Good morning, everybody. Welcome to GF, our Capital Market Day for 2025. My name is Chris Merrill. I'm the Chief Marketing Officer at GF. I hope you've had an easy journey to get here, and the traffic of Schaffhausen obviously is easy as usual. Welcome. We've got a fun-packed day ahead of us, quite a lot of information to share with you, a huge amount of knowledge about our new strategy to come. Very excited to have you here. Before we begin, we would like to play a movie, which is our new image movie regarding GF. A selfie shared with friends. Oranges growing in impossible places. The comfort of being home. Streets that swallow storms. A perfect pour every single time. Or just floating along on summer holiday. All these moments are made possible by the Plus Effect. At GF, this Plus Effect is in our DNA. It's at the core of everything we build. Our passion is to create flow, smarter. More sustainably. Bringing more plus to everything we do. This is not just about managing resources. It's about unlocking impossibilities. Hidden champion? Probably. Definitely with a plus. Also, from my side, a big welcome to Schaffhausen. I think Chris said it, you know, the city without traffic jams, you know, which is completely different to Zurich, right? Isn't it? I think it's great having you all with us today, and I can promise we have a packed program, we have interesting showcases, so. You will not regret spending the time today here in Schaffhausen. We will give you an update on the Strategy 2030. With some quick questions and answers at the end. Then we will deep dive into our innovation showcases, which have been built up in the buildings here. We will have a lunch, but it's not a typical lunch because we're going to have two expert sessions in this lunch break, so we're going to have to be a bit speedy on taking our meat. But you will not regret we have some two experts from around the world in today, which gives us a bit of an idea about data center, but also water. We will end the day with our Q&A session, and there's the optional plant tour. Let me quickly summarize what has happened over the last five years of our strategy cycle 2025. We promised that we want to drive profitable growth, but we also wanted to increase our robustness. Yes, we embarked on a new corporate culture. Let's also recall a bit the last five years. It all started with COVID. Then we had some chip crisis, supply chain issues, a war continuously going on in Europe, some high inflations, and last but not least, some tariffs. We delivered on more innovations. We have increased our operational performance. We have new organizational structures to adhere to this operational and lean management approaches. We also have engaged our global workforce with our new culture movement. Most importantly, amidst this turbulence, we have completely changed the portfolio of GF. With the acquisition of Uponor. Which is also a well-planned acquisition. We have ignited, with a catalyst acquisition, the transformation of GF's portfolio. Amidst this big acquisition, we also did some minor ones with FGS in Brazil, but also Coris in the Middle East. We have also bought a part of shares from our joint venture partner in Austria. Most recently, we have been very happy to acquire a company called VAG, which produces mission-critical valves. The divestment of Casting Solutions and Machining Solutions has been a pivotal enabler to focus on our Flow Solutions strategy. I just wanted to quickly remind you, how would GF look like today if we would have still Casting and Machining Solutions in our portfolio? With this transformation, we have created a pure-play Flow Solutions player with one of the only true single global brands. The focus on buildings, industry and infrastructure delivers opportunities galore to develop our businesses. How to differentiate? We strongly believe it is the comprehensive package which makes the difference. GF is known for superior product performance. Superior product performance means to enhance the operational performance or excellence and effectiveness of our customers. Stellar quality, whatever we produce, that is what we are known and what we will be known for. It sounds so easy, this leak-free solutions. It's not. Giving a take on our industrial product range which adheres and delivers solutions into most critical industrial processes, leak-free installations are super critical. 100,000 SKUs to be combined, and each and every one of that leak-free. Easy installation and low maintenance. It's a key theme, and it makes the difference. The piping systems need to be installed as easy as possible. 95% of the problems or of the leaks occurred in an installation are mainly due to the installation mistakes and not to a material failure. Services, end to end. We also are known for engineering, prefabricating, and entire solutions. We believe this is a strong differentiation potential for us. Since we're still converting steel solutions into plastic solutions. Last but not least, easy to work with. I was going to say, you know, I want to be the Amazon in the industrial flow solutions business. Reliability and ease to deal with is a key topic not to neglect. This all leads to a well-balanced global footprint. Americas and EMEA, we also have a very nice diversified portfolio with our three business areas. We should not neglect the importance of Asia. In the cycle 2021- 2025, we have reduced our exposure in China from approximately 25% down to 14%. That leaves GF today with a very resilient and well-hedged portfolio across the world. Now let's go to Strategy 2030. We have given a sneak preview earlier this year, and yes, we stick to our vision. GF is the global leader in flow solutions. We want to be in the pole position when it comes with our three