Good morning, everybody. This is Martin Möllmann of adesso SE speaking. First of all, I would like to thank you for joining our Q2 and half year one earnings call regarding our half year report we have published today. Within our release this morning, you found adesso keeping up its fast organic growth pace with 30% in sales to EUR 794.3 million. The operating result was improved by 21% to EUR 45.8 million. This is EUR 8 million more than last year's EBITDA contribution. Since the H2 of the year in Germany provides a significantly larger number of working days than the H1, a larger portion of EBITDA contribution is expected to be earned later in the year. There is more good news. Utilization improved noticeably since May. I would now like to welcome as well our CFO, Michael Knopp, who will give us a deeper insight into the figures of the H1 of the year and, of course, the outlook for the remainder of the current year. As always, I would like you to mute yourself during the presentation. Feel free to open up the channels for the Q&A session afterwards. Participants on phones may want to mute or unmute their microphones via the star key followed by the number six on their phones. Thank you for that, and Michael, please go ahead. Good morning everybody. I will guide you now through our 2026 half year figures, and as always, I will start with our revenues. The revenues came in with EUR 794 million, which is an increase of 13%. If we look a little bit more in detail into this, first quarter contributed EUR 398 million, which was a plus of 30%, and the second quarter contributed EUR 396 million, which is a plus of 12%. So in total, consolidated for both quarters, it is a +13%. Actually, we are very happy with this growth rate. It is in line with our expectations and with our budget. If we look at the environment in Germany, and Germany is the most important market, contributes 83% of our revenues. Germany is still a difficult environment. If you look at the gross domestic product, gross domestic product is growing by 0.5%, but on the other hand it is already halved compared with the expectations at the beginning of the year. If we look back last year, was also only a growth rate, slightly above the zero level. The two years before that, Germany was in recession. Despite this challenging environment, adesso again has shown a double-digit growth rate and we are very happy and a little bit proud about that. What helped a little bit and provided some tailwind, last year, Q3, Q4, we were pretty disappointed because we couldn't see the impact of the two additional budgets for the armed forces and the infrastructure. There was no activities, no tenders coming to the market. Actually, this has changed. Since the beginning of the year, we see this activity, we see the additional tenders and we also were able to win some of them. I will talk a little bit later about that. Different to sales growth, also headcount growth continued, however, a little bit more slowly. If we look at the growth rate of the average number of employees in the H1 of this year compared to the H1 of last year, it is a growth rate of 9%. If we compare with Q1, it was a growth rate of 10%. If we look at the total number of employees as of June 2026, it is 11,515 compared to last year. It is an increase of 721 employees or an increase of 7%. If we look a little bit more in detail into this, half of this growth was generated abroad, especially in those countries where we do shoring. For example, in India, we are pretty close to the 400 employee threshold. Some positive impact was also generated from those subsidiaries which were set up in the last few quarters, for example, Belgium. In Germany, where we also grew our workforce, here is the growth rate of 4%. This was mainly a contribution from growing our SAP business. If we look on the growth rate since the beginning of the year, headcount grew by 2%. If we look at the development in total, we still grow our headcount, but significantly less than what you have seen, what you are used to from adesso in the past. Now have a look at our sales split, and here we begin with the sales by industry. Insurance sales growth of 22%, a very, very nice development, mainly driven by strong order entry last year, especially in Q4. Banking, 14%, and here we see a lot of activity as well. Very strong order entry also this year, H1 of the year, surprisingly good. Health, a little bit less dynamic than what we have seen in the past, but still a double-digit growth rate. We have public, 10% growth. It is back on track. If you remember Q1, it was only a growth rate of 5%. This is the impact of the additional tenders, the additional activity we have seen in the public sector. Automotive declined by 16%. Actually, that is not surprising. It is a very difficult environment. Positive thing with that is it is by far our smallest sector. Manufacturing, also double-digit growth rate, 12%. Retail, 15%. Utilities, again, the strongest sector, 32% growth. This is mainly driven by our strong market positioning with our SAP services for this sector. In total, it has not much changed. We are very diversified. It is a very nice situation for us. Our most important sectors contribute 15%-16% to our revenues. If we dig a little bit more in detail into this, our first top 10 customers in terms of sales contribute 22.4% of our revenues. Biggest customer, 2.9%. It is very diversified and what is very important, especially in the right sectors, insurance, banking, health, public, utilities, all these sectors are, let us say, a little bit less dependent from the hiccups in the economy, from high energy prices, tariff