Dear analysts, dear investors, welcome to the COLTENE Financial Conference 2025. My name is Dominik Arnold. I'm the CEO of COLTENE. Together with me is Markus Abderhalden, the CFO. Start with the Safe Harbor statement for you to note. We come to the agenda, the highlights. I'm starting with the highlights for 2025, then Markus will go deeper into the financials for 2025. Let me give you an outlook, forward-looking, and then conclude with the Q&A. Let me start with the key figures and the highlights. Overall, the dental market was flat in 2025, and COLTENE was flat as well. We neither won significant market share nor we lost it. This is not satisfactory because we want to grow faster than the market. That's our aim, that's our goal, and we have achieved that in the second half year. A mix of flat growth, strong Swiss franc, the tariff-related cost all impacted our EBIT in a negative way. Markus will provide you more details around this in the financial results. How did we execute? COLTENE has a very large and diverse product portfolio. Not a large company, but a diverse product portfolio. To drive the focus on these products, what we have done in last year is to create a pull and push strategy. What does that mean is we want that our sales team is focusing on the high-value product, where we have a high-value proposition and create the demand at the customer with the pull. On the other hand, we work through the dealers, which is our push, that really we have the full portfolio and provide their activities to drive also on the full product portfolio. This helped us actually on the second half year on improving our results. However, again, this is a lag phase, and we hope now with the good performance in the second half year, this helps us also in 2026. Our business is heavily loaded on consumables. We have about 75% of our business in consumables and 25% in equipment. In North America, the equipment part is significantly higher, closer to 50%. Particularly in the equipment business, we saw the economic uncertainty having an impact. Equipment and capital investment can get delayed when there is uncertainty. Also there in the second half of the year, we saw some positive movement, but that came not so much through the market, but actually through our own activities. We launched in Canada our new washer. I will tell you more about this washer, which helped us really to significantly grow, and we have very strong and positive customer feedback. Margins, we already mentioned that we had currency impacts, tariffs, et cetera, that actually didn't help us. We have worked on cost reduction and also price increases, but there is always a lag phase. We saw some improvement in the second half year, but not full for the year. New exciting products that are critical for the future for us to make sure that we are growing in the long term. We have changed our process on how we go after the innovation and changed our process to improve this as such. Our biggest investment was for us in digital marketing. Now we have a fully AI capable and cloud-based CRM system, which we now connecting digital marketing, the education that we give to the dentist and our sales organization. I already mentioned on the infection control side some new innovations which I'm gonna share more later on. Organizationally, our focus was a lot on digital marketing. Now we have the organization in place. We have the process in place. Now we go into the execution. Operationally on the organization, we focus mainly on North America, and there, our focus was really to ensure that we have a leadership that has a strong mindset of operational excellence and lean manufacturing. With this, I'm happy to hand over to Markus for providing more details. Thank you, Dominik. Dear investors, dear analysts, dear ladies and gentlemen, I also welcome you to today's media conference. I'm pleased to present you the financial performance 2025 of the COLTENE Group, which can be summarized as follows. In a market with major or a lot of uncertainties, COLTENE kept net sales at previous year's level in local currencies. Operating margin decreased from 10.7% to 8.8%. Free cash flow of CHF 8 million, significantly below prior year. The equity ratio decreased from 58.2% to 54.9%. At this point, I would like to emphasize that after a weak performance in the first half of the year, the performance in the second half of the year was strong and expected with a growth of 4.7% in local currencies and an operating margin of 11%. This demonstrates that the implementation of the strategy has a positive impact. Let me begin with an overview of the income statement. Net sales reached CHF 240 million in 2025. This represents a slight decrease of 0.2% in local currencies. While the higher priced devices suffered from the reluctance of investment behavior in the U.S., we were able to gain market share in Europe. The U.S. and Canadian dollar in particular, but also the euro, further weakened against the Swiss franc and negatively impacted sales by 3.8%. As a consequence, net sales decreased 4.0% in the reporting currency Swiss franc. The EBIT amounted to CHF 21 million and represents a margin of 8.8%, which is 1.9 percentage points below or lower compared to last year. More details on