The conference must not be recorded for publication or broadcast at this time. It's my pleasure to hand over to Mr. Till Leisner, Head of Investor and Media Relations. Please go ahead. Thank you, Valentina, and good morning, everybody. Or good afternoon for everybody who's dialing in from different time zones. It's a pleasure to really welcome you all on behalf of DKSH. Thank you for joining the Virtual Half Year Results Conference. We really appreciate your participation. As mentioned, my name is Till, I'm the Head of Investor and Media Relations, and I'm very happy to have Ido, our CFO, and Stefan, our CEO, with us today. Before we start, the usual comment, please have a look at the disclaimer of the presentation regarding forward-looking statements. For those of you who do not h ave the presentation in front of them. You can download them on the webpage under dksh.com. With that, I'd like to hand over to Stefan. Thank you so much. Good morning, good afternoon, and a warm welcome everyone to the presentation of our Half Year Results 2025. Thank you for joining us today as we review the highlights and progress our company has achieved during the first half of this year. Today's agenda foresees a recap of the highlights of the first half of 2025. Following that, I will go into details about the progress we have seen in our four business units. After that, Ido will follow with a financial update. To conclude, I will provide an outlook before we open the Q and A session. Our performance in the first half of 2025 once again demonstrates DKSH's ability to consistently create value for our clients, customers, employees, and shareholders. Through solid EBIT growth, improved margin, and strong cash generation, we delivered again a resilient performance in very challenging times. This achievement was driven by our focused strategy, execution, and resilient business model. Net sales grew by 2.1% at constant exchange rate to CHF 5.5 billion. In this context, we observed stronger business momentum towards the end of the first half of the year. In an environment marked by global economic strains and market uncertainty, DKSH achieved EBIT core growth. Core EBIT amounted to CHF 169.3 million with an increase of 5.1% compared to the first half of 2024 at constant exchange rate. Accordingly, Core EBIT margin expanded by 10 basis points to 3.1%. These results align with our midterm roadmap KPI of expanding margins by an average of at least 10 basis points annually. Free cash flow remained robust at CHF 120.6 million with a cash conversion rate of 117.5%. Alongside these resilient results, we already announced five acquisitions and have a strong pipeline for the second half of the year. Let me now focus on the highlights of the first half of 2025 which underline how we create value for our business partners. As already mentioned, we executed our accelerated M&A strategy and have already published five acquisitions this year. We are happy to welcome to the DKSH community CLMO, MDxK, Taqkey Science, and Quantum Biotech in our business unit Technology, AP Plastics in our business unit Performance Materials, as well as Zircon- Swiss Fine Foods in our business unit Consumer Goods. We have continued to drive our business development to achieve profitable growth. We enlarged our client portfolio across all business units and various markets with brands such as Bayer, Krones, Vida World, and IBARMIA. These new partnerships demonstrate that we are the preferred partner for our clients, providing a full range of tailored services to expand their market share, especially in times of uncertainty. We continue to invest in our high-performance culture and are proud to have received further recognition for these efforts. Notably, we achieved the Great Place to Work certification in 15 markets, and we are honored with the Best Workplaces for Women award in Greater China. We also continue to focus on sustainability. Our continued dedication and proactive approach in advancing responsible business practices have been recognized by EcoVadis with a gold medal, placing us among the top 5% of rated companies globally. We have also received a global ISO certificate for environmental practices as well as occupational health and safety across multiple markets. This reinforces our commitment to sustainability and safety in our supply chains, which are continuously improved. Over the past few years, we have seen a general outsourcing trend across all industry, with manufacturers increasingly entrusting their products to distributors like DKSH to focus more on their core competencies such as innovation, production, and product marketing. This outsourcing trend remains strong in the first half of 2025, which allowed us to secure partnerships with new and existing clients across multiple markets. Let me share two recent examples. In our Business Unit Healthcare, we entered a strategic partnership with Bayer to provide comprehensive services for their cardiovascular products in Singapore, Malaysia, Thailand, and the Philippines, as well as Women's Health retail portfolio in Thailand. With our deep expertise in cardiovascular therapies, proven engagement with healthcare professionals, capillary distribution infrastructure, and integrated commercial and medical affairs capabilities, Bayer chose DKSH as their partner. In our Business Unit Performance Materials, we managed to extend our existing partnership with Krones for whitening ingredients to new markets, namely China, Philippines, Australia, New Zealand, and Taiwan. Following the successful