Good morning, ladies and gentlemen, and a very warm welcome to the R&S Group call on our trading update for the first half of 2026. We chose to host this call at short notice because we wanted to offer you something we believe you will appreciate, more granularity and context on the numbers we published. My name is Doris Rudischhauser, Investor Relations Officer of R&S Group. Many of you I have the pleasure of knowing already. Thank you for taking the time to join us today. Before we begin, allow me a few points of housekeeping. The presentation slides you see on screen were published this morning alongside our ad hoc announcement. Both are available for download on our investor relations website. While we hold the presentation, we ask you to go on mute. We will unmute you when you are asking questions. This call will not be recorded. We trust that none of the participants will record it either. We are hosting this call because we believe today's figures deserve context and because context matters. At second sight, these numbers may well reveal themselves to be better than they first appear. With that in mind, we will focus less on the individual figures and more on painting a comprehensive picture of where the business stands. Please note that, as always with half year figures, these numbers. [Non-English content] Doris, you are muted. Sorry, I understand I was on mute. I do not know why. We were saying that we will keep today's Q&A session brief. The full details will follow on the release date of the semi-annual report. Before we start, please take note of the disclaimer on slide two. I will not read it out loud as it is part of the documentation. Presenting today are Eduardo Terzi, our Group CEO, and Matthias Weibel, our Group CFO. Both will be available for your questions afterwards. Eduardo will open with the highlights of the first half year and what we are seeing in our markets. Matthias will then take you through the figures. Eduardo will close with the outlook. After that, we will open for your questions. We have planned around 25-30 minutes for the presentation. We expect to conclude the calls in 45 minutes. On Q&A mechanics, if you would like to ask a question later on, simply raise your hand using the Teams function and we will take questions in the order that they come in. As our time today is limited, we kindly ask that everybody initially limits themselves to one question so as many of you as possible can get a chance to ask. Should we not get to your question during the call, please don't hesitate to reach out to me directly afterwards. You'll find my details on the website and in the end of the presentation, I will gladly make sure you receive an answer. With that, Eduardo, the floor is yours. Thank you, Doris, a warm welcome also from my side, and thanks to you all for having your time for us today. I would like to ask everybody to switch off your microphones because there's a lot of people in this call, that we can all hear well the discussions. Doris has taken you through how we're going to run the call today, I'll go straight to the substance. Let me start and say one thing up front, because it frames everything that I'm going to talk today. As we have been communicating since the last year, 2026 will be a year of investment into capacities and capabilities to position the R&S Group as a strong organization fit for a long, sustainable, profitable growth in line with our guidance. The first half of 2026 has displayed two parallel movements. Strategically and operationally, we moved forward exactly as planned. Commercially, the full potential of the R&S Group is not yet fully reflected, mainly as a result of the temporary moderation at some of our utility customers, as well as some project shifts last minute from first half of the year to H2. If you look to the next slide, about some of the highlights of the first half of the year. First, our investments are on track. The capacity expansion in power transformers in Łódź in Poland is progressing as planned. The start of operations is scheduled for Q4 of this year. Later on, we're going to present you a short movie on that. We have also now started projects for capacity expansion of cast resin transformers in Italy, Poland, and Abu Dhabi. All these expansions are the backbone for our midterm growth, this is being delivered on time and will be delivered on time. Secondly, we continue to build out our commercial capabilities. We improved our market intelligence. We sharpened the sales setup, including the appointment of a new chief sales officer, as well as we started with the introduction of a group-wide vertical sales management. With that, we will also be applying key account management and strengthening relationship with the large customers. In practice, this means that we go to the market by application in the market and not only by plant or geography. That is what allow us to address new market segments and broaden the customer base, while also decreasing the dependence on specific customer segments in some regions. In the third, the market environment remains very solid overall, despite this