the performance will follow on the next pages. Starting from the top, let's have a look into the sales development of the different product areas. On the left side, you see the share of the three product areas. With regard to our new strategy, the allocation of the three product areas was slightly revised again in 2025. For comparison reasons, we adjusted the previous year accordingly. Treatment Auxiliaries is, with 39.8%, still the biggest product area, followed by Infection Control with 33.5% and dental preservation with 26.7%. On the right side, you see the development of the three different businesses. While the bars show the absolute amount of net sales in the reporting currency Swiss franc, the growth rates are indicated in local currencies. Infection Control slightly increased by 0.1%. This is very encouraging given the fact that the market is currently investing cautiously due to the geopolitical uncertainties. The launch of the new HYDRIM instrument washer positively contributed to that performance. Dental preservation remained unchanged and benefited from the recently launched file system with OGSF sequence. Last but not least, Treatment Auxiliaries slightly decreased by 0.6% and suffered especially from a destocking of dealers in the area of impression material and wound treatment. Now we change the view from the product areas to the regions. With sales of CHF 113 million, North America remains the largest region, but slightly decreased its share from 48.9% to 47.1% as a consequence of a decline of 7.5% in the reporting currency Swiss francs. However, in local currency, the decline was only 1.3%. After a strong growth in the previous year, a destocking of one of our major dealers in the first half of the year, coupled with the current reluctance of investment behavior in higher priced devices, negatively impacted this region. EMEA, the second-largest region, increased by 1.5%, mainly thanks to the market share gains in France, the Benelux countries, and the Swiss domestic market. On top of that, U.K. recovered from the low base in 2024, while the Middle East suffered from the political development. Asia, the third-largest region, suffered especially from the market in China due to an announcement to purchase a product in wound treatment through government tender or a so-called VB, VBP program. Latin America, the smallest region, slightly increased by 0.4%. With this slide, I would like to show you the development of our operating results from 2024 to 2025. The starting point in the year is the year 2024, where we achieved an EBIT of CHF 26.8 million. The volume effect is mainly driven by the stronger Swiss franc, as we have seen before. The gross margin decreased from 66.2% to 65.5% due to the following main reasons. Firstly, the effect from the unfavorable exchange rate development and especially the weakening of the U.S. dollar. Secondly, the expenses related to the U.S. tariffs. The countermeasures took effect with a time delay. We already saw a positive impact in the second half of the year, and therefore it is also expected to have a positive impact in 2026 as well. The personnel expenses on the other side benefited from the foreign exchange development at the group level. The inflation-based salary increase could be offset by reducing six FTEs on average through efficiency gains and by lower variable compensation due to a lower company performance. Finally, also the other operating expenses benefited from foreign exchange development, but also from additional cost savings while investments relating to our go-to-market activities increased. Namely, we further increased expenses for product launches, for marketing campaigns, and participating in several trade shows, all with a clear target to grow. Financial result in the reporting period amounted to a minus of CHF 0.5 million and was significantly lower than the previous year. While the interest expenses were further reduced, the financial expenses significantly suffered from the result of the foreign exchange rate differences. The effective tax rate was 19.0%, down from 22.7% in 2024, and benefited mainly from lower sales in countries with higher tax rates, and to a lower extent, from a one-off effect in the previous year. With that, the tax rate is lower than our target range of 22%-24%. The net profit as a result decreased by 27% to CHF 14.9 million, which represent a profit margin of 6.2%. The cash balance of CHF 20.6 million slightly decreased, but still ensures a stable liquidity. The increase in receivables by 9.8% is mainly driven by the higher sales in the last quarter of 2025. The inventory decreased by 4.9%, thanks to the foreign exchange developments, while in local currency we saw a slight increase. Net debt significantly increased due to the weak cash flow. The shareholders' equity of the COLTENE Group as of the end of year amounted to CHF 101 million, and the equity ratio decreased from 58.2% to 54.9%, mainly driven by foreign currency differences. The total assets of the group are stable and amount to CHF 183 million, also mainly decreased by currency effects. As a result, the balance sheet of COLTENE Group continues to be extremely sound and provides room for inorganic growth. The operating cash flow for the reporting