Ladies and gentlemen, welcome to the dormakaba Full Year Investor and Analyst Conference and Media Call 2025, 2026, a live webcast. I am Matilde, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A 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. I would like to remind you that the conference call does include forward-looking statements, which are subject to risks and uncertainties. Listeners and readers are therefore strongly encouraged to refer to the disclaimer included in the presentation. You will now be joined into the conference room. Good morning, everyone. Welcome to dormakaba's full year 2025, 2026 analyst investor webcast. Joining me today is our CFO, René Peter. Together, we will review our financial performance and the progress we have made over the past fiscal year. Thank you for joining us today. Let me begin with the key highlights and strategic developments of 2025/2026. René will then take you through our financial performance in more detail. 2025/2026 marks an important milestone for dormakaba. Not only we have delivered on what we promised, we are also proposing today steps to simplify the ownership structure of the group. Another important milestone for the company. By aligning ownership and economic interest at the level of the listed holding company, the new structure will enhance transparency and comparability and is expected to strengthen dormakaba's capital markets profile over time to the benefit of all shareholders. This is a logical next step in our journey to reduce complexity and make dormakaba easier to understand, analyze, and compare for investors. You will find more details about the transaction in the dedicated media release published today. Let's look at our results. Over the past two years, we have consistently delivered on our commitments, successfully execute our transformation strategy while strengthening the business and improving profitability. This year, we achieved a record Adjusted EBITDA margin of 16.1% while continuing to invest in future growth. At the same time, we delivered 3% organic growth, demonstrating that growth and margin expansion can go hand in hand. Strong cash generation and leverage ratio of 0.8 times EBITDA further strengthened our financial flexibility. These results reflects the impact from simplifying the business, improving operational excellence, and sharpening our commercial focus. With transformation phase largely completed, our focus now shifts to accelerating profitable growth through vertical market expansion, the U.S. opportunity, and targeted M&A. We look forward to sharing more about this next chapter at our Capital Markets Day on November 18 in London. 2025/2026 marks two years of consistent delivery and strong execution. Through Shape4 Growth, we generated more than CHF 235 million in savings and achieved a record 16.1% Adjusted EBITDA margin. We simplified the business through divestments, the exit from Russia, portfolio streamlining, and operational improvements. At the same time, we continued to invest in the future growth through vertical market expansion, our U.S. strategy, and 13 targeted acquisitions. Two years of disciplined execution have transformed dormakaba into a more focused, profitable, and growth-oriented company. We are now ready to enter the next phase, accelerating sustainable and profitable growth. With the transformation largely completed, we are increasing focusing on accelerating growth through our vertical market strategy. During the year, we built a strong pipeline and secured several lighthouse wins across our priority verticals. For example, in aviation, we won projects with leading operators, including American Airlines, in the U.S. with Dallas Fort Worth Airport, and major airports in Germany, Frankfurt, Munich, and Düsseldorf. In healthcare, we strengthened our positions through projects such as a new Aker hospital in Norway and strategic partnerships with two major U.S. healthcare systems. We are also seeing strong momentum in data centers with more than 35 project wins globally. We continue to execute our M&A strategy with discipline and focus. During 2025/2026, we completed eight acquisitions, strengthened our portfolio, go to market, and positions in key verticals. Airsphere is a good example for our approach. The acquisition adds software solutions for the automation of passenger processing, airport logistics, and critical infrastructure security. It significantly strengthened our aviation offering and allowed us to strengthen our position in the airport sector, not only in Europe, but also worldwide. Another example, a more recent acquisition of Azure in the U.S., a company developing next-generation adaptable electronic access control hardware for U.S. commercial market. This acquisition strengthens our component strategy in the U.S. and accelerates innovation in access control. With a strong balance sheet and significant financial flexibility, we remain well-positioned to continue pursuing target acquisition to enhance our offering, deepen