Thank you for the introduction, and good morning, ladies and gentlemen. Welcome to our Q1 results conference call. Geberit had a successful start into the year with strong results. Let me start with the key statements for Q1. First, we achieved a mid-single-digit net sales growth despite one working day less. Second, we kept operating margins stable on all levels of the P&L, excluding one-time costs for the closure of our ceramics plant in Basel, announced in January this year. We booked in the first quarter CHF 14 million one-time costs for this site closure, CHF 12 million on OpEx, and CHF 2 million on depreciation level. Let me now comment on our net sales development in more detail. Net sales grew by 5%, both in Swiss franc and local currencies, to CHF 878 million. This growth was fully driven by volume and a slightly negative price effect on net sales price level. The small negative price effect on net sales level was caused by two factors. First, the technical reason. We increased sales prices as of April, as announced. However, we increased customer bonuses already as of January this year, as this is regular market practice. This difference in timing led to a slight negative price effect on net sales level in Q1. Secondly, we selectively adjusted prices for selected product categories in Switzerland this year due to the appreciation of the Swiss franc over the last years. The strong volume growth in Q1 was driven by, A, the strong development of new products, and B, pre-buying by wholesalers in anticipation of the April sales price increase. We come now to the regional development. All growth figures refer to growth in local currencies. In Europe, net sales increased by 5%. Net sales increased in all sub-regions except Western Europe, which was negatively affected by a market decline in France. In Middle East Africa, net sales increased by 15%, driven by Turkey and South Africa. In America, net sales increased by 4%. Net sales in Far East Pacific declined by -1%, driven by declines in China, almost fully offset by strong growth in India. Let me now comment on the sales development per product area, which all showed a similar sales dynamic last quarter. Installation and flushing systems grew by 6%, while piping systems and bathroom systems increased by 5%. I will now comment on the operating and financial results. I'll start with the EBITDA development. EBITDA in Swiss francs and local currencies increased by 1% to CHF 277 million. The EBITDA margin reached 31.5%, decreasing by 130 basis points, which can be fully attributed to already mentioned one-time operating expenses of CHF 12 million related to the site closure in Basel. Excluding this one-time effect, the EBITDA margin in Swiss franc reached exactly previous year's level. The positive effect from the operating leverage was offset by mainly two factors. First, a 3% wage inflation, and second, 36% higher energy prices. Direct material prices were basically on previous year's level and did not have a material impact on the margins. EBIT margin reached 27.1%, a decrease of 150 basis points, also fully driven by the plant closure in Basel, which amounted to CHF 14 million on EBIT level. Excluding these one-time charges, the EBIT margin would have reached exactly previous year's level. Also, the net income margin would have reached exactly previous year's level of 22.7%, excluding the one-time closure costs. Earnings per share reached CHF 5.69. Excluding the effect of the closure-related charges, EPS would have reached CHF 6.05, an increase of 6% in Swiss francs. We also continued our share buyback program in the first quarter. In the first three months, 71,000 shares were bought back for a total amount of CHF 37 million. Let me now comment on our outlook, which does not differ from our market outlook given at our full-year analyst conference in March. In Europe, we still expect a slight decline in new build activity, with building permits in Europe down -2% in full year 2024. This decline is offset by a positive renovation market, as indicated by several indicators, for example, increased real estate transactions. In sum, we continue to expect overall building construction demand in Europe to stabilize in the course of 2025. Outside Europe, we expect a mixed picture for the building construction industry. We expect in several markets, for example, in India or the Gulf region, a strong demand. Other markets, for example, China, will be in a decline, mainly driven by the residential sector. On the direct materials side, we expect prices in Q2 to be on the level of Q1. In terms of operating expenses, we expect further charges related to the Basel plant closure, related to the social plan, retention, transfer costs, and depreciation in 2025 and also 2026. Let me finish our outlook with a trading update for April. Net sales were like for like, mid-single digit above previous year's level, supported by order deliveries from Q1. Please also keep in mind that Q2 this year has one working day less than Q2 last year. Let me now briefly comment