period substantially decreased by 51.8% and reached 13.8 million, caused by a lower net profit base and a temporary increase in net working capital. The cash flow from investing activities is below prior year. However, considering the previous year's financial investment in a stake in Kobea AG, the investments would have been at the same level as last year. As a result, COLTENE Group achieved a free cash flow of CHF 8.1 million. With that, I'm at the end of my comments, and I would like to hand over back to our CEO, Dominik Arnold. Thank you, Markus. We come to the strategic direction. It remains to preserve the natural teeth. This connects us really at the hip with dentists and with patients alike. We have fine-tuned our messaging, our value proposition for this market in these three distinct segments. These segments we all serve via dealers and have a distinct value proposition. While we value AI as such, all of those segments are not directly impacted from AI disruption, and we can only value through our internal processes for such. In the Dental Preservation, we are focusing on saving the natural teeth, and we have, in particular in the next slide, some examples on how we do that. On the Treatment Auxiliaries, treatment auxiliaries are more general consumables, very similar to what we have at home as well. With your tissue, with your razor blade, with your detergents, which normally the dentist really love the same brand for a time. However, we need to produce that at the right price and the right performance. The Steri-center is a unique room, very different to the dental office or the dental chair, with its unique value proposition, unique benefits that we can provide to that market. You can see we have three different segments, which also gives us some opportunity for balancing, our business case. Now, I wanna give you two examples on showing how we driving value proposition, not just on a product level, but actually on a treatment level which the dentists mostly can benefit. This is around saving the natural teeth. A big significant business on a global level, which in general grows, unfortunately not so much in last year, but there is tendency for future growth in to come. This is mainly through aging society. Root canal treatment comes mainly at older age, so does also implants. Now, the implant market is significant with more than 10 million implants set every year. If we can help the dentists to save some of those tools or prolong or delay an investment into an implant, this can further give significant improvement for growth. One example I wanna give you here is our OGSF file treatment. Now, our OGSF file is simplifying the root canal treatment for the dentist. You can imagine in the past, the dentist had 20-30 different files. He had to measure up and select what kind of file he needs for the next step of his procedure. This is time-consuming, this requires a lot of decision-making while you do the treatment. With our sequence, you can reduce it to five files, a very clear sequence of one after the other. Together with our CanalPro motor, it allows a very guided treatment which the dentist gets guided into the canal, ensures that the file is not breaking up, helps the dentist to decide how deep into the canal he needs to bring the file. All this will help not just an endodontic specialist, but our goal and aim is with this to provide a general practitioner an opportunity to do a proper root canal treatment in a faster, in a simpler, in a more reliable and ultimately more economical way. Another example I bring you from the Steri-center. As you can see, it's very different to a dental office that you normally see. When you look at the left upper corner, as this is a well-equipped Steri-center and it looks much more like a kitchen and there is a connection to the kitchen. I assume most of you on the call and as well as here in the room have in the kitchen a dishwasher, right? Now, normally a dishwasher gets used maybe once a day, but still we have one. In North America, in the U.S. in particular, 70% of all the Steri-centers are currently do not have an automated washer. Even though when they have an automated washer, they run normally three-10 times a day. This gives amazing amount of opportunities for future growth to simplify the process at the dentist to provide value in speed, in faster turnaround of their tools that they're using, in lower infection risk, in higher compliance, and ultimately with an economical solution. We mentioned before, Markus and myself, about the HYDRIM washer. Here you can see there's a picture, a little bit dark here. This is an automated washer specifically made for the dentistry. It is significantly faster than previous models, so it turns around the tools faster and requires 40% less water. We had a tremendous response in Canada, and we are gonna launch it as we speak in this very month in North America. With this, we not only have the equipment, but they are all connected to the cloud. Like all our SciCan equipment are connected to the cloud. This gives further improvement for the customers, but because he can improve his performance of the system, he can ensure the training of his staff, he can ensure that the service can log in and potentially