Good morning, ladies and gentlemen, and welcome to Geberit's nine-month results conference call. We will start with the third-quarter figures and then comment on the nine-month development, and we'll finish, as usual, with an outlook. Geberit delivered strong top and bottom line results in Q3. First, net sales grew in local currencies by 5.4% despite a continued challenging market environment. Second, excluding one-time costs for the closure of the ceramics plant in Basel, we kept operating margins stable. And third, despite these one-time costs, EPS grew currency adjusted by 6.4%. Let me now give you some comments on the sales development in the third quarter in more detail. Net sales increased in Swiss francs by 2.7% and reached CHF 783 million. The currency impact affected the top line negatively by CHF 21 million, or minus 2.7%. In local currencies, group net sales increased by 5.4%, supported by a positive price effect of around 1%. Let me turn to the regional developments in the third quarter, again in local currencies. In Europe, we achieved a sales growth of 6%, driven by significant growth in almost all European markets and the strong development of new products. Italy was the only major European market which recorded a sales decline last quarter due to the softening new build demand. In Middle East and Africa, net sales increased by 16% in Q3, driven by strong growth in Turkey and Greece. America recorded a small sales decline of minus 2% due to wholesaler inventory rebalancing after tariff-related price adjustments in H1. Net sales in Far East Pacific declined by minus 8%, driven by the market contraction in China, partially offset by growth in India. Continuing with the sales development per product area in Q3, again in local currency. Installation and flushing systems increased by 8%, while piping systems and bathroom systems both increased by 4%. Installation and flushing systems benefited from the second rollout wave of the new Duofix installation system. Let me now turn to the operating and financial results in Q3. We managed to grow our bottom line results from EBITDA down to EPS, both in local currencies and in Swiss francs. EBITDA grew by 5.3% in local currencies, and the EBITDA margin reached 30.6%. This represents a margin decrease of minus 40 basis points, driven by one-time costs of EUR 4 million related to the Basel plant closure booked in Q3. Excluding the closure costs, the EBITDA margin would have increased slightly by 10 basis points. Net income increased in local currencies by 6.1%. Net income margin reached 19.9%. Earnings per share reached CHF 4.73 and grew in local currencies by 6.4% despite the before-mentioned closure costs. Let me now continue with a review of our net sales development in the first nine months of the year. Net sales grew in Swiss francs by 2% and reached CHF 2.4 billion. The negative currency effect led to a net sales loss of CHF 58 million, or minus 2.4%. In local currencies, net sales increased by 4.4%. This growth was substantially driven by the continued strong development of new products such as the supply piping system FlowFit, Mapress, and the shower toilet Alba. This brings me to the regional net sales development in the first nine months. Again, our growth figures refer to growth in local currency. I start with a review in Europe, where we achieved a sales growth of 4%, clearly above the market development. In Austria, net sales increased by 10% thanks to growth of our new products. In Benelux, net sales increased by 6%, with growth in both countries, Belgium and Netherlands. In Eastern Europe, net sales increased by 6%, supported by strong growth in the Adriatic region and Hungary. In Germany, net sales increased also by 6%, significantly better than the market. Net sales in Northern Europe increased by 2%, with growth in all Nordic countries. In Italy, net sales increased by 1% in a softening new build market. In Switzerland, net sales were stable year over year, negatively affected by selective price adjustments due to the strengthening of the Swiss franc over the last years. In Western Europe, net sales declined by 1%, driven by a market decline in France, which was only partially offset by strong growth in Iberia. Let me now turn to the regions outside Europe. In the Middle East and Africa region, net sales increased in the first nine months by 22%, driven by Turkey, Greece, and South Africa. In America, net sales increased by 6% due to the strong US faucet business. In Far East Pacific, net sales decreased by 6%, with strong growth in India, only partially offsetting the market decline in China. Let me now comment on the sales development per product area, again in local currency. Installation and flushing systems and bathroom systems both increased by 5%, while piping systems grew by 3%. The lower relative growth of piping systems was driven by the higher exposure to the new build sector. I continue with the operating and financial results in the first nine months. Currency effects, as well as one-time costs related to the closure of the Basel plant, negatively impacted the operating results on all levels. We booked EUR 22 million one-time costs for the site closure in the first nine months, which split into EUR 16 million as OpEx and EUR 6 million as depreciation. EBITDA in CHF remained stable at CHF 753 million. Excluding negative currency effects, EBITDA increased