increases or decreases by the U.S. government. It is a very good positioning here. Let's have a look at the sales split by region. Here on the first view, everything as always, 95% of our revenues are generated in the DACH region. Germany grew its revenues by 12%, so a little bit less than the overall growth rate for the whole group. This is a shift because for the last few quarters, Germany was always growing a little bit more than the total number. Why do we see this shift? Abroad, there's some very nice activity in Switzerland. Switzerland grew its business by 16%. If we look a little bit back, Switzerland last year was a very difficult market environment. We started with - 7%, improved to - 5% and ended up with - 3%. This year, Switzerland is back on the growth track. We have seen some nice order entry at the end of last year, and this continued this year as well. So a very, very nice development, and that's important because Switzerland contributes more than 50% of our revenues abroad. Nice sales growth also in Austria and Italy. Turkey, it's a little bit challenging at the moment, difficult market environment, high inflation. Here we need to keep in mind that we have similar revenues, what is shown here with shoring activities, but these revenues are showing up in the Netherlands and Germany, for example. Strong sales growth also in regions other. Here we have two contributors. One contributor is that we have set up new subsidiaries abroad, which now start to generate revenues. The other reason is that we have some activity, some activity with single customers in France and in Ireland at the moment. Therefore, we have some positive impact on our sales development here. Now let's have a look at our EBITDA. EBITDA improved to EUR 45.8 million. This is an improvement of 21%. We generated EUR 27 million EBITDA in the first quarter, which was an improvement of EUR 10 million compared to prior year. We generated EUR 18.8 million EBITDA in the second quarter, which is EUR 2 million less than what we have seen last year in Q2. Overall, this is driven by strong organic sales growth. We have an impact from a disproportional higher increase of material costs and on the other hand, and this is very substantial, other operating expenses grew disproportionately lower than sales, and this helped a lot to improve these figures. Let's have a look at this a little bit more in detail. Here we have some key figures. We already talked about our employees. In average, this is a headcount growth of 9%. We have a sales growth of 13%. Gross profit only grew by 12%, so slightly less. This is actually caused by an increase of our material cost, which grew 18%. This is mainly driven by relying more on suppliers, on third parties. We quite often act as a general contractor and therefore partners invoice via us, which increases our sales, but also our material cost. In addition, we have increasing expenses in this line for cloud consumption and what's new this year, also token for the usage of AI. If we look at the personal cost, a 12% increase, so slightly below sales, and we have the other operating expenses growing only by 3%. If we look at our EBITDA, we have two main contributors for this EBITDA improvement. One is more sales, therefore more gross profit contribution and EBITDA, and the other one is a disproportionately lower increase of other operating expenses, just 3%. EBITDA margin improved to 5.8% from 5.4%, so it is a little improvement. We are still not at that level what we would like to see, but the next little step here is done. Profit drivers. Utilization actually caused a lot of headache at the beginning of this year. We had a very slow start. The first four months were below prior year and also below our expectations and budget. This turned around at the end of April. May was the first month this year where utilization was above budget and prior year. This trend continued in June and actually in July, we have seen the strongest utilization since 2024. So it was a very nice start into the third quarter. It is important because July has 23 working days, so this will have a very nice impact. Therefore, we are, let us say, at the moment optimistic that this trend will continue. Daily rates, we were able to increase daily rates. It is not much because competition is really tough in some areas, but at least it is in the range that it will offset the impact of inflation. License. Here, we always look at our business with our in|sure software solution and the license sales were pretty much in line with that what we have seen last year. Last year it was EUR 3.5 million, this year it is EUR 3.3 million, so it is within our expectations. As always, we expect to see some more and higher license sales in the H2 of the year. If we look at the personal cost per FTE, personal cost per FTE grew by 2%. Here we have different contributors. On the first hand, we have a salary increase in line with inflation. On the other hand, we have hired more senior people, so personal cost per FTE is a little bit increasing due to that. On the other hand, the percentage of employees in our shoring countries is increasing. Those colleagues have lower salaries, and so it is a mix of all these three contributors. Now have a look at some other key figures of our P&L. EBITDA, we started with that. Depreciation has an increase. This is also caused by an extraordinary depreciation write-off of intangible assets at our group company, Material One. This company offers a solution for the supply chain for the automotive industry. At the moment, the underlying business case is a little bit less optimistic than what we have seen in