temporary moderation in deliveries in parts of the utilities market. We will come back to that in a moment because this is an important topic. The first figures that you see in that slide put everything into perspective. Our order backlog stands at a record of almost CHF 360 million, 17% growth year-over-year. The book-to-bill was 1.2 times, we again took up more orders than sales, although we know that some of these orders will be for 2027-2028, showing already the positive effects of our transformation for more power transformers as well. The EBITDA margin for the first half year was a strong 19%, cash generation was solid. Matthias will give you more insights on this later on. On that basis, the executive management and the board of directors confirm of mid-term guidance. I'd like now to show the video that I mentioned before about our power transformers and share some impressions about the existing factory that we have in Poland for power transformers and the new one that we are building in Łódź. It should give you a better sense about the dimensions and what this additional capacity will mean for us better than any slide. Doris, could you please show the video? Every power plant, every city, every AI model, every data center, they rely on a critical part of the power infrastructure, the power transformer. For decades, transformers were a mature, quiet industry. Today, they sit at the center of the electricity revolution, demand is accelerating faster than global supply can respond. As electricity demand grows, power transformers become larger, smarter, more critical. They move massive amounts of electricity between generation, transmission, and industrial demand by converting voltage levels. R&S is systematically increasing its exposure to the fastest-growing, highest-value segments of the transformer market. Building on decades of transformer expertise, longstanding relationships, and proven engineering capabilities, position the company to benefit from long-term structural growth. The company's evolution is supported by deep technical knowhow, trusted customer partnerships, and an expanding European production network. To accelerate this transformation, R&S is building a new power transformer facility in Łódź, Poland, designed to manufacture power transformers up to 160 MVA. It's one of Europe's most modern plants, built for the next generation of transformer demand. The world needs more electricity. Electricity needs power transformers. R&S, we guarantee energy. Thank you, Doris, and hope you enjoyed the film. Let's have a look at the next slide, and let me talk a little bit about the market environment and the strategic progress in R&S. The first topic is about the demand and how structural it is. The structural market picture is unchanged, and I would even argue that it's never been so strong and compelling before. Decarbonization, decentralization, digitalization, and the replacement of aging grids are all long-term cycle drivers. They do not change on inventory cycles of one customer or the other. Our record order backlog is a very hard evidence of what I'm saying. One topic that we've been communicating since last year is that parts of the utility segment, especially for oil distribution transformers, that use oil distribution transformers, mostly in U.K. or Switzerland, we are seeing a temporary moderation. Why is that? Well, there are two factors working together. First, some of our large utility customers have built up high inventory levels over the past years because of supply chain risks. They bought more transformers because they were afraid of not having the deliveries because of COVID and the successing effects from the COVID times. They are reducing the inventories, but as previously shared with you, the installation capacity on their side is constrained because of missing skilled installers. A lot of people, as we mentioned in other calls, took the opportunity from the COVID times to retire. Although the recruiting is there, the constraints are still there. The inventories are reducing, but it still is not in the levels that should be for them to continue buying transformers as the CapEx from their companies need. For this topic here, it's important to mention there is a timing effect that we experience. In one product line, the oil distribution transformers, and parts of one customer segment, some customers in some countries of the utility customer segment. It's not a demand effect, it's not a price effect, it's not a competition effect. Now let's look in the third part. We are deliberately driving change and improving our sales mix for three reasons. First of all, to capture new high-growth, high-margin business. Second, to accelerate the growth of our group. Third, to address the topic that we just mentioned before, to decrease dependency on specific customer segments like the oil DT utility markets in some regions that we just stopped. The customer base is getting slowly wider than it was, and supported by our investments, the mix is shifting towards high-growth, high-margin markets like data centers, renewables, including battery