by 3.1%. The EBITDA margin reached 30.8%, decreasing by 60 basis points, which can entirely be attributed to the previously mentioned extraordinary costs of EUR 60 million related to the closure of the ceramic site in Basel. Excluding this one-time effect, the EBITDA margin in CHF would have reached 31.4%, identical to previous year's level. The positive operating leverage and slight negative price effect on the EBITDA margin were offset by three factors. First, a wage inflation of around 4%. Second, 15% higher energy prices. Third, investments in several dedicated growth initiatives in emerging markets and additional expenditures for IT and digitalization. EBIT margin reached 25.9%, a decrease of 90 basis points, also almost entirely driven by the plant closure costs of EUR 22 million. Excluding these one-time charges, the EBIT margin would have reached 26.7%, only 10 basis points below previous year. Net income in local currencies increased by 2.7% and reached CHF 494 million, which resulted in a net income margin of 20.2%. Earnings per share reached CHF 15.01, an increase of 3.2% in local currencies. If all the one-time costs are excluded, EPS would have increased by 6.7% in the first nine months versus last year. CapEx decreased by CHF 10 million or minus 10% to CHF 93 million due to varying project timings. Free cash flow increased by 8.4% to CHF 462 million due to the timing of tax payments and CapEx. Let me now comment on our market outlook for the full year 2025, which does not significantly differ from our outlook given our H1 results communication in August this year. In Europe, we expect for the full year 2025 a slight decline in new build activity as building permits continued to decline slightly in the first half of 2025 by -3%. This decline is offset by a positive renovation segment this year, which contributes around 60% to Geberit's sales, as indicated by several indicators, for example, increased real estate transactions. In sum, we continue to expect building construction demand in Europe to have stabilized in 2025. Outside Europe, we expect a mixed picture for the building construction industry. Strong demand is seen in several markets, for example, in India and the Gulf region. In China, on the other hand, we expect the continuation of the market decline due to the challenging residential sector. On the supply side, we expect a sideways development of direct material prices for Q4 compared to Q3. Let me now briefly comment on the Geberit priorities for the rest of the year. We will continue to have a strong focus on new products, for example, the new Duofix installation system, but also important new products introduced over the last years, like the already mentioned FlowFit, Mapress, and the shower toilet Alba. Other important initiatives this year include dedicated sales activities outside Europe, for example, in India, and increased OpEx in the area of IT and digitalization, for example, for AI initiatives and digital marketing efforts. Let me continue with our full year guidance. Due to the better-than-expected growth in Q3, we increased our top line guidance. We expect for the full year now a net sales growth in local currencies of around 4.5%. Net sales in October were above previous year's level and in line with this full year top line guidance. For the EBITDA margin, we continue to expect a level of around 29%. This guidance includes 18 million EUR site closure costs, thereof 16 million EUR already booked in the first nine months, and another 2 million EUR expected to be booked in Q4. This brings me to the update on the closure of the site in Basel per end of 2026. We have signed an agreement with the employee representatives on the social plan. The total plant closure costs in the amount of 25 million EUR are unchanged, consisting of 18 million EUR for operating expenses and 7 million EUR for depreciation. Compared to the plant closure cost estimate communicated in August, the timing of the OpEx has changed slightly, with the total OpEx amount now booked already this year. As a result, we only expect a minor P&L impact of 1 million EUR depreciation related to the plant closure next year. Let me close our introduction with a short summary. Geberit delivered strong results in the first nine months, both on the top and bottom line. With a currently adjusted top line growth of 4.4%, we achieved a significant market outperformance in the first nine months. Operating margins remained stable despite headwinds from a still sticky wage inflation and investment into OpEx for various strategic and operational initiatives. Earnings per share grew by 6.7%, excluding negative currency effects and planned closure costs. We consider this operationally driven EPS growth as a very strong result in this still challenging market environment. For the full year 2025, the overall market demand in Europe should stabilize, and the picture overseas remains to be mixed. Geberit is well prepared to continue its market outperformance in this environment, as already demonstrated since mid-2022 when the construction markets collapsed in Europe. 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 touch-tone 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 t wo. 