on the Geberit priorities this year. We will continue to have a strong focus on new products this year, for example, the new Duofix installation element, but also important new products introduced over the last years, like FlowFit, Mapress Therm, and the new shower toilet Alba. Other important initiatives this year are dedicated sales activities outside Europe and in the area of IT and digitalization. We will continue to invest in our four dedicated sales initiatives in emerging markets, namely in India, Egypt, Saudi Arabia, and Vietnam, by strengthening the respective local sales organizations with additional headcounts and targeted marketing efforts. Secondly, we will further invest into IT and digitalization, specifically into AI initiatives and digital marketing efforts. In total, we are increasing our operational expenditures by CHF 20 million this year for these initiatives. These expenses are ramping up in the course of the year. Let me close our introduction with a short summary and our key messages. Geberit delivered strong results in the first quarter, with a mid-single digit net sales growth driven by a strong development of new products and pre-buying of wholesalers in anticipation of the April price increase. Operating margins were constant on all levels of the P&L, excluding the one-time costs related to the Basel plant closure. This means that earnings per share, excluding these one-time charges, grew in line with top line. For 2025, we continue to expect stabilizing market demand in Europe and a mixed environment overseas. Geberit is well prepared to continue its outperformance in this environment, as already demonstrated several times in the past and also last year. Our confidence is based on the fundamental need for our products, our resilient strategy and business model, and our long-term focus and track record. Thank you for your attention. We are now ready to answer your questions. 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 the 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 disable the loudspeaker mode while asking a question. Anyone who has a question may press star and one at this time. Our first question comes from Elodie Rall from JP Morgan. Please go ahead. Hi, good morning. Thanks for taking my questions. First of all, I was wondering if you could give us a bit of color about how much you think you are outperforming your underlying markets, in particular thanks to the push through of your new products, and if you think that the trend that you have reported so far, including April, is what you think you can deliver for the full year. Second, you said margin was flat, excluding the one-offs. Is that also something that you think is sustainable for the full year? Thanks very much. Thank you for your question. With regards to the market outperformance, one quarter is always too short to assess or to get evidence how much we have outperformed markets, but I would refer to last year, where we have been growing with 2.5%, while the market was clearly down, especially in Europe, mid-single digit. I think one of the main reasons last year were new products, why we were able to outperform, and I would assume without having number evidence for the first quarter, this was also true this year in the first three months. Second question, Tobias, please. Start as to the margin. Like always, at that moment in the year, we're not giving yet an indication on the full year margin expectations. The next question comes from Ilaria Buricelli from Goldman Sachs. Please go ahead. Hi, good morning. It's actually Daniela here. Thank you for taking the questions. I have three quick questions. First, I wanted to clarify on April, on your comment, was that a volume or an organic growth comment, meaning is the price increase over and above the mid-single digits? I'll ask them one at a time, so I'll ask the others after. April includes now the price increase, but keep in mind part of the April sales were driven by deliveries from Q1 with still old prices. It is quite a mixture of old prices and new prices in April. The predominant part obviously was volume. Okay, got it. You mentioned sort of in one Q that energy prices were increasing. I know you commented raw materials. You gave a guidance for two Q, but what are you seeing on energy prices for the rest of the year? For the rest of the year, it's very difficult to say. Just short term, we expect that there are certain downward pressure on energy prices. Already in March, they were a little bit lower than in February. We also expect April to be a bit lower, but keep in mind that we have still a low base from last year. Compared to Q2 last year, energy prices most probably will be still above last year Q2. Thank you. Just a question in terms of the level of customer bonuses. Can you comment on how this has trended over recent quarters? As it increased, is it the same? Sort of give us a bit of an idea, given this was one of the reasons of the net price in the bridge this quarter? We didn't do any special new customer bonus