Good morning, everyone, thank you for joining us today for the presentation of the SFS Group Half-Year Results 2026. Volker Dostmann and I are pleased to present the SFS Group results today. Before we start, please note that this conference is being recorded automatically. The presentations, as well as the half-year report itself, are available online at sfs.com in the download section. The first six months of this year were shaped by ongoing upheavals in the market environment and disrupted supply chains. Despite these challenges, SFS delivered strong progress. Our local-for-local approach, diversified positioning across end markets and regions, and our focus on mission-critical applications once again proved to be strengths. At the same time, we continued to implement the program to streamline our global production and distribution network. This program is designed to sharpen our focus on core activities, align capacities with market demand, and strengthen profitability over the midterm. Let me briefly guide you through today's agenda. In the next 40 minutes, Volker and I will walk you through the highlights of the first half-year 2026. I will start with a short reminder of how SFS is positioned and how we create value for our customers, followed by taking you through the key takeaways of the first half-year 2026. Volker will present the key financial figures, the development of the segments, and our guidance for 2026. After that, we'll be happy to take your questions. I will start with the positioning of SFS. SFS is by your side 24 hours a day, seven days a week, often without being noticed. Our products provide reliable support in everyday life. They are seamlessly integrated into customers' applications, where they often fulfill mission-critical functions. Whether people use a smartphone in the morning, make coffee, drive to work, board a plane, work with electronic devices, enter modern buildings, or benefit from medical treatment, SFS solutions are often part of these applications. Our precision components, fastening solutions, and tools contribute to reliability, safety, and performance in a wide range of end markets. What all these products and services in common is our value proposition, inventing success together. In many cases, the direct cost of our products represents only a small share of the total cost of our customers' products or processes. The real value lies in improving the overall application. Through value engineering, we help customers improve performance, reduce complexity, and create measurable added value. We do this as value creators in three segments. Engineered Components focuses on highly precise customer-specific components and assemblies. Fastening Systems develops and markets application-specific fastening solutions for the construction industry. Distribution & Logistics provides tools, fasteners, and C-part management solutions for industrial manufacturing customers. Many of the products developed by SFS are invisible to the end user, but they are essential for the safety, functionality, and performance of the final application, like in here in these aerospace examples. Examples include cabin assemblies, assembled solutions, injection molding applications, and aerospace fasteners. These products require high precision, deep application know-how, and close customer collaboration from the development phase through to serial production. In addition to organic growth, we continue to pursue targeted acquisitions that strengthen our technology portfolio and market access. A recent example is Heartland Precision Fasteners in the United States. Heartland is a U.S.-based manufacturer of high-grade fasteners for aircraft structures and propulsion systems. The company generated sales of around $30 million in 2025 and employs around 70 employees. This acquisition expands our aerospace portfolio and activities, gives us access to key U.S. customers, including Boeing, and supports the buildup of a global manufacturing platform for the aerospace market. The acquisition was signed after the balance sheet date on July 9th, with closing expected by the end of September 2026. In the Fastening Systems segment, SFS combines products, tools, and digital engineering solutions into integrated fastening systems. Our approach is not limited to supplying the fastener itself. We aim to optimize the entire fastening process. This includes the fastening element, the installation tool, and calculation software that supports the correct application of the solution. By combining these elements, we improve reliability, productivity, and efficiency for our customers in the construction industry. Another example of a targeted acquisition is Harald Zahn GmbH. Harald Zahn is a leading supplier of fastening systems for flat roofs, based in Germany and serving customers in Germany and Austria. The company generated sales of around EUR 8 million in 2025 and employs around 45 employees. This acquisition strengthens our market access into Germany and Austria, expands our range of flat roof services, and opens additional international growth potential for existing products and solutions. In the Distribution & Logistics segment, we provide the ecosystem for industrial production. Our customers are industrial manufacturers, especially metalworking, and they are mainly located in Europe. The segment offers a curated portfolio of high-quality cutting and hand tools, workshop equipment, and personal protection equipment. At the same time, we offer one-stop shopping solutions and process optimization for industrial manufacturing. In other words, we supply everything around the industrial workplace. This