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 Élodie Rahl from J.P. Morgan. Please go ahead. Hi, good morning. Thanks for taking my questions. So my first question is around the estimated market share that you've delivered versus your underlying market. So I think it's around 3% to 3.5% outperformance. So can you come back on that, give us color by geography? What are the main drivers? How much of that is coming from new products? Second, you had delivered 1% price increase more or less this year. Can you give us a hint about how you are thinking about price increases next year? And then lastly, on Eastern Europe, growth accelerated a lot, it seems, in Q3 at around 15%, and it was 2% in H1. So I was wondering what is driving that and how sustainable this is. Thank you. Thank you for your question. Question number one about market outperformance. We believe we are outperforming the market across the countries, not specifically in specific regions, especially in Europe. And the main drivers are two. One is what we call strategic stability two or three years ago, that we remained present in the market, that we remained present with our customers. We continue to invest into our customer relation. That is one of the reasons. Number two is the mention of new products, which are a significant contributor to the growth and market outperformance this year, as mentioned in the introduction. Question number two, price increases 2026. We are at the moment finalizing the price increases, and we will communicate what we will do with the prices, as usual, with our first info mid-January. Question number three, the strong performance of Eastern Europe in Q3. The accelerated growth performance versus H1, where Eastern Europe was a little bit smaller in terms of growth. There were two drivers. One is in the first half of the year, we had a bit more tougher comps because the first half of 2024 was quite strong in Eastern Europe. That's one of the answers. And the second part is that we have had in some of the smaller countries like Hungary or Adriatic, a very strong project business. And the smaller countries are more volatile because of the project business, so the volatility plays also a role. But nevertheless, over the nine months in Eastern Europe, we are growing 6%, which is pretty much in line with the rest of Europe, and we are very satisfied. Thank you very much. The next question comes from Martin Hüsler from ZKB. Please go ahead. Yes, good morning, and thank you for taking my questions. Two at the moment. First of all, to Germany, can you maybe elaborate a bit more what you see, kind of underlying trends, what you observe in the market as, I guess, building permits are likely to be a bit more positive than what you see generally in Europe? So basically, my question is, do you already see some end market demand coming from new construction? Maybe take it one by one. The situation in Germany is that we believe the market has stabilized in the first nine months. Also, if we listen to our customers, that's pretty obvious, but we hear not a recovery, but a stabilization of the business. If you look into the building indicators, as you mentioned correctly, building permits also started to stabilize. On the residential side, even growth over the first eight months, January until August, residential building permits grew by 7% in Germany with a positive dynamic. However, on the non-resi side, the picture is still a bit negative. Non-resi building permits are still down around 7% in eight months. I would say it's a stable environment with a positive dynamic in some of the indicators, but not yet a palpable and visible recovery in the market in the first nine months in Germany. Okay, thank you. And then my second question on material costs in Q3 in terms of sales. Actually, they have sequentially increased by roughly 110 basis points, if I calculated correctly, even though we saw raw material costs to be slightly down sequentially. So what were the major effects for an increase in Q3? That is largely a normal seasonality effect. If you look at last year's sequential evolution of the cost of material, you would have had exactly the same change from Q2 to Q3. And that is largely due to mix effects of the inventory during the summer holidays linked to plant closures. Mostly a seasonal effect that you're seeing here. Okay, now I remember that you told me that a year ago. Thanks a lot. Welcome. The next question comes from Pujarini Ghosh from Bernstein. Please go ahead. Hi, thanks for taking my questions. So on your upgraded revenue growth guidance, could you talk a little bit about what has changed, which markets or products might be performing better that led you to upgrade the guidance? And my second question is on the price cost. So for Q3 or 9M, pricing has remained flat despite you having raised pricing by 1% in April. And on the cost side, wages have come down from Q2, but it's still up 4%. You've highlighted higher energy costs and raw materials are slightly down. So if we talk about price cost, could you talk about the different moving parts and what that implies for the price cost spread in Q3 and how we should expect that to evolve in Q4 and going into 2026? Thank you for your question. I will answer number one. Number two will be answered by Tobias. The main reason why we have slightly upgraded our top line guidance was the result of Q3, which was a tick better than what we expected, not a specific country. It was just across the board. Question number two, Tobias. So there's various factors that