our presence in key verticals, and support profitable and sustainable growth. Let me now turn to the U.S., our most important strategic growth market. Over the past year, we have sharpened our strategy, strengthened our commercial focus, and aligned resources behind the most attractive growth opportunities. We have strengthened our leadership team in the U.S. with a new appointment of Heather Torrey. We successfully enhanced our product offering, addressed important product gaps in the hardware with, for example, the launch of the BEST five-point push exit device, and expanded our access automation offering. We secured important project wins, primarily in aviation and healthcare. We also completed our first U.S. acquisition with Avant-Garde and Airsphere, strengthening our capabilities in aviation and Access Solutions. As a result, following a softer first half, primarily due to weaker hospitality demand, the business regained momentum in the second half of the year and delivered a second half 5.5% organic growth. Taken together, these initiatives are building momentum to accelerate growth in the years ahead. Three years ago, we launched a transformation to reshape dormakaba. Today, the results are visible across the business. We delivered cumulative savings of CHF 235 million and improved our Adjusted EBITDA margin by 260 basis points. While the formal transformation program is completed, the journey does never stop. We remain focused on continuous improvements, further reducing complexity and driving operation excellence. Our commercial transformation starts generating first savings, and together with stock closer complexity reduction initiatives, remains on track to deliver as planned by 2027/2028. Throughout the transformation, we continue to invest in innovation and digital capabilities to strengthen our position in attractive growth verticals. Solutions such as skyra, Lyazon, and Argus are already supporting growth in critical infrastructure, multi-housing, and aviation. For example, in critical infrastructure, skyra extends intelligent access to remote and off-grid sites through remote credential management. In multi-housing, Lyazon, our open API platform, allows property technology partners to integrate dormakaba access into their ecosystem, creating a scalable distribution channel across residential portfolios. In aviation, our Argus gate, our eGates, support the expansion of the aviation vertical in North America and help secure several significant customer projects. We are also strengthening our core portfolio with solutions that enhance accessibility, convenience, and compliance, including EasyAssist system, the BEST five-point push exit device, the Apexx Strato, and our keyless mobile credential, ATM lock. Together, these innovations reinforce our competitiveness and support growth across our target verticals and markets. With that, René will now provide more details on our financial performance during FY 2025/2026. René. Thanks. Thank you, Till. Also from my side, a warm welcome to our financial year 2025/2026 analyst and investor conference. As Till said, 2025/2026 marks an important milestone for dormakaba, and I am very pleased to tell you more about our financial performance. Financial year 2025/2026 was another year of consistent delivery with 3% organic growth, record profitability, and continued value creation for shareholders. We achieved an Adjusted EBITDA margin of 16.1%, the highest ever in dormakaba's history. We continued to deploy capital efficiency, delivering a return on capital employed of 31.0%. Cash generation remained strong. Our adjusted operating cash flow margin reached 12.5%, again, an improvement year-on-year. Also, our balance sheet remained healthy with net debt broadly at the level of last year. Net sales reached CHF 2,792.4 million, delivering an organic growth of 3% in line with our guidance. Growth was driven by strong pricing of +2.6% and the volume growth of +0.4%. This demonstrates resilient demand in a challenging economic environment, supported by disciplined commercial execution. As expected, the strong Swiss franc weighed on reported sales, reducing them by -4.9%. Net impact from merchant acquisition amounted to CHF -17 million. Positive contribution from our acquisitions was offset by the discontinuation of our Russian operation. Importantly, organic growth accelerated in the second half year to 4%, demonstrating improving momentum across the business. We entered the new fiscal year with higher volume and a strong order book. This provides a solid foundation for the continued growth. Both business segments contributed positively to the growth and margin expansion. Access Solutions, our largest segment, delivered organic growth of 3.1% and expanded its Adjusted EBITDA margin by 100 basis points to 16.7%. Performance was driven by strong pricing discipline of +2.6%. Growth was broad-based and accelerated through the year. Let me focus on some key markets. North America achieved organic net sales growth of +3.3%. Momentum improved significantly in the second half year, with sales growth of +5.5%, driven by portfolio enhancement, hospitality recovery, and major wins in aviation. Switzerland, again, demonstrated the strength of our complete offering, growing 4.8% through market share gains and strong demand in healthcare, critical infrastructure, and services. Germany outperformed the market with 3.4% growth, led by data centers, healthcare, aviation, banking, and marine. This confirms our strong position in segments where security, reliability, and compliance are critical. U.K. and Ireland declined by -2%, mainly due to the completion of major hospitality projects. Rest of the world reported good volume-driven growth in North, South, and Eastern Europe as well as South Asia. Sales declined in China and Southeast Asia. Our second segment, Key & Wall Solutions and OEM, delivered organic growth of +2.2% and another record-Adjusted EBITDA margin of 21.2%. While the segment faced a challenging first half year due to weak OEM business and delayed movable wall projects in North America, improving market demand combined with diligent project execution drove a strong recovery, resulting in an organic growth of +5.6% in the second half year. Adjusted EBITDA increased to CHF 449 million, driving our Adjusted EBITDA margin to a record 16.1%, an improvement of 60 basis points year-on-year. This marks our third consecutive year of margin expansion, demonstrating the consistent execution of our transformation program. Excluding currency translation and M&A impact, Adjusted EBITDA improved by CHF 33 million as price and efficiency gains exceeded inflation, resulting in a positive price over cost of CHF 31.6 million. The quality of this year's performance is reflected in a broad-based improvement across the profit and loss statement. Let's start first with the gross margin. We delivered a 20 basis points improvement year-on-year, driven by the continued benefit of our transformation program and pricing discipline. This was partially offset by lower factory utilization as a result of our inventory reduction program and product mix. At the same time, functional expenses decreased by a further 20 basis points, reflecting our ongoing focus on cost discipline and organizational efficiency. Items Affecting Comparability at the EBITDA level amounted to CHF 53.3 million. This increase primarily reflects costs related to the closure of our Russian operation and increased M&A activities. While the prior year benefited from one-time gains on real estate disposals. Adjusted operating cash flow increased to CHF 349.6 million, resulting in an adjusted operating cash flow margin of 12.5%, up 80 basis points year-on-year. The improvement was driven by inventory optimization initiatives, enhanced payment terms, and significantly lower tax payments. Our financial profile continued to strengthen during the year, supported by strong profitability and disciplined capital allocation. Despite completing eight acquisitions during financial year 2025/2026, and higher capital expenditures, net debt remained broadly stable at CHF 358.1 million. As a result, our leverage ratio remained at the low 0.8 times net debt -to -Adjusted EBITDA. A major milestone during the year was the assignment of a BBB investment-grade rating by S&P Global Ratings with a stable outlook. This rating reflects the progress we have made in strengthening the business, improving profitability and cash generation, and maintaining a healthy balance sheet. Taken together, this achievement underscores the quality of our earnings, the resilience of our cash flows, and our ability to execute our strategy from a position of financial strength. We continued to deploy capital efficiently, delivering a return on capital employed of 31.0%, up 40 basis points year-on-year. The improvement was driven by higher Adjusted EBIT and disciplined management of our capital base. Importantly, return on capital employed remained well above our commitment to sustainably maintain returns above 30%. For the financial year 2025/2026, the board of directors proposes a dividend of CHF 0.95 per share at the AGM in October. This represents an increase of 3.3% over the previous year. Additionally, I am very pleased to announce that we will adopt IFRS accounting standards, including an early adoption of IFRS 18's new disclosure requirements as our primary accounting framework effective financial year 2026/2027. Restated IFRS financials for the financial year 2025/26 are available in the financial section of our annual report. The restated values are also the base for our financial year 2026/2027 financial targets. Our first results on the IFRS will be published for the first six months of financial year 2026/2027. Sustainability remains a core part of how we operate responsibly, safely, and for the long term. We have reduced our injury rate by 40%. We have cut our CO2 emission by 26% over the last six years, and we have reduced landfill waste by 74% in the last five