storage, infrastructure, and industry. We are therefore mitigating the dependency of one specific customer segment. Finally, the fourth point, as we've just seen in the movie from Łódź, we are progressing quite well in our new power transformer factory. On top of that, with the dry-type distribution of transformers, we're starting projects for capacity expansion in all of our four factories, two in Italy, one in Poland, and one in Abu Dhabi. Why are we investing in the dry-type transformers? Currently, capacity constraints are limiting growth in order intake with dry-type transformers. Why is that? When the factory is full, we need to put the transformers, the new orders that we get or new offers that we do, you need to put in a line, so we can only offer to the customers delivery times that is four, five, six months, which sometimes do not fulfill their project's timeline. Sometimes, it has happened already this year, we are losing order intake because of capacity constraints. If I put all these 4 points together, our order backlog tell us that the long-term demand for our products remain very strong. The structural growth drivers in our industry are totally intact. Parts of the utility distribution market are temporarily moderated, but we are taking concrete actions to address this by broadening the sales mix. With the investments that we are making in manufacturing capacity, in operational excellence and building a strong team, I am strongly convinced that R&S Group is very well-positioned for a stronger future. To put a little bit more color on the first half, I would like to share here recent successful orders from notable customers with oil-immersed transformers, so oil distribution transformers, as well with dry-type transformers. These orders are testimony to our commercial momentum in Europe and the Middle East, and our brand names and our reputation. In Poland, we recently won part of a major tender from Tauron. It is one of the country's largest energy groups, for 400 oil-immersed transformers from the new Bochnia plant that we are ramping up. Bochnia now produce over 100 units of oil distribution transformers per month, and we are preparing now for the next phase towards 150+. In cast resin, the dry-type transformers, we secure an orders of almost CHF 4 million with the DEWA in Dubai. It is the Dubai Electricity and Water Authority. It is one of the most demanding customers in the Middle East. Alongside reputable projects in data centers like STARGATE. STARGATE is the largest data center in Middle East, and we are the preferred supplier. Battery storage, airport infrastructure, and buildings. The key message from this is that demand is broad-based, supporting both our visibility to the futures and the capacity expansions that we are planning. With that, Matthias, move over to you for the figures. Thank you, Eduardo. In the next 10 minutes, I will take you through some of the numbers we have published this morning. Our goal is to provide more granularity to the reported numbers, namely order intake and net sales. First of all, as just seen in the video, a comment on what a bigger share of power transformers means for R&S Group. Power transformers are a bit larger and more complex, and therefore, have longer lead times from order intake, production, and delivery. This means that order backlog conversion into net sales is automatically being stretched. This is a consequence of our transformation. At the same time, this gives us higher visibility already into 2027 and partially into 2028. They support our margin profile going forward. One reason why we are investing into these capacities and why our strategy is right. As Doris mentioned at the beginning, the full picture comes with the semi-annual report on September 16th. I'd like to focus on a few key figures. For better comparability, I've added an adjusted column for H1 2025 in this table. Prior year numbers are shown both as reported and adjusted for the non- core electrical switches and connectors business, which was divested in December 2025. As this table was published with the ad hoc announcement this morning, I will not go through it in great detail, but just point out two positive things. EBITDA of CHF 34 million corresponds to a margin of 19%, despite having already over 100 full-time equivalent employees on the payroll for the new power transformer facility in Łódź. These employees are being trained on the machinery and production processes and are not yet contributing to the operations. Excluding these costs, the EBITDA margin would have been in the mid-19s. We achieved this margin within our mid-term guidance range, despite some deliveries being delayed and the workforce build-up for the new power transformer plant, which is cost today, capacity tomorrow. Second thing, free cash flow of CHF 11.5 million, more than doubled from H1 2025 level, despite first cash CapEx for the new plant in Łódź and other projects. In percent, net sales, the free cash flow margin is 6.4%. The bridge shown on this slide is intended to give you an idea of the factors, as well as the size of those factors that impacted order