business areas across the world. In the environment and peer group of our flow solutions provider. The trends on which we build our business model are endless. I just want to name a few of them. We all talk about water scarcity and climate change. We talk about non-revenue water, some 30%+ being lost globally, some 20%-25% of water lost, you know, in the networks of Europe. That's exactly where GF comes into play. Stormwater, extreme weather conditions, we have seen them multiple times in the last couple of years, five times more compared to a reference period of 50 years, calls for our stormwater solutions. Urbanization, no need to elaborate on that one. Where people live, you know, you have to convey water, whether it's potable water, whether it's sewage water. Energy efficiency is a key theme, as much as managing indoor climate in buildings. Here, we're going to address with our building flow solutions exactly the right topics. Let me also quickly talk about regionalization and technology leaps. We are. Witnessing currently a lot of new build across the world. For the next five years, there's a CHF 1 trillion capital expenditure planned only in the microelectronics industry. Digitalization and AI, I think it's in everyone's mouth, and it's also a bit of a theme of today's capital market day. What does it really mean, you know, to benefit from the Gen AI hype on data centers, the next generation of data centers? I said it before. Skilled labor becomes scarce, and therefore we're going to address exactly this topic with our solutions. The positive underlying market drivers, you know, just a few of them I really would like to highlight here. Fifteen million housing in Europe and the U.S. have to be built. Let's call there's a gap. That fuels the upcoming years substantially with demand. Talking about data center workloads, there's a prediction and our experts will go into that details much more. There's a growth expected of 22% CAGR on the overall, even close to 40% when it comes to this new technology data center. This means some more than 2,000 really large data centers to be built over the years to come. Yes, we want to benefit from that one. Also very importantly, when we talk about infrastructure, and this infrastructure is something which will stay forever on this planet, and it will have most likely the least deviation and most likely the most resilient and sustainable business going forward. It might not grow as much as other new opportunities, but it has a secondary trend for growth since the EU has spelled out a blue deal which will deploy some more than EUR 255 billion in the EU, and not to mention the programs also being part of the IRA in the U.S., but also in China. That is fueling infrastructure next, that this needs to be managed much more cleverly than we have done it in the past. This ultimately leads to our ambition. Strategy 2030 targets of sales of CHF 4.2-CHF 4.5 billion. You might wonder why we have taken off CHF 500 million on that one. It's largely to the account of the most recent experience for an exchange rate, devaluation of the U.S. dollar, but also the RMB, euro not that much, but taking into account the new Forex exchange rates compared to our February presentation, you know, that just simply kind of chops off. We also have slightly lowered our ambition in terms of mergers and acquisitions. Here we believe, you know, a good balance sheet hygiene is made of more importance. The EBITDA margin shall go up to 16%-18%. For the first time in our strategy cycle, we have free cash flow EBITDA conversion because we believe cash is king. Return on invested capital shall remain in the 21%-26% range. Four pillars on this: excellence in execution, maximize the core. I will come back to that one a little later. Grow with new business opportunity, lead with innovative solution, and foster a one GF performance culture. Broken down into our three business areas. That means in buildings, we want to grow to CHF 1.35 billion-CHF 1.45 billion. Industry, CHF 1.35 billion-CHF 1.45 billion. That means two equally sized divisions, and infrastructure should grow to CHF 1.1 billion. EBITDA margin vary in the three business areas. Also due to the fact that the underlying complexity of the business is a different one. Taking the industrial business, it is by all means the most complex one where we also have more assets deployed, more networking capital, more production facilities, more complexity in that one. Ultimately leads for all three business areas to the same ambition in terms of return on invested capital. We are not giving up on our sustainability targets. GF believes strongly. In the sustainability, and particularly when sustainability is intertwined with economical benefits. The solutions GF delivers are not even more. Sustainable. Delivering economical or social benefits. They are always more economical. We always said, you know, what is not economically viable in terms of sustainability will not survive. We also have given ourselves the target to comply with the SBTi target. Yes, there is a new baseline now with the portfolio change. We are going to reduce 63% of our Scope 1 and 2 CO₂ equivalent emissions by 2030, 2035. Last but not least, most important, I should actually have taken that one as first, are our people in our facilities. We have already progressed substantially in the course of these last five years, making our places more safe for our employees. We still want to reduce in the next five years by 30% our injuries at work. Let me go a bit deeper into max the core. What does it mean maximizing the core? It means that we leverage the existing base of GF, that we leverage market segments where we have a strong position, such as microelectronics, but also desalination, chemical process