help with troubleshooting, et cetera, et cetera. Ultimately, all helping to economically run the Steri-center with a high uptime. Now, what are our focus area moving forward for 2026? We continue on our journey on digital marketing and education and sales. Now, having the new CRM system, our focus will be on how do we execute. We have the tools in place. We have the people in place. Now we need to ensure that we deliver the execution, and actually bring this unique workflow opportunity to the market and get a return in additional sales growth. The special unique value proposition in the Steri-center, where we focus on North America, creates tremendous opportunity, in particular with DSO. DSO are conglomerates in dental offices because they are not just buying one washer, one sterilizer, but very often dozens, and obviously have additional value by bringing them all together in the cloud. Now, this is on the value creation. On the value delivery side, we are looking at optimizing our process further. We are running on the operational excellence. Markus showed you the improvements we already made. We continue on that journey, in particular with the focus on North America, as I mentioned. We are gonna utilize some AI tools, and our focus there is certain things that really bring an applicable value. There we see the priority on documentation, on regulatory documentation, as well as service support for our equipment business. Come to the outlook. While we're convinced on our strategic approach, that it enables us to achieve a growth beyond the market of 1%-2%, we see still massive amount of market volatility out there on and geopolitical situation. This has an impact on our business in one way or the other. This gives us challenges to give a proper outlook for the future. We see in a stable market that we can continue to grow, and we can achieve again above market growth. That's why our outlook is a low single-digit growth target for the year. The swing in Forex and all the patient sentiment, which are limiting the growth at this moment, makes it also very unpredictable on the profitability. Again, there we see an improvement over last year as such, and we aim for 9%-10%. Again, with higher volume, our margin can significantly improve. Therefore, we see ultimately that on the long term, we can, with a volume effect, also achieve our ultimate target of 13.5%-15%. Unfortunately, with the 2025, we are giving this outlook with a one-year delay in 2028. We remain an attractive dividend with a strong payout system. We are in a solid business here. We are a long-term partner for the future. With this, I'm concluding with our mission, which I think not only as a business has a substantial value, but also as in a society to preserve natural teeth. With this, I conclude and open up for Q&A. 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. All right. Let's get started maybe here in the room with questions. Yep, Daniel. Maybe on the DSO exposure at the Capital Markets Day, I think you mentioned you have a certain percent of sales with the DSOs. I don't remember, was that U.S. only or also in Europe? Because in Europe, we also have quite some chains like in Spain and so on. Is that still ballpark the right number? Yeah. The question was around DSO exposure and how much do we do business in DSO. Our major focus, obviously the biggest percentage of DSO is in North America, right? There we have an organization that really focus on DSO. As a percentage of sales, it's still actually lower than with dentists. That means, we have a lower market share with DSOs, as such, with quality product. With SciCan, it's different. Now, to your question about Europe, we have established last year an organization that's particularly focused on DSOs. We have been underrepresented in DSOs in Europe. This is now gonna change. We have now experts in U.K. that is focusing on this, where is a big DSO market, and another one that is the Nordics, where we have a strong focus on DSO as well. Did I answer your question? Across the board, it's roughly a certain percent. Yes, there's a certain percent. Now from our business, it's still, you know, depends on the country, right? How much is DSO business? It's between zero% and 25%-30%, right? Our exposure to DSO is significantly lower. It's more like in the zero% to, like 15% target. We have about half of that. The second question is on China. I mean, output is 10% roughly. I guess China is. I don't know. Markus 2%. Probably not. The second question then, of course, the follow on would be the VBP program, which is quite prominent for the dental implants, everybody knows. What is the VBP for what? For consumables or is that. I guess it's different to dental implants, right? Why don't you answer the first question? I answer the second. Good. The China market is the big majority in APAC. It's not half of it, but close to half of the market in APAC. Shall I? Yeah, you can take. What the VBP program is, they picked now one product of our consumable product portfolio, which we sell in the market in China, and that's where they issued or announced now a government tender. In that particular area, the dealers started to destock because they don't wanna have the material at the high price on their stock