collaboration in Spain and Portugal, Krones sought to expand into the Asia Pacific region and continued to trust their products to DKSH. In addition to expanding our portfolio with new clients and deepening partnership with existing ones, we remain focused on driving higher profitable business through active portfolio management. In 2025, we continued to invest our capital into businesses with above average margins. We are on track of delivering on our M&A strategy, having published five acquisitions in the first half of this year. We entered the second half of 2025 with a solid track record as well as a strong balance sheet and trust that we can further accelerate the most recent acquisition speed. Let me now continue with an update on our business unit starting with Healthcare, please. Our biggest business unit, Healthcare, continued its track record of profitable growth in the first half of 2025. The net sales development was strong and above GDP growth. Net sales reached CHF 2.9 billion and Core EBIT amounted to CHF 90.2 million. This corresponds to a Core EBIT margin of 3.1% which marks the fourth consecutive year achieving margin increase. This result was driven by favorable underlying market trends, successful business development with both new and existing clients, and to continue to focus on the higher margin business such as commercial outsourcing where we see solid demand. After all, our business unit Healthcare will continue to expand its strong market position and drive higher gross value segments and services. Let's please move on to our business unit Consumer Goods. Amid very challenging market conditions, we achieved resilient net sales performance. The result was mainly influenced by reduced consumer spending and more focus on low and mid tier products across Asia Pacific as well as lower trading spend in general. For example, the already persistently low consumer confidence in Thailand dropped to a 27 month low in May 2025. In Hong Kong, we experienced decreased retail sales by 4% in 2025. Core EBIT was down slightly by -4.3% at current exchange rate to CHF 39.8 million with a Core EBIT margin of 2.4%. However, we are proud of having executed on the strategy presented at our capital market days. Despite the challenging environment, we expanded our food service segment by acquiring Zircon- Swiss Fine Foods and achieved strong development in our e-commerce business. We look forward to seeing the benefits of this business development pipeline materialize in the second half of the year. For o ur Business Unit Performance Materials. We can continue to report a slight positive trend despite the volatile market environment with a high degree of uncertainty. Net sales grew by 1.3% at current exchange rate to CHF 698 million. Our digital platform DKSH Discover contributed to this result by boosting lead generation as well as business development. Currently, we see that pricing remains more or less stable with volumes resilient. Core EBIT reached CHF 33.4 million, driving the Core EBIT margin notably higher to 9.1% compared to 8.9% in the first half of 2024. This was primarily driven by our home market Asia Pacific, where we saw a double-digit organic earnings growth, ending our Business Unit review with Technology. In line with our strategy of building resilience and delivering profitable growth, we showed a resilient performance in the first half of 2025 in a market environment characterized by short-term uncertainty and delayed investment decisions. We achieved net sales at CHF 246.9 million and a Core EBIT at CHF 7.7 million. The Business Unit already announced three acquisitions in 1H25 and will continue to capitalize on market consolidation opportunities in Asia and beyond. More investment decisions are likely to materialize in the months to come, and with that the Business Unit is well positioned for a stronger second half of the year. Now I hand over to our CFO Ido Wallach, who will guide you through our financial results of the first half of 2025 in more detail. Thank you, Stefan. I would like to extend a warm welcome also from my side and I'm very pleased to share more details about our 2025 first half results. As always, to best reflect the comparability of our operating performance, I will focus on our results at constant exchange rates. The global economic environment in H1, especially in Q2, was characterized by increased uncertainty. Geopolitical tensions remained, and the inclusion of Asian markets for the first time into the debate on tariffs sent a few shockwaves around the region. In this context, we are particularly pleased to have demonstrated yet again the resilience of our business model and our ability to withstand challenges. We have shown this during the pandemic shutdowns. We have shown this in the post-pandemic inflation run, and we are showing it now once more in our key financial metrics. Net sales expanded to CHF 5.5 billion, an increase of 2.1%. Core EBIT grew by 5.1%, more than twice the rate of net sales, to CHF 169.3 million. Consequently, Core EBIT margin increased to 3.1%. This marks the sixth consecutive year in which we achieved Core EBIT and Core EBIT margin growth. In the first half, core profit after tax amounted to CHF 103.5 million, a decrease of 10.3% driven by finance expenses related to recent appreciation of the Swiss franc in the past two months, especially against the U.S. dollar. Conversely, at the same time in the first half of 2024, we benefited from the depreciation of the Swiss franc. This has amplified the year-on-year impact of the financial