industry, indoor climate control, also conveying gas in the U.S. We want to grow our existing business substantially in this cycle. Next to that, max the core means also that we increase the excellence in execution, our on-time delivery, our responsiveness to our customers. That is all topics which can be summarized in maximizing the core. Grow with new business opportunities. We will see a couple of these new business opportunities today. It also encapsulates our synergies which we will unleash in the years to come. With VAG buying a metal valve mission-critical component for urban infrastructure networks, we are for the first time a comprehensive solution provider when it comes to managing water networks in cities. We want to grow with new opportunities such as liquid cooling. I will touch on that one a bit later. We want to unleash the potential with big customers across the world. For example, we have been visiting multiple customers in the U.S., one namely WIM, another one Harrington. That's both big wholesalers. All of them are at this point of time distributing only one of our business areas where all of them could at least capture two of our business areas. With the strong footprint of our building flow solutions business in the U.S., we have excellent access to this kind of big customers. Lead with innovative solutions. If you want to keep your base defended, if you want to grow your base, you need to deliver new and more efficient and effective solutions. If you want to grow with new business opportunities, with new opportunities, it goes without a word that different demand is being here. You will see a couple of these new inventions during this day, but one to name is the Quick Connect 700, which goes exactly into the liquid cooling and the direct-to-chip cooling processes, but also some other solutions will be displayed. Last but not least, very important is our culture. Foster a one GF performance culture. Why do we say that? You know, we want to be a winning team. This is really important. The culture and the whole company is about people. And nothing else. If the people are not converting your assets into productivity, into solutions, nothing happens. The people are at our heart at GF, but we want to have them in a performance culture. Let me go quickly down to the three business areas, and I can summarize here. Push to pull. Push to push and pull is one of the key themes. When we look at how strong we are in Americas when it comes to our pull effects, where we also have shown this picture where our installers even put tattoos on the back of their shoulders. That is exactly what we want to achieve also in Europe. Expand in retail. Michael will also further elaborate on that one, and I have a quick one. It's very important to address renovation. Leveraging the portfolio across all channels. Industry focus on customer excellence. I named it advanced industrial applications. It's at our, let me say, at our heart and our focus. New business opportunities, infrastructure components to solutions. I mentioned it with the acquisition of VAG. We are the first time in a situation where we can provide these comprehensive solutions. A few examples. New PAX customers and markets by a Home Depot retail channel. Why is it so important? Our more or less half billion U.S. business in buildings is mainly through wholesalers. The market is approximately a 50-50 market. I ease a bit what goes through wholesalers and what goes through direct retail channels to do it yourselves. It is also not a secret that the wholesalers are more in the new build, whereas the retail do-it-yourself is more in renovation and refurbishment. I can tell you Building Flow Solutions hasn't been in this path for the last decade, but luckily enough, started already some two and a half years ago to prepare its entrance into the retail business. The retail sales are accounted for approximately 70% for refurbishment. It's the small installation companies, the single pickup installation companies which go there and going to get the products. This is one of our 30 initial pilot boxes you're going to find in a Home Depot when you are traveling through California. We want to be a leader not only when it comes to new build, we also have the ambition to take a share of the refurbishment market in the U.S. I've spoken a few times about this liquid cooling, and I hope you know you will forgive us because you will hear much more during the course of this day. The Quick Connect valve you will be able to touch and feel later on during this morning. Here it is very important that we're going to focus on the customer excellence, that we understand the needs of this kind of applications. Charles Frieda later on this day will give you a bit of insight what it means having purity in liquid cooling or whether you don't have purity in liquid cooling. What we did is we have developed for the direct-to-chip cooling more or less within the last 24 months a comprehensive system to cater exactly to the needs of our customers when it comes to a one-stop shop for liquid cooling. Last but not least, providing solutions combining metal and plastic. You might have asked yourself, why are these guys buying a metal valve company? This valve in urban infrastructures and our colleagues from VAG and from infrastructure will give you more details to that one in the showcases. You know, it's always a multi-material combination. The robustness and the strength of this valve being built in the trenches of our streets. You just simply don't get plastic into that one. The torque, the forces, you know, the people applying to these valves are just simply insane. Having these valves, you know, also catering pressures of 40, 50, and even more bars sometimes, you know, gives us the