combination of product range, process know-how, and service creates clear value for our customers. Also, in Distribution & Logistics, acquisitions play an important role in strengthening our platform. The acquisitions of Gödde, Oltrogge, Perschmann will further internationalize the trading business, extend direct market access in Europe, and create synergies. Together, these partner companies represent an increase of sales of around EUR 130 million for SFS. In addition, the acquisition of Jellypipe AG, now renamed Hoffmann Additive Manufacturing, expands our technology offering in industrial 3D printing and strengthens our position in the trading business. Looking ahead, we continue to focus on our main strengths and opportunities. Our priorities remain disciplined strategy execution, benefiting from relevant mega trends, strengthening our local-for-local footprint, focusing on technology, and maintaining solid financing. These priorities support our long-term growth and profitability ambitions. I continue with the key takeaways of the first half year 2026. The first half year 2026 was shaped by ongoing upheavals and disrupted supply chains. Our local-for-local approach helped mitigate the effects of supply bottlenecks on our business areas, and then again demonstrated the resilience of our strategy and business model. SFS generated sales of CHF 1.559 billion, corresponding to growth of 1.3% compared to the first half of 2025. Currency effects slowed sales by -4.2%. Organically, we achieved strong growth of 4%. Mixed effects and measures from the streamlining of the global production and distribution network had a positive impact on profitability, while implementation continues to generate non-recurring effects. Adjusted operating profit or adjusted EBIT came to CHF 206 million, corresponding to an adjusted EBIT margin of 13.3%. Operating profit EBIT, including non-recurring effects, came to CHF 211.2 million at an EBIT margin of 13.6%. SFS also continues to complement organic growth through strategic acquisitions and to strengthen its long-term positioning. The streamlining program is already having a visible positive impact on profitability. The program strengthens our focus on core activities, adjusts production capacities to market demand, improves the efficient use of our resources, and reduces complexity within the global site network. These measures support the achievement of our defined long-term growth and profitability targets. At the same time, the SFS strategy remains unchanged, especially our local-for-local approach. Overall, the program is expected to reduce sales by around CHF 110 million and generate total one-off cost of approximately CHF 75 million. In return, we expect a positive EBIT margin effect of around 0.8 percentage points by the end of 2027. Approximately 650 employees are affected by company sales, site closures, and transfers across Austria, the Czech Republic, Germany, Malaysia, Singapore, Switzerland, Turkey, and the United State. The program is expected to be completed by the end of 2027. Now handing over to Volker for the presentation of the key financials. Thank you very much, Jens, good morning. Warm welcome from my side to everybody. As we go into the financials, as said, overall, the group achieved sales of CHF 1.59 billion, which translates into a reported growth of 1.3%. However, we have been held back by the continued appreciation of the Swiss franc to the tune of CHF 64.8 million during the first half year, which represents -4.2%, as said, which was mainly driven by the depreciation of the euro and the U.S. dollar. We may show a very strong growth of 5.5% in local currency against our guidance of the 3%-6%. We are in the upper end. Organically, we've grown 4%, whilst M&A activities, including the deconsolidation of the sold entities, have added 1.5%. M&A activities included the acquisition of the partner businesses, Gödde, Oltrogge, Perschmann, the Harald Zahn in Germany, 3D platform, Jellypipe, and effects from DB Fasteners in the U.S., which was acquired to the latter of last year. As well as the divestments carried out under the program to streamline the production distribution network. This is to be noted. Sales dynamics remain uneven from various angles. We have muted demand in Europe. We see persisting global geopolitical uncertainty, and with that, we do not point out yet a consistent overall trend. However, we've seen unexpectedly strong Q2, extraordinary pattern in the electronics end market, particularly in the mobile phones business. That shall change our delivery schedules towards the end of the year. It is expected that the usual Q4 pickup in mobile phones we've seen in past years will not materialize this year, to the extent seen in prior years. We'll explain that a bit in more detail. In segment Engineered Components, particularly the electronics end market, saw a pickup. We've also seen a good development in the industrial end market and here, particularly aerospace, where we have captured possibilities in Europe. The mobile phone cycle did hold this year significantly longer than in past years and kept going into Q2. Normally, we would have seen a ramp down in February, which would be the pattern. This year is distinctively different. Additionally, we have seen solid development in hard disk drive components, enjoying the robust demand from the data center side. We expect this dynamic to ease out, mainly from the mobile phones. We look at the moderated demand for the coming months in that area. In Fastening Systems, we saw impacts from challenging market environments. The headwinds were largely offset by a pickup in volumes in the