and then need to sell it to the government. Because even if there is a government tender, it still goes to the dealers. That's the reason why. So far, we for COLTENE, only one product is concerned or considered in this VBP program. Rest is not. In what segment? It's in the wound treatment, which is in the Treatment Auxiliaries. Oh. Yeah. Thanks. Yes, Simone. I had a question about North America, which is a very good market for you. Could you tell us how much tariffs you have to pay and? The question is about tariff in North America, how much we pay, right? Okay. Well, we don't provide an exact number of what we pay. What I can tell you is that of course starting with the Liberation Day, we had this exposure of at the beginning, I think it was 10%, and then it went up obviously with this 39% for Switzerland in particular. The European area was then negotiated to 15%. Then later, also Switzerland came down to this same level of 15%. To answer your question, we started to pay these U.S. tariffs with this Liberation Day, which was in the first half of the year. We started our countermeasures which consists of price increases as well. We reacted on that with price increases. I think we did it very smart in the way that we made these price increases over the whole product portfolio. With that allowed us to make these price increases to a low single digits level, and that was absorbed by the market very well. That came with a time delay. For that reason, we had a negative impact in particular in the first half of the year because we did then the price increases only in the course of the second half of the year. That's where we then realized the positive impact. Now, one important message which I would like to give as well is we do not wanna take advantage out of this system. What we try to do is to really carefully increase prices to cover our exposures and to hand that over or put that through the market. The second part of my question is, we have now January and February of this year. Could you tell us how you see the trends? Are the markets coming back? Because the market is also important for you. How has the market now in 2026 developed for us? It's still too early, honestly speaking, how it is after two months. In particular for us, important are the sell-out data, and sell-out data are always a little bit delayed, as such. Sell-in data are depending on the dealers, and dealers very often, beginning of the year, don't order a lot because they have fulfilled their requirements end of the year, and they are normally having starting with a good inventory. Not that we have, in general, a significantly higher inventory than last year. That's not the case, but it's always a soft start. Now, when you look at the regions, I think North America had a better start than last year, and that's encouraging. We hope it will stay so. Anything to add, Markus, still? Yep. Yes. The gap between your 2026 EBIT margin target and the one in 2028 is 455 basis points, which is kind of huge. You implied a growth rate of 3%-5%. I don't think that's enough to make that gap possible that you get up like that with higher volumes. What exactly do you need as growth or measures to make this 455 basis points up in these three years? Well, one of the biggest parts will be the growth because we have infrastructure ready which allows us to produce more without investing. This is clearly one of the biggest contributors. The EBIT margin heavily depends on whether we achieve this year-over-year growth rate. That's part number one, but this is, as you mentioned, this is not enough. Second, what I would like to mention, the base of 2025 is maybe now not the right base because we suffered from these U.S. tariffs, which we hopefully will not see again in 2026, or it is expected not to be seen anymore. The base is now lower than where it should be. The third and also important thing is that through the global purchasing organization, we have a funnel where we put every year we have a lot of projects which we put in a funnel to save on the supply chain. That's another point. What also is relevant, we will increase prices again in the future, which we believe will be absorbed by the market. That will also help to increase our, especially on the gross profit so gross margins. The last point is we have a strong commitment, and also here we have a funnel where we put every year project into it to gain efficiencies within the operations. I think this is also, and Dominik mentioned that on his slide on the value delivery side, that's where we commit a year-over-year gain as efficiency gain of 5% within the operations. Last, we also at COLTENE we want to take advantage out of AI development. That means also in administration, not always only in operations, but also in the administration. We would like to benefit from this development, and with that, we can bring the structural cost further down. Does that answer? Yeah. That means that in time, this 35% growth you see in the midterm could be enough to reach this 40%-50% in margin by then, 2026. Well, maybe I answer it in different words. It's one of that. Like Markus said, it's several things. When you look at the second half year of last year, you know, with growth, we get to 11%, even though some