expense. Free cash flow stood at CHF 121.6 million, representing a cash conversion of 117.5%. This conversion rate exceeds our long-term target of 90%, an achievement that we have now repeated for the third year in a row. To summarize, the key metrics of the first half demonstrate the resilience of our business and our organization, delivering top line and even faster bottom line growth coupled with strong cash generation. Let us now examine the composition of our net sales and Core EBIT development a bit closer. With organic sales contributing 1.8% and M&A 0.3%, our net sales grew by 2.1% at constant exchange rates. The Asian Development Bank and the IMF are due to release their GDP data later on this summer. Once they do, we expect our H1 top line growth to benchmark comparably well to their data. After several years of decline, many Asian currencies had stabilized against the Swiss franc in late 2024 and stretching into the beginning of 2025. This trend is now reversed in the past few months, resulting in a slight negative FX impact of 0.6% for Half 1. If current rates prevail, we expect an adverse FX impact also for the remainder of the year. However, as we noted in previous rounds of communication, the impact of foreign exchange on our results is predominantly translational, arising from the conversion of local market currencies into Swiss francs for reporting and consolidation purposes. On a transactional side, our revenues and costs are largely aligned in similar currencies. Where this is not the case, we mitigate exposure through hedging. Let us now turn to the evolution of our Core EBIT. We are pleased to see our Core EBIT grow by 5.1%, underlying our resilient business model. During my business unit Healthcare, provider Performance Materials, our Core EBIT grew organically by 3.6% while M&A, largely in business unit Technology, added 1.5%. As emphasized in the past, we focus on growing our businesses, but also on resource optimization and operational excellence. This is illustrated by the development of our supply chain cost. They currently represent 3.5% of net sales in Half 1 2025, down 10 basis points versus Half 1 2024 and down 30 basis points versus Half 1 2023. We anticipate further savings and efficiency in this area to continue to support our P&L in the future as well. Similarly to net sales, Core EBIT was negatively impacted by the recent adverse FX development to a total negative 1.6% in the half year. The investor materials that we publish on our website this morning include details regarding the items that we consider non-operational, of a one-off nature, or in short, non-core. The main component of the items recognized in Half 1 this year are CHF 2.9 million related to the cost of ceasing our business unit Consumer Goods operations in Indonesia. It is important to highlight that we are very pleased with the development and results of our Performance Materials, Technology, and Healthcare businesses in Indonesia, and we remain very committed to further develop them in the short, mid, and long terms. The remaining two non-core items are an income and an expense that are minor in comparison and related to the movement in companies where we own only a partial stake. To wrap up the section of our Core EBIT, it stood at CHF 169.3 million, representing another landmark result in the history of DKSH. Sustained long-term effects of our diligent strategy execution and the resilience of our business model become very evident when we review performance metrics. Over a five-year period since 2021 in constant exchange rates, our net sales in the first half have increased by a compounded annual growth rate of 4.1%. This is higher than the average annual weighted GDP of our markets. Our Core EBIT increased in a similar and even amplified upward trajectory of 12.1% CAGR. Consequently, our core conversion margin, defined as Core EBIT as a percentage of gross profit, increased sequentially. Having exceeded the 20% mark in 2024, we augmented it by an additional 50 basis points to 20.6% in half one 2025. Furthermore, our Core EBIT margin has followed a similar pattern. The 3.1% Core EBIT margin in half one corresponds to a total of 70 basis points margin sequential increase over the last five years. A key source of resilience and flexibility lies in our low-risk asset-light business model, which relies primarily on leased offices, leased distribution centers, and leased transport fleets. This becomes apparent when looking at our capital expenditure. It's still between 0.3% and 0.5% of net sales across the last five comparative periods, with 0.5%. This lean level was maintained in half one 2025. As a consequence of our ongoing efforts to drive efficiency across our organization, we are proud to report that we optimized our working capital even further in this reported period, reaching 7.7% of annualized net sales, effectively an all-time low. Subsequently, over the same period, we delivered constant and solid free cash flow, exceeding our objective of 90% conversion in this half year and in total in four out of the past five five-year periods. Let us now move on to our balance sheet. It remains very solid as reflected in constantly high return metrics as well as robust balance sheet ratios as shown on the previous slide. Optimized working capital during my timely collection and just-in-time inventory management is at the core of our successful distribution and market expansion business. In half one 2025, we lowered our trade receivables to a level of only 16% of annualized net sales or 59 days. Outstanding