come into that. If we start with the top line, the price effect, YTD zero year to date, but 1% in Q3, that is, as explained previously, that is linked to the timing of the price increases, and therefore it's only fully reflected in Q3. Then the other effect that we have is indeed the persistent wage increases, which is in Q3 around 3%, and on the year to date, still at 3.8%, with the expectation, as said previously, to have a wage inflation during the year of around 3% to 4%. So fully in line with what we said previously. And the other effects, but that's less the price cost area, are then the other cost increases, which are in line with previous guidance, so especially the sales growth initiatives in digitalization and marketing. The next question comes from Cedar Ekblom from Morgan Stanley. Please go ahead. Thanks very much. It looks like one of the positive contributors to your plan in the quarter was the rollout of new products. I wonder if you could talk a little bit more about which product categories you've seen the most success and traction with, and also where we are in the product rollout timeline. How many more products should we expect to see coming to the market in the fourth quarter and then into next year, just to try and understand how much more of a tailwind we can get from these new product introductions? Thank you. The new products played an important role in Q3 as they played an important role also in H1. And we do not plan any further new product introduction until the end of the year. We typically introduce products as of Q2 of the year, so there is nothing new to be expected. What was a bit specific in Q3 that we had the second rollout wave of the dual fixed system, which supported sales in the third quarter. The next question comes from Priyal Woolf from Jefferies. Please go ahead. Hi. Just thank you for taking my questions. Just two from me, please. So firstly, it's just a follow-up on pricing. So obviously, you reported 1% in Q3. Can I just check where you are with the pricing adjustments in Switzerland? I seem to recall you said that was going to be a drag for the full year. Is that no longer the case, or actually are we seeing better pricing elsewhere, basically? And then the second question is just on the upgrade to the top line guidance for full year 25. I think it implies a sort of 5% organic growth rate in the last quarter of the year, so similar to Q3. But obviously, comparables get much easier. Is this just reflecting fewer new product rollouts as we go into the final quarter, or are you just being conservative? Thank you. So question number one with regards to pricing in Q3 in Switzerland, nothing changed. We implemented, as you know, selective price decreases, currency-related price decreases in Switzerland, and they had the same impact more or less on each quarter of the year, no specific in Q3. Q4 implies, or our guidance implies a Q4 growth, which is more or less in line with the first nine months of the 4.4%. So also that is not driven by specific new activities. It's just that we believe that we should do relatively similar than what we have seen in the first nine months, also supported by the sales in October. Thank you. The next question comes from John Revill from Thomson Reuters. Please go ahead. Good morning, and thank you for taking my questions. It's just a bit more of a drill down into your raise guidance. I know, Christian, you mentioned that basically you did a lot better in Q3 than expected. And it was basically broad-based. But can you pick out what was behind that, or just a bit more color on how much better Q3 than expected, and what was driving that? That's the first one. And then the second one is, I know it's very, very early days, but are there any kind of initial indications for 2026, how the construction market in Europe is looking next year? I mean, obviously, it's very preliminary, but I just wonder if you have any thoughts or opinions based on permits, and is it likely to be more renovation again next year in Europe or new build, or what you see next year? Thank you. So looking at the product in Q3, what was a bit better than expected was the rollout of the new Duofix. The Duofix is quite a large part of our business. It's a large assortment, which we rolled out into two waves. One was in Q2, and the other one was in Q3. And it turned out that in the wave two, customers seemed to wait a bit until we were coming with the new products in Q3. So therefore, Q3 was a bit benefiting from this rollout wave number two of Duofix. That was, from a product-raising perspective, the reason why we have been a bit surprised by the positives and not by the negatives. With regards to markets 2026, as usual, as you know, we only will then talk about our market outlook as usual with our first info mid-January. All right. Okay. Fair enough. The next question comes from Patrick Rafaisz from UBS. Please go ahead. Thanks, and good morning, everybody. I have a couple of follow-ups. Staying with Duofix, which you just elaborated on, was that the last wave, wave two, or will there be more to come in the future? And related to the new products, you spoke about Mapress, Alba, FlowFit for the nine months. How did these new products evolve during Q3 versus H1? That's the first question. So, as I just mentioned, the Duofix system is a large assortment. We talk about hundreds of SKUs. It was always