intake in the first half of 2026. Starting on the right is the number of the previous half year 2025, which was generally very positive. Here, the non-core electrical switches and connectors business in the amount of CHF 4.2 million must be deducted. The business was divested last December. Adjusted for this effect, the comparable number is CHF 240.6 million. Moving to the left, you see the reported order intake for H1 2026. In the column to the right, you can see the impact of the currency translation, more important, the projects that were postponed into the third quarter. It is a shift that will come on top of the regular order intake in Q3. We usually do not comment on this kind of movements, but given the size and the significance, we'd like to share the number with you, more than CHF 15 million or 7% of reported order intake. If you look at the adjusted number from H1 2025 and compare it to the underlying order intake of the first half 2026, the difference is - 1.4%. Now that we have put order intake into context, how can we put net sales into the right context as well? Without calling it an adjustment, again, it's about giving you more granular information. Here again, we start on the right-hand side with last year's comparative numbers and deduct the discontinued operations of the divested profit center, which generated net sales of CHF 4.9 million. Means our basis for comparison is CHF 201.4 million. On the left, you see the reported H1 2026 net sales number, next to it, the currency impact of 2.5%. This mainly relates to the translation from euro and Polish zloty into Swiss franc numbers. Likewise, to the order intake, some deliveries at the end of June were postponed into the third quarter, which had quite a significant impact of almost CHF 10 million. You see this in the second green box from the left. You may ask, why were deliveries postponed? Not because of quality issues, but because of two power transformer customers in Germany were simply not ready with the foundations of their buildings. After adding currency impact and postponements, there remains a difference, but not of 13%, but only 4%. Again, this is not meant to sugarcoat anything, but simply to help you assess the situation properly and put it into the right scale. Now let me reiterate another important point. Our sales mix is changing towards more power transformers, with slightly longer production and delivery cycles than, for example, distribution transformers, the conversion of the overall order backlog into net sales is being stretched. That is the most natural thing in the world. To say, a mix effect, which we feel in particular during the transition phase in 2026. On the other hand, the backlog is on a record high of around CHF 360 million, with a larger contribution of power transformers. This makes our business more stable. The visibility is much better than one year ago, and the outlook is more reliable. With the transition towards more power transformers, we expect to be able to secure our margins even better than in the past. The same applies to cash flows. For example, compared to the first half result of 2025, this year, we were able to generate more than 25% higher cash flows from advanced payments. More than 25% higher cash flows. To summarize the half yearly performance and to give you an idea of the trend line, we share with you this overview, which also outlines some expectations for the second half of the year. However, as always, our eyes should not only be on the blue sales bar. Profits and cash flows are always a tiny bit more important. For me, that's why we should also look at the green bars. Good. As previously mentioned, the EBITDA margin is 19%, and is solid given the somewhat lower volumes and the buildup of workforce for the new plant. We expect stable performance in the second half. To give a bit more predictability on the year, we decided to provide a guidance for full year 2026 net sales. Based on our current assumptions on the backlog and scheduled deliveries, we look forward to a strong second half of the year, and a full year sales level between CHF 410 million-CHF 420 million. Our next reporting milestone is the semi-annual report on September 16, which will contain the full financial statements, the notes, and some more details. Eduardo, now back to you for the outlook and conclusion. Thank you, Matthias. I think it's important to present these details we decided to present to everybody, more transparency. These are analyses that we do for, because we need to keep in mind that we are in an investment year, as we've been mentioned since last year. We investment in capacities and capabilities, and we are also in a transition to a more focused but different sales mix, towards high growth, high margins. This transition has some effects as well, as Matthias said. For example, the time for the conversion from order intake to sales. One thing that I want to point out from the bridges from Matthias, again, as he said, it's not to sugarcoat or to justify anything, but it shows very clearly that despite the effect of the moderation of the oil distribution transformer