years. This progress we continue to make are recognized by rating agencies and public. Among others, dormakaba has been named as one of the European climate leaders by Financial Times and Statista for the second consecutive year. Furthermore, dormakaba has been ranked among the top 4% of more than 22,000 companies by CDP for its disclosure of environmental data. With this, I would like to hand back to Till. Thank you, René, for the detailed financials. Having delivered on our transformation commitments and created a stronger, more resilient business, we are ready for the growth chapter. Supported by solid business fundamentals, a healthy order book, our guidance for the next year under IFRS is as follows: Organic net sales growth above 3%. Operating profit margin expansion above 11%, equivalent of a margin expansion by more than 100 basis points. On operating cash flow margin in the range of 10.5%-11.5%. Now, handing back to the operator. I am happy to take your questions together with René. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question or make a comment may press star and one on their touchtone 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. Participants are requested to use only handsets while asking a question. In the interest of time, please limit yourself to two questions and one follow-up each. Anyone who has a question or a comment may press star and one at this time. The first question comes from the line of George Featherstone from Barclays. Please go ahead. Hi. Morning, everyone. Thanks for the presentation. The first question I'd have would be on the market trends that you're seeing. You obviously saw a clear acceleration, or an inflection rather, in the second half of your fiscal year across the business. I just wondered if this has continued so far in the first half of the fiscal year. Perhaps could you give us some color on the order book growth that you have given previously? Then specifically in Europe, at least one of your peers has identified a significant boost to organic growth from the NIS2 regulation. I just wondered if this can be a tailwind to demand for dormakaba in the near future. That'd be the first question. Thanks. Thanks for the question. I think, the market, we had seen a softer first half. We had seen acceleration in the second half. Also seen a very strong fourth quarter. The order book is very good. René can give some details on the order book. I think what we have seen is that we had a good start in the new year. If you look at the overall performance last year, we had been strong performance in the DACH regions, which you can see like Switzerland and Germany, Austria. This continues. We will see some tailwinds from regulation. That's right. I think that's benefiting the companies who have maybe a bigger footprint. I think that should be supportive. Clearly, we'll focus for us is to look at the U.S., where we have over the last two years already invest into further products, so closing our product gap. I think it's for us, focus on the leading position in Europe, benefiting from regulations, seeing continuous good development in Europe. Same time, investing into more product and try to get momentum in the U.S. to close the gap to number one and two in the U.S. On the order backlog on the book? On the order book, actually, what we have seen is a very good development towards the end of the year. When we look at the overall order book, it's about on a high single-digit growth, higher than prior year, mainly driven by our core markets, in particular in North America, Switzerland, Germany, as well as Australia. The order book is strong on Access Solutions and slightly lower on KWO. Okay. Thank you. That's a really useful color. Thanks. Just a couple of other things. On the pricing outlook you have for this fiscal year, can you help us understand what's implied in your organic growth guidance? Also just within the mix as we're going through time, have you had any tariff-related refunds that have been coming through the P&L or anywhere else? That'd be super helpful too. As I made on the pricing first, as mentioned, we are guiding above 3% organic growth. We expect about two-third to come from pricing effect. So that's roughly 2%-2.5%, and roughly 1%-1.5% or around 1% from volume growth. Regarding the refund, yes, we applied for tax refunds. We have seen quite significant burden due to the tariffs over the last year. We have applied for refund, and so far we have received in the lower mid-single digit million amount of refunds in 2025/2026. Okay. And just on that tariff point, what's your plan to do with that money? Are you going to give that back to customers or will you retain it? What will you do with your pricing that you've taken for tariffs? As for me, I think it is important to highlight that dormakaba was subject to multiple different U.S. trade tariffs, such as tariffs on steel, aluminum, copper, 50%. We also had these country-specific reciprocal tariffs, which created direct costs, but also indirect