second half of Q2, as said, as well as from pricing effects, resulting in the end in an organic growth of 1.2% in that area. Distribution & Logistics shows organic growth of 1.5%, supported by pricing initiatives. First accretive effects of the acquisitions of the partners are visible, which have been consolidated as per the respective closing date during the first half year of 2026. With this backdrop, we may report good sales development in volatile environment. The team showed great dedication and loyalty, and we thank all of them for their contribution made. Looking into geographic end markets, we see that the geographic end markets show a slight pickup in Europe. We also see a continued shift towards Asia, which accounts for 14.4% meanwhile, while the Americas remains subdued due to the U.S. dollar effects described. The sales by industry is stable. Industrial manufacturing accounts for 27.5%, slightly above the prior year level. We maintained and even expanded our footprint in this industry, despite the pronounced challenges in Central Europe. Automotive is further reduced slightly, while construction is affected by the weak U.S. dollar. Operating profitability. We report adjusted EBIT of CHF 206 million, or 13.3% of sales, EBITDA of CHF 273.7 million or 17.6% of sales for the first half year of 2026. These indicators are adjusted for non-recurring effects related to the program to streamline our production and distribution network. The streamlining program we announced with our half-year results 2025 are well on track. We see first positive effects. Our personnel expense ratio declined by 1.1 percentage points. Our operating expense ratio improved by 0.4 percentage points, respectively. Earnings per share is at CHF 3.82 per share, which is an increase of CHF 0.96 versus prior year. Earnings per share is mainly driven by the pickup in EBIT, which leads with EBIT levels, which includes minor effects from the program to streamline the production network. No major impact from financial result as that remains on prior year levels. Tax expense raised nominally at stable tax rate during first half year. Going forward, we are confident to continuously show improvements in the net results. Net working capital saw a significant increase versus prior year, primarily driven by the acquisitions and first of all, by receivables. First, the consolidation effect from the partners businesses added to receivables CHF 39.4 million in total. Secondly, we are seeing a strong growth in electronic business, contributing CHF 25.4 million to the net working capital. Inventories increased as we had to honor outstanding supplier contracts from prior years in Fastening Systems, while also adding inventories from M&A activities. For the remainder of the year, we expect these positions to unwind and starting to normalize. CapEx in the first half of the year stood at 2.3% of sales, clearly below D&A of 4.2%, which is historically low level. This reflects the streamlining of the production and network and successfully increases the utilization of the installed capacity. Our more selective investment decisions showing effect. We expect the ratio to increase again as we remain committed to invest in growth-oriented, innovative production facilities. While maintaining disciplined view on capacity utilization, we confirm our midterm CapEx range of 4%-6% of sales. As a result of the effects described and despite the net working capital additions, our free cash flow amounted to CHF 121 million on prior year level, corresponding to an EBITDA conversion of 43.7%. This confirms our ability to generate cash while continuing to streamline our production and distribution network. Ongoing net working capital management, disciplined CapEx decisions, and profitable growth remain the cornerstones of our decision-making. We are well-positioned to sustain strong cash generation and reaffirm our target range of 40%-50% of EBITDA. Having leveraged our equity position for the acquisition in Distribution & Logistics and while pursuing our M&A strategy, we continue to manage our equity ratio actively. At the half year, we report an equity ratio of 58.9%, just below prior year's 60.3%. We are working towards the further deleveraging of the balance sheet while making use of our strong financial position to support innovation and growth. Given the both mentioned developments, we see return on invested capital and return on capital employed on comparable levels to prior years along the profitability. Let me go into the development of the individual segments, starting with Engineered Components. Third-party sales of the first half year amount to CHF 577.8 million, reflecting strong organic growth driven by the extraordinary electronics end market, as mentioned earlier. Growth in electronics, together with the successful start of operation in Kanagala, India, led to a nominal increase in FTEs versus prior year, despite the ongoing adaptation of the organization. Despite the overall industrial environment, we achieved solid progress in automotive. This was mainly driven by the initiatives to streamline production and distribution network. The medical business remained stable, while the industrial business has benefited from demands in the aerospace end market in Europe. With the acquisition of Heartland Precision Fasteners, which we announced on July 10, we underlined our strategic ambition to expand into aerospace market in North America. The transaction, as said, is expected to be closed in Q3. Fastening Systems. The third-party sales showed some unexpected momentum in Europe during the second quarter and improved, but overall ended at sales of -1.1% reported below the prior year. Price mix effects were strong, particularly the U.S. market, while demand in North America remained flat. Acquisitions made a positive contribution of 2.4%, consisting of Zahn, Germany, and TB Fasteners in the U.S., which was an acquisition in the latter of last year. Overall, we show an organic growth of 1.2% for the segment. Distribution & Logistics shows third-party sales of CHF 687.7 million, and this is up versus prior year, driven by the acquisitions of the former partners, Gödde Oltrogge and Perschmann, but also additive manufacturing. We saw a slight improvement in momentum in the first half year, supported by solid pricing development, although the FX environment remained adverse. The streamlining of the organization shows effect in profitability, whilst favorable pricing situation supported the margin during first half year. The closing of the acquisitions of the three partners was completed as scheduled during Q1 and Q2, and integration is progressing as planned. The same applies for the acquired 3D business, Jellypipe. These acquisitions strengthen the market position, not only in Germany, but also in Poland and Benelux, and give us a good footprint in Europe as described. With that, we move on to the 2026 guidance. We confirm and reiterate our guidance for the current year of 3%-6% of growth, measured in local currencies and including scope effects. We also confirm that the adjusted EBIT margin will remain in the range of 12%-15%. With that, ladies and gentlemen, I conclude the performance report. Thank you very much for your attention, and we will now go into the Q&A. Yes. Sorry for that interruption. With that, I hand over for the Q&A, which is moderated by Benjamin Sieber. We start with the Q&A with Jörn Iffert from UBS. Jörn, you can unmute yourself and start. Sorry, we seem to have some technical glitches here. We ask you, please write your question to investor.relations@sfs.com. Sorry for that. Once again, please write your questions to investor.relations@sfs.com, then we'll get your questions. We'll read them out loud here and answer them. Please start writing emails. Yes. We seem to have some technical glitches here. In order to overcome them, we ask you, please write your questions to investor.relations@sfs.com. Once again, investor.relations@sfs.com, then we'll read out your questions and answer them. Good. We start with the question from Tobias Fahrenholz from ODDO. On the top line, what has roughly been the price impact in the first half-year, and what's likely for the second half-year? Maybe you could also comment if there has been some one-off pre-buying effect somewhere. Yeah. Good morning. Yes, Fabian, thank you for the question. First off, let's discuss it in those segment by segment. It's a very good question. In the segment Engineered Components, we had in the year 2026, virtually no price increases which hit the market. We have done major adjustments in the year 2024 and 2025, and are now more or less through those major adjustments over the whole segment. Certainly, within certain regions like India, where we have seen heavy impacts due to the crisis in the Middle East. There we have seen 7%-8% price increases on sales of around $50 million-$60 million. Also in China, we have seen selective price adjustments here and there with some customers. I would also quantify them to maybe around 3%-4%. Overall total business volume of around $200 million. In the segment Fastening Systems, we have seen price adjustments. We have seen the growth of 1.2% in the segment. Roughly two-thirds is volume-based and one-third is price-based. In the segment Distribution & Logistics, we also have seen some selective price increases, probably amounting to around 1% in the segment Distribution & Logistics overall. For the second half-year, we would expect also some further adjustments, similar to what I just have stated and mentioned, mainly in the Fastening Systems, but here focused on Europe. In Distribution & Logistics, we'll publish a new catalog, and also there we'll see some selective price increases. In D&L Engineered Components, at this point in time, we do not expect or foresee further price increases. You ask about one-offs. Also on the sales side, we have seen certainly some tactical purchasing ahead, but not amounting to a substantial volume which needs to be mentioned in Engineered Components, Fastening Systems, and Distribution Logistics. It is small or minor that we would sometimes see a little bit an increase in a specific month in demand, and then a lowering off in the second or following month. Overall, we just see a little bit of more bumpy, uneven development in general, but not something that is concerning, or also not something that is in relation to us selling off specific sites or maybe closing down specific sites. There has been no one-time large effects which are worthwhile to mention at this point. Thank you for your questions. We have a follow-up question from Tobias Fahrenholz on the margins. First question on EC. With less seasonality showing up, is it fair to assume a flat margin level in second half versus the first half? Also on the margin side, on the D&L side, looking at the current high margin levels, are these sustainable? Would you need to upgrade your general 8-11 EBIT margin target bracket for D&L? Thank you very much, Tobias, for the follow-up. Starting with EC, we certainly see a different mix. Our customers have been very successful with the launch of their new products. As I said, the mobile phone business carried into Q2. We expect that the schedules for the next season in Q4 are reviewed and will not