the plan to roll that out in two waves, and only two waves. One, Q2, as I said before, and the second wave then in Q3. And as I mentioned before, we realized that customers waited somehow in Q2 for the wave two, which was launched then in Q3. The same effect didn't happen with wave one because we had the price increase as of Q2, if you remember. So there was an incentive to still buy in Q1 due to the lower prices. This was not the case from Q2 to Q3. So that's now true. We have 100% rollout, no effects anymore to look at in Q4. So it's important to look at the nine-month figures where we have reached a 5% growth, including now the replacement with the new Duofix systems. I think that's a good way to look at that. And with the other new products, all of the three which we have mentioned have been growing significantly double-digit, and they all together contribute substantially to the growth of the 4.4% in the first nine months. Okay, that's clear. Thank you. Then the second question would be on the EBITDA bridge. When I look at the Q3 bridge and look at the guidance, which implies a Q4 EBITDA margin that is more or less in line with the prior year, should we assume that your planned Q4 EBITDA bridge is very comparable to the Q3 one, with the only difference being less dilution from closure costs? Does that make sense? To be honest, we haven't done that, the bridge for Q4. But what is definitely correct is that there won't be, or there will be less closure costs for Basel. There will be only EUR 2 million compared to EUR 4 million in this quarter. The other cost effect indeed will be similar. You remember that we had the ramp-up of the 20 million. So these will be comparable to Q3 indeed, as it was back and loaded compared to H1. Price effect net on the top line pricing, we expect the same. Cost of material could be lower than in Q3 because of the seasonality effect. And I think, and then currency effect, who knows, but that's probably as well comparable. So I guess your assumption with these few remarks I made could be relatively correct and would lead then to around 29% we guided. Okay, perfect. And the last one would be just some geographic details. Trying to understand the slowdown in Far East, was that more due to China worsening versus Q2 or H1, or India slowing? And similar question to Western Europe. Can you maybe add some color on the impacts from France there? Question number one with Far East specific, you're right. This was more driven by a weakening in China and not by a weakening in India. And in Western Europe, there were no specific, but the main reason was that we had a bit better business than in France, also Q3, sorry, versus in the first half of the year. Okay. Thanks for that. That's all from me. The next question comes from Alessandro Foletti from Octavian. Please go ahead. Oh, good morning, everybody. Thank you for taking my questions, but what I wanted to ask has been discussed. Thank you very much. The next question comes from Arnaud Lehman from Bank of America. Please go ahead. Thank you very much, and good morning, gentlemen. Two questions on my side. Firstly, starting with the big pictures on volumes, you had a double-digit volume decline, I think, in 2023. I think since then, cumulatively, 2024, 2025, you will have recovered about half of that, about 6%. Do you think the plus 6% over the last two years is purely outperformance versus stable markets, or do you think the markets have improved a little bit and they have more to go? I appreciate it's hard to be sure, but just a bit of color would be helpful. Secondly, just to follow up on China, you mentioned that it's been getting worse in the past months. Would you consider some restructuring or capacity closure in the country, taking more of a medium-term view of the market? Thank you. First question about volume development over the last two, three years. We believe that the market over the last two, three years was not stable. It was obviously declining. We just seen a stabilization this year. So the 6%, which I can't confirm the number you just mentioned, that is a stronger outperformance versus a market which was obviously in a decline and not only stable. In China, we will make sure that the business remains to be profitable, although we will say they are declining. So we will adapt on a lower level the organization just to ensure that we will remain to be profitable also in China. Thank you very much. The next question comes from Yassine Touahri from Onfield Investment Research. Please go ahead. Yes, good morning. Thank you for taking my question. Just a question again on the volume situation. I think one of the big issues that we've seen in Europe for housing is the affordability. Do you see any? Is it something that you monitor? Do you see the government, for example, of Austria, Germany, Switzerland, or Benelux trying to address these issues? And how do you think about the outlook for housing? And I think the question is coming back to the question of Arnaud, where do you see the midterm if the level of activity recovers? What kind of potential recovery could you see if we go back? Do you think we could go back to, let's say, the level of activity that we saw in 2021? It would be great to get a little bit of color on your outlook for volume and the situation. Question number one, and I'm not sure if I fully understood your question. If the question