the past due to the difficult environment this company is acting in. This also caused a depreciation of goodwill, extraordinary one of EUR 2.1 million. So in total, this impact in this section is EUR 3.4 million. Income from investments, that is from our at equity investments, it is - EUR 2 million and the financial result is slightly more negative due to higher interest we have to pay for leasing and also the loans we have drawn. Earnings before taxes, -EUR 2.5 million compared to - EUR 3.9 million. Please keep in mind there we have included this EUR 3.4 million extraordinary write-off for these assets related to Material One. Income taxes -EUR 4.8 million, so the consolidated earnings are pretty much the same what we have seen last year. If we look at the tax quota, looks terrible, - 194%. However, if you look at the depreciation of goodwill, 2.1 million, this has no tax impact. There's nothing you can deduct from your taxes. If you exclude this item, your tax quota is already down to - 100%. Why is the tax quota, especially in the H1 of the year, comparably high? It's because the higher portion of our earnings, around about 70%, is generated in the H2 of the year. But you have the same number of expenses, which are not tax deductible, or losses which cannot be put as a deferred tax asset on the balance sheet. Therefore, the tax quota will improve in the H2 of the year. The overall tax quota for the whole year will look much better. If we look at the earnings per share, - EUR 0.87. We started in Q1 with +EUR 0.39 in Q2, - EUR 1.26, mainly caused by the write-off of the assets at Material One. However, it's still an improvement compared to last year. Now let's have a look at some balance sheet items and our net working capital. If we look at net debt, increased by EUR 12 million to EUR 1,555 million. Our operating cash flow improved a little bit more than EUR 10 million to -EUR 28 million. However, on the first view, looks a little bit strange. Net working capital increased by EUR 259 million. It's a plus of 22%. Operating cash flow is for the H1 of this year. Net working capital compares to the net working capital at June last year. Therefore, this figure includes the very negative development of our net working capital in Q4. However, we are already on the way of improvement. If you look at net working capital at the end of Q1, there we had a plus of 28%, now it's 22%. We expect further improvements in the H2 of the year. Normally, net working capital should not grow faster than our sales grow. Normally it should be a figure there of 13%, 14% in the slide. Goodwill, a little bit less due to the extraordinary write-off of the goodwill of Material One. Equity, +EUR 16 million and equity ratio due to the growth of the company and therefore the totals of our balance sheet equity ratio, pretty much the same than what we have seen last year on the 30th of June. Cash development, free cash flow improved by EUR 12 million. CapEx is pretty much the same what we have seen last year. Lease repayments are shown as CapEx due to the recommendation of the IFRS Foundation. Now let's have a look at the acquisition of omni:us. We have announced this two days ago, and I will now talk a little bit about our thoughts and why we have done this. I will start with a look at our group company, adesso insurance solutions. That's the company who have the in|sure product line. We just talked about the licenses we sold this year in the H1 of the year. Actually, we have three solutions there for the property and casualty market, for life and health, different platforms. We are one of the market leaders in Germany, in the DACH region, actually. We are one of the technology leaders there and have an in-depth knowledge of these different domains. Our acquisition now targets the property and casualty market. This is actually a very interesting market as it is growing a little more than the others. What is important for our business in this area, as all other businesses we have, also the software business, our solution business there is impacted by AI. The claims market is a very nice entry point because here you have a high transaction volume, a high automatization potential, and therefore, which is important for our customers, the insurance customers, has a very nice P&L impact if you are successful in managing your claims effectively. So why did we acquire omni:us? omni:us is a company which is since 10 years in this market. Omni:us already has customers, despite the fact that it is, let's say, kind of start up, and so far was VC-financed. But omni:us already processed more than 1 million claims per year. They have trained their solution with 80 million cases, so it's a lot. I think the next two items are the most important ones. Using omni:us solution, you can set up your processes with efficiency gains of 35%. What's even more important, your claims ratio improves by 4 percentage point, so this is a huge improvement. Therefore, there are some, we cannot name all of them, but these three we are allowed to name, Allianz, UNIQA, for example, they are using this solution. So if we look at the claims operating model, the insurance company gets a loss notification from a client. The claim needs to be assessed, needs to be made a decision, and then this needs to be settled. If you can get here a high percentage of automatization, this is a very interesting business model here for insurance companies. That's actually why we believe that this could be a very nice addition to our existing portfolio. At the beginning, we believe that we can, in short term, convert the existing pipeline of omni:us with our support. It