be as distinct as in prior years. That will also have a bit of an effect on the margin side and therefore we expect a more flat development from that side than in the past. There is also a considerable question on the mix effect and what our customer is then willing to launch in Q4, and how much is our participation. There, we would now portray a more flattish or a not as distinct pickup in second half-year for EC from the electronics business. The second part of your question relating Distribution and Logistics, it is visible in the margin of D&L. We had very favorable pricing situations where we saw some price increases that Jens described. We also had a counter effect that we enjoyed still rather low purchase price on the supply chain, which we benefited from. That is going to ease out slightly for the second half-year. We will work with price increases as said, and therefore expect to counterbalance some of that effect, but we do not see ourselves yet in a position to upper the bandwidth for Distribution and Logistics in the midterm. Hope that helps to answer your questions. Thank you very much, Tobias. Good. We continue with questions from Fabian Piasta from Jefferies. First question related to CapEx. CapEx for full year 2026. First half year was roughly CHF 32 million or 2% of sales. Will you expect an acceleration in the second half year? Thank you very much. Yes, as said, we look at midterm 4%-6%. We will see investments in the second half year picking up as we are investing into growth opportunities and modernizing our production network. Expect us to be on the lower of the bandwidth in the short term, but midterm, we certainly strive to keep up our professional productivity programs and our physical property plant and equipment. Therefore, we will strive for these 4%-6% in the midterm. I think what we can add here also is that we had a pre-spend on our Asian activities, especially in India and China over the last few years. We see now that the markets are shifting. The opportunities are mainly in India and China, as you also see with the growth development in our half-year report. As Volker also mentioned numerous times, in Europe, we have been a little bit tighter with capacity management overall and utilizing it better. We don't need to support major growth initiatives at this point in time because our customers also readjust their value-added footprint, and therefore, we see this development currently. Certainly, going forward, we have projects to expand activities in China, for instance. We have activities also in Malaysia, to expand in India, where we are just filling currently up the Kanagala site, which we have expanded and also would foresee there a further expansion near-term in probably the next one to three years. Then also, we're having discussions about maybe a market entry into Vietnam. We have some also value-added locally on a very low level, but also a step forward. We see the activity shifting, but also, as mentioned, we have done pre-investment, and we are therefore in good shape and ready to take on more orders and more growth, mainly in the Asian region. Next question from Fabian Piasta: "Did the U.S. business include tariff pass-ons and could you quantify them?" Yeah. Very good question, Fabian. Tariffs, we said that the volume of CHF 30 million-CHF 50 million could be impacted by tariffs. Certainly, there was a much lower extent visible in first half-year. We managed to profit from our local-for-local, so the local value add, the local sourcing, the domestic supply chains, they sheltered us from this effect to a very large extent. On the other hand, we also had the decision that some of these tariffs were raised in an undue manner and courts defined that process to get back parts of the tariffs paid. Just to give you a bit of a sizing, the part that we are trying to regain and partially already got back is at very low CHF one-digit million number. Overall, yes, but more of administrative burden than as a financial issue to our overall P&L in the U.S. On the top line, we can say the effects we have seen in the previous year, in 2025, when we had deliberation day afterwards, pricing adjustments have been implemented quickly into the different relationships with our customers. Therefore, this year, we have not seen an impact on the top line due to those tariffs. Then we have two final questions from Fabian around electronics business. "Can you share some more details on the mobile phone cycle? What is the expected implication on the momentum in Engineered Components in the second half?" The second question is: "What is the share of HDD sales on total EC and HDD specifically for data centers application?" Very good question on what's the strategy on handheld devices, mobile devices overall by customers and in general by our large customer. Overall, we have seen that there's a focus on high-end phones, and there's also, I would say, reconsideration of how many models will come to the market and when do they come to the market. That's kind of a tactical then decision and maybe, as a potential model to consider, is that high-value models come to the market, but they come exclusively to the market, and further models will follow later on. With that, the focus is much more on those high-end, high-value models on the consumer side to purchase them, to buy them, and later on, that's followed up then maybe with lower-value models in the quarters to come. From our point of view, I would say yes, we see changes in strategies our customers is using to position the products attractively in the end market with consumers. We have seen launching cycles in fall, we have seen