opportunity to provide an entire installation. You see here all GF products which are available, the legacy ones, our WAGA repair restraint couplers, a very successful business. You also see at the very top, you know, some plastic pipes, and you see obviously the VAG valves all nicely combined. This is reality. We spoke about culture. We haven't changed our values: performance, speed, and excellence, learning. We want to have curious people in our organization and caring means winning teams embedded in psychological safety so that we can unleash the full potential of each and every one. But also AI is something which we will not neglect, and we haven't neglected in the last couple of years, but we will definitely use it to boost the implementation of our Strategy 2030. We are taking quite a thorough approach when it comes to AI. For us, governance is of utmost importance. Keep and protect our data. We can't have hallucination when we recommend a plastic material to a chemical being conveyed in our systems. We also want to adhere to obviously legally binding restrictions. We focus on productivity enablement. That goes always. It goes into our office processes, our customer-facing processes, but also into product enablements. We will see also a showcase during this day where we are using AI to make homes more comfortable with less energy consumed. Last but not least, we have a strong focus on ecosystem responsiveness. What does that mean for us? We want to have a clear visibility. What happens if AI will strive, for example, a procurement process? Today, each and every one still decides whether an AI-generated email is being sent out or not. What if that goes and you automatically going to give complete freedom to your artificial intelligent agent in your systems? For us, having a clear visibility where to travel and how to respond is important. With that, I will finish the first portion of the strategy implementation and yield the floor now to our CFO, Mads Jørgensen. Thank you very much, Andy. Also from my side, a warm welcome here to our Capital Markets Day. I have the opportunity to give you some more details on the financial development and our business plan that is actually underlying the strategy that Andy just presented. Starting here with the sales development. On the left-hand side, you will see our business plan broken down by business area. On the right-hand side, you will see the strategic thrusts or the thrust that Andy mentioned before. Overall, we have a KGAR and organic growth between 4% and 6%. The numbers you see here in Swiss francs are obviously based on constant currency rates, which all of you know will not be constant. For the illustration here, this is what we are using. You can have an approximate idea of where we are going to end up. We have different scenarios between the different areas as well as the strategic thrusts, but I will not go into detail for that. Important for you to know is that these numbers tie back into the content of the presentations that you will see later in the showcases. There will be some examples of the building stones of this business plan. Starting on the left-hand side, you will see the building 250 million-300 million growth. That is basically retail. It's the Home Depot that was shown as an example. It's a project business where we are going to go after much larger projects than we've done hitherto and focus not only on pulling the installers themselves, but also very large construction projects. Finally, also on building, something that has not been mentioned so far is the Middle East we see as a very, very big growth opportunity. The next one, industry, we will see a couple of cases today in the area of data centers, which is a big opportunity. We also see what we call advanced industries such as semiconductor. We have a couple of innovations coming up there. We also see growth potential in the area of China as a recovery, as well as in the marine sector. For the infrastructure, it's mainly a strong growth in the North American gas market we see as the fundament for our strategy, as well as EPC, which is an industrial application of the infrastructure products, as well as VAG synergies. This brings us to CHF 3.7 billion-CHF 3.9 billion here. In order to make sure that we have a healthy balance sheet, I'll also show you what our plan is there. We have taken down the ambition a little bit to make sure that we can actually also digest the acquisition that we want to undertake. We are now targeting CHF 500 million-CHF 600 million. On the right-hand side, Max Decor and new opportunities, approximately the same thing. When we did this strategic evaluation, we did a benchmark of our very operational, traditional performance measures, our ability to deliver, our ability to turn around and offer our service level in general. We had to be humble and accept that we probably had fallen a little bit behind. Being a premium provider as we are, we have a clear set of outlier targets to improve that, to make sure that we are making the customers feel that they have actually, they're paying for something that they also get in return. New opportunities here. You'll see a couple of cases. One would be the stormwater management, very exciting growth opportunities. In innovation, you can see we have added a somewhat less in the growth. Those of you who have followed our industry for a long time know how, sorry to say, bloody resistant some of our customers are in taking up new technology. Andy actually mentioned it earlier in his presentation that innovation is more hygiene factor. It's staying in the game. It's making sure that the customer has a repeat buy that is actually in generating completely new business. We also have a couple of good examples here today where innovation