with full force. I will come back to those in a moment. We also offer highly resilient supply chains, global or local, exactly as our customers need it. Some of you might have wondered why we chose to keep our traditional automotive lamps business, even though it's hardly growing. Two reasons here. First, we optimized for the EBITDA multiple to maximize the deleveraging effect. Second, with our last man standing strategy increasingly unfolding, this business has become a stable cash cow in our portfolio. It helps us serve with our debt and fund growth in the semiconductor business. Now, let us move to the underlying driver of our semiconductor business. So I'm on slide eight. Digital photonics. What do we mean by that? Traditionally, photonics refers to the world of analog photon-based components and systems. When we say digital, we are adding something very specific, the semiconductor control ASICs that drive many of our most innovative emitters and sensors. In simple terms, all our semiconductor products enhance the physical objects or replace physical interactions, whether it's people interacting with objects or objects interacting with each other. Think of it as light as a design feature, sensing with light, dynamic light solutions, material processing with light, projection instead of a self-lit display, or light replacing copper wires. Ultimately, our products enable or significantly contribute to the defining technological trends of our time: autonomous and assisted driving, augmented and virtual reality, artificial intelligence, smart health, smart defense, and robotics. These very trends are the ones that will open up major growth avenues, some of them starting in 2027, which I will come back to in the later presentation. To give you a clear view of what remains in our business, let us look at our classic portfolio on the next page. On the left, you'll see optical semiconductors, all LEDs and lasers. No changes here, the full portfolio stays as is. In the center, CMOS, sensors, and ASICs. This is where all the non-optical sensing topics will leave the portfolio. And on the right, you see lamps and systems. Here, we keep the entire automotive lamps business. As a reminder, we sold entertainment and industrial specialty lamps to Ushio, and that transaction is expected to close towards the end of Q1. Now, let me hand over to Rainer to walk you through the next steps on the path to Creating the Leader in Digital Photonics. We're moving to slide 10. Thank you, Aldo. Our path forward consists of three phases. The phases 2023-2025, which was about streamlining and repositioning. 2026 is obviously now a transition year with, with many changes, and then 2027 and beyond, the growth and cash flow generation. Since Aldo and I took over, our focus has been on rebuilding the company for financial health and growth. We streamlined the portfolio. We executed the Reestablish the Base savings program. We took decisive refinancing steps to stabilize the group, and we refocused the semiconductor core, especially micro emitter R&D, towards new promising applications. The transition phase means closing both divestment deals during 2026. It also means a temporary dip in adjusted EBITDA as the sold EBITDA drops out and the stranded costs weigh on margins. Removing this cost overhang will require further transition costs. It's painful, but unavoidable. Financing costs will also stay high in 2026, roughly EUR 250 million-EUR 300 million, until we can refinance the senior notes, which we have on the radar for 2027. Beyond this transition, we return to margin expansion in the core business and to growth from new applications, including highly pixelated auto headlamps and micro emitter projection arrays. Aldo will cover these in more detail later. Above all, our goal is a healthy balance sheet with leverage below 2. The improved rating after the leveraging, the next wave of cost savings and the coming growth will allow us to bring financing costs down. With financing costs below EUR 150 million and the low run rate of restructuring costs, we will be in a position to deliver strong free cash flow, well above EUR 200 million. We have a consistent story. Streamline and reposition, then grow, expand margins, and generate a strong free cash flow. Now, let's talk about our updated financial targets on slide 11, following the reshaping of the company. This slide sets out our 2030 over the cycle financial target. The model we expect once all divestitures, including Kulim 2, are completed, corporate structures are simplified, debt is refinanced, and new applications are contributing to growth. For semiconductors, we are targeting mid-to-high single-digit revenue growth. This is based on a range of growth vectors that Aldo will explain shortly, and we aim for an adjusted EBITDA margin of 25% or more. Traditional auto lamps will contribute to the group, as illustrated on the right-hand side. This business is expected to remain broadly flat, acting as a reliable cash source that supports the transition and helps funding growth in the semiconductor business. We target consistently an adjusted EBITDA margin between 13% and 