launching cycles in spring, variations between the different product groups when this is happening. We also see currently there are some adjustments and some movement. Overall, the innovation discussions, the development cycles are intensive. Overall, we first off see on our side the stamping technology where we gain step by step more access and volume overall, still on small scale, but also progressing nicely. Then certainly our very strong position as a fastening supplier for screws and other fastening solutions, where we certainly have the leading position with our customer. From that point of view, we look forward to exciting 2026 in terms of the model strategy. Once again, as Volker has mentioned also, probably a more even development throughout the year, which is not a disadvantage to us overall. The cyclicality which we have seen in the past, which was very much focused toward the second half of the year, had also some tension and stress attached to it. From that point of view, we look forward and are optimistic on what comes around the corner. From maybe to question one, yeah? Yeah, hard disk drive business you asked for. Hard disk drive business is predominantly driven by the nearline applications, so that is data centers, as said. We see significant investments and projects in data centers, and we are in very close contact with the main hard disk drive providers in that field, which is a specialized topic. We see further development in HDD into higher alloys, into other materials in HDD, as temperature in a hard disk drive is pushed towards other levels as the prerequisites of cooling are changing. That all puts demand on hard disk drive components, and we are in that field and enjoy good demand. From that, we also foresee that it's going to be a stable demand. We push that business to be a CHF 80 million-CHF 100 million business turnover per year, and are on good track on that. It's going to kind of keep there. It's not going to double or whatever. Some of these projections we deem as overrated. We have the capacity in place. We can go with the demand. We can go with the demand not only from a volume side, but also from a technological side, meaning as said, other materials, higher alloys, and are with our customers in a clear way to model the demand, so that they have a stable and reliable supply from our side. Your question was what is the content within EC, how much is hard disk drive? Over the full year, we drive it to a CHF 80 million-CHF 100 million business. That's it. Hope that helps your question. Thank you very much. Good, we continue with Jörn Iffert from UBS. First question: Do you see the beginning of an industrial production recovery in Europe now, or what is your assessment? That's a question we should ask you as analyst, because you have much broader exposure to different markets and probably different companies overall. Certainly yes, it's the question, it's the big elephant in the room. Is this now a recovery or is it not a recovery overall? We can clearly say that the customers which have adjusted to new opportunities, like for instance, defense and aerospace, they do well. They grow. They have prosperous opportunities on hand overall, and the ones which are still holding on and maybe not going with the new opportunities or maybe don't have the capabilities, those are still fairly challenged, as we name it, machine building activities. We see on the automotive side also here and there, challenges especially with commodity applications and not high-end, high need applications overall. Those customers in Distribution & Logistics are still challenged and are still suffering. From that point of view, we do not believe that overall we will see a start of a new cycle immediately. Probably will take a few more months. It will probably take another 6-12 months to firmly see the numbers getting better step by step and also returning back to organic growth patterns, which are then closer to the GDP, of development overall in Europe or in a specific country. Still see industrial customers suffering to a large degree, but also customer groups doing quite well. We believe we have seen the bottom. We believe we have seen a slight improvement and on the way to recovery, it's probably where we are, but not recovered yet. I would formulate it that way. Takes patience and we hope certainly by year-end that we have more insight and maybe a better outlook into the year 2027. At this point in time, our strategy is we are cautious. We focus on innovation. We make sure we have best performing delivery service overall, but we are not getting overly excited about opportunities in the European industrial sector. A second question from Jörn Iffert, particularly to the smartphone business. Do you see new AI-related smartphones and applications being planned by your customers? Do you have visibility on rising wallet shares in this strong replacement cycle? On the AI side, it's built into everything which is around us already today. I mean, step by step, we see in many devices and solutions, AI is part of it. We have not seen yet specific applications which are centering just on AI. Hardware, which is based on specific AI applications and opportunities, that seems not to be the case. We have seen customers renaming their devices, towards AI, in some form, in some wording overall. We certainly see now that a smartphone becoming even more powerful, more important, for the consumer to those AI capabilities. Here and there are some, I would say Prototypes and some ideas around on AI-specific applications, but we have not seen that materializing at this point in time. We have not seen something yet