increases, which we didn't do in the past, sorry, which we didn't do in the past. It is a normal behavior that at the beginning of the year, you increase the bonus, and then you increase list prices per April, and the net effect is then that what we already talked about, the net sales price increase. However, we did not obviously increase sales prices last year. We did also not increase bonuses last year. This is the reason why this year we have an effect of these normally increased bonuses as of January, which led to a slight negative price effect on net sales level in Q1. Got it. Thank you very much. The next question comes from Martin Hüsler from ZKB. Please go ahead. Yes, good morning. Thank you. I have three questions, actually. First of all, would you say that the good dynamic that you saw in piping systems, which was more or less in line with overall sales, can be seen as an improving situation in new construction? Maybe I ask this one by one. Difficult question or difficult to answer. I think for us, the main driver in piping at the moment is not maybe a slight change of the underlying market. It's still the main driver is our new products because we have seen strong sales in the first quarter, again for FlowFit and also Mapress Therm, a new metal supply piping system introduced last year. I think this is the more important driver for our sales development than a gradual improvement of the new build market, which is underlying. Okay, thank you. The second question is referring to your raw material cost guidance for the second quarter. However, it looks like if I have a look at the red line, it's clearly, or the trend is going down. Am I missing here something or why should it, did it change in April, for example, or yeah, what's the reason for that? We simply expect flat for the next quarter, and that's not much more to add to that. Also, one thing to take into consideration on that page is the scale. It starts at 120. So these are really very small changes you're on here. We on purpose did that to exemplify the changes, but take the scale into consideration when analyzing the picture. Okay, thank you. Maybe a more important question on the sentiment in Germany. Obviously, I think we saw a certain bottoming out, and I think at the ISH, at least the companies that I met or the different, yes, let's say installers and so forth, they were a bit more optimistic in March for the trend of the year. Has this continued according to your view that, let's say, not maybe in numbers, building permits are still very weak, but sentiment-wise, there is a certain improvement in the market going on? What's your view on that? We agree on that view. The sentiment has improved. In Germany, I would also say on the number side, you see one or two positive signs. Building permits in January and February this year, for the first time, for the first time, did not decline anymore on the residential side, so they were stable. Also, if we look at the latest number, which we have from the backlog for plumbers, which has been stable, it's at 515.4 weeks at the moment, which is a stable level compared to Q1 last year. It is the first time that we did not see a decline for two and a half years, also on the backlog side. I would say this positive sentiment, which you were talking about, is even underpinned with one or two numbers and facts. Okay, thank you. The next question comes from Yassine Touahri from On Field Investment Research. Please go ahead. Yes, good morning. Thank you very much for taking my question. You're talking about the mid-single digit organic growth in April, but I understand it includes some sales from the first quarter when clients bought in advance of the price increase. My question is, when you're looking at your order book, do you see a slowdown in May and June as you don't have the pre-buying effect? Also, when you are talking about the negative working day impact, is it in May or June? Unfortunately, our order book is very short term. We don't have an order book for June. Our order book is only around two weeks. That's a challenge. Therefore, I can't answer your question. We don't have so much looking ahead into the market. Is the working day impact in May or June? I'm sorry, the working day impact, so that mid-single digit growth is like for like. This means it's adjusted for currencies, and it's adjusted for working days. Technically, we had a working day less in April, but the like for like growth means currency adjusted and for working day adjusted, and this was a mid-single digit growth in April. The last question would be on the foreign exchange. I think the Swiss franc has been very strong. What kind of effects impact do you see for the second quarter? Is it a mid-single digit decline in currency? Is it something that seems reasonable to you? We're not making currency forecasts. I mean, that's probably the most difficult question you can ask anybody. Also, yeah, go ahead. No, no, when you're looking at the current level of currency, I'm not asking you to do forecasts. Clearly, that