was if we have seen recently activities of governments taking influence on the housing market in Europe, I would say the answer is no. We have not seen specific broad programs which should support now the housing on a larger scale, if this was the question, and number two, on the longer term, we are still, as just mentioned before, stabilizing at a low level in Europe, so overall, volumes are low compared, obviously, to what we have seen a couple of years ago, so midterm, we should see a recovery to normal housing levels because you know in many, many countries in Europe, there's a big shortage of housing. And with that level of activity which we see just now, that will not be covered. Therefore, midterm, we should expect a recovery to more normal housing levels again, also in Europe. Thank you. The next question comes from Remo Rosenau from Helvetische Bank. Please go ahead. Yes, thank you. Good morning. About AquaClean Alba, are sales developing as expected? I.e., is it going in the direction of potentially becoming a game changer, as you hoped, particularly also in the field of rental flats where shower toilets never stood a chance in the past? What could you tell us about that? So we're very happy with the development of Alba. Alba, in the first nine months, has already reached 50% of all shower toilets sold. So every second shower toilet we have sold in the first nine months is an Alba. And the positive is not only that Alba is growing nicely, it's also supporting the rest of the category. We have also seen a double-digit growth of Mera, the premium model, because Alba obviously seems to support the category. When it comes to the rental segment in your question, yes, it helps, but it's still tough to convince landlords that they should also think about the shower toilet in the rental apartments. But we have some inroads into that segment, so that also is positive, what you see in the market. Okay. What kind of capacity reserves do you have for Alba? I mean, could you sell two times more than now, or six times more, or ten times more, or what is your reserve? We are prepared for even stronger growth rates, and that's what we see at the moment. For how many years? For how many years? I don't know for how many years, to be very honest. And don't forget that there are two big parts of the Alba. One is the ceramic capacity, that's one, obviously. The other one is, so to say, the electronic unit. The electronic unit is relatively simply to ramp up capacity. That's just basically assembly. That's not a big issue. On the ceramic side, we have enough reserves. To be honest, I don't know for how many years which growth rates, but I don't think that we will run into a shortage. We have not been running into a shortage this year either. Okay. Great. Another question. Again, I'm afraid about China. Without the other markets, I mean, could you, I mean, it was -6% for you specifically of the nine months. If you would just take China, what would the number be roughly? Actually, I don't know, but it would be clearly positive. Clearly positive. I don't know exactly, but I would guess maybe small double-digit. But I don't have the number, to be honest. I was interested the other way around. How much China would have been down? How much China is down? China is double-digit down. Sorry. Double-digit down. So clearly, I mean, not only 11%, I guess. No, no, no, no. Substantial double-digit number. Not only 11%. Yeah. Okay. Great. Thank you. You're welcome. As a reminder, if you wish to register for a question, please press star followed by one. The next question comes from Christian Arnold from Oddo BHF. Please go ahead. Yes, good morning all. And apologize if you have commented on that already during your speech. I was cut off. On Switzerland, I mean, this plus 6.3% in Q3 was quite strong and significantly better than what we have seen in the first half. And I wonder what has changed in Q3 versus the first half? Nothing specific, but Switzerland was a bit more affected from this wave two rollout of Duofix, which we explained before. I don't know if you have been in a call before or have you been cut out, but these two waves were driven not by companies, but the two waves for the Duofix rollout were driven by products, basically driven by the ramp-up capacity in the plant. And some countries have been a bit more exposed to this wave two and others a bit less. And Switzerland was a bit more exposed to wave two. That means that the installation and flushing system business was very strong in Q3, a little bit weak in Q2. That was the main reason why Switzerland stood out in Q3 versus H1 or Q2. Okay. And then maybe a follow-up here. And in terms of Germany, when was the waves there? That was broadly, I would say, not specifically. That was distributed Q2, Q3. Okay. Thank you very much. The next question is a follow-up from Martin Hüsler from ZKB. Please go ahead. Thank you. Just a very short one. I just wonder whether in the number of employees that you show, if there are the Wesel employees included and if we talk about roughly 300 people there? Yes, indeed. The people in Wesel are included, and order of magnitude is not wrong. Thank you. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Christian Buhl for any closing remarks. So thank you for your participation. We wish you all a great day, and I guess a good day in the job hunting. All the best.