helps for sure that this is now not only in a VC business. It is now part of the adesso Group, so it has a strong background. This will help to convert this pipeline. We also will do cross-selling within our portfolio. We already have, prior to the acquisition, already checked with our customers if they are interested in that. The platform will differentiate our business case for the property and casualty market. So it's a very nice value proposition there. What we also will do is we will leverage the AI expertise of omni:us for our solution, and actually for all solutions we have in this area. Now let's have a look at our guidance. As already pointed out, the market has not changed much. It's a very demanding market, but the need for IT services is growing. This has not changed. The demand for AI and AI-supported development processes is increasing very quickly. We have stabilized our utilization and actually at the moment we are well above budget and prior year, so this helps a lot. It's also, for sure, a little bit supported by reduced hiring speeds. We will see some additional improvements in the h2 of the year as we have two additional working days compared to last year, and in total, nine additional working days compared to the H1 of this year. So it's a very good chance to achieve our guidance, and let's have a look at that. If we look at our guidance in terms of revenue, our target is to improve revenues between 9% and 16%, which translate into EUR 1.6 billion- EUR 1.7 billion in revenues. At the moment, we have already achieved almost half of that. If you keep in mind the nine additional working days, we are very sure that we will stay within this guidance, as we already have achieved half of our target here. EBITDA is a little bit, let's say, not that obvious. At the moment it looks not that nice, 31%- 35% of our guidance after half of the year has passed. But this is a normal development. Last year, we have also achieved 70% of our EBITDA in the H2 of the year. If we look at the EUR 45.8 million, we are absolutely on track, actually slightly ahead of our internal budget, and on this budget our guidance is based. At the moment, we confirm therefore our guidance for sales and EBITDA. Everything is on track. EBITDA margin, it's only 5.8%. Last year, for the whole year, we achieved 8.4%. Here our target is to achieve EBITDA margin 8.4%+ something. Improvement will not that sharp than what we have seen last year, but we hope that we can generate some little improvements here as well. Thank you very much. Yes. Thank you, Michael. That was helpful. We are now heading for the Q&A session. As far as I can see, there are some questions already. Mr. Sauer will have a start, and then Mr. Spunk, please. Yes. Hello. Thank you for taking my questions. I have two. I was wondering if you could first try and quantify or explain to us what exactly triggered the reversal in the capacity utilization, and why it has been so volatile this year, starting off so weak and then recovering very strongly. The second question is if you could provide some transaction details on the omni:us deal that you did, regarding price, sales, and earnings contribution. Yeah. Utilization actually is a very interesting point this year. It is always, let's say, a little risk, if you finish the year and then to start a new year, as a lot of activities need to be renewed and contracts need to be signed again with customers. This year, this took significantly longer than what we have seen last year. Certain projects started later than what we expected. On the other hand, order entry so far this year was very nice again, and therefore, a lot of projects started later this year. There is a lot of activity at the moment. On the other hand, what helped a little bit as well at adesso SE, our headcount increase, we reduced this a little bit, and to make sure that our utilization is back on track. So there are two impacts from that. Increased business activity and a little bit slower headcount increase. omni:us, actually, we will not disclose the purchase price or the sales figures. However, as you can assume, it is not that significant as this is a startup. We expect not a significant impact this year on our business. Next year, company should provide a positive EBITDA contribution. As this company is in business activities since 10 years, they have really some very nice brands as a customer there. So we hope to improve this business, as we now can support this with our power, with our sales power, for example. On the other hand, we hope that we are able also to sell some licenses there or to increase the SaaS business, because at the moment it is mainly a SaaS business, what this company is doing. Great. Thank you. Mr. Spunk, please. Yes. Hi. Good morning, gentlemen. First, congrats to the continued strong revenue growth. But I am a little bit wondering about the Q2 earnings development, because if I try to bring all the dots together, I am still struggling, because you have this continued 12% growth in Q2. You have similar number of working days. You have a higher utilization since May. You had a substantially higher EBITDA growth in Q1 with a still subdued utilization. So I am wondering why you were not able to increase the EBITDA in Q2. Were there any extraordinary effects which are in the EBITDA, which we have to bear in mind, or anything you can share with us in regards to Q2 earnings development? Actually, for us, it is not surprising. If you remember during the Q1 call, I mentioned that Q1, despite the improvement of EUR 10 million in EBITDA, was below our expectations, also due to the development of the utilization. Q2 