has a big impact on the top line and on the absolute figures. However, in terms of margin, like always, we have an almost perfect hedge, so it should not affect margins. Thank you very much. The next question comes from Martin Flückiger from Kepler Cheuvreux. Please go ahead. Thanks. Morning, gentlemen. Three questions, if I may. Firstly, on bathroom systems, 5%, that's quite an unusually high number. Is that driven by the pre-purchases, or how do you explain that solid performance? That's my first question. I'll take one at a time. Two drivers. One is pre-buying for the other two products as well, ahead of the price increase of April. Secondly, a very strong development of our shower toilet Alba. Okay, makes a lot of sense. Thanks. On your EBITDA bridge, EBITDA margin bridge, I was surprised to see that the so-called other cost effect was only 100 basis points. That seems unusually low. Is there a particular reason for that? No, we've cited the two main reasons that I included in there, which are the energy prices and the wage inflation. A minor effect also then comes from the CHF 20 million additional cost that Christian mentioned in the column and already mentioned at the full year results. These are only wrapping up, so there was a minor effect. No, I think it's the absence of anything else that makes it such a low figure. Okay. Third one, talking about one-off costs, can you provide a little bit more granularity on how you expect these to pan out over the coming quarters and into 2026, please? In terms of yearly development, that's still a bit difficult to tell right now, but I can give you some hints. There's on the EBITDA impacting costs above the line, there's still the ongoing negotiation with the social partners, their retention costs, and these are clearly accruing over time on a linear basis. There's product and machine transfer costs. These will rather incur in 2026. Other factory and site closing costs are then as well rather towards the end of the period, so 2026. Overall, 2025 and 2026, we still expect around EUR 25 million we laid out. Roughly said, all which is social costs and first part of machine and transfer costs this year, the rest then mostly product and machine transfer costs then next year. Okay. In terms of numbers, because we need to run spreadsheets, I'm afraid, can you give some guidance on what that means in terms of total one-off costs, 2025 and 2026? Yeah. No, the splits between this year and next year, I think we can provide with half-year results. Okay, thanks. The next question comes from Patrick Rafaisz from UBS. Please go ahead. Yeah, thanks. Good morning, everybody. I also have three questions. The first would be a follow-up on the net pricing effects in Q1. You already talked about the customer bonuses, but can you also add a bit more color on the Swiss price adjustments, especially which product categories were impacted? They were very selective. I don't want to go into too much detail, also due to competitive reasons, but they were mainly related to products, obviously, which are manufactured outside Switzerland. One example is an important product category, which is fully manufactured in the Euro area in Germany. That was the main reason why we selectively adjusted prices, because we have been taking into account the appreciation of the Swiss franc over the last years to avoid cross-border business. It was very selectively, but I don't want to go into too many details which kind of categories we decreased prices. Would you say these two effects, customer bonuses and Swiss price adjustments, were more or less equal contributors to the net pricing effect? To be honest, I don't even know. I don't know. I didn't compare it to. Okay. Okay. Okay. The second question would be on the America performance. Because you talked about the pre-buying ahead of price increases in Europe, was there any maybe pre-buying ahead of tariff uncertainty in Americas that helped? To the extent that we are aware of, I would say no, because we did a regular price increase in the U.S., a usual one, which was not tariff-based so far. That might change in the course of the year, but the price increase so far was a normal one, so there was no extraordinary tariff-induced pre-buying so far in the U.S. Okay, great. The last question would be a follow-up on the one-offs. I think what you described in Martin's questions earlier was mostly on the OpEx side. I think the original indication was also for the CHF 15 million of write-downs, which could occur in H1 potentially. In Q1, we only had about CHF 3 million. Is that a larger number then in Q2, or is that also hard to say at this point? We don't expect in Q2, we don't expect a significant figure on the depreciation. That figure, actually, in impairment, could be lower than the announced CHF 15 million for potentially two reasons. One is if we're transferring more machines to other plants, and that is an investigation which is ongoing, but will take the rest of the year. As long as that is not clear, the impairment also is not