inventory also remained lean at 12% of annualized net sales or just about 50 days. At the same time, our trade payables stand at a mere 20% of annualized net sales or 87 days. This represents another low compared to past years as we were able to reward our clients with faster payments in line with our faster collection. With that we achieved robust core RONUC of 19.6%, up by as much as 50 basis points versus half one last year and a strong core ROE of 12%. We adhere to a low risk asset-light approach that drives stable and high free cash flow in the reporting period. We use our cash flow primarily to fund bolt-on acquisitions, to distribute an ever higher ordinary dividend to our valued shareholders, as well as to further optimize our liquidity borrowing ratio. Subsequently, our net debt position by the end of the first half of 2025 was almost neutral and amounted to only CHF 3.5 million. With an equity ratio of 31.7%, we continue to have significant leverage headroom to further grow our platform for industry consolidation. As we have explained in the past, we continue to carefully assess deals and only acquire if we find them value accretive, scalable, and available for reasonable price. Before we return to Stefan to provide us with an outlook, let me walk you through additional financial indications for the full year of 2025. In terms of M&A, we estimate that our recent acquisitions, those already signed and closed, will contribute around half a percentage point to net sales in 2025. This estimate is based only on the acquisitions we have closed until now. New acquisitions are likely to happen and to close in the second half year and will provide further growth upside. Assuming that current exchanges prevail over the remainder of the year, we expect FX impact ranging from negative 2% to negative 3%. We estimate tax rate to remain between 27% and 29% of profit before tax. Capital expenditure is expected to remain between 0.3% and 0.4% of net sales for the full year, unchanged to previous estimates. Thank you for your attention this morning. With that, I'll be happy to hand back to Stefan. Thank you, Ido, for your commentary on our financials. To conclude, let's move on to the outlook. The first half of 2025 was characterized by macroeconomic and geopolitical uncertainty. Most recent GDP forecasts show that this trend continues as lower economic growth is expected worldwide, including Asia Pacific. However, growth in Asia Pacific is still expected to exceed the global GDP growth. An increased intra-Asian trade will balance out some of the reduced global trade. This is why we remain very confident about Asia Pacific long-term potential. We are also continuously observing the ongoing tariff discussions. The tariffs themselves have only a very limited direct impact on our business, which underlines the resilience of our business model. Regarding the prospects for the rest of this year and the ones to come, DKSH remains committed to its long-term roadmap, highlighting that its 2025 outlook is aligned with those goals. We expect that our accelerated M&A strategy continues in the second half of the year, and we can reconfirm our guidance, including that Core EBIT will be higher in 2025 than in 2024 at constant exchange rate, assuming economic growth in Asia Pacific and barring any unforeseen events. To sum it up, DKSH showed the resilience of its business model in 1H25 despite the challenging environment. Therefore, we remain confident that this business model allows us to benefit from long-term market, industry, and consolidation trends in Asia Pacific in the future. With that, I thank you all for your attention and invite you now to address your questions in our Q&A session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press *1 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 *2. 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 *1 at this time. The first question comes from Gian Marco Vero from Zürcher Kantonalbank. Please go ahead. Morning everyone. Two questions from my side. First of all, very resilient results. However, there's more lowlight, maybe a bit is the development from the organic growth perspective in Performance Materials. Therefore, my two questions are addressing this topic. First of all, if I look at the peers and then how they performed in the first quarter, I come to the conclusion or to the assumption that you might have faced a negative organic growth in the second quarter. Can you give us a bit more detail about the growth trends first quarter versus second quarter? Also, in relation to your comment on the slides that you see positive trends to continue, that somehow really doesn't match up with my assumption. The second question also remains with Performance Materials. For the profitability there, can you elaborate a bit about how you could improve then the operating profit margin despite the quite volatile market environment? Thank you. Yes, thank you very much, Gian Marco, for your question and let me please answer it. I think if you go back to what we reported in February for the full year 2024, we have actually really seen since Q3 2023 quarterly improvements in Performance Materials. We have also seen in Q1 an increase in Performance Materials. You are rightly pointing out that Q2 was very challenging. Actually, right after the liberation date, we could see that the market was responding to the significant uncertainty which was created there. Indeed, we have seen a softer April and May. The positive news is that at the end of the second quarter, in June, we