actually came in better than our budget because this year, and we need to especially look at the German market here because we generate 83% of our revenues there. Due to the vacation, the Easter vacation, all these breaks related to that, we expected Q2 to come in much weaker than last year. So actually, at the end of the day, we were doing better than we expected at the time where we have done the budget and therefore prepared our guidance. So for us, it is not surprising. It is within our expectations. April actually was a pretty weak month in terms of utilization and EBIT contribution. We were able to offset this in May and June and have earned it out a little bit more than expected, because at the end of the day, Q2 came in better than what we have expected. So for us, it is not surprising. One of the key reasons actually is the vacation period in Germany. Yeah. Okay. That helps for understanding it better. Then coming to the public sector, it is good to hear that tenders are now coming to the market since the beginning of the year, and it is also nice to see that you are accelerating in Q2. What is your expectation for the coming quarters in regards to the public sector? Will this acceleration further continue, or how should we expect the public sector in the coming quarters? Forecasts for the future, especially if we look forward to some more quarters, this is always difficult. However, what is for sure is, Germany has a huge task in terms of digitalization of the public sector, and therefore there should be a lot of demand for that. On the other hand, as we all know, the German government has some problems with the budgets, and therefore it is also the question how this will be financed in the future. Normally we would expect that this is a growing market. We have a very good positioning in there, and if you look at our pipeline, at least for this year, we should see a nice order entry also for the H2 of the year. But it is difficult to predict what will happen in the next few years. Normally, this should be a market which should develop very well because there is a huge need, and therefore should be a huge demand due to the task of digitalization in Germany. Yeah. Okay, but regarding your pipeline, you are seeing currently everything is developing nicely as in the last quarter. Yeah. In general, our pipeline at the moment for this year is okay. We have seen a nice order entry, if you would define it as book-to-bill. Book-to-bill ratio is bigger than one, and we expect also nice order entry and this trend to continue in the H2 of the year, yeah. Okay. That is the overall statement to our expected order entry. Regarding license revenues or license pipeline, it is always the same that the H2 of the year is more pronounced in terms of license revenue. Can you share any insights to your current license pipeline? Is it, for example, bigger than last year or is it broader? Is it more related to a few customers or, yeah, anything you can share with us? Yeah. We are always talking only about a few customers. It is not that we have, let us say, a pipeline of 10 customers where we have a probability, let us say, of 60%-70% today that we might close this. The number of customers which might buy a license is smaller, at least at a percentage. Probability is high. We will see hopefully some license sales. Pipeline looks okay, but we have seen it last year. Last year, I already told you maybe Q2, then Q3, and actually, most of it came in shortly before Christmas. This is really difficult to predict. Let us say in these parts, we do not need a very significant number here to be within our guidance. There should be some license sales, but let us see. It's really difficult to say because these are huge customers, big organizations where a lot of people need to give their approval to buy a license or some more licenses. There are some very promising projects within our pipeline, but it's difficult to say which of them we will close until the end of the year. Is it then just a matter of timing or also in terms of competition that a competitor could win these projects? Some of them is a matter also of competition. Some, I would say, we have a very strong position within this customer. That's probably more a question, will the customer invest or will he delay the investment? Okay. Thank you. Because some of them already have licenses. That is the question, will they increase their setup there? Okay. Thanks. That is from my side. Thank you. Then we will have Mr. Specht from Berenberg, and afterwards Mr. Siering from Warburg Research. Yes, hello. Good morning. Thanks. Two additional ones from my end. First on the order book, you mentioned book-to-bill above one. But is this actually better than when you entered half year two in 2025? That would be interesting. And then, also the duration of the book. Is there the tendency that it is more short-term yet, or is there a lot of overflow into 2027? And then, again on our IT solutions, still negative EBITDA contribution of around EUR 2.5 million in Q2. But as you mentioned, you see a promising pipeline, will the new assets omni:us be completely charged in IT solutions? Yeah. If we look at our development of order entry this year so far compared with last year, order entry we have seen a significantly better development of order entry. Pipeline is probably comparable with last year. Let's see what we will be able to close. It's always difficult to say, which periods in the future will be covered with the existing backlog, because some of the orders are for multiple year orders. For example, last year in December, one of the biggest orders we got so