being close to being introduced to the market, which could create a huge lever or change the marketplace as we see it currently. That's not the case. As you know, there are many small startup companies which are testing and working on whether it's hardware or whether it's glasses or whether it's other devices and designs. So far, we have not seen something that's overly attractive and would be a turning point or worthwhile mentioning at this point in here, in terms of opportunities for the SFS Group in electronics business activities. Maybe we can say that on the hardware side, we see some opportunities to increase share of wallet, again, with the next model round, where we see that they want to work on the design, which is not going into AI or any other, or at least to what we can see. We are confident that we can pursue our way of increasing share of wallet in that area, right? That is clear, yeah. We continue with two questions from Christian Bader from ZKB. Question number one, how much of the cost related to the program to adjust the distribution and manufacturing footprint remain outstanding in the second half of 2026? Yeah. We see roughly half of it outstanding for the remainder of the program towards end of 2027, as said. Large part is linked to the discontinuation of entities that we are in the way of unwinding or giving up or selling, and the so-called CTA, the currency translation effect that we have sitting in equity will be booked at the time when we give up the entity. We are working that we can do that as quick as possible, but we cannot judge today whether this is going to happen in 2026 or will fall into 2027, due to it being linked to regulatory approvals and legal pursuits, right? What we can say is that we will stay within the CHF 75 million. We see that that cost estimate will hold, and as said, half of it is already in our results and normalized in our results, and you see that ongoing, right? The effect that we had in first half-year is a timing effect. That's why it is a positive effect on reported results. It's a timing effect, we stick with the CHF 75 million. Exactly. The second question, Volker, maybe you could elaborate a bit more on this timing effect. What exactly was it? Yeah. Okay. Timing effect boils down to what we announced in Czech Republic. We sold off the entity in Czech Republic, that was a fortunate transaction as we could grant the people that are working there a future in another environment. Initially, we took the stand that we need to restructure the entity, therefore, we did the necessary provisions in our balance sheet, which, as it came clear that we will sign the contract, had to be dissolved. That's the positive effect you see in first half year. Of course, when we sold the entity, we granted the buyer some conditions also see that some of these conditions will come to effect, we could not provide for that as we signed the deal with the buyer in the second half year. We had no title to accrue for that's why you see that distorted position there. In the end, it comes down to the efforts of the teams that have found ways in better selling off entities and bringing them into a new environment versus having to restructure them making people redundant, we gave that a priority. We continue with questions from Vitushan Vijayakumar from Baader Helvea. Question number one is, could you please elaborate on the impressive growth of 24% in the electronic and electrical end market? What was behind it? Is it only related to HDD business and smartphones, or are there some other applications that drive that growth? What can we expect for the second half of 2026? I think, yes, as you rightfully pointed out, it's impressive growth as we have seen it, and the answers go into two directions. As Volker already stated, the one point is the seasonality that we had a much stronger first half of 2026 to usually compare to 2025 and the previous years. We have seen customer buying cycles continue to expand, where they usually slow down sometimes already in December or January. We have not seen a slowdown now until later on in the second quarter, and the new models will start in the third quarter, so we'll see a more balanced development throughout the year in terms of sales development. Secondly, also the new applications, we have seen the growth on the stamping side, stamping technology brought into the application. That's certainly something over the last two years you have seen. We have also new applications, customers more in the semiconductor packaging side, which also helping us to achieve the growth in the region Asia. Thirdly, as also mentioned, in HDD, we also are back on the growth track. Maybe not as progressive as we have seen it due to the other two effects we have mentioned before, but also step by step, we also see the good organic growth. Those are the explanations or the main drivers for this development. An immediate follow-up question, Volker, to what you mentioned before, HDD sales in the area of CHF 80 million-CHF 100 million in a full year basis. Are they going to be stable throughout the years to come, or do you expect changes, and can you help understand the trends behind this development a bit more? Okay. Thank you very much for the question. Well, what we see for the future is that footprints of the buildings that are planned in data centers, they are geared towards hard disk drive technology. If you would choose another technology, the footprint of the building would look differently. That's what we take as a reading for a further HDD demand being stable. Now, question is, how long does it hold? We all know that there is other technologies