costs, because we have seen particular businesses out of India struggling due to the 50% tariffs. We also have seen quite significant disturbance in our way how we operate because of change on supply chain processes internally but also externally. Therefore, we consider that the refund rather than as a cost reduction on our side and something we have actually charged to our customers. Okay. Thank you very much. Next question comes from the line of Patrick Rafaisz from UBS. Please go ahead. Thank you, and good morning, everybody. My first question would be still with the guidance. On the previous answer, can you just clarify a bit also the semester outlook? Is it more backend loaded in terms of price contribution or frontend loaded? I would have imagined H1 will have a bigger price component. Can you also reconcile your operating profit guidance, the margin guidance, with the old framework to understand how this progression evolves and how much of the margin improvement is actually attributable to a reduction in IACs? Thanks a lot, Patrick, for your question, and I would like to take this question. As I mentioned, the financial year 2025/2026 is the last year where we are reporting on the Swiss GAAP FER. We will change our reporting scheme to IFRS effective 2026/2027. Therefore, you also find in our financial report a section where we provide a detailed bridge from Swiss GAAP FER to IFRS. Please also note that we early adopt IFRS 18, this new disclosure requirements, which has particular impact on the classification of some expenses between financial and operational expenses, as well as in the cash flow statement between operating and financing cash flow. Furthermore, and I think this is extremely important, as Till already mentioned, we completed our transformation program. Our focus is to manage the full P&L, and to consider all costs related to our asset base. Therefore, we will stop to guide on adjusted figures, neither on the P&L side nor on the cash flow statement side. Therefore, once you start to consider and reconcile our financial guidance, please consider that this guidance are on report and not anymore on adjusted figure. Now, based on the restatement we did, our financial year 2025-2026 result on the IFRS is 10% on operating profit and 11.5% on our operating cash flow margin. Again, not adjusted, reported. We are guiding therefore 100 basis points, at least 100 basis points improvement on our operating profit margin for the year 2026-2027, and 10.5%-11.5% on operating cash flow margin. Here is important that we already included exit taxation we expect in this financial year as we are now centralizing our IP rights and also ensuring that our intangible assets are fully aligned with our operating model. Because over the last two years, we moved decision-making functions to Switzerland. Therefore, if I would exclude this exit taxation on IP rights, we would be actually in the range of 11.5%-12.5% operating cash flow margin on the IFRS. Now, regarding the timing, whether it's back-end or the front-end loaded, I just would like to highlight that we will start to giving you a trading update the first time for Q1 at October 28th this financial year. Thank you, René. Very helpful. The second question would be regarding the agreements and the transaction around simplifying the shareholder structure. There was a roughly CHF 30 million payment included in this agreement to the Mankel family. Can you elaborate a bit what this is in relation to? Thanks. Now we are going to every meeting with investors, with, in the end, research was related to operation performance, which was the third part of today's presentation, and the second part was always like, dormakaba is still complicated. You have to explain the structure, the corporate governance, and therefore, I think as many of you know, we working on the structure for some time, and we have now reached an agreement together with both shareholders, the German shareholders, Swiss shareholders, to come up with this proposal for the AGM. I think, first of all, it is very important that both shareholder, the German shareholders and the Swiss shareholders, are fully supportive of the structure, are fully supportive to further commit to dormakaba, which very important that is north German ones and the former Kaba shares are both totally aligned with what we are doing and are staying very committed to dormakaba. On the structure, as you are going to propose, clearly, it is something where today you have the 47.5% minorities. There will be a capital contribution, and the capital contribution will have a share component and a cash component. Therefore, in the end, you will have a shareholding which is in the range of 52%, approximately, for the German shareholders. The cash-related payment is something which is relevant for potential tax impact in Germany. In the end, everything will be also justified by a fairness opinion, which we are prepared to show at the AGM in October. Okay, thank you. Very clear. Now I have a question