of the other costs were still in there, right? From our perspective, this is possible from a volume effect, improve our cost as well, and we need obviously also a little bit of headwind from the market, right? If the market is not positive, it will be challenging. It also has a challenge if the Swiss franc increase in value over time, this is natural. We need to adjust to that. If it increased so dramatically, like more than 10% and so on, that is obviously make it even more challenging. That is probably more the big question mark out there, on how we improve the EBIT margin. I'm happy to share maybe next year that we show you more about how do we get there and the kind of a waterfall and how to achieve that target. You kind of already have answered my question. I guess one of the reasons you mentioned that the last year wasn't too successful was because of headwinds and tariffs and uncertainties in the Middle East. In my perception, these problems are still going on. Do you think that all the points that was mentioned before can overcompensate the uncertainties? The uncertainty and how we can overcompensate the uncertainties in this year. The market, in order to invest and patients go to dentists, they need some certainty and some stability, right? Now, this very often means very close to home. Now, let's assume Middle East remains a Middle East topic, then the impact for North America might be very limited. Now, if obviously then the inflation increases significantly also in North America, then that might have an indirect impact, right? It is hard to tell how this is evolving. So far, what we have seen on the uncertainty, we see a positive trend and hopefully some more stability. I think people are also a little bit more used to disruptive situation, and maybe that helps also. Honestly, it's a crystal ball, and I have not all the answers to the question what 2026 will bring. What we are focusing on is what we can impact and what we can deliver. I think we are also better set up to achieve growth. Some of it is beyond the market growth, which with new product sales that we see, right? Then be more agile in responding to the adversity that we see. Yep. When I look at 2025, your cash flow was quite weak. Your net debt went up. You reduced dividend. What has to happen then in 2026? This will not happen anymore. We have stronger cash flow. Net debt is going down again. Is it enough when you grow only low single digits%? Cash, cash flow and net debt and how do we get there with low single-digit growth? Maybe that's for Markus. Well, it all relates with the cash flow. The cash flow we need to identify what is the reason for the low cash flow to answer this question. One of the major reason is the low profit which we had this year. I think we will see definitely a better performance next year by having this low single digit growth. With this guided EBIT margin of 9%-10%, that alone will lift this profit or the base of the cash flow quite substantially. That's certainly one of the effects. The other effect was quite significant as well now with the investment into the net working capital. Which in my opinion is a clear, extraordinary and temporary effect in 2025. Because if you look at that, we have two things which caused that. And by far the most was the accounts receivables. That was because we had the major business towards the end of the year. Here it's important, we talked about the dealer management, the improvement of the dealer management. When we talk about this dealer management also, we talk about managing a better timing of ordering with our dealers. That means also here we hopefully won't see this negative impact from this effect in 2025. That will definitely make the cash flow situation better than what we have seen. The other part is the inventories. That is a part which we actively can manage. I think here we also here we have a clear program to reduce our inventories and increase our turns. On the other side, we will have certain areas where we invest strategically because we. I think we communicated already. I think mid-year last year that we insource a certain product production. To make that transition very smooth, we have to increase these inventories in that particular area. If you take that out, then we definitely will strive for another improvement of inventory management. The other question is, in the first half where your sales were down -4.9%, and in the second it was +4.7%, which is quite a dramatic difference. What changed between the first half and the second half? I take this. What has changed between the low performance in sales in the first half year versus the second half year, right? Several things have changed in this regard, and it's not one or the other. One thing was the dealer contracts. We are currently in transition to make those dealer contracts more structured over time. We are still on the journey there. It's not something that we can do once in one year. Sometimes it takes several years to manage these contracts. Because fundamentally, we believe it's a benefit for both the dealers and for us to have a much more linear consumption and not having everything at the end of the first half year and the second half year. Now, what that means is some of the contract