15% for the segment. At group level, we target a CapEx ratio of up to roughly 8% of sales, but typically lower than that. A free cash flow of well above EUR 200 million after refinancing, and a net debt to adjusted EBITDA ratio below two. These are over the cycle targets, and they reflect our operating model once the portfolio transition is complete. And with that, back to Aldo. Thanks, Rainer. Now on to the technology, technological leadership, the heart and soul of every semiconductor company, and the foundation of any successful semiconductor business. I'm now on slide 12, where we outline our system relevant optoelectronic technology portfolio. Our customers rely on us because our technologies make their products better or enable them to work in ways they want them to. This is our purpose, enabling system performance and of course, making money and creating value. We start from the broadest differentiated technology portfolio in the optoelectronic industry, where differentiation runs deep. We master epitaxy across three different material systems, covering wavelengths from near-infrared to UVC. We develop advanced emitter chip and packages. We bring phosphors and mixed-signal CMOS technologies to the table. And we have industry-leading capabilities in optical filters and through-silicon via. In almost all of these fields, we are leading the race. This unique combination of technologies allow us to develop industry benchmark LEDs, lasers, and micro emitter arrays, as well as a broad set of sensors for light, proximity, distance, temperature, pressure, gas, and so on. And because we combine this with our mixed-signal and CMOS know-how, we can even integrate LED driver ICs and associated power management ICs in complete solutions in-house. This is why we say we offer the broadest set of differentiating emitter and optical sensor technologies in the industry, and we lead the market position in technology and innovation. Switching to slide 13. Historically, we have not always been good at turning technology leadership into market and commercial success. This is going to change, and the next slides will make that clear. First, let's look at the foundation we're starting from. We're already leading in market segments that represent roughly 80% of our semiconductor revenues. In most of these segments, we hold a relative market share above two. In the remaining areas, we are still nicely above one. Some of the clearest examples are automotive forward lighting, automotive signaling, and horticulture, and there are many more. A major milestone came in 2025. According to TrendForce, we surpassed Nichia and are now the clear number one in packaged LEDs. We're leading by EUR 50 million based on their estimates. If you look at our revenue mix, our semiconductor business is also well-balanced across automotive, industrial, and consumer. And the regional split is healthy as well, across Americas, EMEA, and Asia Pacific. For this, we argue diversification plus leadership creates resilience. Let's stay with the theme of resilience and look at our semiconductor supply chain on slide 14. The macroeconomic environment has changed. New trade policies, new geopolitical realities, and a new kind of geoeconomic thinking are shaping global supply chains, and we're ready for this new era. We can offer our customers exactly what they need and exactly how they need it. Our supply chain is geopolitically resilient, and end-to-end. This is especially important for our customers in the defense sector. We can support both globalized and regional supply chains. We have in-house and outsourced capabilities across the entire value chain, LED and laser front-end, assembly, test, and test, as well as specialized CMOS and sensor front-end and back-end processes. In-house, we can rely on a manufacturing network in Austria, Germany, Malaysia, Singapore, the Philippines, and China. We complement this with outsourcing partners in Taiwan, China, and several other countries. This mix gives us exactly what our customers need: redundancy, proximity, competitiveness, and meeting local content and reliability requirements. Now turning to page 15. We are truly excited about the growth opportunities that digital photonics present. Let me walk you through the six key angles we see emerging. Three on emitter side, all centered around micro emitter arrays, and three on the sensor side: spectral sensing, biosensing, and time-of-flight-based distance sensing. Let's start with a familiar topic, high pixel count, matrix headlamps, based on our priced EVIYOS product. That's on slide 15. EVIYOS is our answer to higher safety and greater functionality in the most advanced automotive headlamps in the market. Today, we have 25,000 pixels, more to come in the future. To date, we have accumulated over EUR 500 million in design wins, measured in estimated lifetime value. We have shipped already more than 1 million pieces, and we expect today's low double-digit million EUR annual revenue to grow to around 100 million EUR by 2028. So a steep curve ahead of us. The US dollar market for packaged and metrics LEDs for automotive headlamps is projected to exceed $1 billion by 2029, driven by the micro-LED high pixel count arrays. In other words, 70 million new cars in 2029 are expected to be equipped with adaptive matrix headlamps. And we are perfectly, perfectly positioned here. We hold the vast majority of design wins, and in doing so, we are effectively setting the market standard. The pixel size today is around 45 by 45 microns, but this is just the beginning, as you will see on the next slide. We have been pushing hard to further develop our micro-LED array-based technology, the very technology that earned us the German Future Award in 2024. Today, we have red, green, and blue micro emitter arrays with a pixel size of just one micro. This is a game changer. When pixels become this tiny, and when you combine that with smart system integration, you get projection engines that are compact, bright, and highly efficient. We invest heavily in this technology, supported by government funding and our customers. This technology will enable every day see-through AR glasses, with displays that are far brighter and far more power efficient than anything on the market today. We are already working on the first design ins and wins, and our conviction of this, in this new class of consumer products has been growing steadily, and market adoption has been also rising sharply. Smart glasses without displays are already selling in the millions today. Just imagine what happens once attractive, high-performance displays are added, and we will be a major part in that shift. We plan to offer more and more critical components to this class of devices, going well beyond what we offer today. If the market grows as predicted, and if we launch our new products as planned, we see an annual revenue potential in the triple-digit million EUR territory in the 2030s. However, this technology has even more potential. Let's move to slide 17. Gen AI is the topic of today. Data centers are being built at an unprecedented scale. Some of them are simply breathtaking in size, and so is appetite for electricity and for thermal cooling. We even hear of plans placing data centers in the cold of space just to deal with the heat. Back here on Earth, the data centers world is moving away from copper. They're shifting towards silicon photonics and co-packaged optics, the first wave of optical backplanes for scale-up architecture. But we are already thinking beyond that. We are exploring a solution with even better energy efficiency and thermal management, micro emitter arrays that enable multi-channel optical connections at lower data rates per channel, meaning simpler, less power-hungry components. This is considered the second generation, sometimes referred to as wide and slow, and it doesn't stop at the back plane. This technology can also work inside the rack, enabling chip-to-chip optical connections directly on the board. We've already demonstrated prototypes in the lab, and are currently working with partners to commercialize the solutions at scale. The market demand is certainly undisputed, and we intend to grab our share. Still too early to quantify the exact upside, but we are certainly looking at high double-digit million EUR annual revenue, potentially, possibly triple digits, depending on how much of the system we end up providing. Now, let's switch to the sensor side of Digital Photonics. Slide 18. Spectral sensing is one of our strongest consumer use cases. In smartphones, it enables true color display management on the user-facing side and professional-grade color correction on the world-facing side. In this field, we are a clear technology and market leader, and we want to keep it that way. Already today, spectral sensing contributes triple-digit million EUR revenues. But we see further growth ahead, supported by new sensor products currently in our pipeline, as well as the global proliferation of foldable smartphones. Two screens means two sets of sensors. External forecasts show foldable shipments growing to 29 with a CAGR of 34%. And while exact adoption of spectral models will depend on individual OEM design choices, the 2030 revenue contribution will be meaningfully higher than today. On top, the share of premium smartphones continue to grow as well. Next in line is vital sign monitoring or biosensing for personal health and fitness tracking. Today, wearables already measure heart rate, temperature, blood pressure, and blood oxygen. This is the state-of-the-art, but we expect that additional biomarkers will emerge to be optically detected. We are actively working on such next-generation sensors, and with broader adoption, we anticipate additional double-digit million revenue contribution by 2030. Well, the wearable market itself continues to expand across true wireless earbuds and smartwatches, and we are positioned well to benefit from this ongoing growth. Completing our tour of the sensor side, let's look at time of flight. Our multi-zone time-of-flight sensing sits right at the intersection of edge AI, advanced smart device, and robotics. Our goal is to deliver higher frame rates and RGB depth fusion that lets devices understand their environment with far greater