from the line of- Just, Patrick, one comment which is important. I think it's the 52% in the end as shareholding, but also important, it comes to the contributions. In the end, we will contribute the today's minority into the holding company, and that will generate CHF 2 billion of capital reserves. And we can, in the future, distribute dividends out of the capital reserve, which are tax-free for Swiss shareholders. So the CHF 2 billion will be ready for some time. So we have some potential to distribute dividends for the next years. Very efficient for Swiss shareholders. We now have a question from the line of Vitushan Vijayakumar from Baader Europe. Please go ahead. Good morning, everyone. Thank you for taking my question. Just two on my side. For the organic growth, it was a good organic growth in second half. Including a clear volume recovery, you highlighted a strong order backlog or order book. So what would be the main factors that would preventing you from guiding more confidently above 3% level? Do you see any uncertainties based on some verticals? And also if you can give a bit of color about the order backlog that you gave, but I think I miss it. If you can just give me some color on that one as well, please. Let me start and maybe René can jump in. I think we told you in the previous question that we have a good order book, so it means give us confidence for the year. However, you still have to look about the volatile environment. I think what we want to do, we want to have resilient growth. We see that inflation is more sticky. We will see maybe until the end of the year, still a higher inflation. We see geopolitics still not being foreseeable. So I think it's more like that we are very confident to deliver up to 3%. We are early in the year. As René mentioned, we're going to give also quarterly updates on the growth, and I think it's more like let's start the year giving guide that we want to be vaguely above 3%. Our midterm guidance between the 3% to 5%. But seeing the environment, seeing the volatility around us, I think let's start with 3% and then maybe we can adjust on the go if we see that even there's more tailwind than today. Well, thank you. The second question was about the data center vertical. If I am not mistaken, you were projecting for roughly 2% of sales in full year 2026, 2027, during your conference in the first half. Does it still stand or do you see any evolutions? Also in which ways? It seems like AI CapEx is beating consensus expectations, so the current CapEx for data center should be logically higher than what it was during your first half presentation. I was just curious about the evolution of that vertical and your point of view on the underlying trends and if it did change something. Thank you. First of all, I think it is important you all have an invitation to our Capital Markets Day in November, where we can give more details on verticals, on focus areas. Data center is, as we all know, driven by AI, by compute power, one of the areas we focus on. With the TANlock acquisition, we have an end-to-end solution from the entry point to the rack to have one seamless access solution. We have seen many project wins in the U.S. and also in Europe and Middle East. We are going to continue. We are not depending on any single vertical, which is also important. But we see it like that we continue to grow year on year and would give you more guidance in November where we can go on what is solution, how we differentiate. So where is our offering better? Who are the partners? Clearly the hyperscalers in the U.S., but also then the asset companies behind it. I think it is something we see continued growth, accelerating growth. We have a good solution, and we give you more guidance on the number in November. Okay. Well, thank you. The next question comes from the line of [Emmet Walter] from Zürcher Kantonalbank. Please go ahead. Good morning, everybody. Can you hear me? Hello? Yes, we can hear you. Hello? Can you hear me? Yeah, we can hear you. Perfect. Thank you very much. You mentioned that you will no longer guide on adjusted figures, but you will still report on adjusted figures, I assume. And there, you have a 100 basis point improvement guided for, but the one-offs were 290 basis points. What should we expect there in the current year? We will not report any more on adjusted figures. As mentioned, we consider that our P&L needs reflect the total cost of our assets, and therefore we are concentrating on reported figures, not adjusted figures. When we look at our improvement, we will expect part of the improvements coming from operational performance improvement and other part from lower items affecting comparability. Okay. What should we expect from your Q1 update in October? What will you report then? On the Q1 update, we will report organic growth where we will provide a net sales bridge, reporting on FX impact, M&A impact on organic growth on the group as well as on segment level. As well as we will provide an update on our