have seen again organic growth. Let me also give you a little bit more granularity. In Asia Pacific, we have seen in H1 organic growth of over 4%. Our core market in Performance Materials was growing nicely despite all those uncertainties. Whereas in the U.S. and Europe, we were facing an organic decline. Where is the profitability increase coming from? That's actually, at the end of the day, a mix issue. First of all, we see in Asia we have a slightly higher profitability where we see the organic growth. The other thing is we have seen some better developments on the food and pharma side versus personal care and industrial. In food and pharma, also the margin is slightly higher. I hope this did answer your question. Very clear. Thank you. You're welcome. The next question comes from Andy Grobler from BNP Paribas. Please go ahead. Hi, good morning. Two from me as well, if I may. You mentioned in Consumer that you had a strong business development pipeline that you expected to materialize in H2. Could you just give a bit more color to that, please? Secondly, on M&A, you had five deals that were completed in the period and you talked about that pipeline going into the second half of the year. To what extent can we assume that the kind of quantum of those deals begins to grow because you still have essentially no net debt and the impact on group top line is relatively modest? Should we expect that to materially change over the next few months and quarters? Thank you very much. Thank you very much, Andy. Let me start please to answer the M&A question and then as usual Ido takes over the Consumer Goods question. As mentioned, yes, I think we have a very good M&A performance in H1. We have a very solid pipeline for H2. In the second half of the year there's also some more material contributions to be expected versus H1. In the H1 contribution, this is really only the deals and on the top line of the deals we closed at this point of time. Normally, as you know, for the bolt-on acquisitions the top line contribution is a little bit lower, whereas the EBIT contribution is a little bit stronger. We can do expect that in the second half of the year we will see more contribution from M&A. We are very optimistic. You still need to sign and close deals. There's always some degree of uncertainty, but we are very confident for H2. I hand over to Ido. Yeah, with pleasure. I think the question was about the role of BD in the second half year and our expectations. We're in a very final stage of signing several deals. Of course, we're not in a position to, before even signing, be clear about the names, but some promising ones. Overall, we have to be also cognizant of the overall situation of consumer in Asia. We do not expect disproportionate growth in the second half year, but we definitely expect a rebound from the negative 0.5% organic growth of CGE in half 1, something more balanced, and we're optimistic that we can also show organic growth in the second half year. Thank you. The next question comes from the line of Chiara Di Giamm aria from Berenberg. Please go ahead. Good morning and thank you for the presentation. I have two questions if I may. The first one is on the commercial outsourcing. For the haircare business you mentioned that the share of commercial outsourcing has increased. Can you maybe share more color on this, on the development, and on the EBITDA contribution? The second question is on margin improvement. What are the key savings and efficiency measures that you are doing to improve EBITDA margin and what is the room for improvement here? Thank you. Yes, thank you very much for your question. Yes, as indicated in my speech, I think we are making some very good progress in healthcare, especially in the segment of full agency business or full commercial outsourcing. Indeed, for the first time in the history of our healthcare business, the EBIT contribution of commercial is over 50%. You might have seen that last year we announced a very significant deal with Kyowa Kirin. We just announced the very sizable deal with Bayer. It is clear evidence that the trend towards accelerated outsourcing and the trust those large organizations have in our capabilities is continuously increasing, and that is also the biggest driver behind the increased margin as well as our own brands business, which is also of higher margin as you know. It is also developing nicely with the exception of the setback we are facing in Myanmar in terms of operational efficiency. We continuously look for opportunities today to use AI and increase the effectiveness and efficiency also of our salesforce across the organization through digitalization of further parts of the processes we have. We are quite optimistic that also in that regard we can deliver on top margin and expansion on top of the economies of scale with the growth of the business. Thank you. You're welcome. The next question comes from Nicole Mignon from UBS. Please go ahead. Hi. Morning. Thanks for taking my question. Just one follow up please on Consumer Goods where you saw some slight margin compression in H1, obviously only slight in a tough backdrop. This is the first time that you've seen that after some solid years of progress i n quite a while. Could you maybe hone in on where you're seeing that pressure by sort of segment? Is it just in the core FMCG business or more in food service or the lifestyle part of the portfolio? Thanks. Yeah, I can. Hi Nicole, I'll take this question. Indeed, we're not pleased with the slight decline on margin of 10 bps, especially