done. The other one is if the expected land sale can be netted with the impairment need, which is possible, that would also then reduce that CHF 15 million as that was a gross figure originally. This as well, more detailed than with the H1 figures. Okay, that's very helpful. Thank you very much. The next question comes from Arnaud Lehmann from Bank of America. Please go ahead. Thank you very much. Good morning, gentlemen. A couple of questions, please, remaining on the competitive environment. I mean, obviously, you're doing very well with innovation, and you mentioned your outperformance. We are also seeing some of your competitors being quite proactive with innovation. I'm thinking in particular of LIXIL/GROHE, who's been launching a few new products. Can you please qualitatively comment on the competition? Do you think you're gaining share? Do you think their innovations are weaker than yours? Anything you can say to help us understand? The second question, which is slightly related, GROHE has been talking more and more about the repeat business it can get from cartridges. Systems like, for example, in water purification that need to be renewed regularly. Is it something that you already have in your product range, or is it something that you're thinking of expanding going forward? Thank you very much. I think it's logical by nature that also competition innovates, and this is good for the market. This is good for the industry. We are innovating. If I take the ISH, this was the fair, or this is the most important fair for sanitary products, took place in March, a global fair. If I would try to summarize feedback from customers, I think we don't have to hide ourselves if it comes to the question, who is the most innovative company? I don't want to go into detail comparisons with other competitors, but we feel very confident with the new products we have launched recently, the last one, two years, and also the ones we have launched this year. We also feel confident with our innovation pipeline if we look at our competitors, if you have looked at our competitors at this fair in Frankfurt. I think we are well prepared, and we can claim it's a bit of a difficult word, but I think we can claim we are clearly the innovation leader. Number two, we have a kind of a repeatable business. We don't have in our portfolio products or elements of products which you need to replace after a certain point. There's no replacement business. When we sell a product, it's installed, hopefully, for decades, and then maybe in a renovation case, then you renovate, and then you replace the product. We have no products which are based on a business model of selling replacements or rechargeables. There's a small, small exception if it comes to shower toilets, where we have some consumables which we are selling, but this is a very, very low share, and this is not a part of our business model. Very clear. Thank you very much. The next question comes from Christian Arnold from ODDO BHF. Please go ahead. Yes. Good morning, gentlemen. On the extraordinary costs, I mean, in March, you were guiding for a total amount of CHF 14 million, thereof CHF 15 million write-off. That has not changed as a total figure, right? That is correct. That has not changed. What I hinted at before is that the depreciation part, so the 15 million, could come lower than that for two reasons. One is more machine transfer potentially. The second one is if we are able, from an accounting point of view, to net the expected gain from the land sale with the other depreciation. That as well, we should have more clarity in the course of the year. Okay. Comparing that with the CHF 14 million you booked in Q1, I mean, it looks like this CHF 14 million is actually quite a big number, I mean, thinking about the two-year process. For the quarters to come, we can clearly calculate with a lower negative impact. Yes, obviously. That's not ramping up. The only thing that ramps up gradually are the retention costs, which we accrue with every month. The bulk of what has been booked, so the CHF 12 million, the bulk of these CHF 12 million are the first part of the social plan, and that one is booked as a one-off, and you need to book that at the moment that it's decided and announced, which we fulfill. According to IFRS, we have to fully book our expectation at that stage on that moment, and that was therefore reflected in Q1. Okay. On the shower toilets, I mean, you were mentioning the very strong development of Alba. So that means that you are clearly growing double-digit again in that product line, right? We are growing double-digit on sales level, and we are growing significantly double-digit on volume level in shower toilets driven by Alba. Okay. This double-digit, there's no one as a first digit, I assume. Sorry, say again. I didn't understand. Oh, double-digit means there are two figures. Exactly. So there's no one as a first-digit number, right? You mean that the volume growth, I can tell you it's not a one. No, it's not a one. Okay. The first digit, yes. Correct. Okay. It's