far in company's history, it's an order which covers a period of, I think, four or five years. So part of the backlog already is for our revenues related to 2027, 2028, 2029. So that's the reason why you also always need orders short-term to cover your revenue needs for the next quarter. But again, everything looks promising here so far. If we talk about omni:us, omni:us will be part of our solutions business. That's right. And it's our goal that the solutions business next year will be in the range of break-even. That's what we had already talked about last year, and so far, everything is unchanged. We are improving the situation there. It's still some way to go for the turnaround, but we are making progress and therefore, at the moment, the statement is unchanged. Break-even, that's the target for next year. Thanks a lot. Thank you, Mr. Specht. Next one was Mr. Siering from Warburg Research, and afterwards, Dr. Jakubowski from SMC Research. Mr. Siering? Okay, in case you're on the phone, you can unmute your phone with a star key followed by the number six of your phone. Otherwise, Mr. Jakubowski, please. Hey. Is that right? Hello. Yes. Can you hear me? Yeah, we can hear you. Good morning. Thank you for taking my questions. I have some questions. The first one regards the topic AI. Could you give us some details on the productivity gains you're already achieving with the usage of AI, especially with agentic software development? In this context, do you see some pressure from the customers to lower your prices because of the efficiency gains on your side? First of all, we have. It depends on the project or let's say on the activity you are using AI for, you have higher or let's say a little bit lower productivity gains. If we look, we have different areas for that. First of all, we use AI internally. We have a lot of internal already agents for our general and admin area, for the sales area, where AI supports our work. We are implementing, that's I think also very important, it's not that you just use it a little bit, that you change your processes within the company. That's something where we spend, at the moment, a lot of efforts for. That's what we do internally. And then within our customers, there are certain projects where you have efficiency gains up to 60%. It always depends a little bit what you are doing. If you look at the customer situations, actually, you have everything. You have customers who say, "Look, you are much more productive. Therefore, we want to pay less because you don't need the time." I think that's something which is, from customer perspective, acceptable. On the other hand, then the question you have to talk about, you have certain productivity gains on the one hand side. On the other hand, you have the total usage, so you need to talk about this. And you have certain projects. For example, we have one customer where we entered into an agreement two years ago. The first year, we saw a lot of different fixed price projects per year. And in first year, it was very difficult to earn money with that. Actually, we lost some money. Last year, we improved that. This year, we are really earning nice money with that because we can now use AI. We are much more productive with that, but the pricing from the customer side is the same. So you have everything. You have some customers where you talk that you need less time, therefore, customer wants to pay less. But at some customers, you have projects, they only are- Because with AI, things are now possible which were not possible in the past. You have everything. Sometimes at the moment you have an advantage, sometimes it might be a disadvantage, but there's a lot of activity on the customer side to talk with us about the usage of AI. As we also have published today, there are a lot of projects starting now, which are inspired by the usage of AI. Okay. Thank you. Can you already see some clear consequences for your headcount needs in the future? Is the slower growth in the headcount now to be expected for the next quarters? Let's say it in these words, I don't expect a sharp increase in headcount back to the old levels for the remaining part of the year. What's for sure, if you look a little bit midterm and long term, our revenue development is, in the past, it was very directly linked to the development of our headcount. Strong growth of our headcount, strong sales growth. These two things will be much more decoupled in the future. Your company will grow even if headcount is not growing that quickly because of the new tools, because of the usage of AI. In certain areas, it will be decoupled. Therefore, I think the assumption is pretty fair that headcount growth will slow down significantly in the future, midterm, long term, which does not mean that the headcount is decreasing because if you have seen, headcount was still growing, but growth rate is significantly lower than what we have seen in the past. The challenge is now to decouple the growth from the cost of cloud and AI? Right. At the moment, adesso has a lot of time and material business, some fixed price projects, and all the models. I just explained that we have a lot of different customer situations and also the pricing model, due to the way how we will deliver things, will change. Part of this is that this will be headcount and the hours we have delivered. This will be decoupled from our revenues much more than in the past. Okay. Thank you. Second question is regarding one smaller item of the P&L. The capitalized own work fell quite strongly in Q2. Is this the finalization of the SaaS platforms we talked about? Right. Exactly. That's related to the SaaS