in utility markets in some countries, if we take out these white elephants, these large projects that were shifted from June to the next months, we basically compensated fully the weakness of the utility markets in oil distribution transformers with power transformers and strong order intake also in dry-type transformers. This is something I should be very happy for, and this will continue going forward. The bridge illustrates that we already are navigating very well despite the moderation, to compensate the moderation of the lower order intake from utility customers. I just want to say that before we move on. Let me close with what all of this brings us for the midterm. We confirm our midterm guidance in full. It means organic net sales growth of 8%-12% per year, in our reporting currency, Swiss francs, over a three year rolling cycle. It means an EBITDA margin in the range from 19%-21% of sales. It means a dividend of CHF 0.50 per share, with a target leverage of around 1x net debt to EBITDA. I want to be very direct about why are we confirming that guidance in a half year, which the net sales was below the range. The reason is that the growth side rests on demand drivers that are structural and not cyclical. Decarbonization, decentralization, digitalization, and grid renewal. On top of that, we have our own capacity. The gradual ramp-up in Bochnia for the oil submersion transformer, the new planting Łódź, and additions to all of our dry type transform factories in Italy, Poland, and Middle East. All of these will support growth across the planning period. The capacity is being built now for volumes that are already largely visible in the order backlog and the pipelines. On the margin side, our profitability profile is resilient. It improves through scale effects, operational improvements as capacity fills, and the new sales mix. The investments that we're making, capabilities and in the new plant raise headcount cost in 2025 and is raised in 2026. We always have said that it's a cost that arrives today before the revenues that it serves. It's the reason we can grow significantly in years to follow. On capital allocation, nothing changes. Capital expenditure stays aligned with the growth plan, and we remain open to selective value-adding acquisitions where there are synergies and where they support our strategy. Our target leverage is around one, and excess cash is returned to shareholders. To summarize the first half year in R&S, our investments are on track, our commercial capabilities are stronger than they were six months ago. Our backlog is at the record level, and one part of the market is moderating, the utility market, which we believe that's temporary and inventory driven. I have been talking to several CEOs of customers in Ireland and U.K., and they confirmed that, and we are managing this by addressing higher growth, higher margin markets to diversify for that as well. Together, we are building a stronger company positioned to capture the long-term opportunities created by the global electrification. With that, Matthias and I will be glad to answer your questions. Doris, back to you. Thank you, Eduardo. We are now happy to take your questions. As mentioned at the outset, I see already raised hands. Do the same, and we will take the questions in the order they came in. I've also mentioned that initially we will be reporting again on September 16 with more details on the numbers. We kindly ask you to focus your questions on the figures disclosed this morning. With this, we go to the first question, Remo Rosenau from Helvetische Bank. Yes, good morning. Can you hear me? Yes. Okay, great. Just to be clear on the guidance, on slide 13, you say in H2 you expect higher sales at stable margins. That means that you expect more or less a 19% EBITDA margin also for the second half, and we should expect to come in right at the very low end of the 19%-21% EBIT margin rate. That is the first question. Excellent. Yes, Matthias? I can answer this question. We are confirming the margin, EBITDA margin, because two things. At least 19%, yes, because two effects, both identified, both temporary. We already know the margin in our backlog already today. Of course, we know that without the workforce build-up for the new plant, our EBITDA margin would have been higher already in the first half of this year. The margin development actually is not a surprise. It is planned. It was disclosed pre-investment. We told you already in 2025 that we will have this workforce build-up. Okay, if we put in 19% at the mid-range of the sales guidance, which is CHF 415 million, we get to CHF 79 million EBITDA, which for the second half means CHF 45 million, which is about 4% higher than in the previous year in the second half. You feel comfortable with that kind of number? I think the connection was not so good. We had some noise here. I just simply can repeat what I said. We confirm the EBITDA margin range full year between 19% and 21% mid-term range. Okay. You are aware that the market now really expects you to reach that? We had now several disappointments in the last six to nine