will lead to increased growth. On the profitability side, same idea here. Left-hand side, we see the business area. On the right-hand side, the strategic thrusts. We've broken it down by building, industry, and infrastructure. You can see here that we are looking for a stronger, higher profitability in all areas. Most of them is not only driven by the leverage, as some of you may think. It is actually driven by changing the portfolio, making sure that we sell more solutions, that we sell higher value-added products, and they have a more complete portfolio. There is economies of scope in our industry, much more than economies of scale, and that is actually reflected in this profitability picture. On the right-hand side, you can see, as I mentioned before, Max Decor, clearly one of our core businesses here is selling existing product to existing customer and new products to existing customer as the fundament for our growth here. Behind these numbers, and it's actually in all boxes, I have to tell you, but there are synergies already now coming from the Uponor acquisition originally. We communicated by half year that we had about CHF 14 million-CHF 15 million in the books. We are tracking very good to achieve the full year target of CHF 25 million-CHF 30 million, and we are also tracking well on achieving the target by 2027 of CHF 40 million-CHF 50 million. And these numbers are already included in the plan as well. On the right-hand side here, VAG as a new one. Here we have huge opportunities around the world to combine these metal things with our plastic solutions. We have actually done that in the past, but we have sourced these valves from competitors, and now we have the possibility to provide our customers with one solution. You may think that it's a very simple idea, but if you look at it from a customer point of view, if you have a leak somewhere and you have to find out, was it now the valve or was it a O-ring somewhere? Was it the plastic pipe? You will end up in a very long process. By taking our strategy, GF, we offer one single solution. If you ever have a problem, which we promise you you have very few of, you only have one person to go to. That's the underlying idea. Your question will be, how are we actually going to do this? I can tell you this is not something that was made in a top floor in a strategy room. This strategy is tied into a long list of specific projects that have a clear resource allocation, clear targets, clear time plan. I'm not going to go through these examples, but this is just illustrative that we have a portfolio of project charges that is tied down throughout the entire organization. It's the fundament of execution. That's the last element. That is also the name of our strategy. Finally, on the financial side, I'd like to give you some insights into our capital allocation strategy. In total, from 2025- 2030, we have a capacity of CHF 1.8 billion-CHF 2 billion. This approximates the accumulated operating cash flow. Where are we going to invest that? We have a strategy which is invest, making sure that we have a return, protecting, as well as evolve. Starting with the investment, we estimate that we will have between CHF 100 million-160 million in CapEx per year in the investment period. Most of it will be linked to maintenance. We have around CHF 75 million-CHF 100 million maintenance. The rest will be growth CapEx. On the dividends, Georg Fischer has always and will always be committed to being a dividend-paying stock. Here we have retained our policy of 30%-40% of the net income. Looking at a steady increase picture in our dividend picture, you will get to an accumulated return to shareholders between CHF 540 million-CHF 580 million in that period. We have taken down our growth ambition on the acquisition side. This is a very difficult number to actually estimate correctly, but our ambition is to come after the end of the strategy period to around 2x net debt EBITDA and a continued strengthening of our equity ratio. The strategic acquisitions is that we expect to go back to our tried and tested strategy, which is to buy mid-market companies with a good management, good position, good profitability. They are lower risk and they are also easier to integrate. With that, I would like to pass on the word back to Andy for the key takeaways. I want you to take away this last few statements. GF, the global market leader in flow solutions. Our portfolio transformation nears its completion. We have a very clear focus strategy for 2030. We are shaping the future of flow solutions. We are addressing these megatrends with innovation and sustainable solutions, but we also drive new business opportunities. Even the ones which illustrated today are not the only ones. As usually in a corporation, you're going to have to have a few on the reserve. As Mads just elaborated on it, you want to drive significant shareholder value. With that, we want to conclude now our first round of presentations. As you may have seen, we have two rounds for Q&A, so we have to be very disciplined in this first round of Q&As because otherwise the whole schedule of the day gets a bit upside down. I'm going to ask Mads to join me, and now we are ready to take your questions for the next 10 minutes. Joern Iffert. Thank you, Jim. That's only 10 minutes. Just one question, then I'll go back in the queue. The data center opportunity. Can you tell us with whom you are cooperating here? I mean, who's a decision maker using your products? What is roughly the revenue run rate this year? What kind of growth do you expect here over the next five years where these revenue line can go to? It's an excellent question, and it summarizes exactly the theme of our showcase and of our expert session. If you're not too much