platforms at adesso Group Solutions, the runoff platform for life insurance and the platform for the other insurances, yes. Okay. Thank you very much. Thank you, Mr. Jakubowski. Now, we'll have another try to take the question of Mr. Siering. Yeah. Excuse me. Does it work now? Yes. Great. Perfect. Thank you. I have a few questions left. The first one would be on the segment EBIT. We saw that reconciliation and consolidation improved or increased quite a bit. Could you explain the drivers here? Just to get a clean bridge to the group results then, and yeah, maybe to get a better feeling for the moving parts. The other one, second one would be again on the GenAI influence or the intake that you published. That's very interesting. Maybe you could provide some color here on the gross margins of this work, and also if this is really incremental volume or if this is also to a certain extent substitute for your classic project work. You did mention that 44% are new customers. But yeah, also here, some additional color would be much appreciated. The last one would be on daily rates. Maybe you can provide a feeling how development was in H1, and yeah, how also the exit rate was in H1. Thanks a lot. If we look at our two segments, IT solutions and IT services. IT services shows a nice improvement compared to last year. IT solutions is a little bit different, more difficult to understand. On the one hand side, if you look at revenues there, last year adesso mobile solutions was for the first half of the year, still part of the solutions business. Then we merged the company with adesso SE, and now it's part of the IT services business. Therefore, on the first view, there's a decrease of revenues, but actually it's only because of this shift, disregarding that business was growing. The other major item there, which needs to be considered, there's the material.one business. I explained this write-off of goodwill and intangible assets for the supply chain platform there. This is something with the solutions business. Actually, we have a little improvement here in this business as well, and therefore everything here is on track to achieve this break-even level next year. If we look at the second question, AI business. What we have published today is a business which is inspired by AI, which is related to AI. This does not mean that this is EUR 70 million only generated with AI, because you cannot decouple AI and say, this is AI business and this is the normal business. The development is a different one. The normal work changes because AI is used. AI provides capabilities to do certain things which were not possible in the past. Yes, certain business might be there, which is really very much AI-inspired, but it's difficult to say you have these margins with AI, and this is the margin without AI, because there is not this pure AI project where you can say margins have this euro and this percentage, and others have this percentage. You also need to consider that you might have less personal expenses there, but on the other hand, you have a token consumption. For example, at the moment, just to Germany, it does not include the token consumption of all group companies. Token consumption in July actually is more than 700,000 already. There will be months in the H2 of the year where we pass the 1 million threshold. So you have also expenses which lower, for example, your margins. The third one was the daily rates. We are working on that since one and a half year. That's the time where we set up an internal group to improve that, to go through all the contracts, to negotiate with customers. Therefore, our goal is to keep daily rates at least growing as much as the inflation rate. On the other hand, at the moment, in some areas, there's really huge price pressure because if we especially look at those IT services and consulting companies who in the past had a lot of work within the automotive industry, for example, they are now looking for new areas to generate business. There is a tough competition at the moment. We are happy if we are successful in growing our rates slightly to at least keep track with the inflation. Can you say how the development was after this 1.7% and -2% in 2025, or is it difficult for you to- You get a very nice idea if you look at on our key figures here. There we provide the gross profit per employee. It's 116,000 compared to 112,000, and this is this improvement of 3, 2, 3, 4%. It fluctuates a little bit per quarter. I think that's important. This gives you a little idea about this development. Okay, great. Thank you. Thank you. We are over with our time. But in case there is one question more, we are happy to take this, but I haven't seen any. Mr. Jakubowski again. Yes, thank you. One additional short question. The result from investments has become more negative in Q2. What is your expectation for the rest of the year and maybe for 2027 regarding this item? We have, let's say, two, three contributors there. I think it will stay at a level for the second half of the year what we have seen in the H1 of the year. I do not see a significant improvement there. Okay. 2027 is too early to say? One of the companies there is in a turnaround situation, which is, let's say, one of the more important contributors to the negative results. If this turnaround continues, then we have a chance that this figure will improve. Okay. Thank you very much. Thank you very much for your interest in our call today and your participation and all those interesting questions. I wish you all the best and hope to see you in person, maybe on one of the September conferences. For now, I have to say goodbye.