significant double-digits. Okay. High double-digits. Okay. If I may add, Mr. Arnold, if I may add a comment, what is also important, if you look at the Alba volumes now quarter by quarter, and starting with the third quarter last year, that was the first normal quarter after the introduction, we see also a very nice growth now only for Alba over these three quarters. Also, the dynamic of Alba is increasing. Okay. In terms of countries, maybe? I mean, is it a German-Swiss theme, this Alba, or you have a broader footprint here? No, I would say that's really across Europe. Obviously, the numbers are higher in the German-speaking countries, but if you look at growth compared to what we already have in terms of shower toilet sales in these countries, it's a very broad growth across Europe. Okay. Maybe the last question. I'm thinking about, I mean, what you mentioned about the selectively reduced prices in Switzerland and the customer bonus increase, which also had a negative impact on pricing in Q1. That means your volume growth in Q1 was actually at 6-7%, right? Correct. Please also keep in mind we had one working day less. If you add the missing working day, you are at number 7% around, I would say, volume growth. Okay. Okay. Thank you. The next question comes from Remo Rosenau from Helvetische Bank. Please go ahead. Yes, thank you. Just one question left here. Coming back on these selective price decreases in Switzerland, does this also mean that you did not implement any price increases as of April in Switzerland, or did you still do that in other product categories? That's a very good question. We did some sales price increases in some other categories. In some, we kept the prices stable, and in some selective, we decreased. It was a mixed picture of price changes in Switzerland, depending mainly on the origin of manufacturing. Okay. Great. That's all from my side. Thank you. You're welcome. The next question comes from Charlie Ferenbach from AWP. Please go ahead. Good morning, gentlemen. I'm not sure if I missed your wage inflation guidance you usually do for the full year. Thank you. We remain at 3-4%. Thanks a lot. Welcome. The next question comes from Pujarini Ghosh from Bernstein. Please go ahead. Hi. Thanks for taking my questions. I have a couple. In terms of the wage inflation, you mentioned you were at 3% for Q1, and you are confirming 3-4% for the full year. My second question is on U.S. tariffs. I think you alluded to it previously. How much of your U.S. sales do you actually import? What would be the direct impact of any tariffs, any potential tariffs on your sales? Actually, a third one, if I may, in terms of your costs. Please, could you remind us of your hedging policies on energy and your raw materials? Thank you. I start with question number two. Tobias will answer question number one and number three. We have, as you know, a share of sales of around 3% in the U.S. And out of these around CHF 100 million sales, the vast majority is locally manufactured. We have two plants in the U.S. It is a very small part, basically the concealed cistern, our core product, which we import from Europe. It is a very low share of import products in the U.S. And question number one and three. On wage inflation, as you correctly noted, around 3% in Q1 and higher 3-4% for the full year. The reason is that the wage inflation in Germany this year has only been implemented as of 1st of April, whereas last year it was implemented 1st of January. Therefore, that's that slight difference between Q1 and the full year. When it comes to hedging policy on energy in general, we're not hedging. To a very large extent, we're buying spots. Raw materials? Raw material, same thing. There we sometimes simply do some pre-buying. We fill our stock for a certain duration. For your consideration, I would consider that stock spot buying. Okay. Thank you. Welcome. The next question comes from Axel Stasse from Morgan Stanley. Please go ahead. Yeah. Good morning, everyone. Thanks for taking my question. I have one remaining. Just on the order intake in April, based on the previous comments, is it fair to assume the order intake was the low single digit up versus last year in April? Sorry, Kent. It was difficult to understand. Can you repeat your question? Sorry. Yeah. Sorry. Can you hear me? Yes, but it was try again. Yeah. Sure. Yeah. Sure, sure. I was just asking about the order intake in April. Based on the previous comment that you provided, is it fair to assume that the order intake was up, low single digit versus last year in April? We only commented on sales, that sales in April. We did not do any comment on order intakes, and we will also not comment now on order intake in April because we just do not know. Okay. Thank you. You're welcome. As a reminder, if you wish to register for a question, please press star followed by one. We have a follow-up question from Martin Hüsler from ZKB. Please go ahead. Yes. Thank you. Two follow-ups, actually. You mentioned Turkey and South Africa as drivers, let's