disappointed, you and I would skip this question and put it to the presentations because we haven't disclosed what we present, but we will exactly present around this question. Okay. Hi. I would be interested in learning a little bit more about how you set the different goals for your employees. You mentioned, Mads, that you have clear goals and milestones, financial targets, and that you have progress reports. Will we also see progress reports? Will we get updates? And how would they look like? What can we see in terms of progress? Mads mentioned it in the presentation. Each and every one of our strategic initiatives is being broken down to an actionability level. Because most importantly, you know, when you deploy a strategy and you want to succeed with the strategy implementation, you need to break it down in actionable items. What we are doing is we take the strategic core initiatives, which will be also a bit alluded by the presidents in their presentations later on. They are broken down, you can say cascaded or translated, transformed onto the various levels. Each and every one of the senior managers around the world has a scorecard which he shares with his team. This is how you're going to ensure that you have the utmost discipline in execution and implementation. In terms of progress report, Mr. Schneider, we intend to show it by the three business areas eventually. Once we become a pure play, we still have to close one deal. The segment reports that you will see in the future, we intend to give you the possibility to tie that back to what I just showed on at least the left-hand side of the chart. Yes, thank you. On the profit targets 2030. First, we need a base. I f I just take the middle of the charts and all the different cost positions, I'm coming to an adjusted EBITDA of CHF 430 million this year. Is it a fair assumption? When we look further on, is it a gradual or rather back-end loaded journey? How big is the risk of further one-offs? Or will it all be done this year? Thank you, Mr. Fahnholz. The base is an EBITDA comparable, absolutely. There should be no one-offs in that number. We do not give any updates on the year-end forecast as such. We do not have a back-end loaded plan. We have applied a very linear progress to this. I would say if you look at our performance in the last couple of, let's say, three 15 years of strategy cycles, we have actually had the opposite case. We have very often been able to overperform earlier and then flatten out in the five-year period. I don't know whether it's a coincidence, but it's definitely a statistical anomaly. We have applied a linear straight model on our growth. Yeah, Johannes Börner, Santro Invest. Coming to the business unit targets you mentioned, it looks like the marginal margin on the business building side is significantly higher than in the industries and other businesses, if my calculation is right, so you get with more higher margin industry business, you get less EBITDA. Can you explain why that's the case? Is that really the advantage of the wholesale initiative you do, or what's the reason for this? The background, because we have an overproportional increase in the profitability. It's the ambition of our division, BFS.c We have a very solid profitability base in the U.S., where we see a lot of growth coming from. Also, Michael has a clear plan as what to do in terms of consolidating the European business. There we have a more fragmented business than we have in the U.S. Altogether, efficiency programs, et cetera, et cetera, should lead to an overproportionate increase in profitability on the BFS. That's our ambition. In the industry cycle, it's more a recovery of the current, let's say, subdued market that we've seen in the industrial space in Europe. Thank you. All right, I think we are good for one last final question, if there is any. We will have a second round of Q&A, so don't worry. Alex. Hi. Ingo Schuster from UBS. Regarding your updated leverage guidance, how did you arrive at the approximately two times, if I heard correctly, after 2030? It will be at 2030. That will be the target. Of course, it depends on how much we would. We are having a couple of assumptions, what we want to acquire, how much we want to pay, et cetera, et cetera. I said when I presented it, it's a very difficult number to estimate. If we did not acquire anything in this planning period, it would be much closer to one. That's to give you an indication, but it's a very wide range of what opportunities we are going to buy. In the case of Uponor, we still ended up with about CHF 1 billion after we have divested, et cetera, t hat's a starting point. All right, so thank you very much. Now we will get some further instruction from Chris, how we're going to progress with this day. Thank you, Andy and Mads. Now it's your time to move. We're going to get you moving again. We're going to now go and transition through to the showcases. The big reveal will open up, and you'll be able to see the amazing work that we've pulled together to show you how some of the achievements are going to be made with the strategy cycle. Those, actually, firstly, on your badge, you will see the letter which is appropriate to your group. First group, for those that are in Group A, please look to behind you, and you'll see our colleague, Philip Dillinger, who is your guide for today. We're going to do a rotation of each of the three locations. You can leave your stuff here, take it with you. We have space as well with you if you want to take notes. Those in Group A, if you could rise and follow Philip and the team to the buildings showcase to begin with. For those in Group B, you can see Werner is holding up the sign. Hopefully, you're all aware. This will be to go and enjoy the industry showcase.