and agreements were not finalized by mid of the first half year, and therefore the dealer didn't purchase as much in the first half year as in the second half year. Okay? That is more about the dealer management. The other part that we see is our strategic execution. I mean, the changes that we did on our push-pull strategy, on our sales focusing on more on some focused products. Now, some of the product that they were not focusing on were not immediately taken over by the dealer and really made sure that we have the activities around it. This was mainly on the Treatment Auxiliaries products, and that's where we saw some significant decline as well. Last one has to do with equipment business. You saw a decline on the equipment that has mainly to do with sterilizers and so on. In particular in this quarter two and quarter one as well, we saw a decline of the equipment purchase in North America for various different reasons. Some had to do with price increases, but also a lot had to do with the uncertainty, and they were just delaying some of the investments for those equipments. Then in the second half year, they released the brake a little bit more and we saw some positive improvement there. It's a mix of these three things, dealer agreement, our sales execution, strategy execution, and the sentiment of the dentist. Just a follow-up to this question. Sybil, does that mean that in this year we will have a higher growth rate in the first half compared to the second half since here it is negative in the first half last year? I would not really 100% say that at this moment in time. It depends again on the sales execution, I think we are much better. On the sentiment in the market, particularly with what is happening right now, I think that's a little bit hard to tell. I would not foresee that we can now say, "Oh, the first half year will be much better and the second half year will be lower." I wouldn't see it that way. Right. for sure not again this really negative first half, while second half then comes up with high growth rates. Correct. We don't foresee that. Yeah. Okay then. Maybe just on the washer. The washer, you were quite enthusiastic about it, and is that really moving the needle within this segment? Is that very important or. Where is the competition there? We have a big differentiation factor. I think peers are competing with Miele, right? I'm not sure. If I'm not mistaken. Around the automated washer, why do we believe that we can substantially grow? We are by far the market leader in North America. Okay? We are not that high that we cannot continue to grow and take market share. Secondly, I showed you that so many dentists still don't have any automated washer, and the value that we can bring is significant. Lastly is again, the DSOs. They wanna make sure they are compliant, that they have standard operating procedures. They wanna probably standardize on certain equipment because then it's easier to train and so on. Also, for the dealer, it's easier because then they have the dealer, they have the same unit to service again and again. This is a great opportunity for us, and we have truly only a total Steri-center equipment. Miele, you mentioned as one of our competitor in that market, they only have the washers, but they don't have the sterilizer. We can provide both solutions as such, and we know the North American market better than our German competitor, and I think that brings us value as well. I think we have great setup. We also have, besides what I just mentioned, also on the product side, significant benefit over our competitors. With the penetration in the U.S., I guess a normal workshop, a normal one-person dentist will not have this. It's too expensive. I guess it's more for the bigger chains or the Correct. Let's say if a practice. Correct. 10 shops. Yeah. Normally, no, every dentist should have one, and honestly, in Europe, that's much more the standard, and it's happening now more and more overseas as well. There is also a trend, not yet in America, but in Canada that wants for regulatory compliance to ask for automated washing, which absolutely makes sense. 'Cause if you have one person washing on Monday and then the other person on Tuesday, I don't know when you want to go to the dentist yourself, right? Okay. You wanna have a consistent process in there. Yeah. There is other questions, I think, from the back there. No? No. Okay. Yeah. Sybil? Sorry. Some of you know, competitors, Basel-based dental implant company, mentioned that the currency effect in 2026 will be quite strong. My question is, could you give us any hint about some influence on the top line and additionally on the EBIT margin? Because if you're suffering on the top line, also the EBIT margin will not be supported by the concept. Yeah. That's a question for Markus. The question is around, you know, how the currency in 2026 will impact our top line as well as our EBIT margin. What I cannot do or what I don't do is to predict where the currencies are going this year. Because if I would be able to, probably I don't have to work anymore. What I would like to mention is we are relatively good natural hedge at COLTENE Group. This is because our great setup where we have factories in all these different