say, outside Europe. However, you have dedicated growth strategies in Vietnam, Saudi Arabia, and Egypt, among others. Does this mean that those three countries or regions didn't grow as you would have expected? Not at all. It's just in these regions, quarterly numbers are very much driven by projects. Sometimes you have, in the case of South Africa, just a good quarter because of projects. The same was, by the way, true in Turkey. That has nothing to do with these initiatives. Overall, also, by the way, India, for example, is one of these initiatives that had a very strong quarter. Don't read too much into that in quarterly numbers in these emerging markets. Too volatile. Okay. Thank you. Two housekeepings. Am I right to assume that most of the cost incurred as one-off above EBITDA was personnel cost? Or were there any other cost, P&L items hit? No. It's fully personnel cost in Q1. Thank you. Maybe last one you won't answer, but what were the direct costs for your presentation at the ISH? Is this like a single to mid-digit million number? The honest answer, expensive. It was a—I do not know. It was seven digit for sure. It was seven digit for sure. We do not go too much into the details here. Okay. Thank you. Welcome. Also, the next question is a follow-up from Elodie Rall from JP Morgan. Please go ahead. Yeah. Hi. Thanks for taking my follow-up. Just coming back on the sales development, my question on my first follow-up question is on Q2 comps. Clearly, last year, you had said at this time of the year that April was slightly up, like for like, but you delivered a 5% organic growth for Q2. First of all, do you see tougher comps in May and June? Q2 last year is a bit stronger comps compared to Q1 last year. I agree on that. One of the reasons is that in Q2, we saw some restocking of wholesalers last year. Okay. The follow-up is, obviously, we're trying to figure out how much of the mid-single-digit sales growth you've seen in Q1 and April is due to pull forward demand and how it's developing given the comps getting harder in May and June. We will be very happy if we would know the answer to these questions, but we don't know. That is always the issue that the wholesalers don't tell us how much of their orders was now driven by technical build-up of stocks or build-up of stocks because of low prices in advance of price increases. We only have qualitative feedback. It is truly or surely a driver, but we can't quantify it because we don't know it. Okay. Okay. Thanks very much. You're welcome. The next question comes from Martin Flueckiger from Kepler Cheuvreux. Please go ahead. Mr. Flückiger, the line is open. Yes. Sorry, I was muted. Just two follow-ups, please. Regarding the restocking opportunity going forward, what are your expectations today with regards to the outlook for the next three quarters? I realize that or I understood your comment from earlier on, but once the price increase impact on the restocking is behind us, which it should be by now or close to as of May and going forward, do you expect wholesalers to start restocking based on your market outlook this year? That would be my first question. In general, I think wholesalers also take into account what will happen in the market going forward because they need to ensure the availability of the product at best cost. If wholesalers, on a broader range, believe the market should go up or will go up, I would assume they started to build up their inventories to a certain extent. The same they did and they will do if the market would go down. If we talk to our wholesalers coming back to the fair in March, important wholesalers, for example, in Germany, have a similar view on the market than we have that we might expect, especially in Germany, a stabilization of the market in the course of the year. Okay. That's interesting. My second follow-up question is on your pricing comment. You guys have only talked about slight negative price decrease. I was just wondering whether we could quantify that a little bit because from an earlier question, it seemed like it could be larger than -1%, which I thought it was not. We are talking about less or more than 1%? No, no. It was less than -1%, around -0.5%. Both effects, the technical effect from bonuses versus sales price increase and the selected price decreases in Switzerland, they both together had an effect of maybe around -0.5%. Relatively small. Perfect. Thank you so much. We have another follow-up question from Yassine Touahri from On Field Investment Research. Please go ahead. Just a follow-up question on China. Could you give us an order of magnitude of your purchase from China? As China cannot export to the U.S., do you see any potential decline in raw material costs from Chinese raw material? The biggest share of products or components we buy in China is for China. We have a very low share of sourcing in China for markets in Europe and also in the U.S. That's the reason why we also, on a global perspective, we don't expect any major impact of this tariff war. Thank you very much.