months, when you now say these 19% at least is the lower threshold, you must be quite sure to reach it, right? Another disappointment would be not welcome, right? Maybe just one additional comment from my side. The 19% EBITDA margin is not a disappointment from our side. We think it's, also compared to our peers, this is a good result. If we are in the range which we guide, we achieve a good result for 2026, for the transition year 2026. I think should give a chance also to other colleagues, as Doris asked. Yes. I don't want to be impolite here. Yes, Remo, maybe you can go back into the queue, and we will take Adrian Pehl from ODDO. Adrian, please go ahead. Yes. Thanks for having me. Actually, first of all, thanks for the call. Really very appreciated, to get additional insight. First of all, a question actually on the push-outs that you saw. What makes you confident that we will not see further delivery push-outs that you saw on the revenue side? How good is your visibility actually for those kinds of products? What's the status of the client accepting or not accepting actually the power transformers in time? Is actually one question, and if I may, just a very quick second one. If I add back the adjustments, if you want so, on the order intake, we nevertheless see that on this basis, order intake did not grow year-over-year. Are we in a phase of the market where the utility clients are kind of digesting what they currently have, and for that reason, they are pushing out the orders a bit? Or is this a new phase of, let's say, slower demand going forward? I would like to hear some words. Hi, Adrian. Thanks that you appreciated the conference today. I will start with the second question. It is not a change in the market, 100%. I can guarantee that. I've been talking with many customers at the CEO level. It's just an inventory topic. The CapEx, if you look in the CapEx plans of the utilities in U.K., U.K. is one of the largest markets in the world. The utilities are very large there, the implementation of projects for electromobility that is booming there, plus data centers and battery storage. The grid needs to be reinforced, and they have the demand. The only thing that the inventories, we even talked about specific numbers of inventories. Some customers, they have the double of the level they had. They simply cannot afford giving cash out, because the transformers are there. They buy spot. Some types of transformer, they do not have in stock. The bulk volume will only come when they have the new investment plans. This is something that I'm totally assured and convinced. The second thing that we are diversifying from that, we will not be so dependent. Some of our factories were local champions, which is good, with high market share, they come from the times before data centers, before battery storage, before photovoltaic. They tended to be very oriented to utilities. I think it's good because utilities is the biggest market in the world, diversifying will make our sales mix much healthier. To your first question, the power transformers, it is normal that customers, despite calling them, they put an order in one week and it shifts to another week. We try to CEO level. Sometimes it's the reporting period. For the business itself, we should be interested in that, for the report, it makes an impact. That's why we decided to give you the transparency. It's not a sugarcoating. That's why I'm very happy that that bridge, that Matthias showed that we compensated already the moderated, the weakness in some customers in the oil distribution transformers market. I think it's very positive. I like to see that, this is just the beginning. We are going forward to more compensation of that. Thank you, Eduardo. Thank you. Who's in line? Alessandro? We're moving actually, the next one in line is Sebastian Vogel from UBS. Sebastian. Yep. Good morning. Coming back to the points you mentioned for the weaker growth, i.e., customer destocking and installation capacity on behalf of these customers. In that regard, can you share a little bit your view how that developed over H1? In a sense, was it fading? Was it increasing? Was it staying flat? By when do we expect that eventually to really get out of your way, so to say? This lower demand, for example, it's very specific in some customers in some countries. If you take Ireland, and I've been to customers in Ireland as well. The Ireland, the level of ordering is the same as the last year. There's no weakness in Ireland. It's very focused in U.K. or parts of Switzerland. Some customers, they have different purchasing strategies as well. It's not across the board. It will depend on customer by customer how fast they can decrease their inventories. I expect that this is not going to happen in the next few months. Again, this is something that does not concern me much because it will come, it has to come, and we have building now a pipeline with customer qualifications, certifications. We are getting the UL certification in all our factories, and we are qualifying with the large customers, system integrators that are not utility customers that are