precision. Today, our device is a technical benchmark in the market. We are awarded as the first smaller design win as we speak. With robust AI use cases and system-level optimization, direct time-of-flight becomes a core capability across both consumer and industrial use cases. We have high expectations for adoption in robotics. Steepest growth curves are predicted for humanoid robots, starting from very small shipment numbers today, but growing rapidly in the future. Meanwhile, the broader consumer robotics market is about to soar past the 100 million unit mark soon. Sure, only the premium end of this market would adopt a premium sensor. However, depending on adoption levels, this could become a double- to triple-digit million EUR annual revenue driver in 2030 and beyond. While the new growth factors are exciting, our core business continue to grow profitably. We're now on slide 21. We win in established markets because we combine market leadership, technology advantage, and cost performance across automotive LEDs, near-infrared emitters, light sensors, industrial lighting, and CMOS ASICs. These core semiconductor businesses contribute roughly EUR 1.9 billion to our company in size and is growing at a single-digit CAGR. We hold the number one position in about 70% of that revenue base. This combination of leadership and discipline keeps the foundation healthy, and it funds the innovation that drives our future growth. With that, let us wrap up for today. I'm now on slide 22. It is a special day for us. The sale of our non-optical analog mixed signal sensor business for EUR 570 million in cash is a decisive step in creating the leader in digital photonics with the broadest, truly differentiating emitter and optical sensor technology set. In short, we are a photonics powerhouse. But the key part of this journey is that our balance sheet is becoming healthy. Leverage dropped significantly, and with the two divestments, we removed close to 35% of our net debt. Any discussion about too much debt shall be a thing of the past. From here, our focus is on taking the next steps to bring leverage below two, as we have been targeting ever since. Steve Jobs once said, "Innovation distinguishes between a leader and a follower." I believe that as well. We see exciting growth opportunities through 2030 and beyond, driven by breakthrough technologies, micro emitter arrays, spectral, biosensing, and distance sensing. Over 2030, there are over the cycle, financial targets call for mid- to high single-digit revenue growth in semiconductors, and that can accelerate even further if some of these new applications take off faster than anticipated. We aim to deliver at least 25% of just EBITDA in the semi business, generating significant free cash flow on group level, well above EUR 200 million in good years. Leverage will fall below two, when we execute our steps as planned, and with new applications, and when the new application scale as anticipated. With that, we are now ready for your questions. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 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 off the volume from the webcast while asking a question. Anyone who has a question may press star and one at this time. One moment for the first question, please. And the first question comes from Harry Blaiklock, from UBS. Please go ahead. Good morning. Thanks for taking my question. First is just around near-term free cash flow expectations. I know, appreciate you have the over EUR 200 million target through the cycle, but wondering whether you could maybe give a bit of color around expectations in the near term, and whether you're kind of expecting a decline versus 2025 in line with EBITDA, and then, yeah, over the next few years, any color you should give would be very helpful. Yeah, Harry, so a few things on cash flow. I mean, there's a few elements, right? I mean, first of all, we will be losing some EBITDA. Second, we will start this year repaying the prepayment that we got, yeah, almost two years ago from a large customer, which will be something like a $100 million negative free cash flow for this year, and also for next year. Then we have some stranded costs, and we'll have some additional costs to clean all of that up. So yes, cash flow will be lower this year than it was last year. And the interest expense is still quite high, because kind of it will take us till 2027 till we can really refinance expensive high-yield bonds. And if we do that in early 2027, that will then also incur some one-time costs. But immediately after that, we will have to see a much lower run rate and a much improved cash flow. Got it. Thanks, Rainer. And then could you maybe explain in a bit more detail how the fabless agreement with Infineon is gonna work? Kind of what, what type of margin is that for you? I know you say it's dilutive. And then what happens at the end of the multi-year period? Well, let me answer that, Harry. There's a multi-year agreement that, as I said, it basically gives us a very smooth exit of this business, stepwise. It actually, even after that, we expect to still be a meaningful supplier to Infineon, based