currencies. This is really a good setup to be natural hedge. Now, I mean, we are not at 100% naturally hedged, and this is mainly caused by the headquarters factory in Switzerland. Here we have an exposure, and if we see again such a development as we have seen in 2025, it still are going to hurt us also on the profitability. If we look at 2025, then we can clearly say this is above the average of what happened in the past years. If we look into the past, then there were also years like in 2025. That will probably happen again. Whether this is going to happen in 2026, we don't know. What we definitely are doing is even trying to limit or reduce this exposure from the factory site in Switzerland. We can do that in a couple of different things, but we started quite a while ago with switching suppliers into different currencies. So we don't have a lot of supplies as raw material in Swiss francs anymore. We have already changed that. We have headquarters functions which we also try to not only hire in Switzerland, but in other sites which we have. A significant part is we are going to analyze where we can more automate in Switzerland in particular, because this will help us to reduce this exposure. Because the big majority in Switzerland, of course, is the employees in which we pay in Swiss francs. Long story short, we don't give a prediction what happens in 2026 on the foreign exchange rates. We believe that the Swiss franc will in the tendency be stronger, become stronger and stronger. That is probably very clear. We try to limit the exposure which we still have, so to be better, even better natural hedge. My question is, because I take the currency effects today or the currencies of today, when I calculate it for the full 2026, I get a negative currency effect on the top line of - 4%. Also on the EBIT, I don't know if it will be called the basis point. Just to understand your outlook and, I mean, what are the headwinds for you? Well, you have the translation risk. You have a translation risk, and you have a transaction risk. The translation is I fully support and agree with what you have said. We will see from that, if that continues the same level, then we will see a further decrease in sales. At the same time, we will see a decrease in cost because we have this setup. The translation doesn't then have an effect on the EBIT margins. Okay. The transaction risk that is because that's priced in, because always if you have a transaction, you do it at the current rate. That means if it stays where it was, somehow in the second half of the year, and the second half of the year showed even we had a better profit, then we should not see a significant impact on the profitability. Shall we give a chance also to the people on the phone? If there is any questions, I don't know if there is any questions. There are no questions over the phone at this time. Are there any further questions here in the room? Maybe just on the big customers, or should I say the big distributors. Yep. Henry Schein, Patterson Companies, Benco Dental. Yeah. Do you see an ongoing trend that they do more in-house manufacturing like in the past few years? Like especially Henry Schein, I think. Do they more, you know, go along with the value chain or is that trend maybe stopping a little bit because it's also more expensive for them, I guess, in the end? Yeah. The question is, are the big dealers, in particular in North America, pushing more their private label products, right? Yeah. Okay, good. Yes, we expect that trend to continue as such. This is what they announced, at least Henry Schein, that is also on the stock exchange. If this is going to change with the new CEO, I don't know. There's a CEO change as such. Now, when you look at the overall market analysis and trends there, we don't see a significant uplift of private label. The private label is growing faster than the branded product as such, right? How successful they are, this is what the dentists want, we need to see. Our goal is obviously to make sure that the dentists continue to be interested in branded product, to see the value of it. I think when you look at our product portfolio, some of those products are exposed to private label, but quite a significant, in particular, the growth product that we are focusing on are not significantly targeted by private label product. Did I answer your question? Yeah. Okay. Maybe practice and I think that's the one who's not private, right? If private equity or the equity, they focus on the costs a lot, and maybe we see that as well, or is there another trend now with Patterson? Patterson-specific, we don't see a specific trend on private label product. What we saw, in particular in 2025, and maybe we should have mentioned it a little bit, was the destocking. What private equity is looking is obviously to create cash. They, particularly at the beginning of the first year, just reduced the inventory to the bare bone minimum. Obviously, we felt that as well. Then they had to restock a little bit or again back in 2025. In the second half year of 2025. Any further questions? If there are no more questions, I thank you all for the very interactive discussion and for the participation. Thank you so much. With this, I conclude. Thank you very much.