working these areas of data center, battery storage, photovoltaic, industry infrastructure. I'm pretty sure that we're going to have a very strong, robust order intake going forward independently from this temporary weakness in some utility customers. If I may have one follow-up on the answer there. As you said, de-stocking might be going on for a couple of months. With regard to installation capacity, or the lack thereof, so to say, is that also something that you expect to fade over the next couple of months, or is it something that would be already away by today, so to say, or any sorts of. I think we're already counting on that. We took the experience for the first six months. We are counting on that, the forecast and the guidance that we are telling you here consider already that. The partially strong compensation that we start with the compensation this year will get much stronger next year. We are already considering that, Sebastian. Got it. Many thanks. Going back to the queue. Thank you. Yes. Next one is Alessandro from Octavian. Yes, good morning. I would like to go back again to this oil distribution transformer. I assume that in your order intake, in your sales, both, power transformer and cast resin were flat or growing, probably growing. It means that the oil distribution transformers were down maybe 20% in sales and maybe 25% in orders. Honestly, I wouldn't call that a moderation. For me, this is a breakdown, and it also looks like Since we've been speaking about this, and yes, we've been speaking about this issue for one year, but it looks like it has accelerated in this H1. In my opinion, -20%, -25%, maybe even -30%, because I simply don't have the numbers, this is not a moderation. No. This is an acceleration into a complete downturn, and I just wonder when the bottom is reached. Now, Alessandro, a good question. It is not 30%, but it's a double-digit decrease. You need to separate what is the market, moderation in the market, and what is the impact in one single factory. If that single factory sells 80% to these customers because they are a local champion, strong relationship, very high market share, we always show to you 40%-50% market share. If some customers reduce by 40%-50% the ordering, the impact the factory goes into double-digit. The moderation is when we consider the impact in total of the market. Some customers have very strong reduction because they're not ordering anything. Some, like Ireland, they are buying 100%. We take the average, and this average has an impact in the factory that is double-digit. Again, this doesn't concern me at all. We are having excellent endeavors, with new customers, with new applications, with new portfolio elements. This will not be a problem going forward in the future. When these customers come back, there will be an opportunity for us to be more selective. I would have a couple of follow-ups. I'm sorry. Maybe I would like to. Let's go to next one. Actually, we're going to go to the next one. Maybe you can go back into the queue, Alessandro. Next one, Florian Sager from ZKB. Thanks for letting me on. Hi, everyone. I just have a follow-up on Alessandro's question, actually. I would like to, maybe you could clarify the orders in H1, how much of those were related to the plant in Łódź? Maybe you could clarify on that. If we strip those numbers out, what would be the organic growth rate for the rest of the business in H1? It would seem that other parts of the business have contracted quite a bit over the past six months. Maybe you could just give us some color. No, we do not. It's a question for. We did not disclose this issue, I can say, for example, dry-type transformers grew very strong, compared to previous year, even above budget. That's why we invest in all the four factories. Okay. It's only the oil distribution that is slowing down. It's mostly plus the shift of some white elephants, what we call these large orders that are shifted over the reporting period. We call it in our industry, white elephants, or in power transformers. That's why, remember when we presented in the yearly results, there was one slide that say, "What is the main strategy by product line?" We want to grow fast with power transformers, grow fast above the market, grow fast with dry type above the market and gain market share. With oil distribution transformer, we want to grow with the market and diversify to other customer segments. Thank you, Eduardo. We go to Thomas Tang for the next question. Thank you. Can you quantify the increase in your cast resin transformer capacity? You are doing expansions at all your four plants, but roughly how much are we talking in terms of capacity? Actually, we do not have segment reporting on this. We cannot give you an answer on that one. Thank you for your understanding. In some of the calls, we mentioned some calls before. It's significant. It's not a 10% increase. Thank you. We have one more question from Adrian. Yes. Thanks for taking this other one. Just very briefly, can you share with us, just very roughly, the share of deliveries in your order backlog that is scheduled for 2027 and 