on the products of today. Many of our products actually are quite specific to our manufacturing setup, our high mix, relatively low volume, and therefore also not always attractive to migrate. So also after this period, we see quite a bit of business, longer term still with us. The good part of this multi-year journey is that it allows us to, at the same time, scale up our own activities in areas that so far were a bit constrained by overall capacity in our factory. For example, increasing our own internal demand, obviously, with EVIYOS and others, we see that growing quite nicely over the next years. We also see opportunities with PMIC, power management ICs for applications that we're already in, that we haven't engaged in so far, but are a logical extension, if it goes along with other products that we, at the moment, sell to our customers. And then also foundry opens up. We have always had a foundry business, but more opportunistically, and now we can actually also do that more long-term and strategically. And given the crunch that AI is starting to cause, that also might actually be a nice upside as well. So we will refocus some of our own activities in growth areas like these, and with that overall, find more than a compensation for the business that falls away over time, slowly, with the steps towards Infineon. Got it. Thank you, Aldo. Sure, no problem. Then the next question comes from Robert Sanders from Deutsche Bank. Please go ahead. Yeah, good morning. Congrats on the transaction. I guess the issue with this transaction is that a lot of the business here was ASIC business tied to the fab. I mean, Infineon have already said this morning that they want to migrate that over to Kulim quite quickly. So what are you gonna do about the underutilization of the fab as this volume migrates? I mean, migrates over to Infineon's fabs. Are you gonna reduce the capacity of the fab? Are you gonna expand in filters? It does seem like there's gonna be a hole, unless you can find something to do with that capacity. Well, I just alluded to it before. I mean, please keep in mind, I mean, at the moment, the business we're selling is about one-fifth of the CSA business, or 7% of our group revenue. So it's by far not the backbone that we're selling here in terms of volume and size. Although it was an important business, don't get me wrong. But, so the riddle that we need to solve is not that big, and is combined with this glide path over the next years, where only stepwise Infineon will take out volumes. And that will allow us to step up the other efforts that I just outlined, to fill the fab again, with life and basically make up for those lost volumes. So overall, we see a strong side in Premstätten also for the years to come with a healthy outlook. Also we continue to see that we will continue to invest here also according to the CHIPS Act with the help of the global governments here, because we feel these capabilities that we have here are also highly relevant for our future setup, as we outlined. So just what percentage of the Austrian fab is business being sold by way of capacity? Just of the Austrian fab only. It is about a bit more than the 20%. So, and it's revenue-wise, the 20%, in terms of volume, it's a bit above that, but not, not dramatically above that. Got it. Okay, thank you. As a reminder, anyone who wishes to ask a question may press star and one at this time. The next question comes from Craig McDowell, from JP Morgan. Please go ahead. Any net figure that's net of any taxes or transaction costs? And then you've referred to through the presentation, but the Kulim 2 facility, just maybe give a bit more clarity exactly where negotiations are and any update there. Thank you. Yeah, Craig, good morning. Yes, EUR 570 million is a net figure, maybe a little of deal cost to take away from that. We don't expect a significant tax burden from that transaction, because it's mostly an Austrian deal where we have a significant NOL, tax loss carry forward. So EUR 570 million is more or less gross and net. Thank you. And then on Kulim? Would you repeat the question? Yeah, it's just that you've referred to the Kulim 2 facility throughout the presentation, just to give us an update there on negotiations and any progress on that. So thanks. Yeah. So the status of our divestment of the Kulim 2 factory, so as we said, there's nothing that is close to signing, but we are having a current dialogue with a few players that are interested, that have already looked at the factory and that are now working on their plans. We—It is on top of our priority list, so we try to get it resolved as soon as possible, but obviously it takes some time till we have a buyer who will sign the deal. Super. Thank you. Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to Jürgen Rebel for any closing remarks. Yeah. Thanks, everyone, for joining on such short notice. The materials are available on our website, and with that, we're looking forward to speaking to you next week, when we are presenting our Q4 and full year 2025 results. Thank you very much, and speak to you then. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.