strategic execution on our strategic elements. No profitability then? No profitability, no. Okay. Thank you very much. We now have a question from the line of Lars Vom-Cleff from Deutsche Bank. Please go ahead. Yes. Thank you very much. Good morning. Only one quick question remaining from my side. So far you guided for an EBITDA margin, and now you are rather focusing on the EBIT. Just out of curiosity, does that have to do with the change of the accounting principles, or was it a management decision? It is clearly a management decision because we want to improve our comparability to peers. But also we would like to better align KPIs with our value creation metrics like return on capital employed. This was a poor management decision in order to reflect all expense items on the control of the management. Perfect. Thank you. That was already it from my side. Next question comes from the line of Remo Rosenau from Helvetische Bank. Please go ahead. Yes. Thank you very much. Looking at the new ownership structure after the implementation, the 52% stake of the Mankel family, how free are they to reduce this stake in the future? First of all, since we got this question very often in the past, today they have the 47% minority, which is in the end, not really liquid. And then you have the 10% out of 52%, which are in principle liquid, but part of a pool agreement. In principle, the Mankel family is as flexible as someone could be, so they can reduce the shareholding below 50%, would be in their court. They can decide how much they lower the stake. Okay. Any placements in the future are not to be excluded, right? I think it is more like you could ask in both directions. In the end, it is always like the perspective you have today. They have 47.5% as a minority and 10 out of 52 adding up to 52.5%. I think it is more like, first of all, any intention, you have to ask the Mankel family, but in the end, it is something where we are very happy to have both shareholder groups, the Germans ones and the Swiss ones, and both are committed to the company. There is no indication of any change, but in the end, you have to ask the shareholders about their intention. We got the commitment from both sides that they are very happy with the performance and are committed to dormakaba for the future. Okay. But there are not any lock-ups in these shareholder- No. Agreements or whatsoever. No lock-ups. Okay. Then, have there been any extra cost in connection with the change in the shareholding structure which have been in the P&L of the last business year, which were included in the published EBIT already? This is correct, yes, and they are part of the items affecting comparability. They are not included in the adjusted figures. They are excluded. Okay, so how much was it, more or less? We don't disclose this amount. Okay, because, to be fair, the operating margin, the published one, on the IFRS is 10.0%, as you said. But one item which will go out are these extra costs. So the starting base is basically not 10.0%, but a bit higher. So it would be interesting to know that. Don't expect that this is a very high amount. It's in the lower single-digit million amount. Okay. That's helpful. Okay, great. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. We now have a question from the line of Manuel Lang from Vontobel. Please go ahead. Yeah, thank you for taking the question. Good morning. I have one to clarify on your guidance and specifically on pricing. Do you therefore see any difference in the first half of fiscal 2027 versus the second half? Or can we expect the roughly 2% pricing for the full year to be spread more evenly? The second one would then be, also on the benefits of the simplified shareholder structure, the foreign capital contribution, your reserves, you can build from that. Are you also actually planning to distribute them as part of, or as you can fully as a dividend? Or is there also any restrictions we should bear in mind for that? Thank you. So maybe the first question on the pricing. As mentioned, we expect that we see that inflation remains high. We also see that, therefore, also the pricing needs to be remaining a key element of our financial performance. As indicated, we are expecting for the full year, a price increase in the range of 2% to 2.5%. Regarding the capital contribution reserve of CHF 2.1 billion, this is fully distributable because it's a foreign-sourced capital contribution, and therefore, we expect that in the next years, dividend payment will be made out of the capital reserve without withholding tax. Okay, great. Thanks for that. But on pricing, no difference in first half and second half? No difference, no. Okay. Thanks. Ladies and gentlemen, that was our last question. I would now like to turn the conference back over to Till Reuter for any closing remarks. Thank you for listening to our conference. Thank you for the question. Looking forward to seeing you latest in November on the Capital Markets Day. For this, thank you and see you soon. Bye-bye.