2028, please? Maybe Matthias, you want to comment on that? Yeah. Maybe we can say, why are we so positive about the second half? Over 80% of the H2 sales are already covered by the backlog. Maybe that helps you. Okay. We should deduct this then. The second half is going to be Yeah. All right. Alessandro, you're back. You're muted. Yes. Thank you. I was wondering if you can put two more things in context. One is the capacity expansion in Bochnia, which to me seems counterintuitive given the oil distribution transformer is weak. The other one, again, on this oil distribution transformer, is your quote in the presentation when you say that the market is somewhat normalizing again. I have difficulty to understand that wording. Okay. Yeah. Bram. Let's start with Bochnia, right? Let's start with Bochnia. Bochnia, I'm very happy with the development there, but there also, we have plans to invest, to build bigger transformers so that we can address The transformers are becoming bigger in any application. Not only in the utilities, but also in data centers, battery storage, photovoltaic. We will invest in the factory to be able to produce large transformers. We are already qualifying the factory, as I mentioned before, with the top customers. Not only E.ON, or the ones where we do need a qualification, but we are qualifying the factories and getting audits with system integrators, EPCs, to diversify from utilities so that we can also go from Bochnia, not only Sissach and Kyte, but also from Bochnia to the new applications. For the utility market, we can participate. There are still some large tenders for utilities, like in Poland, the one that I mentioned with 1,200 units from Tauron. There is still some customers buying large quantities. We will continue serving that, but we will have a broader customer base so that we can be more selective as well and avoid this fluctuation that we are seeing there that we are calling moderation, Alessandro. Moderation means that there are few customers who have inventories full, warehouse full, and they are ordering less. Some are not ordering anything, some are ordering 50%. That's it. Maybe I can add here that if the word moderating, we're talking about this as a normalization of the situation looking into the future. I would say, guys, in general, there's a lot of focus in this discussion here about the oil distribution transformers from some utilities. I would look into the big picture. The fastest-growing markets, high-growth, high-margin markets are in data centers, battery storage, and renewables infrastructure in general. Utility market is a great market. There will be a need of investments going forward. We are not afraid of that, but there's many other markets that are very attractive that we were not addressing before. You need specifications, you need to do the design, you need to do prototypes, sometimes short circuit tests, and you need customer visits in your factories, et cetera. There was a lot of activities in the last 6 months. As I mentioned, the changes in our commercial organization are bringing many fruits now. We will increase the shares of data centers that we have from our order intake. We will increase the share of all these other applications as well, and be less dependent on utilities. Utilities will always be a great market when this moderation changes from these specific customers. Thank you, Eduardo. We're now moving to the last question. Remo, once again to you. Yes. Thank you. These capacity expansions, which will come on stream beginning in Q4 2026 and thereafter, in the ramp-up phase, there will be additional OpEx coming in besides these 100 people in Poland, which are already on the payroll. Might this cause initially some margin pressure up to the moment where these plants then will have a sufficient utilization rate? Don't you think so? Matthias, if I can answer on the absolute everything. From my side, the additional CapEx and the additional OpEx is calculated in. Yes, of course, ramping up a new plant always means more people, more OpEx, more CapEx. It's a challenge, it's an adventure, of course, always. That's calculated in our guidance. You'll be able to be there. You're all invited for the Capital Market Days in November to see the factory by itself. It's a great challenge to build a power transformer factory and start ramping up with full capacity. Everything is moving smoothly so far. We have a great team there. I'm pretty sure that we will be able to increase the volume of power transformers. Remo, the margin profile of power transformers is better, as we discussed before. That's why we're investing there. This will also support the margins of the group. Thank you, Eduardo. Thank you, everybody, for being on the call. As we mentioned initially, if there's questions that have been left unanswered, maybe you reach out to me, then I'll get back to you with the answers. Again, thank you for your interest, we look forward to seeing you at the latest on September 16th. Take care. Bye-bye. Have a good day, everybody. Thank you. Thank you. Thank you. Bye-bye. Bye-bye. Thank you. Thank you. Bye-bye. Okay.