in the market. Obviously, the large producer of solid-state data storage have issues in cost effectively producing them in large volumes. There is two factories under building in South Korea. They are trying to do that, but a conceptual issue remains, and that is backup. I think we've discussed that before, that you have to apply different backup concepts when you use solid-state versus hard disk drives, and that gives, for the time being, hard disk drive a cost-effective advantage. Therefore, the buildings are still the hard disk drive data centers that are planned. What's underlying in the dynamics is the question of how much capacity do you pack in one single hard disk drive, that comes from how many disks do you put on a spindle, how fast do you turn these spindles, and what technology do you use for making data stored on that respective disk. The move was from magnet-assisted drives to heat-assisted drives. Heat-assisted drives, as I said before, they are calling for different materials, different alloys, different technologies, and higher precisions in the components we deliver. We deliver the spacers, so we benefit in many ways. We benefit from more spacers as you stack more disks on a spindle. Higher precision parts, which ask for different manufacturing, we are in that field, we are able and capable to produce these precise components. Number three, you've got to drive into different alloys, different alloys means higher value add from our side. That all plays into our field. That's why it drives, that's why it also will not go beyond. That is mainly the dynamics in hard disk drive business. I hope that helped. When we take a further look out in the supply chain, as Volker already mentioned, SSD, HDD, we seem to be on the right application with HDD. I believe we have also seen that the customer of our customer has a tendency sometimes to maybe be overly positive and maybe having a stronger purchasing cycle, as we have seen right after COVID. I think the industry is also now more sensitized towards that and probably also more critical. Especially our customers keep that in mind, we do not believe that we currently see a bubble in HDD, that capacity is being overutilized and maybe products being oversold. From that point of view, we believe the supply chain will be responsible, as Volker mentioned, on the grounds of needs in the application, we seem to have a good run going forward. I think HDD is also characterized with long cycles in the technology side. It took many years to make the change over to the new way of writing the data on the disk. There's discussions on new technologies, maybe being deployed more intensively in three or five years from now. Different materials of spacers, as Volker alluded to, also those materials we're trying discussion as we supporting our growth case and our position within the industry overall. I believe it's worthwhile to have this discussion that has many elements from our point of view, we are on track believe also that there are good opportunities for the years to come. We finish with Vikash with the last question. Following 13.3% adjusted EBIT margin in the first half, you maintained a full year guidance range of 12%-15% for EBIT margin. What margin profile is embedded for the second half? Should we expect more from the second half as of the first half, or can it change? Finally, what are the factors that could prevent SFS Group from finishing towards the upper end of the 12%-15%? I think we explained why we see the second half a bit muted as a couple of trends kick in with electronics. That also goes into product mix, profitability mix. I think there we gave you the detail. We stick with the midterm guidance of 12%-15%, and in the short term, we will work towards that. Personally, I see a lot of potential ahead of us. That's why we are reconfirming that guidance, and gave you hopefully enough details for the second half so you can try to model your expectations for the full year 2026. Good. We continue with a question from Manuel Lang from Vontobel. On the net working capital side, do you see normalization of the FX in the future? If so, when will that approximately be? Are we talking about already in the second half or rather in the first half 2027? We expect that to start normalizing in the second half, as I said. We are not expecting significant shifts now from an FX point of view for the remainder of the year. Our priority is that we have delivery reliability towards our end customers. We have a good collection side on the receivables, quality of our receivables remains high, and our supplier contracts are honored. I think these are the cornerstones of our net working capital management. We are confident that we are seeing an improvement towards the latter of the year, starting to bring that down to the levels you've seen with us before. Good. There are no further questions at this point in time. What we would like to do is maybe also before we close, mention the highlights of the upcoming Investor Relations events. We have an Investor Day, which will take place on Thursday, September 17th here in Heerbrugg, Switzerland. We have the annual report being published February 26-27 in the year 2027. The annual general meeting will take place in April 20th, also in 2027. The half-year report 2027 will be published in July 21st. Also please note that there will be no longer a media release on sales figures in January. With that, we say thank you for being with us here today, for your attendance. Please apologize the technical challenges which we had, and we wish you relaxing summer days. All the best to you. Bye bye. Thank you very much. Bye bye.