after making the record and over delivering the internal target we set for ourselves at the end of last year. This is predominantly driven by the softer net sales to impact the scale of the business, as the overall structure remains solid. I mentioned in the speech the savings that we see also in supply chain that are actually helping us to mitigate this decrease to be only 10 basis points. It is not food service. To answer your question, it's really the core FMCG business and the core FMCG industry that is undergoing changes that may not be as vocal as they should. You see that many of the blue chips companies have reported very soft Q1 results. They're likely to report Q2 results on a global level and Asia level. There's a lot of divestiture and consolidation in the industry. We learned last week that Graphein is about to split itself. We learned that Kellogg's, definitely a household name in the consumer goods, is selling its core business to Ferrero. Names like P&G are shedding 7,000 jobs. There's something happening with the basic proposition of consumer goods to consumers that are in themselves in a bit of a disarray with their buying ability. In this context, I think our results are—we're not too happy about them, but I think they're decent. We expect as the industry will reinvent itself, we'll continue. We'll come back to investing in advertising and promotion to help us also generate higher returns there. We are not letting go the 2.5% target of last year. As I said before, we expect H2 to be stronger. We're taking a lot of right steps in the strategic action plan that we have set ourselves in optimizing Salesforce, in providing a Salesforce with new tools to be more effective. The supply chain savings that I mentioned, the AI that Stefan mentioned. As soon as the industry comes back, we will come back with it. Great, thank you. It's very helpful. As a reminder, if you wish to register for a question, please press star 1 on your telephone. The next question comes from Michael Foeth from Vontobel. Please go ahead. Good morning, everyone. Just one short follow-up on Consumer Goods, basically tying together the stronger business pipeline into H2 with your comments on margin. How is that strong pipeline, sort of? Positioned to support margin improvement in the s econd half of the year? Thank you for the question. As I said, we are going to shoot for a better half two versus half one. We expect to restore the margin of last year, but we have to keep in mind this is uncertain times not only for Asia and the global, but specifically for the consumer segment. This is what we're shooting for. We're optimistic, but please take it with a grain of salt. All right, thank you. The next question comes from Hela Zarouk from ODDO BHF. Please go ahead. Yes, good morning and thank you for the presentation. Two questions from my side. The first one in the Technology business unit. On the organic growth, should we expect an acceleration in H2? If yes, what would be the main drivers regarding profitability? What should we expect? How should we expect margin to develop in H2 knowing that the Core EBIT margin in the Technology business unit decreased by 30 basis points in H1? My second question is on tariffs. So, i f you can make an update on the tariff impact, you say that the impact is rather indirect. Could you share your view with us on this subject? Thank you. Yes, thank you very much for the question. Let me take it. First of all, the technology business is a very seasonal business and remains a very seasonal business where the majority of the deals are happening and are being closed in the second half. This is also what we can expect in 2025. I mean, 2021 clearly was hit by this uncertainty in technology. Many of the customers, they were stalling projects, they were delaying projects. We do expect that this is slightly going to disappear and definitely expect a better half in H2 than in H1, and also the margin in H2 will be better than the margin in H1. Regarding the tariffs, as I mentioned in my speech, we have very limited direct impact on DKSH in the U.S. We are only active with our business unit Performance Materials. In total, the U.S. accounts not even for 1% of our revenue and only 0.3% of the products are being sold into the U.S., so the impact on that side is very, very limited. If you look at our total inventory purchases across the group, 60% or two-thirds is actually from Asia Pacific and 30% is from Europe and only 6% is from the U.S. That's the reason why the impact is very, very limited to us. As I also mentioned already, we see already some activity by a few countries and by a few clients within Asia that they are aggressively looking for new opportunities to sell their markets rather within Asia than exporting into the U.S. or into North America. Obviously, we are going to benefit from that as well. I think the biggest impact currently is really the uncertainty and the potential reduction of global GDP. Thank you very much. Very helpful. Once again, to ask a question, please press N1 on your telephone. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to DKSH for any closing remarks. Thank you, Valentina. Thank you, everybody, for joining us virtually today. We really appreciate your time and engagement and already look forward to continuing the conversation with you in the second half of the year. We wish you a great rest of the day and say goodbye. Thank you so much for joining. Thank you very much. I will see most of you on the road show during the next couple of days. Bye bye. Thank you.